HDFC Life Sampoorn Samridhi Plus insurance plan is an endowment plan under life insurance that offers whole life cover or coverage up to 100 years of age or till the death of the policyholder. This insurance plan offers two-folded benefits – long-term savings to financially secure the family of the insured and life insurance cover.
Features of HDFC Life Sampoorn Samridhi Plus Insurance Plan
HDFC Standard Life is a well-known life insurance service provider and recognised for providing customer-centric services along with profit-oriented insurance solutions. One of their highly recommended life insurance products is HDFC Life Sampoorn Samridhi Plus plan. The key features of this plan have been elaborated below:
- This insurance plan is an important part of Par Fund and 22% of the total was invested in the equities as of March 31, 2017. This equity proportion may change for the individual policy and for different policy term.
- Limited pay option is also provided by the company with an option to extend life cover up to 100 years of age under the whole life cover option.
- Premium payment term for limited pay is equal to policy term less five years.
- Insured has the freedom to choose their policy term from 15 years to 40 years.
- Guaranteed additions up to 5% per annum of ‘Sum Assured on Maturity’ for the first five years.
- An added sum assured amount in case of accidental death of the policy owner during the policy term.
- This insurance plan participates in the ‘Profit of Participating Funds’ as additional bonuses from the first year.
- Policyholders have the freedom to decide on their premium payment frequency – annual, half-yearly, quarterly or monthly.
- The insurance plan offers income tax benefits to the policyholders under Section 10 (10D) and Section 80C, Income Tax Act 1961.
- Additional protection can be received by the policy owner through HDFC Life Critical Illness Plus Rider. This rider covers 19 critical illnesses.
HDFC Life Sampoorn Samridhi Plus Plan: Benefits and Eligibility
The insurance plan offered by HDFC Standard Life comes with a number of benefits. Here are the benefits of availing HDFC Life Sampoorn Samridhi Plus plan:
Two Different Options to Choose from
HDFC Life Sampoorn Samridhi Plus Insurance plan offers two options to the insured to choose from. These options are:
- Endowment Plan: In this option, a lump sum amount is payable at the end of the selected policy term.
- Endowment Plan with Whole Life Cover: In this option, a lump sum amount is payable at the end of the policy term in addition to the sum assured amount on maturity which is payable on survival till 100 years of age or death (whichever is earlier).
Maturity Benefits
Both the above-listed options offer maturity benefits. The formula to calculate this particular benefit has been explained below:
- Endowment Plan: In this option, maturity benefit is equal to (sum assured amount on maturity) + (accrued guaranteed additions) + (accrued reversionary bonuses) + (interim bonus, if any) + (terminal bonus, if any).
- Endowment Plan with Whole Life Cover: To calculate the maturity benefit of endowment plan with whole life cover, the formula is: (benefits payable under the endowment option) + (sum assured on maturity or survival benefits till the age of 100 years or death, whichever is earlier).
Death Benefit
The insurance plan also offers death benefits to the beneficiary. In case of the unfortunate demise of the life assured, the insurance company will be liable to pay the beneficiary the highest of the following:
- 105% of the total premiums paid till the date
- Sum assured amount on death + accrued reversionary bonuses +accrued guaranteed additions + terminal bonus (if any) + interim bonus (if any).
Accidental Death Benefit
In case of the untimely departure of the insured during the policy term, an added sum equal to the sum assured amount on death is paid by the insurer. However, policy terms and conditions will be applicable to this benefit.
Eligibility Criteria
Like other insurance plans, this insurance policy has its own target audience. The eligibility criteria and other important details of the plan have been tabulated below:
| Particular | Minimum | Maximum |
| Entry Age | 30 days | 60 years |
| Maturity Age | 18 years | 75 years |
| Policy Term | 15 years | 40 years |
| Sum Assured Amount | Rs. 65,463 | As per the policy |
| Premium Payment Term | Policy Term minus 5 years | |
| Premium Amount |
|
No limit (subject to underwriting) |
Calculate Your Premium for HDFC Life Sampoorn Samridhi Plus Online
Before purchasing this insurance plan online, it is good to calculate the premium. Click on the ‘Calculate Premium’ option provided on the product page. A new page will open wherein, you will have to provide some of your basic details, such as sum assured amount or premium amount and premium frequency, NRI status (mark it with Yes or No), first and last name, date of birth, email ID, mobile number, state and city. Once you are done with these details, press the ‘Calculate’ button to get the results.
One point to keep in mind is that the value you get is not the final amount. It is just an approximated value of the premium. The actual amount is determined on the basis of several factors and may differ from the calculated amount.
How to Buy HDFC Life Sampoorn Samridhi Plus Plan
This insurance plan is available for online purchase. On the product page, you will get the ‘Buy Now’ option. Click on it and follow the steps to complete the purchase. In case you find the online purchase a complex process, you can visit your nearest HDFC Life branch office to buy the policy. You can also call on HDFC Life customer care number to know about the documentation and other details. Read the insurance policy review before buying the plan.
FAQs
Q1. What is maturity benefit on an insurance policy?
Maturity benefit is an amount received by the policyholder as a survival benefit on the completion of the policy term. This benefit varies for unit-linked insurance plans and conventional plans.
- For insurance plans that do not offer added bonus upon maturity, only sum assured amount along with bonus for the policy term is paid by the insurer upon maturity. In addition to this, some insurance plans also offer a loyalty addition and it is paid along with the sum assured amount. This added benefit is based on the policy term.
- Insurance plans that do not provide any bonus upon maturity, the sum assured amount or refund of the premiums or no amount is received by the policyholder (depending on the type of insurance policy selected).
- For selected insurance policies, the sum assured amount or the fund value is paid by the insurer to the policy owner upon maturity.
To know more about the maturity benefits of a specific insurance policy, it is advisable to refer to the ‘Standard Policy Provision’.
Q2. What is the meaning of Grace Period?
Policy owners are provided with the grace period by the insurer from the date of premium due to make the payment. One may also refer to the ‘Policy Schedule Section’ of their policy document to collect information on the grace period.
Q3. How to collect or get the ‘Detailed Unit Statement’ of an insurance policy?
To get the ‘Detailed Unit Statement’ of an insurance policy, one may use the e-Services section of My Account and download the statement from there. Policyholders can also write an email to HDFC Life and send it at service@hdfclife.com.
Q4. What is the basic difference between a premium redirection and a fund switch?
Both are different in several ways. Premium redirection allows the policy owner to redirect their future regular premium into the different investment fund options available in a particular plan. However, current investment holdings of the insured will remain unaffected with premium redirection request.
On the other hand, fund switch is only available for unit linked insurance plans. This facility allows the policy owners to change their investment patterns by switching from one investment fund to another (options available under the product).
Q5. Can a policyholder change their name in the policy?
Yes, it is possible to change the name in the policy. For rectification or correction in the name, the policyholder needs to submit a duly filled ‘Policy Servicing Request Form’ along with the copies of their ID proof and the original policy documents at the nearest HDFC Life branch.