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 Rs 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
- 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 Rs 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 >=Rs 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 Rs 2.5 Lakhs
Age 10 Years Policy Term 20 Years policy Term
20 Rs 29,653 Rs 14,150
30 Rs 30,653 Rs 14,932
40 Rs 32,538 Rs 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 Rs 25,000 per annum each totaling to Rs 1 Lakh. Surrender value would be 0 + Rs 12,500 + Rs 12,500 + Rs 12,500 = Rs 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.
If you enjoyed this article, share it with your friends and colleagues through Facebook and twitter.
HDFC Life Sampoorn Samridhi Insurance Plan-Review
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
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