HDFC Life Super Income Plan

HDFC Life Super Income Plan is a money-back policy and one of the most sought after life insurance products available in the market. This plan is a participating regular income life insurance product and it provides a guaranteed income regularly for over 8 to 15 years. This is a must buy plan for those people who wish to protect themselves and their family members from financial obligations in the future. Moreover, this plan offers attractive bonuses other than providing guaranteed income regularly.

Salient Features of Super Income Plan by HDFC Life

Some of the salient features of this plan are as follows:

• It is an individual insurance plan and the premium paying duration offered under this plan is for 8, 10 and 12 years.
• The premium can be paid by the policyholder on a monthly, quarterly, yearly and half-yearly basis.
• This plan provides a free lookup period of 15 days for policies that are bought manually. While, for the plans that are bought online, the free lookup period is for 30 days.
• This insurance plan can be revived during the plan revival period.
• The minimum sum assured limit under this plan is Rs 1,28,337, whereas there is no maximum sum assured limit.

Benefits of Super Income Plan by HDFC Life

Some of the important benefits offered under the HDFC Life Super Income Plan are as follows:

1. Death Benefits: Under this plan, a death benefit is given to the nominee in the event of death of life assured during the plan duration. One of the following is offered as death benefits under this plan:

• Interim bonus and terminal bonus (if any) or 105% of the overall premiums paid till demise.
• Basic sum assured amount alongside accrued reversionary bonus

2. Tax Benefits: A policyholder receives tax benefits towards the premium paid towards this insurance plan as per section 80 C of the Income Tax Act. Moreover, the advantages received as maturity benefit and regular income would also be free from tax as per section 10(10D) of the Income Tax Act.

Also Read: Who Should Purchase A Money Back Plan?

3. Surrender Benefit: This insurance plan also provides surrender benefits, provided the insurance plan remains continued for a specific tenure. In case, your plan duration is 8 years and the plan is counted for 2 complete years, it would acquire a guaranteed surrender value which is equal to the percentage of total premium paid and bonus accrued.

4. Guaranteed Base Income: Under this insurance plan, a guaranteed base income is offered which is 8% to 12.5% of the overall sum assured per annum. The overall guaranteed income provided by the policy ranges between 100% to 120% of the sum assured which is paid during the time of maturity.

You may also like to read - How does a money-back plan work and why should I purchase it?

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.