HDFC Endowment Supreme Suvidha

HDFC Endowment Supreme Suvidha is a unit-linked insurance plan that offers you the benefit of investment and life cover. With this policy, you can achieve your financial goals and protect your family in case of your death. Check out the key features of this HDFC Life Insurance Plan –

• Maturity Benefit
• Death Benefit
• Surrender Benefit
• Partial Withdrawal
• Seven Fund Options

Read this page further and learn more about the benefits of the HDFC Endowment Supreme Suvidha.

HDFC Endowment Supreme Suvidha Benefits

If you purchase HDFC Endowment Supreme Suvidha, the insurance company shall provide you and the nominee the following benefits.

Maturity Benefit

Upon survival till the maturity date, you’ll receive the Unit Fund Value plus a percentage of the original annualized regular premium as a Bumper Addition (if applicable). The bumper addition is based on your policy term, such as –

For a 10-year policy term – 50% of the Annualized Premium

For a policy term of more than 11 years – 1000% of the Annualized Premium

On the maturity date, you can receive the Unit Fund Value in periodical installments for up to five years or in a lump sum. If you choose the installment option, the risk cover ceases and the fund continues to be invested during the extended period. No fund switches and partial withdrawals are allowed during this period. You can use this settlement option 30 to 180 days before the maturity date, and during this period, you can withdraw the entire fund value if you want. If any unit fund value is remaining after five years from the maturity date, you will get the same immediately.

Death Benefit

In case of your death before the maturity date, the company will pay the Sum Assured plus the Unit Fund Value to the nominee. Once the death benefit is paid, the policy terminates. The nominee won’t receive any benefit other than the unit fund value if the death happens within 90 days of the date of commencement of risk, issuance date or revival, whichever is later.

Surrender Benefit

The company provides you the facility to surrender this policy within the first three policy years or after. Upon surrender, you’ll receive the unit fund value after the deduction of surrender charges. The charge will be determined by the company after getting its approval from the Insurance Regulatory and Development Authority of India (IRDAI).

You’ll receive the surrender amount on the 3rd policy anniversary. And if you die before the surrender payment, the same shall be payable to the nominee on receipt of all relevant documents in support of the claim. Once you receive the surrender payment, the policy terminates and no further benefits are payable.

Note – A surrendered policy can not be reinstated under any circumstances.
Policy Withdrawals

You have an option to do partial withdrawals from your funds at any time after the first five policy years. The withdrawal shouldn’t be less than the amount as specified in the policy schedule. The unit fund value after the withdrawal, partial withdrawal charge and the service tax and education cess shouldn’t be less than the total amount of any top-up premiums paid three years before the withdrawal, excluding top-ups paid during the last three years of the policy.

The maximum withdrawal limit is 300% of the annualized premium. Partial withdrawals are made by the company by canceling units from the funds. There may be a delay in payment to maintain fairness between other unit holders remaining and those who are leaving. So, the delay in encashing all or part of your funds is subject to a maximum of 30 days. In case of delay, the unit price on the encashment date will be considered to calculate the payout.

The delay in encashments can take place due to the following circumstances:

• One or more stock exchanges are closed other than for ordinary holidays
• Political, economic, monetary or any circumstances out of our control
• The extreme volatility of markets during which surrenders and switches take place to determine the interests of the existing unitholders of the fund
• Natural calamities, strikes, war, civil unrest, riots and bandhs
• Any force majeure or disaster that affects the normal functioning
  If the same is directed by the IRDAI

Note – A maximum of six partial withdrawals is free of charge in a policy year. And thereafter INR 250 per withdrawal will be charged.

HDFC Endowment Supreme Suvidha fund Options

You can invest your money in any of 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