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HDFC Life Sampoorn Nivesh Plan

The Sampoorn Nivesh Plan from HDFC Life is a unit linked insurance policy that offers investment cum insurance benefits. Customers who purchase the plan have multiple fund options to choose from so that their investment is optimised. Customers also have flexible options when it comes to choosing the investment term as well as premium payment options.

The Sampoorn Nivesh Plan from HDFC Life offers loyalty additions as well as tax benefits together with death and maturity benefits, making it a great investment option for all kinds of customers. Premium payments towards the plan start at Rs.24,000 per annum, so it is relatively affordable, especially when you consider the benefits on offer. The three benefit options available to customers include Classic, Classic Plus, and Classic Waiver.

Eligibility – Who is the HDFC Life Sampoorn Nivesh Plan For?

To be eligible to purchase a HDFC Life Sampoorn Nivesh Plan, individuals must be of a certain age when purchasing the policy and also at the time of maturity. Following are the criteria you must meet of you wish to purchase a HDFC Life Sampoorn Nivesh plan:

Plan Type Individual
Minimum Entry Age For the Classic option: 18 years completed For the Classic Plus option: 30 days completed For the Classic Waiver option: 18 years completed
Maximum Entry Age For the Classic option: 53 years completed in case of 5 Pay policies and 58 years completed in case of policies apart from 5 Pay. For the Classic Plus option: 48 years completed in case of 5 Pay policies and 50 years completed in case of policies apart from 5 Pay. For the Classic Waiver option: 47 years completed in case of 5 Pay policies and 50 years completed in case of policies apart from 5 Pay.
Minimum Maturity Age 28 years for all three options viz. Classic, Classic Plus and Classic Waiver.
Maximum Maturity Age 63 years for 5 Pay policies and 68 years for policies apart from 5 Pay in case of the Classic option. 58 years for 5 Pay policies and 60 years for policies apart from 5 Pay in case of the Classic Plus option. 57 years for 5 Pay policies and 60 years for policies apart from 5 Pay in case of the Classic Waiver option.

Sum Assured and Premium Range – What you Get and What it Costs?

The premium payment made towards your HDFC Life Sampoorn Nivesh plan will determine the benefits you will receive through the policy. Premium payments can be made on a monthly, quarterly, semi-annual or annual basis depending upon the preference of the customer. Following are some of the features of the HDFC Life Sampoorn Nivesh plan:

Minimum Sum Assured For Single Premium plans: In case the entry age is less than 45 years, the minimum sum assured will be 125% of single premium, and in case the entry age is equal to or more than 45 years, the minimum sum assured will be 110% of single premium. For Regular and Limited Premium plans: In case the entry age is less than 45 years, the minimum sum assured will be the Higher of 10 X Annualised Premium or 0.5 X Policy Term X Annualised Premium, and in case the entry age is equal to or more than 45 years, the minimum sum assured will be Higher of 7 X Annualised Premium or 0.25 X Policy Term X Annualised Premium.
Maximum Sum Assured For Single Premium plans: In case the entry age is less than 45 years, the maximum sum assured will be 125% of single premium, and in case the entry age is equal to or more than 45 years, the maximum sum assured will be 110% of single premium. For Regular and Limited Premium plans: In case the entry age is less than 45 years, the maximum sum assured will be Higher of 10 X Annualised Premium or 0.5 X Policy Term X Annualised Premium, and in case the entry age is equal to or more than 45 years, the maximum sum assured will be 10 X Annualised Premium.
Minimum Premium In case of single premium, the minimum premium will be Rs.24,000. In case of annual premium payment mode, the minimum premium will be Rs.24,000. In case of semi-annual premium payment mode, the minimum premium will be Rs.12,000. In case of monthly premium payment mode, the minimum premium will be Rs.2000.
Maximum Premium No limit, subject to underwriting
Premium Payment Frequency Monthly / Quarterly / Semi-Annual / Annual
Premium Payment Term Single / 5 years, 7 years and 10 years for Limited Pay policies, and 10 years, 15 years to 25 years for Regular Pay policies.
Policy Term 10 years, 15 to 25 years

*Premiums may vary based on age, location, plan term and other factors.

Plan Coverage – What the HDFC Life Sampoorn Nivesh Plan Covers?

Maturity Benefit When the policy matures, the risk cover will cease and the policyholder can redeem the balance units at the then prevailing unit price and become eligible for the fund value. The fund value can also be taken at maturity in periodical instalments.
Death Benefit For the Classic Benefit option: In case of the untimely demise of the policyholder during the policy term, the nominee will be eligible for a death benefit. The death benefit offered by the HDFC Life Sampoorn Nivesh will be the higher of either the Sum Assured minus all partial withdrawals; the fund value; or 105% of all the premiums paid by the life assured until the date of death. For the Classic Plus Benefit option: In case of the untimely demise of the policyholder during the policy term, the nominee will be eligible for a death benefit. The death benefit offered by the HDFC Life Sampoorn Nivesh will be the higher of either the Sum Assured plus fund value; or 105% of all the premiums paid by the life assured until the date of death. For the Classic Waiver Benefit option: In case of the untimely demise of the policyholder during the policy term, the nominee will be eligible for a death benefit. The death benefit offered by the HDFC Life Sampoorn Nivesh will be the higher of either the Sum Assured; or 105% of all the premiums paid by the life assured until the date of death. Moreover, on every future premium due date, an amount equivalent to the modal premium will be credited to the fund value of the policyholder once applicable charges have been deducted.
Accidental Death Benefit The Accidental Death Benefit offered by the HDFC Life Sampoorn Nivesh plan can only be availed under the Classic Benefit Extra Life Option. In case of the demise of the policyholder due to an accident while the policy term is still in progress, an additional benefit equivalent to the sum assured will be paid along with the death benefit to the nominee.
Partial Withdrawal Customers who purchase the HDFC Life Sampoorn Nivesh have the option to withdraw money from their funds to meet any future financial emergencies. The life assured must be at least 18 years old to make a partial withdrawal, and the minimum amount that can be withdrawn is Rs.10,000. Once a partial withdrawal has been made, the fund value and any applicable charges should not be less than 150% of the annualised premium in case of regular and limited premium policies. The maximum amount that can be withdrawn from the basic fund value over the course of the policy term is 300% of the annualised premium in case of regular and limited premium policies, and 50% of the single premium in case of single premium policies.
Investment Fund Options The amount invested in a HDFC Life Sampoorn Nivesh plan can be used to purchase units in any of the following eight funds depending upon your risk appetite: Equity Plus Fund: The aim of the fund is to generate long term capital appreciation as well as or better than Nifty index returns. Diversified Equity Fund: The objective of this fund is to generate long term capital appreciation by investing in companies with high potential across the market cap spectrum. Blue Chip Fund: The aim of this fund is to provide exposure to large-cap equities and equity related instruments. Opportunities Fund: The objective of this fund is to offer exposure to mid-cap equities and equity related instruments. Balanced Fund: The aim of the balanced fund is to provide dynamic equity exposure to increase the returns while the debt allocation reduces the volatility of returns. Income Fund: This fund offer higher potential returns because of higher credit exposure and duration. Bond Fund: The money invested in the bond fund will be used for active allocation across all fixed income instruments. Conservative Fund: The aim of this fund is to invest in government securities and high grade fixed income instruments at the short end of the yield curve so that stable returns can be generated.

Exclusions – What the HDFC Life Sampoorn Nivesh Plan doesn’t Cover?

The HDFC Life Sampoorn Nivesh plan has certain exclusions which are as follow:

  • Suicide: In case of the death of the life assured due to suicide within 12 months from the date on which the policy comes into force, the beneficiary will be eligible for the fund value as available on the date of death.
  • Accidental Death Benefit: No additional amount will be paid by the company in case of accidental death, in case the death is a direct or indirect result of any of the following.
    • In case the death occurs 180 days after the date on which the life assured met with an accident.
    • In case the life assured was under the influence of alcohol, drugs or solvents except under the direction of a registered doctor or medical practitioner.
    • In case of suicide or intentional self-inflicted injuries, regardless of the mental condition of the life assured.
    • In case of war, hostilities, revolution, civil war, rebellion, invasion, or if he/she was participating in civil commotion or riots.
    • In case the life assured was participating in any hazardous hobby, race or pursuit.
    • In case the life assured was participating in any act of criminal nature with criminal intent.
    • In case the life assured was participating in any flying activity, except as a passenger in a commercially licensed aircraft.

Other Key Features of HDFC Life Sampoorn Nivesh Plan:

Following are some of the other key features of the HDFC Life Sampoorn Nivesh plan:

Free Look Period Customers who are not satisfied with the terms and conditions of the HDFC Life Sampoorn Nivesh plan have the option of returning the policy to the company within 15 days from the date on which they receive the policy. In case the policy was purchased via distance marketing mode, the free look period applicable will be 30 days. Once the policy is cancelled during the free look period, the company will refund the premium, but the proportionate risk premium for the period of cover, stamp duty charges, and other expenses incurred by the company on medical examination, if any, will be deducted. Once the payment has been made, the policy and all benefits under it shall terminate. The customer will not be allowed to restore, reinstate or revive the policy at any point of time once it has been returned.
Grace Period Customers who fail to make their premium payment on the due date will receive a grace period of 30 days to do the same in case the premium payment frequency has been selected as quarterly, semi-annual or annual. In case the premium payment frequency has been selected as monthly, the grace period will be 15 days.
Discontinuance In case a customer fails to make any premium payments even after the expiry of the grace period, the risk cover will cease and the fund value as on the date of discontinuance minus the applicable discontinuance charges will be transferred to the Discontinued Policy Fund. The minimum guaranteed interest rate applicable to the Discontinued Policy Fund is currently 4% per annum, but is subject to change from time to time. The asset allocation for the fund, as per prevailing regulatory requirements, is 0% to 40% for money market instruments, and 60% to 100% for government securities. A fund management charge of 0.50% per annum will be charged daily for amounts in the Discontinued Policy Fund.
Revival In case a customer has failed to pay the premium on time, the policy will lapse. Once a policy has lapsed, the customer will get a period of two years starting from the date of discontinuance of the policy, to ensure that all due premium payments have been made along with an additional interest charge as applicable.
Surrender In case of a surrender of a policy before the completion of the first five policy years, the fund value minus discontinuance charges will be transferred to the Discontinued Policy Fund. The fund value corresponding the Discontinued Policy Fund shall be offered to the policyholder once the lock-in period has been completed. In case the policy has been surrendered after the completion of five years from the date on which the policy commenced, the fund value will be paid out to the life assured and once the payment has been made under this benefit, the policy will terminate and the policyholder will not be eligible for any future payouts.
Switching Customers are allowed to transfer their accumulated fund from one fund to another at any time. Switches can also be made from one portfolio strategy to another under the HDFC Life Sampoorn Nivesh plan.
Premium Redirection Customers have the option to pay their future premiums into different funds or between two different strategies based on their requirements.

Tax Benefits – How you can save with the HDFC Life Sampoorn Nivesh Plan?

The benefits received and premiums paid towards the HDFC Life Sampoorn Nivesh plan are eligible for tax benefits under Section 10(10D) and Section 80C of the Income Tax Act, 1961.

Why you should Buy the HDFC Life Sampoorn Nivesh ?

HDFC Life is among India’s leading life insurance companies that offer a wide variety of individual as well as group insurance solutions that have been designed to cater to an expansive customer base. The company offers protection plans, pension schemes, savings and investment plans, health insurance policies as well as women’s and children’s plans. The HDFC Life Sampoorn Nivesh plan can be purchased by anyone who wishes to save for the future and ensure that the financial future of his/her family is secure in case of his/her accidental and untimely demise.

HDFC Life has received several accolades over the years thanks to its exceptional customer service. With the variety of options on offer in addition to a customer service team that promises effective solutions, purchasing the HDFC Life Sampoorn Nivesh plan can be a worthy investment.

HDFC Life Sampoorn Nivesh Plan FAQs:

Q. How do I make claims?

A. In case of the death of the life assured, you must notify HDFC Life immediately. The filed up claims must then be submitted to the company along with all the required documents as mentioned in the policy document. The claim will be processed after the company has conducted the necessary verification to ascertain the authenticity of your claim.

Q. What if I am not satisfied with the terms and conditions of the HDFC Life Sampoorn Nivesh plan?

A. Customers who are not satisfied with the terms and conditions of the policy have the option of returning the same to the company within 15 days from the date on which they received the policy. In case the policy was purchased via distance marketing mode, the free-look period will be 30 days.

Q. What is distance marketing mode?

A. Distance marketing mode refers to the purchase of policies over the telephone or the internet or any other means that do not include face-to-face purchase.

Q. Can I avail a loan against the HDFC Life Sampoorn Nivesh plan?

A. No, this policy does not have a facility through which you can avail a loan.

Q. Is service tax applicable to the HDFC Life Sampoorn Nivesh plan?

A. Yes, service tax and other statutory levies will be applicable as per the prevailing tax laws.

Q. What is the charge for a partial withdrawal?

A. Customers can make four partial withdrawals in a policy year for free. Subsequent withdrawals will be charges at Rs.250 per request, but applying for a partial withdrawal through the company’s web portal will only attract a charge of Rs.25 per request.

Q. What is the charge associated with a switch?

A. Customers are allowed four free switches in one policy year. Any switches made after that will be charged at Rs.250 per request. However, if you apply for a switch through the company’s web portal, the charge levied per request is only Rs.25.

Q. What is the charge for a premium redirection?

A. Customers will be allowed four premium redirections per policy year. Any additional redirections will be charged at Rs.250 per request. However, making a premium redirection through the company’s web portal will only attract a charge of Rs.25 per request.

Q. Are there any miscellaneous charges to be aware of?

A. Any request made to alter the policy will be charged at Rs.250 per request. The charge can be increased if approved by the IRDAI, but cannot be more than Rs.500 per request.

Q. Is there a charge for amounts in the Discontinued Policy Fund?

A. Yes, a fund management charge of 0.50 per annum will be levied daily for amounts in the Discontinued Policy Fund.