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HDFC Life Super Income Plan

HDFC Life Super Income Plan is a participating plan that is designed to offer guaranteed income for a period of 8 years to 15 years. It also gives policyholders a share in profits of the participating fund of the insurance company through bonuses, as and when declared by the company. This plan is best suited for individuals looking for an additional source of regular income that would enable them to build a corpus for planned and unforeseen expenses that may arise in the future.

Note: All information has been sourced from the official website of HDFC Life.

Features of HDFC Life Super Income Plan

Following are a few salient features of HDFC Life Super Income Plan-

  • Acts as a stable and reliable source of income for a period of 8 years to 15 years after premium payment term
  • Guaranteed Base Income, ranging between 8.0% and 12.5% of the sum assured on maturity, payable each year during payout period
  • Income includes reversionary bonuses and terminal bonus, if any
  • Offers the flexibility of selecting from premium payment and policy term options, as per unique insurance objectives
  • Insurance coverage throughout the policy term
  • Available with a Short Medical Questionnaire (SMQ) based underwriting
  • Additional protection through HDFC Life Critical Illness Plus Rider against any of the listed 19 Critical Illnesses.

Benefits of HDFC Life Super Income Plan

a. Guaranteed Base Income (GBI):

It will be expressed as percentage of the sum assured on Maturity. The policyholder is informed about the guaranteed amount at the inception of the policy. It is payable during the payout period, as per the selected plan frequency, provided the policy is in-force.

The applicable percentages are as below:

OptionGuaranteed Base Income as % of Sum Assured on Maturity
Annual GBITotal GBI for Entire Payout Period
112.50100
210.00100
312.00120
410.00120
510.00120

The payouts can be made either monthly or yearly. Monthly payout is fixed at 8% of the annual payout.

b. Maturity Benefit:

The maturity benefit is the aggregate of the following:

  • Last Guaranteed Base Income payout,
  • Accrued Reversionary Bonuses,
  • Interim Bonus, if any
  • Terminal Bonus, if any

On payment of the Maturity Benefit, the policy gets terminated after the payment of the maturity benefit and no other benefits are payable. In cases where the life assured is a minor, the policy will automatically vest on him or her on reaching 18 years of age.

c. Bonuses: I. Reversionary Bonus: A simple Reversionary Bonus would be declared at the end of each financial year. Same will be expressed as percentage of the Sum Assured on Maturity. Once added to the policy, the bonus is guaranteed to be payable on maturity, provided all due premiums are paid. II. Terminal Bonus : A Terminal Bonus may be added to a policy and is payable as lump sum at the end of the policy term. Terminal bonus depends on the actual future experience and is not a guaranteed benefit.

d) Death Benefit:

This benefit is payable to the policy’s nominee on the death of the life assured during the policy term, provided all due premiums are paid. The nominee is paid the higher of the following:

  • Sum Assured on Death + Accrued Reversionary Bonuses + Interim Bonus (if any) + Terminal Bonus (if any)
  • 105% of premiums paid till date The sum assured on death is the higher of:
  • Sum Assured on maturity
  • 10 times Annualized Premium for entry age up to 50 years and 7 times Annualized Premium for entry age greater than 50 years The Death Benefit excludes any underwriting extra premiums, modal loadings and any taxes paid.

On death of the life assured during the payout period, the Death Benefit payable will not be reduced by the survival benefits that are already paid.

After the Death Benefit is paid during the policy term, the policy gets terminated and no other payouts are applicable.

Policy Loan:

The life assured is eligible to apply for a loan of up to 80% of the surrender value of the policy, provided the policy has acquired the surrender value and other terms, as specified in the policy document.

Tax Benefits:

Premiums paid under this plan by an individual can avail tax deductions as per Section 80C of the Income Tax Act, 1961. Benefits of the policy are tax free under Section 10 (10D) of the Income Tax Act, 1961.

Eligibility Criteria

EligibilityMinimumMaximum
Entry Age2 (for policy term of 16 years)59 (for policy term of 16 years)
30 days (for policy term of 18 to 27 years)57 (for policy term of 18 years)
55 (for policy term of 20 years)
53 (for policy term of 22 years)
51 (for policy term of 24 years)
48 (for policy term of 27 years)
Entry Age18 years75 years
Minimum Sum Assured on MaturityRs. 1,28,337
Maximum Sum Assured on MaturityNo limit, subject to satisfactory underwriting

Plan Options offered by HDFC Life Super Income Plan

OPTIONSPREMIUM PAYMENT TERM (YEARS) (APAYOUT PERIOD (YEARS) (B)POLICY TERM (YEARS) (A+B)
Options 18816
Options 281018
Options 3101020
Options 4101222
Options 5121224
Options 6121527

Other Details of HDFC Life Super Income Plan

Free-look Period: HDFC Life Super Income Plan offers a Free-look Period of 15 days from the date of receipt of the policy. The free-look period for policies purchased through distance marketing is 30 days. The free-look period gives policyholders the time to read through the policy document thoroughly and evaluate its features and benefits to their unique insurance needs. In case the policy does not meet the financial objectives, the policyholder can return the policy. The premium paid till date will be returned, excluding some deductions.

Grace Period: HDFC Life Super Income Plan includes a Grace Period of 30 days from the premium due date for yearly, half-yearly and quarterly premium paying frequencies. The grace period for monthly frequency is 15 days from the premium due date.

Premium Detail

FrequencyMinimum Instalment PremiumMinimum Instalment Premium
AnnualRs. 24,000No upper limit, subject to the underwriter
Half-yearlyRs. 12,000
QuarterlyRs. 6,000
QuarterlyRs. 2,000

Documents Required to Apply for HDFC Life Super Income Plan

Below are the documents that need to be submitted during the application process for HDFC Life Super Income 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

Exclusions - HDFC Life Super Income Plan

Death due to suicide arising within 12 months from the issuance of the policy is excluded from availing the policy benefits. In case such a situation arises, the nominee will be entitled to 80% of the premiums paid till date, provided the policy is still in-force.

From the date of revival of the policy, the beneficiary will be entitled to an amount which is higher of 80% of the premiums paid till the date of death or the surrender value as available on the date of death.

Review of HDFC Life Super Income Plan

HDFC Life Super Income Plan is a participating plan that is customized to generate a guaranteed income for a tenure ranging between 8 years and 15 years. It also pays to the policyholders a certain percentage of profits through bonuses, as and when declared by the company. The plan is designed keeping in mind those policyholders who are looking for an additional and stable income source that enables them to financially secure their future against planned and unforeseen expenses.

FAQs on HDFC Life Super Income Plan

What are the coverages and exclusions that come under the policy?

HDFC Life Super Income Plan offers life cover during the policy term.

The exclusions of HDFC Life Super Income Plan are:

Death due to suicide arising within 12 months from the issuance of the policy is excluded from availing the policy benefits. In case such a situation arises, the nominee will be entitled to 80% of the premiums paid till date, provided the policy is in-force.

From the date of revival of the policy, the beneficiary will be entitled to an amount which is higher of 80% of the premiums paid till the date of death or the surrender value as available on the date of death.

What are the benefits offered by the policy?

HDFC Life Super Income Plan offers the following benefits:

a. Guaranteed Base Income (GBI) b. Maturity Benefit c. Death Benefit d. Bonuses – Reversionary Bonus and Terminal Bonus, if any e. Loan against policy

What are the key features of the policy?

The salient features of HDFC Life Super Income Plan are:

  • Acts as a stable and reliable source of income for a period of 8 years to 15 years after premium payment term
  • Guaranteed Base Income, ranging between 8.0% and 12.5% of the sum assured on maturity, payable each year during payout period
  • Income includes reversionary bonuses and terminal bonus, if any
  • Offers the flexibility of selecting from premium payment and policy term options, as per unique insurance objectives
  • Includes insurance coverage throughout the policy term
  • Annual premium paid towards HDFC Life Super Income Plan for an individual or Hindu Undivided Family (HUF) is eligible for tax benefits under Section 80C of the Income Tax Act, 1961. The benefits received from this policy are exempt from taxes, under Section 10 (10D) of the Income Tax Act, 1961.
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