HDFC Life Insurance
HDFC Life Insurance Super Income Policy

HDFC Life Super Income Plan

One of HDFC’s most well-liked life insurance plans is the Life Super Income Plan. A participating regular income life insurance plan provides 8 to 15 years of guaranteed regular income. For those who want to protect themselves and have a steady income available so they won’t have to worry about financial instability in the future, the plan is a need. In addition to guaranteeing a consistent income, this money-back policy offers a tempting extra.

Read on about the plan eligibility criteria, coverage options, benefits, exclusions, and more.

Eligibility Criteria

Here is the eligibility criteria for HDFC Life Super Income Plan:

ParametersDetails
Entry Age

Minimum:

18 yrs minus Policy Term (for Policy Term less than 18 yrs)

30 days (for policy term greater than or equal to 18 yrs)

59 (for policy term 15 & 16 years)

57 (for policy term 18 years)

55 (for policy term 20 years)

53 (for policy term 22 years)

51 (for policy term 24 years)

48 (for policy term 27 years)

34 (for policy term 15 to 27 years under Option 9)

Maturity Age75 Years

Minimum Sum Assured

on Maturity (Rs)

Limited Pay: Rs. 76,198

Single Pay: Rs. 18,457

Maximum Sum Assured

on Maturity (Rs)

No limit, subject to satisfactory underwriting
Pay outGet a choice of pay out periods from 8, 10, 12 and 15 years
Premium Payment TermFlexible

Maximum Instalment

Premium

No limit

Covered Details Under HDFC Life Super Income Plan

Here is the list of the major highlights of HDFC Life Super Income Plan

Regular income8 to 15 years
Survival BenefitsVarying from 3.84% to 12.5% of the Sum Assured on Maturity payable each year during payout period
Insurance CoverageAvailable
Accrued reversionary bonuses attached to your policy every year + Terminal bonus,Available
Maturity payout

Last Survival

Benefit payout

+ Accrued Bonuses

Grace Period30 Days

What Are Salient Features & Benefits of HDFC Life Super Income Plan?

Here is the list of the benefits and features of HDFC Life Super Income Plan:

  1. Survival Benefit: In terms of the Sum Assured on Maturity, it will be stated as a percentage. If the policy is still in effect, you will get this guaranteed sum at the start of the payout period at the end of each year, according to the plan choice you picked. The option is available to the policyholder to receive future payouts monthly rather than yearly. The monthly payout in these circumstances must equal 8% of the annual payout.
  1. Reversionary Bonus: Each financial year’s end would see the declaration of a straightforward reversionary bonus. A percentage of the Sum Assured on Maturity will be used to express the same. The bonus is guaranteed to be paid out at maturity once it has been added to the policy, provided that all required premiums are paid.
  1. Surrender Benefits: If the policy is kept in force for a specific amount of time, the policy also offers surrender benefits. The guaranteed surrender value of your policy, which is equal to a percentage of the total premiums paid and accrued bonuses, will increase if your insurance has an 8-year term and is counted for 2 full years.
  1. Death Benefit: In the event that the life assured passes away during the policy’s term, the insurance provides death benefits to the nominee. It offers either the basic sum assured plus accrued revisionary bonuses, terminal bonuses, and interim bonuses (if any), or 105% of all premiums paid up until death as death benefits.
  1. Bonuses: If appropriate, revisionary and terminal incentives are provided under the HDFC Super Income Plan. Each financial year’s end sees the announcement of the revisionary bonus. At the conclusion of the policy term, the terminal bonus is paid in a lump sum.
  1. Tax Benefits: Section 80C of the Income Tax of India, 1961 grants the policyholder tax benefits on the premiums paid for the HDFC Life Super Income Plan. In addition, under section 10(10D) of the same Act, benefits received as regular income and maturity benefits will also be exempt from taxation.

What is Not Covered Under HDFC Life Super Income Plan?

Here is the list of the things not covered under HDFC Life Super Income Plan:

The nominee or beneficiary of the policyholder shall be entitled to at least 80% of the total premiums paid up to the date of death or the surrender value available as on the date of death, whichever is higher, provided the policy is in force, in the event of death by 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.

Premium Illustration of HDFC Life Super Income Plan

Let’s take an example to understand!

A man, named Mr Rahul Sangwan, looking to protect the financial future of this family by providing regular income. After few suggestions from friends and searching on the internet, he stumbled upon the HDFC Life Super Income Plan and found it a great deal of investment to get regular income.

Sum InsuredPolicy TermPremium Payment termFrequency

Benefit on death

Guaranteed Benefit

Non-Guaranteed BenefitTotal Benefit
Rs. 5,00,00015 Years5 YearsAnnualRs. 12,85,830Rs. 20,000Rs. 13,05,830
Rs.10,00,00,00020 Years10 YearsHalf-YearlyRs. 12,97,95,706Rs. 40,00,000Rs. 13,37,95,706

Frequently Asked Questions

Here is the list of the frequently asked questions related to the HDFC Life Super Income Plan.

Documents required while filling the application form are:-

  • Accurate medical history
  • Address proof
  • KYC documents.

Your premium will be repaid if you terminate the plan within the free look-in period of 15/30 days, but the following fees will be deducted: Proportionate risk premium for the duration on cover, the costs expended by the business for a medical exam (if any), and. stamp fees.

Yes, the plan gives the policyholder the choice to receive future payouts monthly rather than annually. The monthly payout in these circumstances must equal 8% of the annual payout.

Pay premiums for 8, 10, or 12 years with the HDFC Life Super Income Plan, and take advantage of recurring income for 8, 10, or 15 years after the payout.

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FAQs

HDFC Life FAQs