A traditional ‘with profit’ plan that offers options of both Endowment and a Whole Life
HDFC Life, one of India’s leading life insurance companies, today launched Sampoorn Samridhi, a ‘with profit’ traditional product. Sampoorn Samridhi is a product that offers the benefits of both an Endowment Plan and a Whole Life Plan.
The key highlight of the product is that a customer can opt for any of the Maturity Benefit Options as below:
(a) Enhanced Cash Option: Enhanced maturity amount at the end of policy term
OR
(b) Enhanced Cover Option: Maturity amount at the end of policy term + additional Sum Assured on death up to the age of 99 years
Commenting on the launch of Sampoorn Samridhi, Mr Paresh Parasnis, ED & COO, HDFC Life, said, “We design products that are in line with our customer centric approach. HDFC Life Sampoorn Samridhi is a flexible and affordable life insurance product for all customer segments, which offers a lump sum payout at the end of the selected term to fulfill long term goals. It also gives an opportunity to customer to create a corpus for his loved ones through Enhanced Cover Option.”
“HDFC Life Sampoorn Samridhi provides the flexibility in premium paying frequency – monthly, quarterly, half-yearly and annual as well as the options in deciding the term of the policy. Customers whose Sum Assured is Rs 5 lakhs and above can avail of a discount of 5% on the basic premium”, Mr Parasnis added.
HDFC Life Sampoorn Samriddhi Insurance Plan
|
Eligibilities | ||||
| Policy Term (Yrs) | Entry Age (Yrs) | Maximum Maturity Age (Yrs) | ||
| Minimum | Maximum | Minimum | Maximum | |
| 5 | 40 | 18 | 60 | 75 |
Maturity and Death Benefits
Maturity Benefit Options
(a) Enhanced Cash Option :
· Sum Assured + Reversionary Bonus + Interim Bonus (if any) + Terminal Bonus (if any)
+
· Enhanced Terminal Bonus
OR
(b) Enhanced Cover Option :
· Sum Assured+ Reversionary Bonus + Interim Bonus (if any) + Terminal Bonus (if any)
· And Additional Sum Assured payable on death of Life Assured upto the age of 99 Years.
On Death :
The Sum Assured plus attached bonuses will be payable to the nominee. The policy will terminate and no further benefits will be payable. In case of death due to accident, an additional Sum, which is equal to the basic Sum Assured, will be paid to the nominee. The policy will terminate and no further benefits will be payable.
Bonuses
Reversionary bonus as a percentage of Sum Assured would be declared at the end of the financial year. Once added to the policy, the bonus is guaranteed to be payable on the earlier of death or on maturity. The Reversionary Bonus is guaranteed to be at least equal to Rs. 30 per Rs. 1000 of Sum Assured, for all bonuses declared till 31 March 2021.
Terminal bonus depends on the actual future experience and is not a guaranteed benefit
Tax Benefits
Premiums paid are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, subject to the provisions contained therein.
About HDFC Life:
HDFC Life, one of India’s leading private life insurance companies, offers a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC), India’s leading housing finance institution and Standard Life plc, the leading provider of financial services in the United Kingdom.
HDFC Life’s product portfolio comprises 29 retail and 5 Group solutions, which meet various customer needs such as Protection, Pension, Savings, Investment and Health. Customers have the added advantage of customizing their plans, by adding optional benefits called riders, at a nominal price.
Apart from several retail and group products in its portfolio, the company also has five optional rider benefits catering to the savings, investment, protection and retirement needs of customers. HDFC Life continues to have one of the widest reaches with more than 500 branches servicing customer needs, along with a strong base of Financial Consultants. For more information, please visit www.hdfclife.com.
