HDFC Life Super Savings Plan

HDFC Life Super Savings Plan is a regular premium paying with-profit endowment plan. The product offers an opportunity to participate in the profits of participating fund of the company by way of bonuses payable to you at the time of maturity or on death. This plan gives your money invested with profit upon maturity and also covers your life including illness during the policy term. It is a perfect combination of savings and protection to your life.

Key Features

  • This is a regular pay Endowment Plan with Bonus facility
  • There is double accidental death benefit in this plan
  • Insurance coverage throughout the policy term
  • No medical tests necessary for this plan

Benefits

  • Maturity benefit
At the end of the Policy tenure, the Sum assured, accrued simple reversionary, interim and terminal bonus if any would be paid as Maturity Benefit and the policy would terminate.
  • Death benefit
In case of death of the Life Insured within the Policy Tenure, the nominee gets the higher of: Sum Assured on Death + Accrued Reversionary Bonus + Interim Bonus (if any) ,105% of the premiums paid till date as Death Benefit and the policy would be terminated.
  • Tax benefit
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfillment of terms and conditions.

Am I eligible?

PARAMETER MINIMUM MAXIMUM
ENTRY AGE 0 60
POLICY TERM 15 30
AGE OF MATURITY 18 75
SUM ASSURED 2,45,155 NO LIMIT
PREMIUM PAYEMENT TERM SAME AS POLICY TERM
PAYMENT TERMS ANNUAL, HALF-YEARLY, QUARTERLY, MONTHLY

What if?

  • I am unable to pay on time
If the policy holder stops paying the premium, then all benefits of the policy will stop after the grace period ends. The policy can be reinstated within 2 policy years from the date of discontinuance after paying all the unpaid premiums.
  • I stop the payment
If minimum of 3 years premium is paid for a policy, then the policy is converted to Guaranteed Surrender value else the policy is lapsed.
  • I wish to take a loan
If policy has acquired surrender value a loan amount of up to 80% of the available surrender value of the policy is available.

Exclusions

  • In case of death due to suicide, within 12 months from the date of inception of the policy, the nominee of the policyholder shall be entitled to 80% of the premiums paid or from the date of revival of the policy, the nominee of the policyholder shall be entitled to the amount which is higher of 80% of the premiums paid till date of death or the surrender value as available on death of death.
  • We will not pay Accidental Death Benefits, if the accidental death is caused directly or indirectly by any of the following:
  • Intentionally self‐inflicted injury or suicide, irrespective of mental condition
  • Alcohol or solvent abuse, or the taking of drugs except under the direction of a registered medical practitioner
  • Taking part or practicing for any hazardous hobby or pursuit or race unless previously agreed to by us in writing
  • War, invasion, hostilities (whether war is declared or not), civil war, rebellion, revolution or taking part in a riot or civil commotion
  • Taking part in any flying activity, other than as a passenger in a commercially licensed aircraft
  • Taking part in any act of a criminal nature with criminal intent