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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.
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:
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:
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.
Certain eligibility criteria should be met for a customer to purchase the HDFC Life Sampoorn Samridhi Plus Plan.
|Entry age||30 days||60 years|
|Maturity age||18 days||75 years|
|Policy term||15 years||40 years or up to 100 years of age|
|Sum assured||Rs. 65,463||-|
Monthly: Rs. 1,000
Quarterly: Rs. 3,000
Half-yearly: Rs. 6,000
Yearly: Rs. 12,000
Subject to underwriting policy of the insurer
|Premium paying term||Policy term less 5 years||Policy term less 5 years|
Below are the annual premium details for a sum assured of Rs. 1 lakh.
|Age/term||Endowment option||Endowment with a whole life option|
|15 years||20 years||15 years||20 years|
|30 years||Rs. 13,241||Rs. 8978||Rs. 14,811||Rs. 10,023|
|40 years||Rs. 13,363||Rs. 9071||Rs. 15,418||Rs. 10,407|
|50 years||Rs. 13,796||Rs. 9361||Rs. 16,526||Rs. 11,104|
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:
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 maturity||Rebate on premium per Rs. 1000 sum assured|
|Rs. 1,50,000 to Rs. 3,00,000||4.5|
|Rs. 3,00,000 to 5,00,000||6|
|Rs. 5,00,000 and above||7.5|
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.
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:
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.
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.
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).