HDFC Life Smart Woman Plan

HDFC Life Smart Woman Plan is tailor-made for women who play multiple roles in their lives – wife, mother, daughter and a professional. They balance their career and home with élan. However, they usually tend to neglect their own needs and insurance is one of them. For such smart women, HDFC life has introduced this plan, which is an insurance cum investment plan and is designed to ensure the financial security that they need to meet planned and unforeseen emergencies. It assures them of a robust corpus while they focus on being a successful multitasker that they already are in their daily lives. It offers multiple advantages of Death Benefit, Maturity Benefit, partial withdrawal and some other special benefits like pregnancy complications and congenital conditions or for malignant female-specific cancers. It also offers a life cover against certain diseases, as specified in the policy document.

A. Maturity Benefit

HDFC Smart Woman Plan offers fund value to the life insured on the completion of the maturity term, as per the policy tenure chosen at the time of application.

B. Death Benefits

On the unforeseen death of the life assured during the policy tenure, the higher of the following is paid to the nominee:

• Sum assured less all withdrawals made during the two year period immediately preceding the date of death, or
• The total fund value, or
• 105% of the premiums paid

The policy gets terminated after the payment of the Death Benefit and no other benefits will be payable.

C. Special Benefits

Enhanced Allocation Rate: The applicable enhanced allocation rate for HDFC Smart Woman Plan is 102.5% p.a. from the 11th policy year. Waiver of charges on withdrawal or switching plan: This benefit is especially customized to ensure the financial stability of new mothers. This benefit waives charges on 12 partial withdrawals or switches, within one year from the date of birth of the child.

D. Partial Withdrawal

The Partial Withdrawal feature of HDFC Life Smart Woman Plan offers policyholders the flexibility to withdraw a certain percentage of the accumulated fund. This guarantees financial stability in hours of immediate need. The policyholder can make lump sum partial withdrawals after the completion of 5 years of the policy tenure:

• The minimum withdrawal amount is Rs. 10,000.
• After the withdrawal and applicable charges, the fund value is not less than 150% of your annualized premium.
• The maximum amount that can be withdrawn throughout the policy term is 300% of the original regular premium.

Partial withdrawal charges are waived for up to 12 partial withdrawals, within one year from the date of child birth.

• Death due to suicide within 12 months from the date of issuance of the policy or from the date of the revival of the policy, the nominee will be entitled to the fund value, as available on the date of death. Any charges recovered subsequent to the date of death shall be paid back to the nominee or beneficiary along with the death benefit.
• Certain pregnancy complications, congenital disorder and cancer of female organs, as mentioned in the policy document. Claims made due to reasons directly or indirectly related to the following are also excluded:
• Sexually transmitted diseases like HIV and AIDS
• Any congenital or inherited disorder
• Death due to overdose of alcohol or drugs, unless administered by a professional medical consultant
• Pre-existing illnesses
• Any event giving rise to a claim, including death, on an insured child caused directly or indirectly by the intentional act of the policyholder or beneficiary
• Failure to seek or follow medical advice
• War, invasion, hostilities, mutiny, rebellion, revolution, riot, strikes
• Taking part in any naval, military or air force operations during time of peace
• Participation in any flying activity, except as a bonafide passenger of a recognized airline on regular routes and on a scheduled timetable
• Death due to sports activities like racing, underwater sports, martial arts, mountaineering, parachuting, bungee jumping, etc.
• Nuclear contamination; the radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature
• Specific exclusions for benefit on birth of child with congenital disorder and pregnancy complications