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HDFC Life Smart Woman Plan

A Unit Linked Life Insurance plan, the Smart Woman plan by HDFC offers women the chance to live life independently and on their own terms during every stage of their life. Customers have the chance to customise their plan by choosing between four different fund options, based on their risk appetite. Individuals can also select any of three benefit options which is meant for specific needs and avail annualised premiums that start at Rs.24,000.

This plan would provide protections against complications due to pregnancy, congenital conditions or even malignant cancers that are female-specific.

Individuals have the option of choosing between the following fund options-

  • Income Fund
  • Balanced Fund
  • Blue Chip Fund
  • Opportunities Fund

Applicants have the unique choice of opting any of the following benefit options -

  • Classic
  • Premier
  • Elite

Customers can procure additional cash payouts under the Elite and Premier benefit options. Post 11th policy year, enhanced allocation rate is also applicable.

Eligibility - Who is the HDFC Life Smart Woman Plan for?

If individuals are interested in procuring the HDFC Life Smart Woman Plan, they must fulfill certain eligibility criteria. This criteria is based on the age and income of the applicant. These factors are as follows -

Plan Type Individual
Criteria Minimum Maximum
Age of Entry for Proposer (in years) 18 None
Age of Entry for Female Life to be Insured (in years) 18 45
Age of Entry of Spouse for Elite Option (in years) 21 50
Maturity Age for Female Life to be Assured (in years) 28 60
Age of risk cessation for Spouse in Elite Option (in years) 31 60

All ages mentioned above are with respect to the last birthday of the life insured individual.

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

Sum Assured:

The amount of money that the insured would receive as a guaranteed amount is the sum assured. Under the HDFC Life Smart Woman Plan, customers would receive the assured amount based on the tenure and benefit option that they would have selected.

Sum Assured Age of Entry below 45 years 10 times annualised premium 40 times annualised premium
Age of Entry equal to 45 years 7 times annualised premium
Policy Tenure (in years) 10 years or 15 years

Premium Range:

Premiums applicable to the HDFC Life Smart Woman Plan are as follows -

Premiums Minimum Maximum
Rs.24,000 Rs.1,00,000
Payment Frequency Annual

On this plan, customers have the option of choosing their policy tenure. They can either opt for a tenure of 10 years or a tenure of five years.

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

Plan Coverage - What the HDFC Smart Woman Plan Covers?

The HDFC Smart Woman Plan, individuals receive a sum assured of up to 40 times their annualised premium. They can procure a premium waiver benefit which is a waiver and funding of three annual premiums on pregnancy complications or birth of child with congenital disorder, malignant cancer of female organs or death of the life insured’s spouse.

Applicants have the option of choosing between three benefit options and under certain options, they can also avail additional cash payouts periodically.

  • Benefit Options
Benefit Option Event Groups
Birth of child with congenital disorder or pregnancy complications Diagnosis of malignant cancer of female organs Death of Spouse
Classic Premium waiver benefit available - Waiver and funding of 100% of the individual’s successive 3 years’ premiums Premium waiver benefit available - Waiver and finding of 100% of the individual’s successive 3 years’ premiums Not Covered
Premier Premium Waiver Benefit available - Waiver and funding of 100% of the individual’s successive 3 years’ premiums + Periodic cash payouts of 100% of the individual’s next 3 years on the respective dates Premium Waiver Benefit available - Waiver and funding of 100% of the individual’s successive 3 years’ premiums + Periodic cash payouts of 100% of the individual’s next 3 years on the respective dates Not Covered
Elite Premium Waiver Benefit available - Waiver and funding of 100% of the individual’s successive 3 years’ premiums + Periodic cash payouts of 100% of the individual’s next 3 years on the respective dates Premium Waiver Benefit available - Waiver and funding of 100% of the individual’s successive 3 years’ premiums + Periodic cash payouts of 100% of the individual’s next 3 years on the respective dates Premium Waiver Benefit available - Waiver and funding of 100% of next 3 years’ premiums.
  • Maturity Benefit :

The HDFC Life Smart Woman Plan matures at the end of the customer’s chosen policy term and risk covers cease. Customers can redeem their balance units at the unit price that is prevalent at that time and avail the fund value.

Settlement Option -

  • Customers can avail their fund value at maturity in periodic installments over a tenure that can extend to 5 years. The investment value that is payable will be subject to investment risk and performance of the funds that have been chosen by the customer.
  • During the settlement period, morbidity and mortality risk covers will cease and Fund Management Charge will be deducted. However, other charges will not be applicable.
  • Switches and partial withdrawals will not be allowed during this period. Complete withdrawal will be allowed without the customer having to pay additional charges.
  • At the end of the 5 year period, balance units will be redeemed at the unit price that is prevalent at that period of time and fund value will be paid to the customer.
  • Death Benefit:

In case of unfortunate demise of the Life Assured, the nominee will receive the following -

  • Sum Assured minus all withdrawals made during the 2 year period that immediately precedes the date of date or,
  • Complete fund value or,
  • 105% of all the premiums that have been paid.

Policy will terminate after this and no more benefits will be applicable.

  • Special Benefits
    • Enhanced Allocation Rate - Applicants, from the 11th year of policy can enjoy enhanced allocation rates at 102.5% per year.
    • Waiver of charges on switch/withdrawal - Charges on 12 partial withdrawals or switches will be waived for customers within a year from the date of childbirth.

Add-on Plans/Riders - Additional Coverage under HDFC Life Smart Woman Plan:

There are no add-on plans or riders available under the HDFC Life Smart Woman Plan.

Exclusions - What the HDFC Life Smart Woman Plan doesn’t Cover?

There are a number of exclusions to the HDFC Life Smart Woman Plan. These include -

  • Exclusion for Death Benefit:
    • In case of death due to suicide of the Life Assured within a period of 12 months from the date of commencement of policy or from date on which the policy was revived, the nominee will receive fund value as available on date of death.
  • Exclusions of pregnancy complications, cancer of female organs and congenital disorder

No benefit will be payable in case claims arise as a result of any of the following -

  • AIDS or related complex or an infection due to HIV
  • Inherited, developmental conditions or congenital disorder
  • Drug abuse or alcohol consumption
  • Illness as a result of a physical or mental condition which had existed prior to effective date of the plan
  • Event giving rise to claim (includes death) on a child who is insured caused directly/indirectly by the intentional act of the policyholder.
  • Failure to follow or seek medical advice
  • Act of foreign enemy, war, invasion, mutiny, civil war, rebellion, riot, strikes, etc.
  • Taking part in an air force, military or naval operation during peacetime
  • Participation by Life Assured in flying activity except as a fare-paying passenger on regular routes and schedules of a recognized airline.
  • Participation of Life Assured in criminal activities
  • Taking part in professional sports or dangerous pursuits such as parachuting, bungee jumping, martial arts and so on.
  • Nuclear contamination of any kind
  • Exclusion for benefit on birth of child who has congenital disorder -
    • Benefit will not be applicable for children who are born prior to policy purchase or within a year of policy inception or revival (whichever is later)
    • Birth of child with congenital disorder or complications that arise when Life Assured is a carrier of surrogacy pregnancy (not covered)
    • Age of Life Assured at the time of delivery should not be above 40 years
    • Benefit not applicable on child adoption or child born from a surrogate mother
    • This claim is payable if congenital illness is recognised within a period of 2 years from date of delivery and child survives a minimum of 30 days from date of delivery with congenital illness.
    • Benefit will not be paid if claim arises due to elective termination of pregnancy unless it is for medical reasons or due to an abortion.
  • Exclusion for benefit on pregnancy complications -
    • Benefit will not be payable within a year of policy revival or commencement, which is later
    • Pregnancy complications that have commenced on or after the Life Assured’s 40th birthday
    • Any disseminated intravascular coagulation that has arisen within the first 7 months of pregnancy will not covered
    • Age of Life Assured should be below 40 years
    • Complication arising from fertility treatment such as in-vitro fertilization or surrogacy, will not be covered.
  • Exclusion and Condition regarding benefit on cancer, the following are excluded -
    • Carcinoma-in-situ histologically described as pre-malignant or non-invasive.
    • All cancers and tumours in the presence of HIV Infection or conditions due to an Acquired Immune Deficiency Syndrome.
  • Exclusion for benefit on demise of spouse -
    • Benefit will not be payable on life of spouse in case death is due to suicide whether insane or sane, within a year from date of policy inception or revival.

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

  • Partial Withdrawal:

Customers are allowed to withdraw money from their funds during emergencies. Lump sum partial withdrawals can be availed from their funds after 5 years of policy, as long as -

  • The minimum amount withdrawn is Rs.10,000.
  • After applications and withdrawal charges, fund value is not below 150% of their annualised premium.
  • The maximum amount that is withdrawn throughout the tenure of the policy is 300% of the original premium.
  • Discontinuance:

The HDFC Life Smart Woman Plan comes with a grace period of 30 days. Customers will have to pay their annual premium throughout the policy term.

Discontinuance prior to completion of 5 years from beginning of the policy -

In case individuals have not paid their premiums prior to the expiry of the grace period, they will have the following options -

  • They can revive their policy within 2 years from the date of discontinuance, or
  • Withdraw completely from the policy without risk cover.

In case customers have not exercised any of the above options or if they have chosen to withdraw from the policy without risk cover, the HDFC Life Smart Woman Plan will be discontinued.

Once the policy has been discontinued, the risk cover will not be relevant and fund value (as on the date of discontinuance) minus the applicable Discontinuance Charges will be moved to the ‘Discontinued Policy Fund’.

Discontinuance after completion of 5 years from commencement of HDFC Life Smart Woman Plan -

In case the policy has been discontinued after the 5 year lock-in period, the following options are available -

  • Customers can revive the policy within a period of 2 years from the date of discontinuance, or
  • Withdraw completely from the policy without risk cover, or
  • Convert the policy into a paid-up policy, where the paid-up sum assured is equal to the original sum assured multiplied by the ratio of premiums that have been paid, to the total premiums that are payable as per conditions of the policy. A paid-up policy will continue as per terms of policy and policy charges will continue to be deducted.
  • Revival of Discontinued Policies:

There are times when individuals wish to revive their discontinued policy, in such cases they will have the choice to revive a policy that has been discontinued within 2 consecutive years from the date of policy discontinuance, subject to underwriting. At this time -

  • All premiums that are due and have not been paid will be payable and no interest will be charged.
  • Discontinuance charges that are deducted upon discontinuance will be reversed and all proceeds of the policy that has been discontinued will be re-allocated in the segregated funds that have been chosen by the customer based on prevalent unit prices.
  • Premium allocation and policy administration charge will be levied as applicable during the discontinuance period.
  • Surrender of Policy:

In case individuals have surrender the policy prior to completion of 5 years from commencement of policy -

  • The customer’s fund value minus discontinued charges will be shifted to the ‘Discontinued Policy Fund’. After the lock-in period has ended, the amount that has been allocated to this ‘Discontinued Policy Fund’ will be paid out with accrued interest.
  • The amount in the ‘Discontinued Policy Fund’ will be paid immediately in case of the Life Assured’s unfortunate demise prior to payment of surrender benefit.

In case individuals have surrender the policy after completion of 5 years from commencement of policy -

  • The fund value will be payable immediately.
  • After the payout, policy will terminate and further benefits are not payable.
  • Loans:

There are no loans available for this policy.

  • Cancellations during Free-Look Period:

Customers can return the policy if they wish to by stating all reasons for the same within a period of 15 days from the date of receipt of policy. Free-look period for policies that have been purchased via distance marketing have a time period of 30 days.

  • Miscellaneous Charges:

These charges may be applicable for an alteration is policy based on a request initiated by the Policyholder. A charge of Rs.250 will be levied.

  • Partial Withdrawal Charge:

In case the Life Assured wishes to avail this feature, a price of Rs.250 will be charged per request. But id this request has been executed through the web portal of HDFC, a charge of Rs.25 is applicable for every request.

Tax Benefits - How can you save with HDFC Life Smart Woman Plan?

Tax Benefits applicable for the HDFC Life Smart Woman Plan is subject to the prevailing tax laws (Section 80C and Section 10 (10D)) of the Income Tax Act, 1961. Customers will have to note that tax benefits may vary if tax laws are changed. Hence, customers are advised to confirm the same with their tax consultants.

Other Benefits - How can you save with the HDFC Life Smart Woman Plan?

HDFC Life is one of the premier providers of insurance in the country. This company also has one of the highest claim settlement ratios in the country. There are a number of unique benefits that customers can avail when they purchase the Smart Woman Plan by HDFC Life.

  • Applicants have the unique benefit of choosing their investment fund. In order to balance the level of return and risk, it is important to choose the right type of fund. Customers can choose between four fund options that provide the potential for higher and more variable returns, or lower but stable returns.

The fund options available are -

Fund Details Asset Class Risk and Return Rating
Cash, Deposits and Money Market Instruments Liquid Mutual Fund Government Securities, Fixed Income Instruments and Bonds Equity
Fund composition
Income Fund Higher duration and a higher credit exposure hence higher potential returns 0% to 20% 80% to 100% - Moderate
Balanced Fund   0% to 20% 0% to 60% 40% to 80% Moderate to High
Blue Chip Fund   0% to 20% - 80% to 100% Very High
Opportunities Fund   0% to 20% - 80% to 100% Very High
  • Customers also have the advantage of opting to purchase their policy through Distance Marketing. This refers to policies that are sold through a mode apart from interactions that are face-to-face such as internet and phone.

Why should you Buy the Smart Woman Plan from HDFC Life?

One of the premier providers of life insurance policies within the country, HDFC Life allows customers to procure some of the most sought-after plans in the insurance sector. This trusted brand has a network of around 39 offices spread across 9,000 touch points across India for easy access. They have robust financial consultancy wing in India and abroad and is instrumental in rolling out some of the most successful insurance plans for a wide variety of clientele. Cutting edge technology is also employed resulting in HDFc having one of the best claim settlement records in the company as compared to other insurance providers.

HDFC Life Smart Woman Plan FAQs:

Q. Can customers opt for alterations in their policy?

A. Customers are not allowed to switch between plan options. Decrease or increase of policy term, premiums or sum assured are not allowed.Q. Is Assignment allowed with respect to HDFC Life Smart Woman Plan?

A. Individuals are allowed to assign this policy by endorsement upon the Policy or by a separate instrument in accordance with Section 38 of the Insurance Act. In order to assign this policy, customers will have to submit a written request to HDFC Life and upon the receipt of this written request, assignment will be recorded by the company.

Q. Are customers allowed to nominate an individual for this policy?

A. As per Section 39 of the Insurance Act of 1938, customers can nominate an individual to receive the benefits applicable under the policy. Individuals can send a written notice to HDFC Life while the policy is in force and designate an individual as nominee.

Q. Are non-negative claw-back additions applicable?

A. Upon policy exit at a time on or prior to completion of five policy years, HDFC Life will calculate the gross yield, reduction in yield and net yield based on actual returns. In case the reduction in yield is higher than as required under regulations, Claw-back Additions will be added to the fund prior to benefit payment.

Q. What are the applicable discontinuance charges?

A.

Discontinuance During Policy Term Discontinuance Charge
Annual Premium - Rs.25,000 and below Annual - Above Rs.25,000
1 Lower of 20% multiplied by (Annual fund value or premium) but not over Rs.3000 Lower of 6% multiplied by (Annual fund value or premium) but not over Rs.6000
2 Lower of 15% multiplied by (Annual fund value or premium) but not over Rs.2000 Lower of 4% multiplied by (Annual fund value or premium) but not over Rs.5000
3 Lower of 10% multiplied by (Annual fund value or premium) but not over Rs.1500 Lower of 3% multiplied by (Annual fund value or premium) but not over Rs.4000
4 Lower of 5% multiplied by (Annual fund value or premium) but not over Rs.1000 Lower of 2% multiplied by (Annual fund value or premium) but not over Rs.2000
5+ NIL NIL

Q. Can individuals change their fund choices?

A. Customers can change their fund choices by either ‘Switching’ by moving their accumulated funds from one to another at any point of time. Another option customers have, is ‘Premium Redirection’ wherein they can pay their future premiums into various funds based on their need. Switching charges for up to 12 switches is waived.

Q. What are the other charges applicable?

A.

Charge Description How Much
Premium Allocation Rate Premium Allocation Rate represents a proportion of the premiums that the individual has invested in in order to purchase units for their policy. The Premium Allocation Rate if guaranteed for the complete policy term. Year Premium Allocation Rate
1 to 10 97.5%
11 to 15 102.5%
Fund Management Charge Daily unit price is calculated with allowance made for deduction of fund management charge, which is charged every day. 1.35% per annum of the fund value, charged every day.
Policy Administration Charge This charge is a % of the annualised premium. The charge will be reduced monthly to provide administration for the policy. This charge will be taken by cancelling units proportionately from every fund that has been chosen by the customer. This charge is guaranteed for the complete duration of the policy tenure. 0.40% per month inflating from the 6th policy year onwards at 5.5% per annum. This is subject to a maximum of Rs.500 or 0.5% of premium per month (the lower amount).
Mortality and other Risk Benefit Charge A charge is levied by HDFC Life for providing the customer with risk benefits in the policy. The amount of the charge taken every month depends on the age of the Life Assured and level of cover procured.

Q. Please provide some details regarding covered event groups.

A. The following events are covered -

Events covered under complications related to pregnancy -

  • Diagnosis of Molar Pregnancy
  • Hysterectomy after postpartum hemorrhage
  • Diagnosis of Disseminated Intravascular Coagulation during pregnancy

Events covered under birth of a child who has congenital disorders -

  • Open Heart Surgical Repair of Atrial Septal Defect
  • Open Heart Surgical Repair of Ventricular Septal Defect
  • Surgical Repair of Tetralogy of Fallot
  • Surgical Repair Transposition of Great Vessels
  • Surgical Repair of Open Spina Bifida
  • Diagnosis of Down’s Syndrome

Events covered under diagnosis of malignant cancer of female organs include -

  • Breast Cancer
  • Cervix Uteri
  • Corpus Uteri
  • Ovary
  • Vulva
  • Vagina
  • Fallopian Tubes
  • Death of spouse of female Life Assured.

Q. What is the Premium Redirection charge applicable?

A. If a policyholder initiates a request for premium redirection, a charge of Rs.250 will be applicable. But if this request has been executed through HDFC’s web portal, Rs.25 will be charged per request.

Q. Is there an applicable Switching charge?

A. In case the policyholder wishes to switch their funds, they will be charged Rs.250 for every request. But if this request has been executed through HDFC’s web portal, Rs.25 will be charged per request. Fee will be levied at the time of effecting the switch.