HDFC Life Smart Woman - ULIP Plan
You can opt for a life cover up to 40 times the annual premium paid.
HDFC Life Smart Woman policy is a ULIP (unit linked life insurance product)) designed for women to help meet financial goals & provide for specific risk protection features. The plan covers pregnancy complications, congenital conditions & malignant woman specific cancers, such as cervical cancer. Minimum tenure of this plan is ten years.
Entry Age:
You need to be minimum 18 years and maximum 45 years old. Maturity age is 60 years.
Life Cover:
You can opt for a life cover up to 40 times the annual premium paid. In case of untimely death of a policyholder, higher of the sum assured, or 105% of total premium, will be paid to the nominee.
Charges:
Premium allocation rate in the first ten years of the policy is 97.5%, which means, out of Rs. 100 paid in premium, Rs. 97.5 will be invested and Rs. 2.50 will be deducted as charges. From the 11th year onwards, premium allocation rate is 102.5%. So, if you are a long term investor and stay invested for 20 years, net allocation will be 100%. Fund management charges for the fund with equity component is 1.35% of the fund value.
Benifits:
In case of a pregnancy related complications, birth of a child with congenital disorder, or diagnosis of malignant woman specific cancers, the HDFC Life Insurance will waive off the next 3 years' premium. You can also choose plan options, which entail higher premiums, but which offer an additional feature of periodic cash payouts.
The HDFC Life will waive charges on 12 partial withdrawals or fund switches within one year of childbirth.
You can take your fund value on maturity in instalments spread over 5 years.
You have 5 fund choices to invest into depending upon your risk profile. You are also allowed to switch funds from one to another.
Withdrawal :
After completion of five policy terms, you are allowed to make partial withdrawals in case of any sudden need of funds. After withdrawal, fund value can not go below 150% of the annual premium. Maximum withdrawal allowed is 300 times of annual premium. Lock in period is 5 years, after which you can withdraw completely on payment of a discontinuance fee.
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