HDFCLife Super Income Plan

HDFCLife Super Income Plan

August 7, 2019 5:15 am,

Are you planning to invest your money in insurance policies which gets you super returns or comes with good retirement or pension benefits? Are you looking out to buy a policy which provides you with the benefits that are more than FDs along with life coverage? Then you must consider HDFCLife Super Income Plan.

Why HDFCLife Super Income Plan?

If you fall in any of the below categories, then it is worth buying HDFCLife Super Income Plan.

  • Need to invest in Pension or retirement plans along with Life cover.
  • Want to invest in Insurance which provides you much more than regular Fds.
  • planning to invest in insurance for your daughter or son at an age as early as 30 days along with super benefits.
  • Aged 50+ and confused on deciding the best income plan.
  • Recently started earning and want to start investing early and make huge retirement benefit.
  • Save tax by investing in good retirement plans.

HDFCLife Super Income plan is truly a Super Plan to go for. It stands true to the policy name. This plan gets you regular income along with guaranteed benefits and bonuses.

Super Income Plan with regular Income:

This policy offers guaranteed regular income. This article will get you the complete details on Super Income plan. This plan is a must-buy for those who want to safeguard their loved ones from financial insecurities.

Have you heard of money-back policies? Yes, Super plan is almost like a money-back policy with attractive bonus. So, this also offers guaranteed regular income. Hence, invest in a Super Income plan and secure your life for the future. Let’s explore HDFCLife Super Income Plan.

So, let’s see the premium you need to pay and the benefits you get by taking a simple example.

Consider, you are ready to pay Rs.1,00,000 per year. So if you are planning to go for 8 years policy, then you will have to pay Rs.1,00,000 per annum for 8 years. The Super Income plan provides regular income starting from the 8th year. So, after 8 years, you need not pay for anything. But your policy continues along with life coverage.

So, let’s Calculate the amount you get on 8th year.

The total amount paid by you: Rs. 1 Lakhs * 8 Years = Rs.8 Lakhs

So, Considering 12.5% of the Sum assured( Rs.6,22,466 ) you would get:

Rs.77,900 every year starting from 8th year till 16th year.

So, you would get 77,990 * 8 =Rs.6,23,920. So, around 6.4 Lakh is paid as money back. On the 16th Year, you will get a sum assured along with bonuses.

In this example, the sum assured is Rs.6,22,466. So, you will get this amount along with accrued bonus and tax benefits

On 16th year you will get maturity amount of Rs. 6,22,466+ accrued bonuses. In total, you will get,

Rs. 6,23,920+Rs. 6,22,466+Rs. 30,000 Tax benefit=Rs. 12,75,756+Bonuses.Bonus amount is usually 8 or 12% as per IRDA.

  • Considering 8% Bonus your maturity amount will be = Rs. 6,22,466+ Rs. 49,797=Rs. 6,72,263.
  • Considering 12% Bonus your maturity amount will be = Rs. 6,22,466+ Rs. 74,695=Rs. 6,97,161. All this with life coverage!

So, lets read below to understand the Super Income Policy in detail.

What is the need for HDFCLife Super Income Plan?

  • This plan offers guaranteed income per year which is 8% to 12% of the basic sum assured. So, definitely a better option than regular fixed deposits.
  • You can receive regular income for a tenure of 8-15 years along with Insurance coverage.
  • You can choose your premium payment frequency like monthly, quarterly, yearly etc.
  • The policy offers a rebate on high sum assured.
  • Provides tax benefits.
  • Death benefits to the nominee
  • The policyholder can avail loan against the Super Income plan.
  • Attractive Bonus

How does the  Super Income plan work?

Refer to the below table which will help you understand the Policy better.

Options Premium Payment term(PPT) Payout period Policy Term (PPT+Payout Period)
1 8 8 16
2 8 10 18
3 10 12 20
4 10 12 22
5 12 12 24
6 12 15 27

So, Considering the 1st Option let us say ,if you take an HDFC Life Super Income Plan for 16 years and choosing a premium paying term of 8 years. So, you will receive guaranteed payouts at the end of every year after completing your premium paying term. Also, the policy will offer maturity benefits at the end.

Let us take an example to understand it in a better way.

Note: This is just an example. Policy term and amount may vary depending on your requirement.

Premium or amount you need to pay: Rs. 1,00,000  per year.

Duration or Tenure: 8 years

Last payment to be made: 8TH Year. No payments after 8th year till 16th year.

Policy  maturity year: 16th Year

Rate Of return: 8% ( The calculation is based on the assumed rate of interest declared and specified by Life Insurance Council )

Benefits:

  • The guaranteed benefit of 10,00,000 on death during the policy term that means from the start of the policy until the 16th year, provided premiums are paid on time.
  • Total tax saved will be: Rs.30,000
  • Sum assured: Rs.6,22,466

In addition to this, you will get a survival benefit payouts of 12.5% of Sum Assured on Maturity payable each year. This amount you will be getting from 8th year till 16th year.

How about Premium payment Frequency?

Premium payment frequency is nothing but how often you can pay the premiums. You can opt for Monthly, Quarterly, Half-yearly or Yearly. So, the choice is left to you. Note that there is no maximum premium or amount you need to pay per instalment. Hence, this means you can pay the premium amount as much as you can afford.

Does this offer any Tax benefits?

Of course, it does! This plan provides tax benefits for the premium paid under Section 80C of Income Tax Act, 1961. So, the benefits received from the plan are exempt under Section 10(10D) of the Income Tax Act, 1961.

Therefore, HDFC Life – Super Income plan is a good plan that provides both guaranteed income and stability of insurance.

So, considering the above-mentioned points, we can conclude that HDFCLife Super income plan can really help fulfil you and your family’s long-cherished dreams by providing enhanced financial security.

Hence, this Plan has been awarded as the ‘Best Product Innovation’ at the Indian Insurance Awards, 2014. So, this is one of the best regular income plans with insurance benefits!.

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