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HDFC Life ULIP Plans
HDFC Standard Life Insurance Company is a joint venture between Housing Development Finance Corporation Limited (HDFC) and Standard Life plc based out of UK. While HDFC holds 74.60% of the companys stake, Standard Life (Mauritius Holding) Limited holds 26% while the remaining is held by others. With the expertise of HDFC and Standard Life together under one umbrella, HDFC Standard Life has become a market leader in the insurance sector offering a wide range of products at competitive rates. Moreover, the company boasts of a strong foundation of sales force which helps to increase the companys market share in the insurance sector. The range of products offered by HDFC include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans.
HDFC Life ULIP Plans Overview
HDFC offers different types of ULIPs under different types of plans like pension plans, child plans and savings and investment plans. Let us take a look at the different types of ULIP plans offered by the company. Pension Plans HDFC Click 2 Retire Plan –an online ULIP plan which has the following features: The plan promises an assured Vesting Benefit equal to {101% + 1% * (policy Term – premium paying term)}*total premiums paid The death benefit payable will be higher of the fund value as on the date of death or 105% of all premiums paid till death The vesting age can be postponed if the policyholder is below 55 years of age Three types of funds to choose from which are Pension Equity Plus Fund, Pension Income Fund and Pension Conservative Fund Income Tax Benefit on the premiums paid under Section 80C and on the commuted part of the fund value under Section 10(10A) of the Income Tax Act. On maturity, 1/3rd of the fund vale can be commuted, i.e. withdrawn in cash and the remaining 2/3rd should be used to draw a pension or the policyholder can also use the entire proceeds to purchase an annuity with the fund value Eligibility Details HDFC Life Pension Super Plus –a pension plan with the following features: On vesting, the company pays higher of the fund value or an assured benefit of 101% of all premiums paid under the plan On vesting, the policyholder can purchase a joint life annuity from the company guaranteeing regular income till the policyholder or his spouse is alive. The policyholder may also commute 1/3rd of the fund and receive annuity from the remaining portion. From the 11th year onwards 102.5% of the premiums paid are allocated to the fund On death, the company pays higher of the fund value or total premiums paid accumulated at a rate of 6% per annum or 105% of the total premiums paid till death. Eligibility Details HDFC Life Single Premium Pension Super Plan –a single premium ULIP plan with the following features: On vesting, the company pays higher of the fund value or an assured benefit of 101% of the single premium paid under the plan The vesting age can be extended if the policyholder is aged less than 55 years On vesting, the policyholder can purchase an annuity from the company with multiple options like availing a joint life annuity guaranteeing regular income till the policyholder or his spouse is alive. The policyholder may also commute 1/3rd of the fund and receive annuity from the remaining portion or purchase another Single Premium deferred annuity from the company On death of the insured, higher of the available fund value or 105% of the premium is paid to the nominee who may choose to receive annuities or withdraw the entire amount Eligibility Details Savings and Investment Plans HDFC life Click 2 Invest –a unit-linked plan aimed at creating wealth with the following features: The applicable fund value is paid on maturity. In case of death, higher of the applicable fund value on the date of death or the Sum Assured or 105% of all premiums paid till the date of death is paid to the nominee On maturity, the proceeds can be availed in instalments over a period of 5 years There are 8 types of Funds to choose from 4 free partial withdrawals and switches are allowed in a year Premium redirection option is available where future premiums can be redirected to new funds. There is no premium allocation chare, administration charge or discontinuation charge under the plan. Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details HDFC SL Crest –a limited premium paying Unit-linked plan with the following features: A limited paying plan with premium payment for 5 years and policy tenure of 10 years An option of 4 funds to choose from On maturity, the applicable fund value is payable On death of the policyholder, higher of the Sum Assured net of partial withdrawals made 2 years prior to death or Fund Value is payable to the nominee if age attained was less than 60 years. If attained age was equal to or more than 60 years, higher of Sum Assured net of partial withdrawals made after age 58 years or Fund Value is payable subject to a minimum of 105% of all premiums paid Partial withdrawals and switching are allowed every year Premium redirection is also allowed every year for redirecting future premiums Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details HDFC Life ProGrowth Plus-a ULIP plan with the following features: The plan comes in two benefit variants of Life Option and Extra Life Option An option of 4 funds to choose from On maturity, the applicable fund value is payable which can be availed in instalments over the next 5 years post maturity. On death of the policyholder, higher of the Sum Assured net of partial withdrawals made 2 years prior to death or Fund Value is payable to the nominee if age attained was less than 60 years. If attained age was equal to or more than 60 years, higher of Sum Assured net of partial withdrawals made after age 58 years or Fund Value is payable subject to a minimum of 105% of all premiums paid In case of Extra Life option, besides the above mentioned death benefit, an extra benefit equal to the applicable Sum Assured is payable if the insured meets with an accidental death. Thus, there is an inbuilt Accidental Death Benefit Rider under the Extra Life option Partial withdrawals and switching are allowed every year Premium redirection is also allowed every year for redirecting future premiums Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details HDFC SL ProGrowth Super II –a ULIP plan with the following features: There are 8 coverage options under the plan with a combination of Accident Death Benefit, Critical Illness Benefit and Accidental Total & Permanent Disability (ATPD)Benefitinbuilt in the options. The inbuilt benefits are applicable in case of death of the insured wherein an additional Sum Assured is paid in case of Accidental Death, total of the Sum Assured and Fund Value is paid in case of being diagnosed with a Critical Illness under the Critical Illness Benefit and 10% of the Sum Assured is paid following the year of disability to the end of the term or 10 years whichever is lower in case of ATPD benefit. In case of death, aggregate of the Sum Assured and the Fund Value is paid subject to a minimum of 105% of total premiums paid On maturity, the applicable fund value is payable which can be availed in instalments over the next 5 years post maturity An option of 4 funds to choose from Partial withdrawals and switching are allowed every year Premium redirection is also allowed every year for redirecting future premiums Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details HDFC SL ProGrowth Flexi –a plan with the following features: The plan comes in two benefit variants of Life Option and Extra Life Option An option of 4 funds to choose from On maturity, the applicable fund value is payable which can be availed in instalments over the next 5 years post maturity. On death of the policyholder, higher of the Sum Assured net of partial withdrawals made 2 years prior to death or Fund Value is payable to the nominee if age attained was less than 60 years. If attained age was equal to or more than 60 years, higher of Sum Assured net of partial withdrawals made after age 58 years or Fund Value is payable subject to a minimum of 105% of all premiums paid In case of Extra Life option, besides the above mentioned death benefit, an extra benefit equal to the applicable Sum Assured is payable if the insured meets with an accidental death. Thus, there is an inbuilt Accidental Death Benefit Rider under the Extra Life option Partial withdrawals and switching are allowed every year Premium redirection is also allowed every year for redirecting future premiums Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details HDFC Life Invest Wise Plan– a single pay ULIP plan with the following features: 4 fund options to choose from On maturity, the applicable fund value is payable which can be availed in instalments over the next 5 years post maturity. On death of the policyholder, higher of the Sum Assured net of partial withdrawals made 2 years prior to death or Fund Value is payable to the nominee if age attained was less than 60 years. If attained age was equal to or more than 60 years, higher of Sum Assured net of partial withdrawals made after age 58 years or Fund Value is payable subject to a minimum of 105% of all premiums paid Partial withdrawals and switching are allowed every year Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details Child Plans HDFC SL YoungStar Super Premium– a plan with the following features: There are 2 cover options of Life Option and Health Option Two benefit options of Save and Save – n – Gain 4 fund options to choose from Fund value is paid on maturity On death the benefit is paid depending on the cover option and the benefit option Partial withdrawals, switching and premium redirection are allowed Income tax benefit under section 80C and 10(10D) Eligibility Details HDFC Life Smart Woman Plan –a plan for women with the following features: There are 3 benefit options under the plan Premium waiver option is inbuilt Two plan options of Premier and Elite On maturity the fund value is payable On death higher of the Sum Assured or fund value or 105% of premiums paid is payable 4 fund options to choose from Partial withdrawals, switching and premium redirection are allowed Income tax benefit under section 80C and 10(10D) Eligibility Details Applying for a Term Insurance Plan from the company: Online The company offers specific plans which are available online only. The customer only needs to log into the companys website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued Intermediaries Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
What are ULIPs?
Unit Linked Insurance Plans (ULIPs) are insurance plans combined with the features of a mutual fund. The premiums paid by the policyholder are held in a corpus which is then invested in stocks and shares of different companies operating in the capital market. The total market value of the corpus invested divided by the number of securities purchased give the Net Asset Value (NAV) which is the price of one unit of the fund. The premium paid is invested at the prevailing NAV which changes every moment with the market trend. ULIPs promise good returns linked to the market and also insurance coverage. The basic features of ULIPs are as follows: The premium paid is invested in a choice of funds offered by the company. Each fund represents different risk criteria. The basic funds offered are Equity Fund which has a high risk, Debt Fund which has low risk and Balanced Fund a mix of Equity and Debt Fund with a moderate risk. The returns are directly related to the risk profile of the fund. Applicable charges are deducted from the premium paid for insurance coverage, administration charge, fund management charge, etc. Insurance coverage depends on the amount of premium paid The premiums are to be locked-in for 5 years after which partial withdrawals are allowed from the fund value Switching option is available which enables the policyholder to switch his investment between funds
HDFC Life ULIP Plans- FAQs
1. How to pay premium? What are the modes of payment available? You can pay your HDFC Life Insurance premium through ANY these following methods: ECS SYSTEM Bill Pay – EBPP (Electronic Bill Presentment and Payment) Drop box YES /AXIS Bank debit card Bill pay-EBPP(Electronic bill presentment and payment) Cash/Cheque Payments NEFT For paying premium online, please visit e-portal. Step 1: Enter your policy details – policy number and policyholders date of birth Step 2: Pay from your debit/ credit card or select your online bank account to make the payment Step 3: Authenticate and confirm your payment details and receive online premium payment receipt 2. How can I check policy status for HDFC Life ULIP plans? You can check policy status online, if you are a registered user. Simply log into the e-portal with your Client ID and password to check the policy status. 3. What is the policy renewal process for HDFC Life ULIP plans? Renew your policy online. Here are the steps; Step 1: Login with your customer ID and password on Step 2: Select the policy due for renewal payment. Click Pay Renewal Premium Now Step 3: Choose payment option- Credit/Debit Card or NEFT Step 4: Authenticate and confirm your payment details and print the payment receipt 4. What is the companys process to settle claim for HDFC Life ULIP plans? For HDFC Life Insurance policyholders, Cashless facility is permitted in case of hospitalization or surgery. For others the process is as follows; Step 1: Duly fill the claims form Step 2: Attach the relevant documents- medical bills, reports, accident report- with your claims form Step 3: Submit the documents at the Claims Office at any of your nearest HDFC branch in your city Alternatively, you can post it at their registered headquarter: HDFC Standard Life Insurance Company Ltd.Lodha Excelus, 13th Floor Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India. 5. What is the policy cancellation process for HDFC Life ULIP plans? Policyholders must attach all the relevant policy documents along with a duly filled surrender form at any of the branch locations in their city. Within 72 hours, the refund will be made into your bank account, post deducting cancellation charges, stamp duty (if any), and medical tests.