HDFC Life Sampoorn Samridhi Insurance Plan-Review
HDFC Life Sampoorn Samridhi Insurance plan is simple traditional plan which offers 2 unique options at maturity. This makes this plan different from other insurance products. This article is based on request made by Anup Biswas and one more reader Madhur at “Suggest a topic” option.
In this article, I would discuss about HDFC Life Sampoorn Samridhi Insurance plan, its features, benefits and some of the FAQ’s on Sampoorn Samridhi Insurance plan.
Features of HDFC Life Sampoorn Samridhi Insurance Plan
- This is an endowment plan which offers choice of maturity options.
- Offers high sum assured greater than ₹ 5 Lakhs
- Accidental benefit is inbuilt in this policy
- Benefits paid lump sum
- It is with ‘profit’ plan
Also read: LIC Jeevan Bhachat Single premium insurance review
Eligibility
- Minimum age: 18 years
- Maximum age: 60 years
- Maximum age at maturity: 75 years
- Policy term – 5 years to 40 years
- Premium payment – Monthly, quarterly, half-yearly and yearly
What are the benefits available in this plan?
1) Death Benefit: In case of unfortunate death of insured, Sum Assured with bonus additions would be paid to nominee. In case of accidental death, additional sum assured is also paid.
2) Maturity Benefit: If the insured is surviving till maturity, insured would get benefits as per chosen options (one of the below)
- Enhanced Cash Option: Sum Assured + Revisionary bonus + Interim Bonus + Terminal Bonus + Enhanced terminal bonus.
- Enhanced Cover Option: Sum Assured + Revisionary bonus + Interim Bonus + Terminal Bonus + Additional coverage till age of 99 years.
3) Tax Benefits: Tax benefits on premiums paid u/s 80C up to ₹ 1 Lakh.
Advantages under this plan
- Offers 2 unique maturity options which makes different from other plans.
- If one chooses, enhanced life cover, additional cover till age of 99 years.
- Accidental benefit is in-built in this plan. No additional charges.
- If you opt for sum assured of >=₹ 5 Lakh, you would get 5% discount/rebate on basic premium.
- Guaranteed reversionary bonus of 3% up to 31-Mar-2021. Beyond this, it would depend on insurance company performance.
- Prospectus of HDFC Life Samoorna Samridhi Insurance plan can be downloaded from here
Indicative premiums are shown below for a sum assured of ₹ 2.5 Lakhs
Age 10 Years Policy Term 20 Years policy Term
20 ₹ 29,653 ₹ 14,150
30 ₹ 30,653 ₹ 14,932
40 ₹ 32,538 ₹ 15,800
Some of the Frequently Asked Questions (FAQ’s)
1) Agent told me wrong info, can I surrender policy as I am not happy?
There is free-look-up period of 15 days from the date of receiving policy contract. You can surrender the policy before that. Premiums paid would be returned back after deducting stamp duty and medical expenses (if any)
2) I want to surrender the policy after few years, can I do that? What is the surrender value?
Guaranteed surrender value after 3 years is available. Guaranteed value is equivalent to 50% of all premiums paid barring first year premium or any additional premiums paid in between. E.g. if you paid 4 years premiums of ₹ 25,000 per annum each totaling to ₹ 1 Lakh. Surrender value would be 0 + ₹ 12,500 + ₹ 12,500 + ₹ 12,500 = ₹ 37,500. If you surrender this policy in between, you would be the looser.
3) Can I take loan on this policy?
No. Loan facility is not available on this policy.
4) Is this plan comparable with any LIC Insurance plan? If yes, which one should we choose?
Yes, the features are mostly comparable with LIC Jeevan Anand. LIC ranks high in insurance company brand comparing to HDFC Life. You can make a choice among two.
Also read: How good is Bharti Axa Life Secure Income Plan
5) My agent indicated that I would get 8% returns on this plan, how far this is true?
Insurance agent’s objective is to sell the insurance policies. None of the insurance companies are giving 8% returns. These insurance-cum-investment products provide anywhere between 3% to 5.5% returns per annum. If they are able to provide beyond this, it is good, but don’t expect more than that.
6) Plan indicates that maximum maturity age is 75 years, however enhanced life cover says 99 years, and I am confused?
Insurance plan maturity age is 75 years. Means if you are at 45 years of age, you cannot take more than 30 years policy which gets matured in 75 years of age. However enhanced life cover is not maturity, it is life coverage given to insured as an option. You may pay premiums based on policy term, but your enhanced coverage would be up to 99 years.
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Suresh
HDFC Life Sampoorn Samridhi Insurance Plan-Review
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38 comments
Add a comment ↓This is an utter nuisance plan. I am getting less tan 2% return for 10 year plan. A simple FD will give much higher and there is no lock in period. Stay away from such fraud schemes.
Any plan buy LIC. Lic se acha koi or plan nahi hai. pl call me
Deepak sharma
I am paying a premium of 12000/- annually. My plan term is of 10 years. I want to know how much total amount will I get in after my policy maturity as sum assured shows 98,600/- (approx). When I am paying 12000*10= 1,20,000/- what is the amount will get other than this. Is sum assured is exclusive of premium paid or inclusive of? I am highly confused. Kindly help.
Koi kabhi bhi HDFC ka plan nahin kharide.
Nahi to baad me pachtaoge
Worst Policy.. never buy. You will end up paying more premium than the sum assured end of Maturity. I had a loss of excess 60K
you are right not buy this type of poilcy this is totally wrost…..
my policy commenced 9th june 2012 by quarterly payment of Rs6000.On maturity 9/6/2017 how much amount i will get(approx).Sum Assured 83,222 only
very bad policy
If i will surrender my policy after 5 year than how much amount i can get ?
Hi I purchased hdfc sampoorn samriddhi in Feb 2013 now I want to surrender it. In march 2016 what amount I will get?
you can refer to the answer to FAQ2 above
i have sampoorna samridhi plan for 10 year . i pay yearly 25000 plz tell me after 10 year maturity amount appox with bonus
Sir my policy term is 8 years … After 8 years can I get full amount or should I wait until 15 years
Hello
i have taken sampooran samrudhi plan in 2011.unfortunately agent gave me wrong info…can i know are all these idiot agents are the owner of HDFC that they told more amount in return which is not actual.after that i have compared this bas…… profession with prost….. i am continue this policy as i have no other options to do..can i know are all these idiots are being trained by HDFC???I was completely misguided.
I modified your comment and removed unwanted words. I understand your frustration. There are several blogs now where investors are being educated. Try to analyse in future before you make any such investment decisions.
I have taken hdfc life sampoorna samridhi plan back in 2011 and paid only one annual premium of Rs.50000. Since I am working abroad and have taken many policies I totally lost track about this plan. Since its been more than 3 years will I get any money back if I surrender now…pls advice
Ram, Pls read the policy document issued to you and its surrender terms. Based on that you can surrender the policy.
iam 60 yrs old-want to go for a term plan// pl, advise whether i should choose options like one time payment or annual or monthly//
Hi Srinivas, choose yearly payment
Hdfc sampoorn samridhi plan will land up with distrust for buyers actually Hdfc is cheating people.But it is again true by such blog atleast few people can be saved .
Hi Suresh,
Thanks for your explanation about this policy. It was really helpful for me. Could you please advise me on the below,
I took this plan for 5 years.
I paid (3 and half years) 12500 * 7 = 87500. Can i surrender this plan now .? Please advise…
What is the total amount i will get if i surrender this now ?
Suppose if i paid 5 years 125,000, then what is the total amount i will get ?
Thanks,
Thambi
Hi Suresh,
Thanks for writing such blogs and helping people and I need one favour from you.I am very much confused after taking this plan bank in 2012 for premium of 36,000 for 5 years and have already paid 2 years of premium.
After 5 years I would have paid 1,80000 Rs but after seeing in other sites I will be getting returns of only 160000 to 170000 Rs which is lesser than my Investment..Can HDFC terming this as a traditional plan cheat people this way?? will I atleast get what I invested?
Thanking
Sarathy
Hi,
Thanks for the review. I would not have invested in this plan if I read this article and comments earlier. 🙂 I took this plan 2 years back and I am paying one lakh per annum for 8 lakhs sum assured. For 10 years if I pay one lakh per annum then it will cross my sum assured. 3 to 5.5 % return is on which amount the company will calculate? May be I am missing a basic point. Please let me know. Looks like I made a mistake here. 🙂
Life insurance companies would indicated 6% to 8% on the amount what they show you. But I would calculate on what you invested. Here in this case, I am talking about Rs 1 L x 10 years = Rs 1