HDFC Life Super Savings

This plan meant for wealth addition has the following salient features -

Benefits and Advantages of Super Savings Policy

This plan from HDFC Life promotes long term savings and helps people in building a secure financial future. is an added benefit. The key advantages in opting for this plan can be mentioned in the following points -

• Life cover is present throughout the policy term
• Flexible long term policy tenures for a planned saving and/or investment portfolio with low risk
• Filling up a medical questionnaire removes the necessity of medical tests
• Applicable tax benefits can be availed as per Section 80C and 10(10D) of the Income Tax Act

The key benefits under this policy can be explained as below -

• Maturity Benefit - Paid once the policy reaches the maturity age, after the completion of the policy term, this amount can be paid to the policyholder or nominee. This amount includes the Sum Assured and if applicable, Simple Reversionary Bonuses, Interim Bonus and Terminal Bonus
• Death Benefit - In case of the death of the insured life, Death Benefit will be payable to the nominee. Accrued Simple Reversionary Bonuses, Interim Bonus and Terminal Bonus if any, will also be payable. The sum assured on death payable will be higher of 105% of all the premiums paid, 10 times annualised premium and sum assured
• Accidental Death Benefit - In case of an accidental death, the nominee would receive an additional sum assured along with the death benefit that is applicable
• Policy Loan - Once the policy has attained a surrender value, post premium payment of 3 years, a loan of up to 80% of the surrender value can be availed
• Surrender Benefit - In case 3 years’ premiums have been paid in full, the policy would acquire a Guaranteed Surrender Value and the same will be paid to the policyholder. In certain cases, the may also pay an amount higher than the GSV which will be a Special Surrender Value
• Tax Benefit - The contributions made towards the premiums of this policy can be tax deductible as per Section 80C and the received benefits can fall under Section 10(10D). Though these benefits are dependent on the prevailing tax laws

HDFC Life Super Savings Plan in Action

Harshit, aged 30 years, decides to go for a 20 years term of . The Sum Assured for him amounts to Rs. 17,91,201 subject to an annual premium amount of Rs. 1,00,000. That is the amount that Harshit will receive in addition to interim bonus, accrued reversionary bonuses and terminal bonus. Based on the applicable rates, the total Maturity Benefit or Death Benefit for Harshit might be well above Rs. 23 lakhs as the policy term comes to a close.

Premium Payment for HDFC Life Super Savings Plan

The details of premium payment for this plan can be summarised in the table below -

GST of 18% is applicable on life insurance effective from the 1st of July, 2017