HDFC super income plan
When a plan person has responsibility on itself then he needs to do everything by proper planning. He along with himself has to think about his family also not only when he is with him but also when he will not be with them due to some adverse situation. Uncertainty is a part of human life and a person can never ignore it. So whenever any such situation occurs a person has to be ready for it by all means. So for saving person with the tension to organise his money for these things, insurance plan are there. A person needs to invest in them and whenever he wants he can opt for money back whenever his dreams are interrupted.
It is best for the person who could not save money so with this plan he can pay out premiums for a period of 8 to 15 years and then can get regular income thereafter. So person can be relived about their future expenses and in the mean while they are also assured with the same amount of money.
Features of this plan-
- In this plan there is regular income for a payout period of 8 to 15 years after a person has paid this premium in its term.
- There is also survival benefits which vary from 8.0% to 12.0% of the sum assured by a person on maturity given every year to a person during payout period.
- This is a great feature as it will boost the income which is given at the time of maturity with the help of reversionary bonuses and terminal bonus if a person wants.
- This plan is available with short medical questionnaire based underwriting.
- One can also customise their life coverage by opting HDFC life income benefit on accident disability rider which offers monthly income of 1% of rider sum assured in case of total permanent disability which is caused due to accident within a fixed period of 10 years.
- It also gives the flexibility to choose the frequency in which a person wants to pay the premiums i.e. monthly, quarterly, half yearly or yearly basis. With the change in frequency the amount to be paid differs.
- Provision for extra protection is made by choosing the HDFC life critical illness plus rider. It provides the person with the sum assured in case he is diagnosed with any of the illness listed in the list of 19 critical illnesses.
Advantages- there are lot of advantage in taking up this plan and they are-
- The term for which the premium has to be paid is limited and is generally of 8, 10, 12 years.
- There is guaranteed income every year for a period of 8, 10, 12 or 15 years.
- Financial protection against untimely demise that is during the period in which the premium payments is made and as well as the period in which payout are done.
- There is also an option in which a person can choose the short medical questionnaire instead of tedious medical test. It is a great way and saves lot of time of people interesting in the plan.
Eligibility criteria for this plan-
|Min- Max Entry Age (years)||2 years (for policy term of 16 years
30 days (for policy terms of 18 to 27 years)
|59 (for policy term 16 years)
57 (for policy term 18 years)
55 (for policy term 20 years)
53 (for policy term 22 years)
51 (for policy term 24 years)
48 (for policy term 27 years)
|Min- Max age at Maturity (years)||18||75|
Plan options- a person can choose any plan among them according to its convenience.
|Options||Premium payment term (years) (A)||Payout period (years) (B)||Policy term (years) (A+B)||As % of Sum Assured on Maturity|
|Annual GBI paid during payout period (C)||Total Guaranteed income for entire payout period (B*C)|
|Option 1||8||8||16||12.50%||12.5% * 8 = 100%|
|Option 2||8||10||18||10.00%||10.0% * 10 = 100%|
|Option 3||10||10||20||12.00%||12.0% * 10 = 120%|
|Option 4||10||12||22||10.00%||10.0% * 12 = 120%|
|Option 5||12||12||24||10.00%||10.0% * 12 = 120%|
|Option 6||12||15||27||8.00%||8.0% * 15 = 120%|
So looking at so many feature and benefit about this plan, it is on person which plan he chooses. It is the best plan among the other entire plan as the whole hold is on person that on which way he wants to invest. Also he can get lot of benefits from it also by which he can plan things about his future. The life cover provided in this plan adds to its beauty and attract people towards this plan.