Insurance Plans April 14, 2020

HDFC Life Smart Women is a unit linked life insurance product for women that offers wings to your aspirations. This insurance policy ensures that your savings grow to ensure you pursue your career. Smart Women insurance plan is a unique insurance product with investment benefits which is designed specially for women. This insurance plan offers various benefits to the insured women by taking care of women’s various life stages including motherhood, coping with their partner’s loss or fighting with cancer. It ensures to continue your saving. Smart Women Plan is offered with comprehensive coverage options which ensure coverage against complications of pregnancy and congenital conditions for female specific cancers. In the critical moments of your life, Smart Women insurance plan assure peace of mind by offering to waive and fund the amount of premiums to help you overcome the phase. 

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Features of HDFC Life Smart Women

Key features of HDFC Life Smart Women are as follows: 

  1. It offers the holder of the policy sum assured under the plan upto 40 times of the annualised premium paid for the insurance plan
  2. The holder of the policy can choose from three benefit options which includes Classic, Elite and Premier.
  3. There are premium waiver benefits offered under this plan. Waiver and funding of three annual premiums for the plan on death of spouse or on diagnosis of any malignant cancer of organs of females or on birth of a child with any pregnancy complications or congenital disorders
  4. In this insurance plan the investment risk in the portfolio of the investment is to be borne by the holder of the policy 
  5. It does not offer liquidity to the policyholder during the initial five years of the insurance contract. The policyholder will not be allowed to withdraw the amount invested by him/her in the linked insurance plan till the end of the fifth year of the plan
  6. This plan offers additional cash pay-out on a periodic basis under the premier option and elite option. 
  7. Rate of Enhanced allocation is also offered from 11th year of the policy
  8. This insurance plan is also available to be brought with a short medical questionnaire ( SMQ) based on the underwriting. 
  9. You will have to continue to pay the amount of premium after the completion of three years of premium waiver period. 
  10. No loan facility is available under this plan
  11. The premium paid for the plan can be availed as deduction under section 80C of the Income Tax Act and the death benefit received under this plan is eligible for exemption under section 10(10D) of the Income Tax Act. 

Eligibility Conditions of HDFC Life Smart Women

The following conditions need to be satisfied before buying this insurance cover and are designed specifically for the women. The eligibility criteria of HDFC Life Smart Women are as follows:

ParametersMinimum Maximum
Entry AgeFor proposer- 18 years
For female life to be assured- 18 years
For spouse in Elite option- 21 years
For proposer- No limit
For Female life to be insured – 45 years
For spouse in Elite option- 50 years
Age at Maturity for female life to be assured28 years60 years
Age of succession of the risk for the spouse in the Elite option31 years60 years
Term of the policy 10 years or 15 years
Premium Rs 24,000Rs 1,00,000
Sum assured10 times of the annualised premium ( for entry age less than 45 years )
7 times of the annualised premium ( for entry age equal to 45 years)
40 times of annualised premium for both entry age less than 45 years or equal to 45 years

Benefits of HDFC Life Smart Women

The benefits offered by the HDFC Life Smart Women plan are as follows: 

Benefit options

There are three benefit options offered under the plan. You can select one at the time of outset of your insurance policy which includes Classic option, premier option and Elite Option. You are not allowed to change the option of benefit subsequently during the term of the policy. You can make a claim only once under one event group and continue to enjoy the coverage for the other events groups if you have not claimed under them before.

Benefit of events such as pregnancy complications, birth of child with congenital disorder, death of the spouse of the assured woman and diagnosis of malignant cancer of female organs. 

  1. Pregnancy complications or birth of child with congenital disorder and Diagnosis of malignant cancer of the female organs-  Under the Classic option, the assured women will receive premium waiver benefit by waiving off and funding the of 100% of the next three years’ premium. Under Premier and Elite option, the assured women will receive premium waiver benefit by waiving off and funding of 100% of the next three years premium along with cash pay-outs to be paid periodically of 100% of the next three years premium amount on respective due dates of the policy.
  2. Death of the spouse of the assured female- Under the Classic and Premier Option, the death of the spouse of the assured female is not covered. Under the Elite option, the assured women will receive premium waiver benefit by waiving off and funding the 100% of the next three years’ premium.

Maturity Benefit

At the maturity of the policy, you can redeem the balance units of the plan at the then prevailing price of the unit and take the value of the fund. You can also take the maturity value of the fund at the maturity of the plan in periodical instalments over a selected period upto maximum of 5 years.

Death Benefit

On death of the life assured during the term of the insurance plan, death benefit is paid to the nominee of the insurance plan. The death benefit will be higher of the sum assured under the plan less the withdrawals made by the policyholder during the two years period preceding the date of the death of the life assured or the fund value or 105% of the premiums paid for the plan

Special Benefits

Enhanced Allocate Rate is offered to the policyholder in which you can enjoy the benefit of an enhanced allocation rate of 102.5% annually from the 11th year of the policy.

Waiver of the Charges on the withdrawal or switch

The charges on the 12 partial withdrawals or the switches made within a year from the date of birth of the assured women’s child.

Partial Withdrawals

The facility of partial withdrawal is provided in this insurance plan to the policyholder. A lump- sum partial withdrawal can be made from the plan from the funds after the expiry of five years of the policy. The minimum amount that can be withdrawn is Rs 10,000. The maximum amount that can be withdrawn from the fund is 300% of the original regular premium paid for the plan.

Grace Period

30 days grace period is offered to pay all the due premiums of the plan.

Revival

The discontinued policy can also be received by the policyholder. A discontinued policy can be revived within two consecutive years from date of discontinuance of the insurance policy.

HDFC Life Smart Women plan as its name suggests is a smart insurance plan designed specially for women. With wide benefits and options and higher coverage, women can ensure financial security for themselves for future events in their life easily with this insurance plan. The benefit of partial withdrawal makes it a suitable plan for those who are looking for liquidity in an insurance plan. As the plan comes with three options of benefit, you can choose one as per your need and requirement.

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