HDFC Life Sampoorn Nivesh Plan

What is HDFC Life Sampoorn Nivesh Plan?

HDFC Life Sampoorn Nivesh Plan is a Unit-Linked Insurance Plan (ULIP) that offers both life insurance coverage and investment opportunities. You can choose from various fund options to invest according to your financial goals and risk preferences. This investment plan provides life cover to protect your family in case of unexpected events while helping you grow your savings through market-linked returns.

Features of HDFC Life Sampoorn Nivesh Plan

The key features of HDFC Life Sampoorn Nivesh Plan are as follows:

• You can choose an investment term ranging from 10 to 35 years for Single Pay, or up to (85 minus entry age) for Limited or Regular Pay.

• Customize your premium payments with options for Single, Limited, or Regular payment terms.

• You have to pick from three benefit options to meet your financial needs.

• Accidental Death Benefit is available as an additional option.

• Enjoy Loyalty Additions that increase your fund value after 10 years.

• You benefit from reduced premium allocation charges when you invest higher premium amounts.

• You can choose from a diverse selection of 13 fund options.

• The plan features simplified underwriting with a Short Medical Questionnaire (SMQ) if conditions are met, or full underwriting otherwise.

Eligibility Criteria of HDFC Life Sampoorn Nivesh Plan

*Maximum premium amount is subject to Board Approved Underwriting Policy (BAUP).

Benefits of HDFC Life Sampoorn Nivesh Policy

The following are the key benefits offered by HDFC Life Sampoorn Nivesh Policy:

1. Maturity Benefit

   Your policy matures at the end of the chosen term, terminating all risk coverage. You can redeem your balance units at the current unit price or receive the fund value in periodic installments.

2. Death Benefit

   Classic Benefit Option: 

   Upon the Life Assured's unfortunate demise, the nominee receives the highest of the following-

   • Sum Assured minus any partial withdrawals made in the two years prior

   • Fund Value

   • 105% of total premiums paid

   NOTE: The policy terminates after payment with no further benefits.

   • Accidental Death Benefit: Available only under the Classic Benefit Extra Life Option, this provides an additional amount equal to the Sum Assured if death occurs due to an accident within 180 days of the incident. For reduced paid-up policies, the benefit equals the Paid-up Sum Assured plus the Death Benefit.

   Classic Plus Benefit:

   In case of the Life Assured's death, the nominee receives the higher of:

   • Sum Assured plus Fund Value

   • 105% of total premiums paid

   NOTE: The policy terminates after payment with no further benefits.

   Classic Waiver Benefit 

   Upon the Life Assured's death, the nominee will receive the higher of:

   • Sum Assured

   • 105% of total premiums paid

   NOTE: On each premium due date, an amount equal to the modal premium will be credited to the Policyholder's Fund Value after applicable charges. 

3. Surrender Benefit

   HDFC Life Sampoorn Nivesh Plan offers you an option to surrender the policy if all the due premiums are paid up to date in full. Upon reimbursement of this benefit amount, the policy terminates, and no further benefits will be payable in the future.

4. Partial Withdrawal

   This investment option offers you the flexibility to withdraw funds in case of emergencies after 5 years of purchasing the policy. The maximum withdrawal throughout the policy term is:

   • 300% of annualized premium for limited and regular premium policies.

   • 50% of the single premium for single premium policies.

5. Fund Switching

   The HDFC Life Sampoorn Nivesh Plan allows you to switch between various available fund options, enabling flexibility to align your investments with changing financial goals or market conditions.

6. Premium Redirection

   Premium redirection lets you allocate future premiums into different funds of your choice, allowing you to adjust your investment strategy as per your evolving preferences.

7. Tax Benefit

   All the premiums paid for this insurance plan and the benefits received are eligible for a tax deduction as per Section 10(10D) & Section 80 C of the Income Tax Act, 1961.

   *Tax Benefit is subject to change in tax laws.

Rider Benefits of the HDFC Life Sampoorn Nivesh Plan

The HDFC Life Sampoorn Nivesh Plan offers optional rider benefits to offer additional financial security beyond the base plan’s coverage:

• HDFC Life Income Benefit on Accidental Disability Rider: Provides regular income in case of accidental total permanent disability, ensuring financial support during recovery.

• HDFC Life Critical Illness Plus Rider: Offers a lump sum benefit upon diagnosis of any of the specified critical illnesses, helping to cover medical and treatment costs.

• HDFC Life Accidental Death Benefit Rider: Provides an additional lump sum to the nominee in case of death due to an accident, increasing the overall death benefit payout.

Policy Details of HDFC Sampoorn Nivesh Plan

• Free Look Period: The policyholder has 15 days (30 days for distance marketing) from the receipt of the policy to review the terms. If unsatisfied, the policy can be returned for a refund after deduction of applicable charges.

• Grace Period: For premium payments, the plan provides a grace period of 15 days for monthly premiums and 30 days for other modes. The policy remains active with full coverage during this time.

• Settlement Option: At maturity, you can opt to receive your fund value in periodic installments over a maximum of 5 years, allowing flexibility in how you receive the policy benefits.

• Policy Discontinuance: If premiums are unpaid within the grace period, the fund value (after discontinuance charges) is moved to the discontinued policy fund. If discontinuance occurs after the lock-in period, the policy is converted to a reduced paid-up status, with coverage and benefits adjusted accordingly.

• Policy Revival: It allows you to reinstate a lapsed or discontinued policy within five years from the first unpaid premium. During this period, you can resume the policy by paying all due premiums along with applicable interest and charges. Upon revival, all benefits and coverages will be restored, subject to underwriting approval and terms outlined in the policy.

What are the Documents Required to Buy this Policy?

Documents required to buy HDFC Life Sampoorn Nivesh policy are identity and address proofs, such as PAN card, Voter card, Aadhar card or passport, Driving license, and income documents, like, salary statements and ITRs.

How Does the HDFC Sampoorn Nivesh Plan Work?

In order to buy HDFC Life Sampoorn Nivesh Plan online, one has to follow the steps below:

• Step 1: Access the official website of Policybazaar and click on ‘Buy Now’ option.

• Step 2: Enter the personal details and contact information, and click on ‘Proceed’ to get a premium quote.

• Step 3: Select the plan option, premium payment term, policy term, and the amount. 

• Step 4: Make the premium payment to confirm the purchase.  The policy documents will be sent to your email ID.

Exclusions of the HDFC Life Sampoorn Nivesh Plan

Under the HDFC Life Sampoorn Nivesh Plan, if the life assured commits suicide within 12 months from the policy commencement date or from the date of revival, the death benefit will not be payable. Instead, the nominee will receive:

• For policies in force: The fund value as on the date of death.

• For discontinued or paid-up policies: The fund value available in the discontinued policy fund as of the date of death.

No additional benefits or sum assured will be paid in such cases, as per the policy's suicide exclusion clause.