HDFC Life Insurance
HDFC Life Insurance Sampoorn Samridhi Plus Policy

HDFC Life Sampoorn Samridhi Plus Plan

Life is full of unpredictability, and for that, we always need to be prepared, especially when it comes to the security and protection of our beloved ones. To take care of your family, HDFC Life Insurance Company has come up with Sampoorn Samridhi Plus Plan that has come up with dual benefits – protection coupled with a savings facility. This non-linked, participating, savings plan helps you to build a financial corpus over time that can take care of your future dreams and responsibilities, such as the expenses of your child’s education, marriage, the well-being of your spouse, etc, even when you are not around. With this plan, you not only get a lump sum amount at the end of the policy terms, but also you are eligible to avail of life cover benefit throughout the policy term with an option to extend it till the age of 100 years. To know more about this plan, have a look at the following details.

Eligibility Criteria

ParametersDescription
Entry ageMinimum – 30 days, Maximum- 60 years
Age at maturityMinimum – 18 years, Maximum – 75 years
Plan optionsEndowment Plan, Endowment with Whole Life
Policy termMinimum – 15 years, Maximum – 40 years
Premium payment termPolicy term minus 5 years
Sum assured on maturityMinimum – Rs. 65,463, Maximum – No upper limit
Premium payment frequencyAnnually, half-yearly, quarterly, and monthly.
Minimum installment premium

Annual – Rs. 12,000, Half-yearly – Rs. 6000

Quarterly – Rs. 3000, Monthly – Rs. 1000

Maximum installment premiumNo upper limit
Grace period

30 days for yearly, half-yearly, and quarterly frequencies

15 days for monthly frequencies

Free look period15 days and 30 days

Understand the Details of HDFC Life Sampoorn Samridhi Plus

The following table gives you a brief idea of the benefits and advantages that this plan has to offer.

ParametersDetails
Guaranteed additionsThe plan provides you with additional boosters in the form of guaranteed additions, only in the case of an active policy. This is payable at maturity or death, whichever is earlier. The rate of Guaranteed Additions will depend upon the policy term and will accrue during the first 5 years of the policy.
Bonuses

Reversionary bonus – A simple reversionary bonus may be declared at the end of each financial year. Once the bonus is added, it will be payable on maturity or death, only if all the premiums are paid.

Interim bonus – In case of death or surrender during the inter-valuation period, the policy will be eligible to receive the Interim Bonus based on the bonus rates declared by the company.

Terminal bonus – The terminal Bonus (if declared) will be payable as a lump sum at the end of the policy term. As it depends on the actual future experience, it is not a guaranteed benefit.

Maturity benefit

It is paid at the end of the policy term only in the case of an active policy. The maturity benefit is the aggregate of the followings:

  • Sum Assured on Maturity
  • Accrued Guaranteed Additions
  • Accrued Reversionary bonuses (if declared)
  • Interim bonus (if declared)
  • Terminal bonus (if declared)
Death Benefit

In case of the death of the life assured during the policy term of an active policy, the company will pay the nominee the highest of the

followings:

  • Sum Assured on Death + Accrued Guaranteed Additions + Accrued Reversionary Bonuses (if declared) + Interim bonus (if declared) + Terminal bonus (if declared)
  • 105% of total premiums paid to date
Policy loan

You can avail loan under the policy only if the policy has acquired a surrender value that is subject to the terms and conditions of the Company. the current terms and conditions are:

  • The policyholder should be at least 18 years of age at the time of requesting the loan.
  • The loan amount will be subject to a maximum of 80% of the surrender value.
  • The interest rate on a loan is 10.5% p.a.
Tax benefitsTax benefits are available as per the prevailing tax laws. To

Key Highlights of HDFC Life Sampoorn Samridhi Plus

Apart from the above general benefits and facilities, the policy has come up with certain unique advantages that have made the popular among the policyholders. Here are the mentions.

Accidental Death benefit

If the life assured faces sudden unfortunate demise due to an accident during the policy term of the policy, an additional Sum equal to the Sum Assured on Death is payable only if the life assured is aged 18 years and above on the date of death.

Paid-up value of the policy

If you stop paying premiums after the policy has acquired a guaranteed surrender value your policy will not lapse, rather will be made paid-up at the end of the grace period. The benefits will also change, and it is subject to the terms and conditions of the company.

Revival of lapse policy

The revival of a lapsed policy depends on the terms and conditions of the company. for revival, you need to pay all the due premiums interest on the outstanding premiums and taxes and levies as applicable. The current rate of interest for revival is 9.5% per annum. A charge of Rs. 250 shall be levied for processing the revival. The current revival period is of 5 years.

Surrender of the policy

Upon surrender of the policy, it will acquire a Guaranteed Surrender Value (GSV) only if you have paid at least 2 full years’ premium. The surrender value shall be higher than GSV and the Special Surrender Value. The GSV will be the aggregate of:

  • Percentage of total premiums paid
  • Percentage of subsisting bonuses (if declared) & guaranteed additions already attached to the policy

Rider benefits

To strengthen your policy, you can avail of the rider benefits as per the followings.

  • HDFC Life Income Benefit on Accidental Disability Rider – A benefit equal to 1% of Rider Sum Assured per month for the next 10 years in case of an Accidental Total Permanent Disability is provided. No maturity benefit is available under this rider.
  • HDFC Life Critical Illness Plus Rider – A lump sum benefit equal to the Rider Sum Assured will be payable in case of the life assured is diagnosed with any of the 19 Critical Illnesses and survive for a period of 30 days following the diagnosis. No maturity benefit is available under this rider.

Cancellation of the policy

If you are not satisfied with the terms and conditions of the policy, you can cancel the policy within the free look period at any time. in that case, you have to give a written letter to the company stating the reason for the cancellation.

High Sum Assured Rebate

It is a discount offered on your premiums if you select a high “Sum Assured on Maturity” as per the following table:

Sum assured on maturityDiscount on the premium rate (per 1000 sum assured in maturity)
Rs. 150,000 to less than Rs. 300,0004.5
Rs. 300,000 to less than Rs. 500,0006
Rs. 500,000 or more7.5

General Exclusions of HDFC Life Sampoorn Samridhi Plus

Understanding a plan is not completed if you have not gone through the exclusions of the policy. Therefore, to provide you with a comprehensive idea of the policy and to avoid future complications, here are the general exclusions of the policy.
  • Anything that does not satisfy the terms and conditions of the policy will fall under the category of exclusions.
  • No breach of the law will be allowed.
  • In case of the unfortunate demise of the life assured due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the beneficiary or the nominee will be entitled to at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, only if the policy is in force.
  • In case of accidental death, the followings are exclusions:
    1. Self-inflicted injury, suicide attempt, or suicide, irrespective of the mental condition.
    2. Use of drugs, alcohol, or any other intoxicating substances without the prescription of a registered medical practitioner.
    3. Taking part in hazardous activities or adventurous sports like scuba diving, hiking, mountaineering, etc.
    4. Any injuries due to war, war-like situations, public unrest, civil war, invasion, etc.
    5. Taking part in any act of a criminal nature with criminal intent.

Calculate the premium value of HDFC Life Sampoorn Samridhi Plus

After knowing the details of the policy, the next important thing is to understand how much premium amount you have to pay for this policy. Therefore, here is an example for your better understanding of the plan.

Suppose Mr. Dutta, a 36-years-old businessman, has bought the HDFC Life Sampoorn Samridhi Plus plan. Let us find out how much premium amount he has to pay for the chosen details and what benefits he can avail of under the same.

ParametersCredentials
GenderMale
Age36 years
Sum assuredRs. 5 lakhs
Plan typeEndowment with Whole Life
Rider benefitHDFC Life Critical Illness Plus Rider
Policy term15 years
Premium paying term10 years
Premium payment frequencyAnnual
Premium valueRs. 69,767
Guaranteed BenefitsRs. 7,12,670
Non-guaranteed BenefitsRs. 15,000
Total benefitsRs. 7,27,670

Frequently Asked Questions

The rates are as per the following table:

Policy term

Guaranteed additions (% of sum assured at maturity)

15 years to 19 years

3% per annum

20 years to 24 years

4% per annum

>=25 years

5% per annum

Sum Assured on Death refers to the highest of the followings:

  • Sum assured on maturity, which is the absolute amount of benefit guaranteed to be payable on maturity of the policy in accordance with the terms and conditions of the policy.
  • An absolute amount assured is to be paid on death, which in this case is equal to the Sum Assured on Maturity.
  • 10 times Annualized Premium6 for entry age up to 50 years and 7 times Annualized Premium7 for entry age greater than 50 years

If you fail to pay the due premiums even within the grace period, the policy will lapse if the policy has not acquired a guaranteed surrender value. In case of a lapsed policy, the risk cover will cease and no benefits will be payable. However, you will still have a revival option.

HDFC Life Sampoorn Samridhi Plus policy allows you to alter the frequency of premium payment even after purchasing the policy.

The installment premium for the premium payment frequencies other than annual mode is arrived at by multiplying the annual premium by the conversion factors, given below:

Frequency of premium paymentAnnualHalf-yearlyQuarterlyMonthly
Conversion factor1.000.510.260.0875
4/5 - (1 vote)