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HDFC Life Sampoorn Samridhi Plus Plan

What is the Plan all About?

HDFC Life Sampoorn Samridhi Plus is a traditional, with profit whole life insurance plan that provides you with the dual benefits of Savings and Protection, so you gain more control over your financial position. This insurance plan provides life cover till 100 years of age.

Two variants can be opted under this plan:

  • Endowment
  • Endowment with Whole Life

The plan option can be chosen at the inception of the policy and cannot be changed thereafter.

What are the Key Features?

  • Get maturity benefit
  • Life cover available
  • Avail guaranteed additions
  • Enjoy bonuses
  • Accidental Death Benefit
  • Get policy loan
  • Enjoy High Sum Assured Rebate
  • Avail tax benefits

What are the Plan Benefits?

Death Benefit

    In the event of death of the insured during the term of the policy, the death benefit payable is higher of Sum Assured on Death + Accrued Guaranteed Additions + Accrued Reversionary Bonuses + Interim bonus + Terminal bonus or 105% of premiums paid till the date of death.

    Here, Sum Assured on Death is higher of Sum Assured on Maturity, absolute amount assured to be paid on death, or 10/7 times of Annualized Premium for entry age up to 50 years/entry age greater than 50 years.

Accidental Death Benefit

    In the event of death due to an accident during the policy term, an additional amount equal to Sum Assured on Death is payable.

Maturity Benefit

    On survival of the life Insured till the end of the policy term, the aggregate of Sum Assured on Maturity, Accrued Guaranteed Additions, Accrued Reversionary bonuses, Interim bonus, & Terminal bonus is payable.

    In case of Endowment Option, the policy terminates after payment of maturity benefit and no more benefits are then payable. In case of Endowment with Whole Life Option, in addition to the benefits mentioned above, a whole life cover equal to ‘Sum Assured on Maturity’ will be available after maturity of the policy. The whole life benefit is payable on death of the life assured after the policy maturity or the life insured survives till 100 years, whichever occurs earlier.

Guaranteed Additions

    The Guaranteed Additions as 3%/4%/5% per annum for policy term 15 to 19 years/20 to 24 years/greater than or equal to 25 years are payable at the death or maturity whichever is earlier. Guaranteed Additions are accrued during the first 5 years of the policy.

Bonus

    Simple Reversionary Bonus is a percentage of the Sum Assured on Maturity and it is declared at the end of each financial year. When added to the policy, bonus is guaranteed and it is payable on maturity or death. In the event of death or surrender during the inter-valuation period, the policy receives the Interim Bonus depends on the bonus rates as declared by the company. Terminal Bonus is added to the policy and it is payable as a lump sum at the end of the policy term. It is not a guaranteed benefit and depends on the actual future experience.

Loan Benefit

    You can avail loan facility, provided the policy has acquired a surrender value and subject to terms & conditions specified.

Surrender Value

    The policy can acquire a Guaranteed Surrender Value (GSV) after payment of all due premiums for two full policy years. The GSV is aggregate of percentage of total premiums paid and percentage of accrued bonuses & accrued guaranteed additions.

Tax Benefit

    The premiums paid under this policy can avail tax benefits under section 80C and the benefits received are also eligible for tax benefits under section 10 (10D) of the Income Tax Act, 1961.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 30 Days 60 Years
Age at Maturity 18 Years 75 Years
Policy Tenure 15 Years 40 Years
Premium Paying Term Policy Term Minus 5 Years -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount Rs 12000 (annually), Rs 6000 (semi Annually), Rs 3000 (quarterly), Rs 1000 (monthly) No Limit
Sum Assured on Maturity Rs 65,463 No Limit (subject To Underwriting)
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

No riders can be attached to this plan.

How the Plan Works?

Raman at 30 years, wants to buy HDFC Life Sampoorn Samridhi Plus to gain control over savings and protection. He opts the plan with the policy term of 15 years with Endowment Plan opted.

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the maturity of the policy term, he receives Sum Assured on Maturity along with Accrued Guaranteed Additions, Accrued Reversionary bonuses, Interim bonus, & Terminal bonus. This maturity amount helps fulfill the financial objectives.

Scenario B: Raman dies during the Term of the Policy

In the event of demise of Mr. Raman during any policy year, the nominee will receive Sum Assured on Death + Accrued Guaranteed Additions + Accrued Reversionary Bonuses + Interim bonus + Terminal bonus or 105% of premiums paid as on the date of death.