HDFC Life Sampoorn Samridhi Plus

HDFC Life Sampoorn Samridhi Plus plan is traditional, with profit plan that also offers life insurance coverage. It is a limited premium endowment policy which gives policyholders the option to extend life coverage up to 100 years. This endowment policy offers long-term savings as well as comprehensive insurance coverage for a financially secure future.

Features of HDFC Life Sampoorn Samridhi Plus Plan

  • HDFC Sampoorn Samridhi Plus plan is a protection-cum-saving plan that provides bonuses and guaranteed additions for the first five years of the policy.
  • Offers two different options to choose from
    • Endowment plan – A lump sum amount is payable at the end of the policy term.
    • Endowment with whole life plan - A lump sum amount is payable at the end of the policy term + Sum assured at maturity is payable, if the policyholder survives till 100 years of age or death, whichever comes earlier.
  • It is a participating plan that allows policyholders to pay premiums only for a limited period of time.
  • The policy offers guaranteed additions, which is 3 to 5 percent of the sum assured that is added in the first five policy years.
  • The policy has an in-built accidental benefit rider offering additional benefits in case of accidental death.
  • The policy offers simple Reversionary Bonus, Interim Bonus, and Terminal Bonus, which is payable with sum assured.

Benefits of HDFC Life Sampoorn Samridhi Plus Plan

Maturity benefit: Under the endowment option, if all due premiums have been paid, at the end of the policy term, the policyholder receives the sum of the following:

  • Sum Assured at Maturity
  • Accrued Reversionary Bonus
  • Accrued Guaranteed Additions
  • Interim Bonus, if applicable
  • Terminal Bonus, if applicable

In case the policyholder has chosen the endowment option, the policy terminates once the maturity benefit is paid. If the life insured has chosen the endowment plan with whole life option, then in addition to the Benefit payable under Endowment Option + Sum Assured on Maturity is payable on survival till age 100 years or death, whichever is earlier..

Death benefit: In the event of the death of the life insured during the policy term, the nominee is eligible to receive the highest amount among the following options:

  • Sum assured on death + Accrued Guaranteed Additions + Accrued Reversionary Bonus + Interim Bonus (if applicable) + Terminal Bonus (If applicable)
  • 105% of all premiums paid till date In the above case, the sum assured payable on death is the highest among the following:
  • Sum assured payable on maturity, which is the absolute amount of benefit guaranteed to be payable on maturity of the policy.
  • An absolute amount assured to be payable on death, which in this case, is equal to the Sum Assured on Maturity.
  • 10 times the annualised premium (for the entry age up to 50 years), and 7 times (for the entry age greater than 50 years).

Accidental death benefit: If the policyholder dies due to an accident during the policy term, an amount equal to the sum assured payable on death is paid to the nominee. The benefit is payable only if the life insured is above 18 years of age at the time of death. Guaranteed additions: The policy provides guaranteed additions during the first five years of the plan. These guaranteed additions are paid to the life insured at the time of maturity, or at death, whichever comes earlier. The rate at which these additions are paid depends upon the policy term.

Bonuses: The policyholder is also offered Reversionary Bonus or Terminal Bonus under this plan. Reversionary Bonus: A simple reversionary bonus is a percentage of sum assured payable is declared at the end of the financial year. Terminal Bonus: A terminal bonus enables the policyholder to receive a share of the surplus at the end of the policy term. It is paid in a lump sum and is based on the future experience of the insurance policy. Such Bonus is not a guaranteed benefit.

Eligibility Criteria

Certain eligibility criteria should be met for a customer to purchase the HDFC Life Sampoorn Samridhi Plus Plan.

EligibilityMinimumMaximum
Entry age30 days60 years
Maturity age18 days75 years
Policy term15 years40 years or up to 100 years of age
Sum assuredRs. 65,463 -
Premium
Monthly: Rs. 1,000
Quarterly: Rs. 3,000
Half-yearly: Rs. 6,000
Yearly: Rs. 12,000

No limit
Subject to underwriting policy of the insurer
Premium paying termPolicy term less 5 yearsPolicy term less 5 years

Premium details

Below are the annual premium details for a sum assured of Rs. 1 lakh.

Age/term Endowment optionEndowment with a whole life option
15 years20 years15 years20 years
30 yearsRs. 13,241Rs. 8978Rs. 14,811Rs. 10,023
40 yearsRs. 13,363Rs. 9071Rs. 15,418Rs. 10,407
50 yearsRs. 13,796Rs. 9361Rs. 16,526Rs. 11,104

Other benefits or features

Grace period: Grace period is the time given to the policyholder after the premium due date when the plan is in-force with risk cover. The HDFC Life Sampoorn Samridhi Plus Plan offers a grace period of 30 days for plans with yearly, half-yearly, and quarterly frequencies. The grace period for plans with a monthly payment frequency is 15 days. The policy remains in force during the grace period, and the insurance company will honour the claim, if it arises.

Policy lapse: In case due premiums are not paid within the grace period, the plan will lapse if it has not attained a guaranteed surrender value. On policy lapse, the risk cover ceases, and the insurance company is not liable to pay any benefits. However, it is possible to revive a lapsed policy.

Policy revival: The policyholder can revive a lapsed policy within the revival period, provided all terms are adhered to. In order to revive a lapsed policy, it is mandatory to pay all due premiums and corresponding taxes along with the applicable interest. The insurance company may charge extra fees for revival processing. The policy offers two years of revival premium from the date of first unpaid premium. Once the policy is restored, all contractual benefits are reinstated.

Surrender: In order to enjoy the comprehensive benefits of the plan, it is advisable to continue the policy until the end of the term. However, the policyholder has an option to surrender the policy, and the company shall pay Guaranteed Surrender Value. The value will be the sum of the following:

  • Percentage of all paid premiums
  • Percentage of accrued bonuses and guaranteed additions

Free-look period: In case the policyholder is not satisfied with the policy terms and conditions, he/she can return the same to the insurer mentioning the reason for cancellation. The return should be made within 15 days from the date of receipt of the policy. This interval is named as the free-look period. The free look period for policies sold through distance marketing is 30 days. Upon such cancellation, the insurance company will refund the premium, if paid.

Tax benefits: Premiums paid under HDFC Life Sampoorn Samridhi Plus plan are eligible to avail tax benefits according to Section 80C of the Income Tax Act, 1961. The benefits received from the insurance policy are also exempted from tax as specified under Section 10(10D) of the same act.

Loan against policy: Policyholders can avail loan against their HDFC Life Sampoorn Samridhi Plus Plan once it has acquired a surrender value. The maximum loan amount one can avail is 80% of the surrender value. Rebate on the higher sum assured: The company offers a premium rebate on the higher sum assured.

Sum assured on maturityRebate on premium per Rs. 1000 sum assured
Rs. 1,50,000 to Rs. 3,00,0004.5
Rs. 3,00,000 to 5,00,0006
Rs. 5,00,000 and above7.5

Documents Required for HDFC Life Sampoorn Samridhi Plus

Applying for HDFC Life Sampoorn Samridhi Plus Plan is rather simple. To begin with, the customer needs to submit the following documents to the insurance company. These documents include:

Age proof: Driving license, Passport, School/college certificate, PAN card can be submitted as an address proof.

Identity proof: PAN card, Aadhaar card, Birth Certificate, Voter ID, or driving license can be used as an identity proof.

Address proof: Utility bill, Aadhaar card, or bank account statement can be presented as an address proof.

Along with the documents listed above, the customer has to fill up the policy application form and also provide self-attested copies of the KYC documents.

Exclusions of HDFC Life Sampoorn Samridhi Plus

If the policyholder dies due to suicide within 12 months from the policy commencement, the nominee is eligible to receive 80% of the total premiums paid, provided the policy is in force.

In case the policyholder dies due to suicide within 12 months from the date of policy revival, the nominee is eligible to receive an amount that is higher of the following:

  • 80% of the all paid premiums till the date of death
  • The surrender value of the plan as on the date of death

The accidental death benefit excludes accidental death of the policyholder due to alcohol abuse, self-inflicted injury, taking part in the war, hazardous activities, aviation, and criminal activities.

Reviews of HDFC Life Sampoorn Samridhi Plus

HDFC Life insurance company has an extensive network spread in the country. The products offered by the company are always accessible to its customers. HDFC Life Sampoorn Samridhi Plus policy is an endowment plan that also offers whole life coverage option to the policyholders. The policy offers life coverage up to 100 years of age. This endowment plan offers long-term savings as well as a comprehensive life insurance coverage to secure the financial future of your family.

HDFC Life Sampoorn Samridhi Plus is a participating plan that allows you to pay premiums for a limited period of time. The company offers maturity and death benefits along with guaranteed additions in the first five policy years. The policy provides an in-built accidental death benefit rider that provides additional benefit to the nominee in case of death of the policyholder followed by accident. Moreover, the policy offers Terminal Bonus, Simple Reversionary Bonus, and Interim Bonus to help you increase the value of your corpus.

The policy offers a free-look period of 15 days and also a grace period to pay the due premiums. The company offers discounted premium rates on the higher sum assured. The policyholder has an option to surrender the plan once the policy attains the paid-up value. To avoid such untimely surrender, policyholders can avail loan against the policy.

As per Section 80C and 10(10D) of the Income Tax Act, 1961, the premiums paid towards the policy and the benefits received are eligible to receive tax benefits.

The HDFC Life Sampoorn Samridhi Plus plan offers guaranteed returns and comprehensive life insurance to meet your long-term insurance and financial needs.

FAQs on HDFC Life Sampoorn Samridhi Plus Plan

How many days of free look period can I avail under the policy?

If you are not satisfied with the terms and conditions of the policy, you are free to cancel your HDFC Life Sampoorn Samridhi Plus plan within the free-look period, i.e. 15 days from the receipt of the policy document.

What documents should I submit along with the application form while buying the policy?

While you are applying for the plan, documents such as accurate medical history, KYC documents, and address proof are required to be submitted along with the duly filled policy application form. A medical examination may be required based on a few factors like age and medical history.

How many days of the grace period can I avail under the plan?

If you are unable to pay the premium on the due date, the company provides you with a grace period of 15 days for monthly premium payment mode and 30 days for quarterly, half-yearly and yearly payment modes. In case you fail to pay the due premium within the specified grace period, the policy will lapse.

What is the termination period of the policy, and what surrender benefits are provided on policy termination?

You are allowed to surrender your HDFC Life Sampoorn Samridhi Plus plan after two years, provided all due premiums are paid. The surrender benefit in such case will be higher of the Special Surrender Value (SSV) or the Guaranteed Surrender Value (GSV).

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