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  • HDFC Life Super Savings Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    HDFC Life Super Savings is a long-term investment plan by HDFC that protects your family from financial liabilities, and helps you meet your long-term goals at various stages of life. This is a regular premium paying endowment plan that offers an opportunity to the insured to participate in funds. The maturity benefit offered by the plan is boosted through reversionary and terminal bonuses. The policyholder can also avail insurance in a hassle-free manner without going through tedious medical tests. Additionally, the policy provides the flexibility to choose a policy term based on the convenience of the customer.

    Eligibility - Who is the HDFC Life Super Savings Plan for?

    There are certain eligibility conditions that should be met for a customer to be able to purchase the HDFC Life Super Savings 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:

    Eligibility Condition Minimum Maximum
    Entry Age 30 days 60 years
    Maturity Age 18 years 75 years
    Policy Term 15 years 30 years

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

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

    Sum Assured:

    Sum Assured is the amount of benefit that is paid to the life insured at the time of maturity of the policy or the death of the policyholder. The sum assured for the HDFC Life Super Savings plan is as shown below:

    Minimum Sum Assured at Maturity Rs.245,155
    Maximum Sum Assured at Maturity No limit, subject to underwriting guidelines
    Premium Payment Term Same as policy term

    Premium:

    The policyholder can choose to pay the premiums at annual, semi-annual, quarterly, or monthly frequencies. The limits on premium are as shown below:

    Frequency Minimum Instalment Premium Maximum Instalment Premium
    Annual Rs.24,000 No limit
    Semi-annual Rs.12,000
    Quarterly Rs.6,000
    Monthly Rs.2,000

    The minimum premium is not inclusive of the service tax and other statutory levies.

    Plan Coverage - What the HDFC Life Super Savings Plan Covers?

    The HDFC Life Super Savings plan is a regular income plan that provides guaranteed benefits and bonuses to the insured. The coverage of the plan includes the following:

    • Maturity Benefit - If the policyholder survives till the maturity of the policy, and have paid all due premiums, he/she will receive the Sum Assured along with the accrued reversionary bonuses, interim bonus, and terminal bonus.
    • Bonuses - The bonuses that are offered under the policy are as follows:
      • Reversionary Bonus - At the end of every financial year, a simple reversionary bonus would be declared on the policy. Once this bonus is added, it will be payable either at maturity of the policy or the death of the policyholder, whichever is earlier. This is however, subject to all due premiums being paid.
      • Terminal Bonus - The policy may acquire a terminal bonus, through which the company pays a share of the surplus to the policyholder. It should be noted that the terminal bonus is not a guaranteed benefit. In order to receive bonuses and enjoy maximum benefits from the policy, it is advisable to continue on the policy till the end of the premium paying term.
    • Death Benefit - If the life assured faces death during the policy term, the nominee would be paid the highest amount among the following:
      • 10 times the annualized premium
      • Sum Assured
      • 105% of all paid premiums

    Additionally, the reversionary bonus, interim bonus, and terminal bonus accrued on the policy is paid to the nominee.

    When a policy is in paid-up status, the death benefit payable to the nominee is the highest among the following:

    • Paid-up Sum Assured
    • 105% of all premiums paid

    Additionally, all bonuses accrued on the policy till the date of paid-up is payable to the policyholder.

    • Accidental Death Benefit - If the policyholder dies in an accident during the policy term, as long as he/she is at least 18 years of age, an additional sum assured is paid along with the aforementioned death benefit. Once the maturity or death benefit is paid out, the policy terminates with no further benefits.

    Add-On Plans – Additional Coverage under the HDFC Life Super Savings Plan:

    This plan does not have provisions for any add-on covers.

    Exclusions - What the HDFC Life Super Savings Plan doesn’t Cover?

    1. If the policyholder commits suicide within 12 months:
      1. from the start of the policy, the nominee will be provided 80% of the paid premiums
      2. from the revival date of the policy, the nominee will be paid the highest amount among the following:
        1. 80% of the paid premiums till the death of the life assured
        2. Surrender value as on the date of death
    2. If the policyholder dies in an accident, the accidental death benefit will not be payable if the death was caused by any of the following:
      1. Intentional injury or suicide, irrespective of his/her mental condition
      2. Alcohol abuse or the administration of drugs that were not prescribed by a registered doctor
      3. Participation in any hazardous hobby or race
      4. War, hostilities, invasion, rebellion, civil war, riot, civil commotion, etc.
      5. Participation in any flying activity, other than as a passenger in a commercial aircraft
      6. Participation in any act with criminal intent

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

    Free-Look Period:

    If the life assured is not in agreement with the terms and conditions mentioned in the policy document, he/she can return the policy to the insurer, stating relevant reasons. The policy should be returned within 15 days from the date of receipt of the same. This interval of 15 days is referred to as the free-look period. The free-look period for policies that were purchased through distance marketing is 30 days.

    When the insurer receives the letter and original policy documents from the policyholder, they will arrange for a refund of the premium, after deduction of expenses incurred for medical examination and stamp duty. It should be noted that a returned policy cannot be reinstated again.

    Grace Period:

    Grace period is the interval after the premium due date during which the policy is still in-force with all risk coverage. The HDFC Life Super Savings plan has a grace period of 30 days for policies with annual, semi-annual, and quarterly premium payment frequencies. The grace period for policies with monthly frequency is 15 days. If a valid claim arises within the grace period, the insurance company will honour it. In this scenario when the claim payout is made, the unpaid premium is deducted from the payable benefits.

    Lapsation:

    If the policy has not acquired a guaranteed surrender value and the policyholder has not paid due premiums under the policy within the grace period, the policy will lapse. The risk cover of the policy will cease and no benefits are payable. It is possible to reinstate a lapsed policy.

    Paid-Up:

    When the policyholder stops paying premiums after the policy has acquired a guaranteed surrender value, the policy moves into the paid-up status at the end of the grace period. Once a policy is in the paid-up status:

    • The Paid-Up Sum Assured is calculated as follows:

    Paid-Up Sum Assured = (Sum Assured) * (Premiums paid) / (Total premiums payable)

    • The Reversionary Bonus accumulated on the policy as on the date of paid-up will continue to be attached to the policy. No further bonuses will be accrued on the policy following the paid-up status.

    It is possible to reinstate a paid-up policy.

    Revival:

    The policyholder can revive a paid-up or lapsed policy within the revival period, subject to certain terms and conditions. To revive a policy, it is necessary to pay all outstanding premiums, corresponding interests and associated taxes. The insurer levies a charge of Rs.250 for the revival of a policy. Currently the revival period for a policy is 2 years, but it may be revised in the future. On revival of a policy, the policyholder receives all contractual benefits that were agreed upon.

    Surrender:

    In order to enjoy the complete benefits of an insurance policy, it is necessary to continue till the end of the policy term. However, under certain unforeseen circumstances, the policyholder may be compelled to surrender the policy.

    The HDFC Life Super Savings policy acquires a Guaranteed Surrender Value (GSV) if the life assured has paid the premiums for 3 years. The GSV is a percentage of the total premiums that have already been paid. Additionally, the Surrender Value of bonuses, which is a percentage of the accumulated bonuses, is also applied on the policy.

    Based on prevailing market conditions, the insurance company may pay a surrender value that is higher than the GSV. This is referred to as Special Surrender Value (SSV). Once the surrender value is paid, the policy terminates with no further benefits.

    Tax Benefits – How you can save with the HDFC Life Super Savings Plan?

    Premiums paid under the HDFC Life Super Savings plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. The benefits received from this policy are also exempt from tax under Section 10 (10D) of the Income Tax Act, 1961. These tax benefits are available as per the current tax regulations, and are subject to change in the future. You are advised to consult your tax advisor for updated tax regulations before the purchase of the policy.

    Other Benefits – How you can save with the HDFC Life Super Savings Plan?

    HDFC Life is an established insurance provider in the country, and they have observed a competitive claim settlement ratio of 99.41% in the financial year 2013-14. They also have a dedicated customer service team that assists customers in all claim-related issues or queries.

    Why you should Buy the Super Savings Plan from HDFC Life?

    HDFC Life is a leader in providing insurance solutions within the country. They have an extensive network comprising of 398 offices and 9,000 touch-points across India. This facilitates the availability of their insurance products throughout the country. They have a vast range of plans to suit the varied insurance needs of customers, such as Protection, Pension, Investment, and Health. HDFC Life also has an excellent financial consultancy team that offers solutions to customers in India and abroad.

    HDFC Life Super Savings Plan FAQs:

    Q. Can I avail loans on the policy?

    A. When the HDFC Life Super Savings policy has reached surrender value, the life assured is allowed to avail policy loans of up to 80% of the surrender value of the policy.

    Q. What alterations can be made on the premium after the purchase of the policy?

    A. After the HDFC Life Super Savings policy has been purchased, it is only possible to alter the premium frequency. This is however, subject to certain terms and conditions.

    Q. Is assignment or transfer of the HDFC Life Super Savings policy allowed?

    A. The HDFC Life Super Savings policy can be assigned or transferred to another individual. For this, the policyholder will be required to submit a written request to HDFC Life. If the policy was issued under the Married Women’s Property Act, 1874, the insurer does not allow assignment.

    Q. What taxes are applicable on the policy?

    A. Service tax is applicable on the premiums paid towards the HDFC Life Super Savings policy. Any other tax that becomes applicable in the future must be borne by the policyholder.

    Q. What is distance marketing?

    A. Distance marketing refers to the sale of insurance policies through channels that do not involve face-to-face interactions. Internet policy purchase, telephone purchase, etc. are all included under distance marketing.

    Q. Can I buy more than one policy from HDFC Life?

    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.

    Q. How long does HDFC Life take to process claims?

    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 will be made to the policyholder based on the investigation results.

    Q. What are the different types of savings plans?

    A. You can choose to buy a unit-linked insurance plan or a traditional endowment plan. The choice of a plan is governed by a number of factors, including your risk profile, your understanding of investment instruments and your ability to track these. If you are willing to bear investment risk for higher returns, you should look to buy a unit-linked insurance product. Likewise, you can choose a traditional endowment plan if you desire less volatility.

    Q. Should I purchase a unit-linked or non unit-linked insurance plan?

    A. If your finances do not enable you to take risks via investments in equity, the best insurance plans for you will be the bonus-based endowment plans. Otherwise you should invest in unit-linked plans which deliver higher payouts at maturity. Unit-linked plans are ideal for safeguarding your family’s future financial needs.

    Q. What is a ‘With profits’ plan?

    A. ‘With Profits’ plans are those which invest premiums in a variety of assets to earn returns on your policy. These returns are shared with you in the form of annual bonuses. Once these bonuses are declared, they will be guaranteed for the entire policy term. HDFC Life Super Savings plan is a ‘With profits’ regular premium endowment scheme with an in-built accidental death cover. Savings under the plan are accumulated over a long period of time to build a good financial corpus.