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-
Applicants have the unique choice of opting any of the following benefit options -
Customers can procure additional cash payouts under the Elite and Premier benefit options. Post 11th policy year, enhanced allocation rate is also applicable.
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 -
|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.
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|
Premiums applicable to the HDFC Life Smart Woman Plan are as follows -
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.
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 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 next 3 years’ premiums.|
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 -
In case of unfortunate demise of the Life Assured, the nominee will receive the following -
Policy will terminate after this and no more benefits will be applicable.
There are no add-on plans or riders available under the HDFC Life Smart Woman Plan.
There are a number of exclusions to the HDFC Life Smart Woman Plan. These include -
No benefit will be payable in case claims arise as a result of any of the following -
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 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 -
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 -
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 -
In case individuals have surrender the policy prior to completion of 5 years from commencement of policy -
In case individuals have surrender the policy after completion of 5 years from commencement of policy -
There are no loans available for this policy.
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.
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.
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 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.
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.
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|
|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|
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.
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.
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.
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.
|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|
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.
|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.|
A. The following events are covered -
Events covered under complications related to pregnancy -
Events covered under birth of a child who has congenital disorders -
Events covered under diagnosis of malignant cancer of female organs include -
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.
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.