July 29, 2019 9:20 am,
Have you ever thought why do you need insurance? Explore this article to understand the importance of life insurance. When it comes to life insurance HDFCLife has host of policies to go for. It meets almost all kinds of requirements. Hence you can choose the one that matches your need. HDFCLife Sampoorn Samridhi Plus is one of those.
In this article we have tried to clearly explain the advantages of taking one such policy “HDFCLife Samoorn Samridhi Plus Plan” which provides maximum returns on your investments.
Let’s understand the policy clearly.
HDFCLife Sampoorn Samridhi Plus plan is a traditional “with
profit” plan that also provides life insurance coverage. This plan helps to build wealth and plan the
way of life while enjoying a lifetime coverage. It provides flexibility to opt
for life cover up to 100 years of age.
The two key elements of this plan are:
- Provides long term savings – Lump sum amount is payable at the end of the policy term.
- Provides all life protection – Life cover throughout the policy term that can be extended until the age of 100 years.
Let us see the Investment options of HDFCLife Sampoorn Samridhi Plus:
Investment options under HDFC Life Sampoorn Samridhi Plus plan:
HDFC Life Sampoorn Samridhi Plus plan provides investment
options under endowment and endowment with whole life plans.
- Endowment option
- Endowment with whole life insured option – In
this option, the life insured is for full life up to 100 years.
Want to know the key features of the policy? Read below:
Key Features of HDFC Life Sampoorn Samridhi Plus plan:
Let us see what are the key features of HDFC Life Sampoorn
Samridhi Plus plan:
- Choice of life coverage – coverage extendable to
- Guaranteed addition – 3% to 5% of sum assured is
accrued for the first 5 years of the term, payable on maturity with accrued bonuses
- Limited premium paying term – Policy term can be
less than 5 years
- Policy value increase – Increase in policy value
with additional bonus declared
- Inbuilt accidental death benefit – Additional
sum assured payable in case of death due to an accident during the term of the
- Tax benefit
Let us see the eligibility for entering into Sampoorn
Samridhi Plus Plan:
Eligibility for entering into HDFC Life Sampoorn Samridhi Plus plan:
This plan can be taken on a single life basis:
- Entry age – Minimum age is 30 days and maximum
age is 60 years.
- Maturity age – Minimum maturity age is 18 years
and the maximum age is 75 years.
If the life assured is a minor,
the policy will automatically vest on the minor till he or she attains 18 years
More details on the policy like
Tax benefits, Premium limits etc. has been explained in details below.
Go through the article to find
more on this.
How does this plan work?
HDFC Life Sampoorn Samridhi Plus plan has a minimum policy
term of 15 years to a maximum term of 40 years. However, the premium payment
term is less than 5 years. The life
insurance coverage will continue up to 100 years in case of Endowment with
whole life plan option. The policy type once chosen at the time of entry cannot
be altered later.
Sum Assured and Premium limits:
The minimum sum assured on maturity for this policy is Rs.
65,463. There is no maximum limit defined but subject to approval from the
The frequency of payment can be annual, half-yearly,
quarterly or monthly. The minimum installment would be Rs. 12 thousand per
annum, which has to be paid according to the frequency of payment. There is no
upper limit of premium payment.
Benefits payable in this policy:
- Guaranteed Additions: The plan provides
guaranteed addition which is payable at maturity or death. The rate of
guaranteed addition is between 3% to 5%. The rate increases as the policy term
increase from 15 years to 25 years and more. This amount gets accrued during
the first 5 years of the policy.
- Reversionary Bonus: Bonus is declared at the end
of the financial year. This is calculated as the percentage of sum assured on
maturity. This is a discretionary benefit and is declared looking at a
long-term horizon of the policy.
- Terminal Bonus: This may be added to the policy
and payable at the end of the policy term. This will get payable as lumpsum but
this is not a guaranteed benefit.
- Maturity Benefit: It is payable at the end of
the plan term –
- Accrued guaranteed additions
- Accrued reversionary bonus
- Interim and terminal bonus, if any
- Death Benefit: On the death of the life assured,
within the policy term, the death benefit is payable as below
- Complete maturity benefit as given above
- 105% of premiums paid till date
- Accidental Death Benefit: In the event of the death
of the insured during the policy term, an additional sum equal to the sum
assured on death is payable. This is payable only when the age of the life
assured is 18 years or more.
- High sum assured rebate: A discount is offered
on the premium paid if a high sum assured is chosen. The discount increases
from 4.5% for sum assured value of Rs. 1.5 lakhs to 7.5% for sum assured value
of Rs. 7.5 lakhs and higher. There are interim discount slabs that are
- Policy Loan: Loan can be obtained on the policy
under certain specific conditions.
The policy benefits are available only if all the premiums
are paid by the due date. There is a grace period of 15 days for monthly
frequency and 30 days for other frequencies to pay the premium without any
penalty. If the premium is not received before the grade period, the policy
will lapse or become paid-up.
This plan provides tax benefits for the premium paid under Section 80C of Income Tax Act, 1961. The benefits received from the plan are exempt under Section 10(10D) of the Income Tax Act, 1961.
Hence, HDFCLife Sampoorn Samridhi Plus plan is a right plan for someone who is looking for definite returns along with long-term life insurance. This article definitely makes you discover the different benefits of Life insurance policy and the need for the same.