Investment Plans 392 views October 29, 2021

HDFC Endowment Super is a unit-linked life cum investment plan wherein the insurer provides you the benefit of life cover along with corpus at the end of the policy term. The following are the key features of this unit-linked HDFC Life Insurance Plan that make it different from several other plans in the market.

  • Maturity Benefit
  • Death Benefit
  • Extra Life Benefit
  • Extra Health Benefit

Read this page further and learn more about these and other benefits of the HDFC Endowment Super.

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Let’s Check the HDFC Endowment Super Base Benefits

You or your nominee will get the following benefits under HDFC Endowment Super unit-linked plan –

On Survival till the Maturity Date

The insurance company shall pay the fund value at the prevailing rate along with the bumper addition (if any). Your bumper addition shall depend upon the policy term –

For a policy term of 10 years, the bumper addition is 50% of the average annualized premium

For a policy term of 11 years and above, the bumper addition is 100% of the average annualized premium

Note – The bumper addition is available if all the due premiums are paid.

On maturity, you have an option to receive the unit fund value in periodical installments for up to five years, subject to the terms and conditions specified by the company from time to time. The current minimum installment will be specified in your policy schedule. During this period, the risk cover ceases and the fund investment continues. But charges except risk charges will continue to deduct, and no surrender charge will be applicable during this period.

No fund switch and partial withdrawals are allowed during the settlement period. You can exercise the settlement option 30 to 180 days before the maturity date. The insurance company allows you to withdraw the entire fund value during the settlement period.

Note – If any unit fund value is left after five years from the maturity date, the same will be payable immediately.

What if the Life Assured Dies During the Policy Period?

In such a case, the company shall pay your nominee higher of –

  • Sum Assured as stated against the death benefit in the policy schedule after the deduction of withdrawals made two years before the death.
  • Unit Fund Value

Extra Life Benefit Under HDFC Endowment Super

The insurance company shall provide your nominee the Extra Life Benefit if the same is not cancelled, and death happens due to an accident. Your nominee shall receive this benefit if the death happens within 90 days of the accident and before the expiry date of the benefit. To get this benefit, you need to submit all the relevant documents to the insurer, such as –

  • Duly filled claim form
  • Original policy document, death registration certificate, certificate of doctor certifying death, certificate of cremation or burial
  • First Information Report, Police Panchanama, Police Inquest Report
  • Post Mortem Report
  • Medical reports which are relevant to the death

Note – The insurer may ask for additional documents if required.

Extra Health Benefit During the Policy Term

You will receive an Extra Health Benefit if the same is not cancelled or terminated. The company shall pay this benefit if you are diagnosed with any of the following critical illnesses within six months from the date of commencement or revival, whichever is later –

  • Cancer
  • Coronary Artery Bypass Graft Surgery (CABGS)
  • Heart Attack
  • Kidney Failure
  • Major Organ Transplant
  • Stroke

You can get this benefit if the illness is diagnosed before the expiry of this benefit. To file a claim, you need to submit the duly completed claim form to the insurer within 26 weeks of the illness, disability, operation or other circumstance that gives rise to a claim. Along with that, provide the following documents –

  • Original Policy document
  • Medical reports by the family physician
  • Any other medical reports the doctor may have and are relevant to the critical illness

Note – The insurer may ask for further documents as per the claim.

HDFC Endowment Super Investment Options

You can invest your premium among the following funds –

  • Liquid Fund II
  • Stable Managed Fund II
  • Secure Managed Fund II
  • Defensive Managed Fund II
  • Balanced Managed Fund II
  • Equity Managed Fund II
  • Growth Fund II

Partial Withdrawal Facility Offered by HDFC Life Insurance

The company shall allow you to do partial withdrawals from the funds after the completion of the first five years. The unit fund Value after the withdrawal, partial withdrawal charge, service tax, education cess should not be less than the minimum fund value in the policy. HDFC Life Insurance Company shall monitor the minimum fund value. The unit fund value after the withdrawal and the deduction of partial withdrawal charge, service tax and education cess is not less than the total amount of paid top-up premiums (if any).

Note – The maximum partial withdrawal limit is 300% of the original annualized premium during the policy term.

Exclusions from HDFC Endowment Super

The insurance company shall not be liable to pay the above benefits in case of the following –

  • In case of death due to suicide within one year of the date of commencement or revival, the unit fund value shall be payable to the nominee at the prevailing rate.
  • You won’t get the Extra Health Benefit if the critical illness is caused due to the following – intentionally self-inflicted injury, attempted suicide, mental condition, alcohol or solvent drugs abuse, war, invasion, hostilities, civil war, rebellion, revolution, participation in a riot, civil commotion, flying activity (unless a passenger in a commercially licensed aircraft), criminal activity, pregnancy, childbirth or its complications.
  • The company shall not pay your nominee the Extra Life Benefit in case of death due to suicide within one year from the commencement of risk or issuance.
  • The payment won’t happen if the death happens due to alcohol or solvent abuse, drugs intake unless prescribed by a medical practitioner, hazardous hobby, race (unless agreed to by the company in writing), war, invasion, hostilities, civil war, rebellion, revolution, flying activity (unless a passenger in a commercially licensed aircraft), criminal activity.

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