HDFC Life Sampoorn Nivesh Plan

Our goals and targets progress as per our stages of life; our requirements  vary from one life stage to another. Hence, right and timely investments in various capital instruments that provide security and monetary benefits are crucial to realize most of our targets. It is also necessary to actively manage these investments to ensure good returns come your way.

HDFC Life Plans understand the need to build a financial corpus in addition to securing our family members financially.  HDFC Life Sampoorn Nivesh, which is a unique insurance-cum-investment plan specifically designed with several fund options to invest in,  optimizes your investment, gives varied benefit options and meets life protection needs.

Features of HDFC Life Sampoorn Nivesh Plan

1. HDFC Life Sampoorn Nivesh Plan is a Linked Insurance Product. It does not offer any liquidity within the first five years of the contract, referred to as the lock-in period.
2. During this period, the policyholder cannot surrender the policy or withdraw the amount invested in Linked Insurance Product, neither completely nor partially.
3. The policy offers you the flexibility to choose your investment term. It can be between 10 to 25 years. Moreover, the policyholder can customize their premium payment frequency from the options specified.
4. The 8 fund options provided are Equity Plus Fund, Blue Chip Fund, Diversified Equity Fund, Opportunities Fund, Balanced Fund, Income Fund, Bond Fund, and Conservative Fund.
5. Additionally, you can choose from 3 benefit options. Pick the one that best suits your financial requirements. Lastly, there is an accidental death benefit provided, and an opportunity to earn loyalty additions to enhance your chosen fund value after 10 years.
6. The premium allocation charge will reduce if the policyholder invests a higher premium amount.
7. HDFC Life Sampoorn Nivesh is available with limited underwriting norms with a Short Medical Questionnaire. This is the case of conditions put forth are met otherwise the plan will only be offered through full underwriting.
8. A Grace Period of 15 days is provided for monthly mode of payment and 30 days for the rest of the modes; this is provided in case of discontinuance of the plan.
9. In case the discontinuance occurs before the lock-in period is over, certain provisions as mentioned below are applicable:
   • Revive the policy inside of 2 years from the date of discontinuance.
   • Or completely withdraw from the plan without any risk cover. This will become the default option if the policyholder does not exercise any options given. The risk cover will remain in force until the discontinuance of the policy and so the policy changes will be periodically deducted.
10. For reviving your discontinued policy, it should be done inside two consecutive years from the date of discontinuance; and this policy will be subject to payment of all due premiums and unpaid premium and the underwriting of the policy.
11. At the time of revival for a policy discontinued before the completion of the lock-in period, all due premiums unpaid shall be payable without charging interest and the discontinuance charges deducted upon discontinuance will be reversed and the proceeds reallocated. Additional charges such as the policy administration charge and charges for premium allocation will be applicable.
12.  In case the Life Assured dies before the payment of the Surrender Benefit, the amount in ‘Discontinued Policy Fund’ will be paid out. And if the policy is surrendered after the lock-in period, the fund value will be paid out.
13. There are four free partial withdrawals, switches, and premium redirections each policy year. Subsequent partial withdrawals, switches and premium redirections will be charged with INR. 250 per request for offline modes. And a reduced charge of INR 25 if executed from the company’s web portal.
14. Partial withdrawal charges will be levied on the unit fund at the time of the withdrawal during the contract period. It is to be noted that Partial Withdrawals can only be done by policyholders above the age of 18 years.
15. In accordance to Income Tax Act, 1961, tax benefits under Section 80C and 10(10D) can be availed to an individual or HUF for premiums paid subject to conditions and limits specified therein or tax exemptions respectively. It is subject to conditions therein.
16. No loans can be availed on this insurance product.
17. HDFC Life Sampoorn Nivesh plan excludes accidental death benefits for death directly or indirectly by the following reasons: self-inflicted injuries, suicide with no account to the Life Assured’s mental condition, drug and alcohol abuse, hazardous hobbies and pursuits, war, invasion, criminal nature and intent etc.

Parameters of Eligibility for HDFC Life Sampoorn Nivesh Plan

Benefits promised with HDFC Life Sampoorn Nivesh Plan

Maturity Benefit

1. At the end of the chosen policy term, the Maturity Benefit is provided after which all risk cover ceases.
2. The policyholder can redeem the balance units at the prevailing unit price and take the fund value.
3. With HDFC Life Sampoorn Nivesh Plan, periodical instalments of the fund value can be taken out at maturity. This will be at the discretion of the company and the policy’s terms and conditions.

Death Benefit

The death benefit is provided in case of the unfortunate demise of the Life Assured. It is provided to the nominee following which the policy terminates. The varied types of death benefit provided are as follows:

Classic Benefit-

The highest of the following is paid in case of Classic Death Benefit:

1. Sum Assured less all Partial Withdrawals
2. Fund Value
3. 105% of the Paid Premiums

The Partial Withdrawals deducted from the Death Benefit shall be

1. For Death before 60 years – all partial withdrawals made during two years prior to the date of death of the Life Assured
2. For Death on or after 60 years, all partial withdrawals made after turning 58 years is deducted.

For a Reduced Paid-up Policy the Death Benefit will be highest of:

1. Paid-up Sum Assured
2. Fund Value
3. 105% of the premiums paid

Classic Plus Benefit-

The nominee will be paid the highest of:

1. Sum Assured and Fund Value
2. 105% of the Paid Premiums

For a Reduced Paid-up policy, the highest of:

1. Paid-Up Sum Assured and Fund Value
2. 105% of the Total Premiums Paid

will be paid

Classic Waiver Benefit-

Death Benefit will be the highest of:

1. Assured Sum
2. 105% of the Paid Premiums

In addition, on each future premium due date or dates, an amount equal to the modal premium will be credited to the Policyholder’s Fund Value after deduction of applicable charges.

For a reduced paid-up policy:

1. Paid-Up Sum Assured
2. 105% of the Total Premiums Paid

Additionally, on each future premium due date or dates, a percentage of the original 7 modal premium will be credited to the policyholder’s Fund Value. The percentage will be the ratio of premiums paid to premiums payable under the policy.

Accidental Death Benefit

1. This benefit is provided under the Classic Benefit Extra Life Option.
2. It covers for death due to accident within the policy term. Under this benefit, an additional benefit equal to the assured sum will be payable along with the standard Death Benefit.
3. For a Reduced Paid-up policy, this benefit amount shall be equal to the Paid-up Sum Assured in addition to the Death Benefit for a Reduced Paid-up policy.
4. This benefit will be payable if the Life Assured dies within 180 days of the occurrence of the accident.

To secure your financial future and your family’s, HDFC Life Sampoorn Nivesh Plan by HDFC Life is designed with 8 fund options to optimize your investment along with varied benefits of a life cover. The charges levied under the policy are done to provide for the cost of benefits and the administration of the policy. These charges are well structured to provide the policyholder with better returns and value for money over the long term.