Super income plan

super-income-plan

In India, people are getting more and more aware in terms of getting a life insurance plan to financially protect their family. The sector has been witnessing certain developments and improvements as per people’s demand and needs and therefore, the overall growth has been steep in the past few years.

It won’t be wrong to say that we have understood the fact that life is damn unpredictable and no one can say when unforeseen mishaps or untimely demise could ruin the entire family’s financial dependability. Life insurance plan works as a protective cover to safeguard the policyholders and their dependent family.

HDFC’s Super Income Plan is an endowment plan that comes with additional bonus benefits. It is a participating regular income life insurance plan offering assured income for 8 to 15 years of policy term, subject to completion of premium payment period of 8, 10 or 12 years. Policyholder receives guaranteed regular income of 8% to 12.5% of the sum assured upon maturity, payable each year. Therefore, overall the policyholder would receive 120% of the sum assured in addition to the bonuses payable on maturity. HDFC Super Income Plan is an ideal investment option for those who want to safeguard their family from any financial uncertainty anywhere in future.


Features of Super Income Policy:

Regular income – The key feature of the policy plan is that if offers regular income for a period of 8 to 15 years. However, the regular income benefits are effective only after completion of premium payment period.

Flexible premiums – Policyholder has a choice to pick the premium payment period from the available 6 options. In addition, policyholder can also chose the frequency of premium payment on monthly, quarterly, half-yearly or annually basis. This gives flexibility to the policyholder to pick a policy plan in accordance to their needs and financial budget.
• Option 1 – Premium payment term of 8 years and payout period of 8 years for overall policy term period of 16 years.
• Option 2 – Premium payment term of 8 years and payout period of 10 years for overall policy term period of 18 years.
• Option 3 – Premium payment term of 10 years and payout period of 10 years for overall policy term period of 20 years.
• Option 4 – Premium payment term of 10 years and payout period of 12 years for overall policy term period of 22 years.
• Option 5 – Premium payment term of 12 years and payout period of 12 years for overall policy term period of 24 years.
• Option 6 – Premium payment term of 12 years and payout period of 15 years for overall policy term period of 27 years.

Survival benefits – Super Income Plan is a great option as it comes with additional survival benefits ranging from 8% to 12.5% of the sum assured. The benefits are paid every year during the payout period.

Eligibility criteria –
The plan has flexible entry and exit age, subject to the policy term.
• For policy term of 16 years, minimum entry age is 2 years, while the maximum age is 59 years.
• For policy term of 18 years, minimum entry age is 30 days, while the maximum age is 57 years.
• For policy term of 20 years, minimum entry age is 30 days, while the maximum age is 55 years.
• For policy term of 22 years, minimum entry age is 30 days, while the maximum age is 53 years.
• For policy term of 24 years, minimum entry age is 30 days, while the maximum age is 51 years.
• For policy term of 27 years, minimum entry age is 30 days, while the maximum age is 48 years.

Death benefits – In case of untimely demise of a policyholder during the insurance policy term, then the surviving family or the nominee would receive the death benefits to ensure financial stability. The nominee would get sum assured on death along with the accrued reversionary bonus and interim bonus, if any. As the Super Income Plan would be terminated, the nominee will also receive 105% of the premiums paid till date. Sum assured on death will be higher of sum assured on maturity or 10X of the annualized premium. However, in case of policyholder’s death within 12 months of the policy commencement, then only 80% of the premium paid will be paid to the nominee.