HDFC Life Sampoorn Samridhi Plus is a traditional ‘with profit’ plan that also provides life insurance coverage. This limited premium endowment plan has an option to extend the life coverage up to 100 years, as well. The plan also offers the flexibility to select a policy term between 15 and 40 years, and a premium payment frequency, i.e., monthly, quarterly, semi-annually, or annually. Additionally, the beneficiary of the policyholder receives an extra sum assured in the event of accidental death during the term of the policy. The plan also participates in the profit of the associated funds through bonuses starting from the first year.
There are certain eligibility conditions that should be met for a customer to be able to purchase the HDFC Life Sampoorn Samridhi Plus plan. These factors are based on his/her age and the number of years of insurance that he/she would like to avail. These eligibility conditions are detailed below:
|Entry age||30 days||60 years|
|Maturity age||18 years||75 years|
All ages mentioned above are with respect to the last birthday of the life insured.
If the life assured is a minor, the policy vests when he/she attains 18 years of age.
Sum Assured at Maturity is the amount of benefit that is guaranteed to be payable to the policyholder when the policy matures. At the start of the policy, the customer chooses the Sum Assured at Maturity. Based on the parameters of the policy, the premium amount required to accumulate this sum assured is determined. The limits on the Sum Assured at Maturity are as defined below:
|Sum Assured at Maturity||Rs.65,463||No limit, subject to satisfactory underwriting|
Alternatively, the customer can decide on the premium he/she pays towards the policy. The Sum Assured at Maturity will be calculated based on that amount. Premiums can be paid annually, semi-annually, quarterly, or monthly. The limits on the premium are as follows:
|Premium Payment Frequency||Minimum Instalment Premium||Maximum Instalment Premium|
The HDFC Life Sampoorn Samridhi Plus plan is a savings-cum-protection plan that provides guaranteed additions and bonuses for the first five years of the policy. It also offers a choice between the following plan options:
The coverage of the HDFC Life Sampoorn Samridhi Plus plan includes the following:
|Policy Term||Guaranteed Additions (Percentage of Sum Assured at Maturity)|
|15 to 19 years||3% per annum|
|20 to 24 years||4% per annum|
|Greater than or equal to 25 years||5% per annum|
As mentioned above, if the policyholder has chosen the Endowment Option, his/her policy terminates after the maturity benefit is paid. If the policyholder has chosen the Endowment with Whole Life Option, then in addition to the maturity benefit, a whole life cover that is equivalent to the Sum Assured at Maturity is paid. This whole life benefit is payable either at the death of the life assured after the maturity of the policy or when the life assured survives till 100 years of age, whichever comes earlier.
In the above case, the Sum Assured at Death is the highest among the following:
|Sum Assured at Maturity||Discount on the premium rate (per 1000 Sum Assured at Maturity)|
|Rs.150,000 to below Rs.300,000||4.5|
|Rs.300,000 to below Rs.500,000||6|
|Rs.500,000 and above||7.5|
The HDFC Life Sampoorn Samridhi Plus plan can be enhanced by opting for the HDFC Life Critical Illness Plus Rider. This add-on coverage provides a Rider Sum Assured if the policyholder is diagnosed with any of the pre-defined critical illnesses.
If the policyholder faces death due to suicide within 12 months:
The Accidental Death Benefit will not be paid to the nominee in the following scenarios:
Grace period is the time after the premium payment due date when the policy is in-force with risk cover. The HDFC Life Sampoorn Samridhi Plus plan has a grace period of 30 days for policies with yearly, half-yearly, and quarterly frequencies. The grace period for policies with monthly frequency is 15 days. If a valid claim arises during the grace period before the due premiums are paid, HDFC Life will still honour the claim. However the due and unpaid premiums will be reduced from the payable benefits.
If due premiums under the policy are left unpaid beyond the grace period, the policy will lapse if it has not reached a guaranteed surrender value. At this point, the risk cover ceases and no benefits will be paid. It is possible to reinstate lapsed policies.
If the policyholder stops paying premiums post the acquisition of the guaranteed surrender value, the policy will move into paid-up status when the grace period ends. When the policy becomes paid-up:
Revised Sum Assured at Maturity or Death = (Original Sum Assured at Maturity or Death) * (Paid premiums) / (Total premiums payable)
Revised Guaranteed Additions = (Original Guaranteed Additions) * (Paid premiums) / (Total premiums payable)
The maturity or death benefit under a paid-up policy is based on the paid-up sum assured at maturity or death, guaranteed additions, and bonuses accumulated till the policy moves into paid-up status. It is possible to reinstate a paid-up policy.
The policyholder can revive a paid-up or lapsed policy within the revival period, provided that all terms and conditions are adhered to. In order to revive a policy, it is necessary to pay all due and unpaid premiums, corresponding interests, and taxes. The policyholder will be charged Rs.250 for the revival processing. The current revival period is two years; however this is subject to change from time to time. When a policy is revived, all contractual benefits are reinstated.
In order to enjoy the complete benefits of the policy, it is advisable to continue on the plan till the end of the policy term. However, this may not be possible in all cases. If a policyholder is required to surrender the policy, the Guaranteed Surrender Value (GSV) will be the sum of the following:
When the Surrender Benefit is paid out, the policy terminates with no further benefits.
If the policyholder does not agree to the terms and conditions stated in the policy documentation, he/she can return the same to the insurance company, citing the relevant reasons. The return should be made within 15 days from the date of receipt of the policy documentation. This interval is referred to as the free-look period. The free-look period for policies that were purchased through distance marketing is 30 days. When HDFC Life receives the letter with the returned policy from the policyholder, they will initiate the process for refunding the premium.
Premiums paid under the HDFC Life Sampoorn Samridhi Plus policy are eligible for tax benefits as per Section 80C of the Income Tax Act, 1961. The benefits received from the policy are also exempt from tax, as specified in Section 10(10D) of the Income Tax Act, 1961.
These regulations are subject to change from time to time. So, it is recommended to consult a tax advisor to understand the updated tax rules.
HDFC Life is a leading insurance provider in the country with a dedicated customer service cell that clarifies all claim-related queries and provides assistance to customers throughout their claim journey. The insurance company also had a competitive claim settlement ratio of 99.41% in the financial year 2013-14.
HDFC Life has an extensive network of 398 offices and 9,000 touch-points across the country. This ensures that their products are always accessible to customers. The insurance company also has an excellent financial consultancy team that provides solutions to the varied needs of customers in India and abroad.
A. Once the HDFC Life Sampoorn Samridhi Plus policy has acquired a surrender value, you can take a policy loan, as per the terms and conditions of the policy.
A. After the HDFC Life Sampoorn Samridhi Plus policy has been purchased, it is only possible to alter the premium frequency. This is however, subject to certain terms and conditions.
A. The HDFC Life Sampoorn Samridhi Plus policy acquires a Guaranteed Surrender Value when the premiums for two full years have been paid.
A. The HDFC Life Critical Illness Plus Rider provides financial protection to the policyholder and his/her family. The rider provides a lump sum amount when the policyholder is diagnosed with any of the 19 critical illnesses. This amount can be used to cover expenses related to the illness. However, the life assured should survive for a period of 30 days after the diagnosis of the disease for this benefit to be payable. The minimum rider sum assured is Rs.25,000, and the current maximum rider sum assured is equal to the sum assured of the base policy.
A. The critical illnesses covered under the HDFC Life Critical Illness Plus Rider are as follows:
A. Yes, it is possible to purchase more than one policy from HDFC Life. However, you will have to receive the necessary approval from the insurer for the same.
A. When HDFC Life receives all the relevant documentation from the claimant, they make the necessary payouts within 30 days. If the claim needs to be investigated further, the insurer will initiate the same at the earliest. The payout in this case will be made after the investigation.
A. For policies with premium payment frequencies other than the annual mode, the instalment premium is calculated by multiplying the annual premium with the conversion factors, as tabulated below:
|Premium Payment Frequency||Annually||Semi-annually||Quarterly||Monthly|
A. Distance marketing refers to the sale of insurance policies through modes that do not involve face-to-face interactions. Policy sales through the telephone, internet, etc. are all examples of distance marketing.
A. A whole life insurance plan is a contract between the insurer and the customer, where the insurance payout is made to the beneficiaries of the policyholder at death, subject to all premiums being paid. This type of insurance is also called straight life insurance or ordinary life insurance.
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