A Handy Guide On The HDFC Life Super Income Plan

The HDFC Life Super Income Plan provides benefits, bonuses and the best advantages over your savings. It is a money back plan that will provide policyholders with a regular benefit, a guaranteed income within eight to fifteen years. This is a great way of saving and gaining financial security simultaneously. 

Besides the regular payouts, there are several other benefits provided by the HDFC Life Super Income Plan. The plan also lets policyholders get bonuses that are sourced from the participating fund of the insurance company. Above all, insurance cover is also provided throughout the policy term.

Eligibility for the HDFC Life Super Income Plan

Here are the basic criteria for which you must be eligible in order to purchase the HDFC Life Super Income Plan.

Benefits Provided by the HDFC Life Super Income Plan

The following are the benefits you will receive under the HDFC Life Super Income Plan.

• Survival Benefits

Survival benefits are the regular instalments that are paid out to policyholders. There are several plan options to choose from, the difference lies in the percentage of the sum assured that is being paid out. The instalments are given out at the end of each policy year. However, the policyholder can also choose to receive them on a monthly basis. The monthly instalments are calculated as 8% of the annual payout.

• Maturity Benefit

The maturity benefit is paid out when the policy term ends and the plan reaches maturity or when the policyholder turns 18. The plan immediately terminates as soon as the maturity benefit is paid. This benefit includes all kinds of bonuses (interim, terminal, accrued reversionary bonuses) and the last survival benefit that is scheduled to be paid out. 

• Death Benefit

On the death of the policyholder before the end of the policy term, a death benefit is paid out to the beneficiaries. The death benefit is higher than 105% of the total premiums paid till the date of death and the sum of all applicable bonuses and the sum assured on death. The amount of death benefit is not affected by the survival benefits that have been paid out. The HDFC Life Super Income Plan terminates once the death benefit is paid out.

• Loan Benefit

The HDFC Life Super Income Plan also provides loan benefits to its customers. This benefit is available only once your plan has a surrender value. You can avail of a loan amounting to up to 80% of your surrender value. The rate of interest applicable on the policy loan is 10.5% per annum, currently.

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.