• Term Life
  • Investment

HDFC Life Smart Woman Plan

HDFC Life Smart Woman Planis 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.

Features of HDFC Life Smart Woman Plan

Following are a few salient features of this plan-

  • Offers sum assured of up to 40 times the annualized premium
  • Specializes in offering 3 Benefit Options - Classic, Premier and Elite, which applicants can opt for as per their insurance goals
  • Premium Waiver Benefit - Waiver and funding of 3 annual premiums on:

    • Birth of child with congenital disorder or pregnancy complications

    • Diagnosis of malignant cancer of female organs

    • Death of spouse
  • Additional periodic cash payouts under Premier and Elite Options
  • Enhanced allocation rate from 11th year onwards
  • Annual premiums paid towards HDFC Life Smart Woman Plan attract tax benefits underSection 80Cof the Income Tax Act, 1961, when the payment is made by an individual or Hindu Undivided Family. The benefit of the plan is also eligible for tax exemptions under Section 10(10D) of the Income Tax Act, 1961.

Benefits of HDFC Life Smart Woman Plan

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.

Eligibility Criteria

ParametersMinimumMinimum
Entry Ages for Proposer18 yearsNone
Entry Ages for Female Life to be Assured18 years45 years
Entry Ages of Spouse for Elite Option21 years50 years
Maturity Age for Female Life to be Assured28 years60 years
Age of Risk Cessation for Spouse in Elite Option31 years60 years
Sum Assured
Entry Age less than 45 years
Entry Age equal to 45 years

10 x annualized premium
7 x annualized premium
40 x annualized premium
Policy Term10 or 15 years, as per applicant's choice

Plan Options Offered by HDFC Life Smart Woman Plan

Event Groups
Benefit Option1) Pregnancy complications or birth of child with congenital disorder2) Diagnosis of malignant cancer of female organs3) Death of the spouse
ClassicPremium Waiver Benefit: Waiver and funding of 100% of your next 3 years' premiumsPremium Waiver Benefit: Waiver and funding of 100% of your next 3 years' premiumsNot covered
PremierPremium Waiver Benefit: Waiver and funding of 100% of your next 3 years' premiums + Periodic cash payouts of 100% of your next 3 years' premiums on the respective due datesPremium Waiver Benefit: Waiver and funding of 100% of your next 3 years' premiums + Periodic cash payouts of 100% of your next 3 years' premiums on the respective due datesNot covered
ElitePremium Waiver Benefit: Waiver and funding of 100% of your next 3 years' premiums + Periodic cash payouts of 100% of your next 3 years' premiums on the respective due datesPremium Waiver Benefit: Waiver and funding of 100% of your next 3 years' premiums + Periodic cash payouts of 100% of your next 3 years' premiums on the respective due datesPremium Waiver Benefit: Waiver and funding of 100% of your next 3 years' premiums

Other Details of HDFC Life Smart Woman Plan

DISCONTINUANCE CHARGE
Discontinuance during the policy yearAnnual premium up to and including Rs. 25,000Annual premium above Rs. 25,000
1Lower of 20% x (Annual Premium or Fund Value) but not exceeding Rs. 3000Lower of 6% x (Annual Premium or Fund Value) but not exceeding Rs. 6000
2Lower of 15% x (Annual Premium or Fund Value) but not exceeding Rs. 2000Lower of 15% x (Annual Premium or Fund Value) but not exceeding Rs. 2000
3Lower of 10% x (Annual Premium or Fund Value) but not exceeding Rs. 1500Lower of 3% x (Annual Premium or Fund Value) but not exceeding Rs. 4000
4Lower of 5% x (Annual Premium or Fund Value) but not exceeding Rs. 1000Lower of 2% x (Annual Premium or Fund Value) but not exceeding Rs. 4000
5NILNIL

Premium Details

PremiumsPremium Paying Frequency
Minimum - Rs. 24,000Annual
Maximum - Rs. 1 lakhAnnual

Documents Required to Apply for HDFC Life Smart Woman Plan

  • Proof of Age – Aadhaar Card, School Leaving Certificates
  • Proof of Identity – PAN Card, Aadhaar Card, Voter ID, Driving License
  • Proof of Address – Aadhaar Card, PAN Card, Voter ID
  • Passport size photographs

Exclusions – HDFC Life Smart Woman Plan

  • 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

Review of HDFC Life Smart Woman Plan

HDFC Life Smart Woman Plan is an insurance cuminvestment planthat specializes in offering multiple benefits – 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 financial protection against certain illnesses and women-related conditions like pregnancy. It assures them of financial stability while they juggle multiple roles at home and work with aplomb.

FAQs on HDFC Life Smart Woman Plan

Can I apply for a loan against HDFC Life Smart Woman Plan?

No, loans are not offered against HDFC Life Smart Woman Plan.

How many benefit options does HDFC Smart Woman Plan offer?

HDFC Smart Woman Plan offers 3 Benefit Options – Classic, Premier and Elite.

What are the documents required for applying for HDFC Smart Woman Plan?

Below are the documents that you need to submit while applying for HDFC Smart Woman Plan:

  • Proof of Age – Aadhaar Card, School Leaving Certificates
  • Proof of Identity – PAN Card, Aadhaar Card, Voter ID, Driving License
  • Proof of Address – Aadhaar Card, PAN Card, Voter ID
  • Passport size photographs

What are the funds that HDFC Life Smart Woman Plan invests in?

HDFC Life Smart Woman Plan invests in a mix of Income Fund, Balanced Fund, Blue Chip Fund and Opportunities Fund across asset classes and risk appetites, ranging from moderate to very high.

What are the tax benefits that can be availed against HDFC Life Smart Woman Plan?

  • Annual premiums paid towards HDFC Life Smart Woman Plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961.
  • Benefits received under HDFC Life Smart Woman Plan attract tax exemptions under Section 10(10D) of the Income Tax Act, 1961.
Close