This is a non-linked participating and limited pay money-back HDFC Life super savings insurance plan. HDFC Super Income Plan has won several awards, including the ‘Best Product Innovation’ in 2014. This regular money back plan comes with an assured benefits and additional bonuses to plan the investment needs of an individual. This insurance plan offers guaranteed income to the policy holder for the period of 8-15 years.
Key Features of HDFC Life Super Income Plan
This insurance plan comes with a number of unique features. Some of them are listed below:
- Regular income is provided to the policy owner for the period of 8-15 years.
- Survival benefit ranges from 8% to 12.5% of the total sum assured amount on maturity which is payable every year during the payout period.
- Enhanced income on maturity with additional terminal and reversionary bonuses (if any).
- A policyholder can customise their coverage by adding the benefits of Accidental Disability Rider. This additional benefit offers monthly income of 1% of the rider sum assured amount in case of the total permanent disability due to an accident for the fixed period of 10 years.
- A policy owner can choose their premium payment frequency between annual, half-yearly, quarterly and monthly.
Benefits and Eligibility of HDFC Life Super Income Plan
Listed below are some of the major benefits associated with HDFC Life Super Income plan:
Guaranteed Survival Benefits: This benefit is expressed as the percentage of the total sum assured amount on maturity. This assured amount is known to the policyholder at the inception and paid by the insurer at the end of the year during the payout period. Look at the table below to know more about the percentages:
|
Option |
Survival Benefit as Percentage of Sum Assured on Maturity | |
| Yearly Survival Benefit | Total Survival Benefit (for
payable during the payout period) |
|
| 1 | 12.5% | 100% |
| 2 | 10% | 100% |
| 3 | 12% | 120% |
| 4 | 10% | 120% |
| 5 | 10% | 120% |
| 6 | 8% | 120% |
The policy owner has another option to get the future payouts on a monthly basis instead of annually which shall be 8% of the annual pay-out. In such a case, they have to contact the insurer.
Maturity Benefits: An insurance policy wherein all the outstanding premiums have been paid off, the maturity benefit is provided and it will be aggregate of the following:
- Last survival benefit payout
- Accrued reversionary bonuses
- Interim bonuses (if any)
- Terminal bonuses (if any)
Death Benefit: On the untimely death of the policyholder during the policy term, the insurer would be liable to pay the legally authorised beneficiary the higher of the following:
- Sum assured amount on death + accrued reversionary bonuses + terminal bonus (if any) + interim bonus (if any).
- 105% of all the premiums paid till date (here sum assured amount on death will be higher of – sum assured on maturity or 10 times or 7 times annualised premium).
Bonuses: The following are the types of bonuses provided by the insurer along with this life insurance plan:
- Reversionary Bonus: This bonus is declared by the insurer at the end of the financial year. This will also be expressed as the percentage of the sum assured amount on maturity. This bonus is not an assured benefit as it usually depends on several factors. But, once it is added, it is guaranteed to be payable. In case of policy surrender or unexpected demise of the policyholder during the inter-valuable duration, the insurance plan will be eligible to get interim bonuses as per the terms and conditions of the insurance company.
- Terminal Bonus: This bonus may also be added to an insurance plan and enables the service provider to pay a share of the surplus offered. Just like the reversionary bonus, this benefit is also not assured and depends on the company policies and actual future experience.
Availability of Policy Loan: Once an insurance policy acquires its surrender value, the policy owner may avail the facility of policy loan which is up to 80% of the policy’s surrender value.
The eligibility criteria and product specifications of this plan have been tabulated below:
| Particular | Details |
| Policy Term | 16, 18, 20, 22, 24 and 27 years |
| Entry Age | 2-59 years (for policy term 16 years)
30 days-57, 55, 53, 51 and 48 years (for 18, 20, 22, 24 and 27 years policy term) |
| Maturity Age | 18-75 years |
| Sum Assured (Minimum) | Rs. 128,337 |
Money Back Policy Options
This insurance policy offers an array of options which an individual can choose at inception on the basis of their financial goals and insurance needs. Refer to the following table to know more about the options:
| Options | Premium Payment Term | Payout Period | Policy Term |
| 1 | 8 | 8 | 16 |
| 2 | 8 | 10 | 18 |
| 3 | 10 | 10 | 20 |
| 4 | 10 | 12 | 22 |
| 5 | 12 | 12 | 24 |
| 6 | 12 | 15 | 27 |
Choose Your Preferred Frequency to Pay Premiums
An individual can choose their premiums as per their needs. They can choose to pay their premiums either monthly, quarterly, half-yearly or yearly. Look at the table below for more details:
| Premium Payment Frequency | Minimum Instalment Amount | Maximum Instalment Amount |
| Monthly | Rs. 2,000 |
No Upper Limit |
| Quarterly | Rs. 6,000 | |
| Half-Yearly | Rs. 12,000 | |
| Yearly | Rs. 24,000 |
Buy HDFC Life Super Income Insurance Plan Online
This insurance plan can be purchased online. To buy online, visit the product page and click on ‘Buy Now’ option. A page will appear on your screen containing premium calculator. Fill out all the requested details such as sum assured amount, first and last name, gender, date of birth, email ID, mobile number, state and city to get an estimated value of the premium amount.
Thoroughly review the given calculation and click on ‘Buy Now’ if you find it as per your budget and precise needs. When you select the buy now option, payment page will open. Choose your payment mode i.e. net banking, credit card, debit card, EMI or Standing Instruction (SI) card along with your preferred bank option to pay securely. You will be notified on your mail ID and mobile number once the process is successfully completed.
FAQs
Q1. What are the important documents needed while filling the HDFC Life Super Income application form?
The following are the documents required for this insurance policy:
- Address proof
- Identity proof
- Medical history
- Medical tests reports (if asked)
Q2. What happens if an insured stop paying the premiums?
If the policy owner stops paying the premiums, the insurance policy lapses, but continues with the reduced benefits. However, the policyholder can revive it within two years from the date of their first unpaid premium.
Q3. Is there any tax benefit of buying HDFC Life Super Income Plan?
Yes, the life insurance plan comes with tax benefits. Policyholders will get the benefits on the premiums paid under the sections 10 (10D) and 80C, Income Tax Act, 1961.
Q4. What are the modes available to pay the premiums of HDFC Life Super Income Plan?
Premiums of this plan can be paid online as well as offline. For online mode, the policyholder can pay through net banking, credit card and debit card. To pay online, follow the below-given steps:
- Visit the official website of HDFC Life
- Choose ‘Help Me Decide’ option and click on ‘Quick Pay’
- You will be redirected to a page wherein you will have to provide your policy number and date of birth to make the payment.
You can also pay offline through demand draft or cheque by submitting it at the nearest branch office of HDFC Life.
Q5. How to find the nearest HDFC Life branch office?
If you want to visit the branch of HDFC Life for any concern, issue or query regarding this insurance policy, simply follow the steps given below:
- Browse through the official HDFC Life website
- Find the ‘How Can We Help You’ and click on ‘Find Branch’ option
- A new page will open. Enter your preferred state and city before pressing ‘View HDFC Life Offices’ button.
Q6. Can a policyholder request change in their date of birth?
For any sort of rectification or correction in the date of birth, a policy holder needs to submit the ‘Policy Servicing Request Form’ along with the copies of their age proof at the nearest HDFC branch. This form can be collected from the branch office or downloaded from the website of HDFC Life as well.
Q7. What is meant by Nomination and how to do it?
An insured can nominate a person while filling up the ‘Proposal Form’ where the beneficiary of the nominee will be entitled to avail the death benefits on the unforeseen demise of the policy owner.