HDFC Life Super Savings Plan 2023 Benefits Features Details Reviews


Death Benefit –The nominee receives the greater of 10 times the Annualized Premium or the Sum Assured, plus any accrued Reversionary Bonuses, Interim Bonus, or Terminal Bonus, if any, in the event of the Life Insured’s death during the policy’s term, subject to a minimum of 105% of the total premiums paid, and the policy ends.

Maturity Benefit –The policyholder receives the Sum Assured, accrued Reversionary Bonuses, Interim Bonus, and Terminal Bonus, if any, as Maturity Benefit upon survival until the policy’s termination.

Income 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 fulfilment of terms and conditions.

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The eligibility requirements for this life insurance policy can be outlined in the following table based on the plan’s duration, which can range from 15 to 30 years:

Parameter Minimum Maximum
Policy Term (Years) 15 30
Entry Age 30 days 60 years
Maturity Age 18 years 75 years

The most important aspects of this plan for increasing wealth are as follows:

Parameters Details
Plan Type Traditional pr ofit-assuring insurance plan
Basis Individual policy
Policy Term 15 years to 30 years
Policy Validity Will be for the chosen policy term in case all premiums have been paid
Basic Sum Assured Rs. 2,45,155. No maximum cap.
Additions/Bonuses Simple Reversionary Bonus, Interim Bonus, Terminal Bonus (if any)
Coverage Maturity Benefit = Sum Assured + Simple Reversionary Bonuses + Interim Bonus + Terminal Bonus (subject to availability)
Death Benefit = Higher of (Sum Assured, 10 times annualised premium and 105% of all premiums paid) + Simple Reversionary Bonuses + Interim Bonus + Terminal Bonus (subject to availability)
Accidental Death Benefit = Death Benefit + Additional Sum Assured
Surrender Benefit = Special Surrender Value or Guaranteed Surrender Value (subject to three-year premium payment)
Free look Period 30 days in case of online purchase. 15 days otherwise
Grace Period 30 days for all other premium payment frequencies, 15 days for monthly payments.
Nomination and Assignment There is a facility for nomination and assignment, but only one can be selected at a time.
Reinstatement or revival In the event that the policy is not surrendered, it can be reactivated within two years of the last unpaid premium and Rs. The revival fee is 250.

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Benefits and Advantages of Super Savings Policy

HDFC Life’s plan encourages people to save for the long term and helps them build a secure financial a further advantage.The vital benefits in picking this plan can be referenced in the accompanying focuses –

  • Life cover is available all through the approach term
  • Adaptable long haul strategy residencies for an arranged saving as well as venture portfolio with generally safe
  • Topping off a clinical survey eliminates the need of clinical trials
  • Relevant tax reductions can be profited according to Segment 80C and 10(10D) of the Personal Duty Act

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

  1. Maturity Benefit – This amount can be paid to the policyholder or the nominee after the policy term has ended. It is paid when the policy reaches maturity age. Sum Assured, Simple Reversionary Bonuses, Interim Bonus, and Terminal Bonus, if any, are all included in this sum.
  2. Death Benefit – The nominee will receive the Death Benefit in the event of the insured person’s death. Also due are any Simple Reversionary Bonuses, Interim Bonuses, or Terminal Bonuses that have been accrued. The higher of 105% of all premiums paid or 10 times the annualized premium and sum assured will be the payable death benefit.
  3. Accidental Death Benefit – The nominee would receive the applicable death benefit in addition to an additional sum assured in the event of an accidental death.
  4. Policy Loan – A loan of up to 80% of the policy’s surrender value can be obtained after the policy has reached its surrender value after three years of premium payments.
  5. Surrender Benefit – A Guaranteed Surrender Value will be assigned to the policyholder in the event that all three years’ worth of premiums have been paid in full. The may also pay a Special Surrender Value that is higher than the GSV in some instances.
  6. Tax Benefit – According to Section 80C, this policy’s premium contributions and benefits may be eligible for tax deduction under Section 10(10D).Despite the fact that these advantages are contingent on the current tax laws

The following table summarizes the particulars of this plan’s premium payment schedule:

Premium Parameter Details
Premiums No less than Rs.24,000 annually, with Rs. being divided into lower payment frequencies. There is no monthly cap of 2000 dollars.
Premium Paying Term (PPT) Regular premium payment term and is equal to the policy term
Premium Paying Frequency Premiums can be paid monthly, quarterly, semiannually, or annually.
Premium Paying Modes ECS, debit cards, credit cards, cheques and other acceptable modes

Harshit, who is thirty years old, chooses to serve a term of He is entitle to Rs. as the Assured Sum.17,91,201 subject to a Rs. 1,500 annual premium.1,00,000.In addition to the interim bonus, accrued reversionary bonuses, and terminal bonus, Harshit will receive that sum. Harshit’s total Maturity Benefit or Death Benefit may be significantly higher than Rs. based on the applicable rates.23 lakhs at the end of the policy term.

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