HDFC SL SarvGrameen Bachat Yojana

A micro-insurance product, the SL SarvGrameen Bachat Yojana by HDFC Standard Life is tailored especially to suit the needs of customers from rural areas. This plan enables preparedness and also provides heavy returns on the smallest of investments. In addition to providing assured returns, this plan also doubles up as a secure insurance plan. On the date of commencement, a single premium of Rs.200 is due and further premiums are not needed. The SL SarvGrameen Bachat Yojana can be procured only on a single-life basis and has a tenure of 5 years. Through this policy, customers can procure benefits on death and maturity along with tax benefits as well.

Eligibility - Who is the HDFC SL SarvGrameen Bachat Yojana for?

In order to procure the HDFC FL SarvGrameen Bachat Yojana, the following eligibility criteria should be fulfilled:

Parameter	Eligibility
Minimum Entry Age in years	18 years
Maximum Entry Age in years	60 years
Maximum age at maturity in years	65 years
Tenure in years	5 years

All ages are based on the last birthday of the policyholder.

Sum Assured and Premium Range - What you get and what it costs

Sum Assured:

Individuals will receive an additional 50% on the original investment after a tenure of 5 years as part of their Sum Assured when they procure the HDFC SL SarvGrameen Bachat Yojana.

Premium:

The policyholder will have to pay a single premium for their SL SarvGrameen Bachat Yojana plan.

Premium Type	Premium Amount
Single	Rs.200 on the date of commencement

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

Plan Coverage - What the HDFC SL SarvGrameen Bachat Yojana

The HDFC SL SarvGrameen Bachat Yojana micro-insurance plan can be procured on a single-life basis only and comes with a number of benefits such as maturity and death benefit. The premium amount is non-flexible. The plan works in the following way:

• The customer will have to pay a sum of Rs.200 on the date of policy commencement and there will be no other premiums to be paid.
• This policy can only be procured on a single-life basis.
• Tenure applicable for this policy is 5 years.

Benefit on Maturity	In case of survival of the life assured until maturity of the SL SarvGrameen Bachat Yojana Plan which is a tenure of 5 years after the date of inception, the maturity benefit payable is Rs.300
Benefit on Death	In case of the policyholder’s unfortunate demise prior to maturity of the plan, nominee will receive a sum of Rs.5000, regardless of the year of death during policy period.
Benefit on Surrender	In case of policy surrender, regardless of the year of policy, the Life Assured will receive a sum of Rs.200.

Exclusions - What the HDFC SL SarvGrameen Bachat Yojana does not cover

In case of death of life assured due to suicide either directly or indirectly within a period of a year from date of policy commencement, 80% of the premiums will be paid.

Other Key Features - Freelook Period, Surrender Values, Grace Period etc.

The salient features of HDFC SL SarvGrameen Bachat Yojana are as follows:

Free-look period	Free-look period available for the above plan is 15 days. In case the policy has been purchased through distance marketing methods such as telephone, internet or a channel that does not involve face-to-face interaction, the period applicable is 30 days.
Loan under policy	There is no loan available under the SL SarvGrameen Bachat Yojana Plan.
Cancellation during Free-Look period	In case the policyholder is not in agreement with the policy conditions and terms, he/she can return the policy while stating the reasons. This should be done within a period of 15 days from the date of policy receipt. Once HDFC Standard Life receives the letter along with the original policy documents, the company will refund the premium. This is subject to deduction of proportionate risk medium, if applicable for the period that is on cover and expenses incurred on stamp duty.
Nomination	The life assured will be allowed to nominate an individual or individuals to whom the amount will be paid to incase of life assured’s untimely demise. In case the nominee is not a major, the policyholder will be allowed to appoint an individual to receive the money that has been secured by the policy in case of policy holder’s untimely demise. Nomination can be done any time prior to policy maturity. Nomination can be changed or cancelled at any given point of time prior to policy maturity via endorsement. Nomination can be included in the policy text itself.
Transfer/Assignment	This insurance policy can be assigned or transferred, either completely or in part, with or without consideration. Transferor or Assignor must be signed or duly authorised agent and at least one witness must attest to the assignment. The insurer has the option to decline or accept any endorsement, assignment or transfer.
Policy Revival/Reinstatement	Once a policy has been returned, it cannot be reinstated, revived or restored at a given point of time and instead a new proposal will have to be made for the same.

Tax Benefits - How you can save with the HDFC SL SarvGrameen Bachat Yojana

The amount that is paid to this policy will be eligible for tax relief under Section 80C and all benefits that are received as part of this policy are exempt under Section 10(10D). These benefits are subject to various changes under tax laws.

Other benefits - HDFC SL SarvGrameen Bachat Yojana

HDFC Standard Life is one of the most well-known providers of insurance in the country. Customers have numerous plan options to choose from based on their needs and requirements.

Online Applications	HDFC SL SarvGrameen Bachat Yojana can be procured online by logging onto the HDFC Life website. This process is convenient for those who are unable to visit one of the HDFC branches to purchase the plan or stay in places where HDFC branches are not easily accessible.
Customer Care	In case individuals have any queries, they can contact the customer care centre. They can contact the customer service department via letter, SMS, email, Customer Care Number etc.
Calculator	Before purchasing the HDFC SL SarvGrameen Bachat Yojana, customers can get a better idea regarding their insurance needs on the basis of expenses, income and liabilities by using the Human Life Value Calculator which is available on the HDFC Life website. Tax calculator available on the website can also be utilized by customers.

Why you should buy the HDFC SL SarvGrameen Bachat Yojana

One of the most important life insurance providers in the country, HDFC Life offers a number of unique insurance plans. This company has one of the best Claims Track Record in the country with around 90% of claims being satisfied. HDFC Life is also easily accessible 39 offices spread across with country.

A prolific financial consultancy department makes it easy for clients in India and abroad to avail fantastic services. Technology and HDFC Life go hand-in-hand with the company using the best of resources to ensure that clients have the easiest and best possible experience.

Institute of Chartered Accountants of India has bestowed HDFC Life with the award for Excellence in Financial Reporting 2014-15. The company has also won the Silver Shield for the second consecutive year.