HDFC Life Smart Woman Plan is a Unit Linked Insurance Plan for women. This is a Non-Traditional Plan without Bonus facility which has been especially designed for female policyholders. In this plan, premium needs to be paid till the end of the policy term as selected. This Plan has 3 versions with combinations of the following benefits. This Plan offers Premium Waiver Benefit and 100% funding of next 3 years’ Premiums along with Cash Payouts for 3 unique benefits for women:
- Birth of a child with Congenital Disorder or Pregnancy Complications
- Diagnosis of Malignant Cancer of female organs
- Death of spouse
Key Features
- This is a Unit Linked Insurance Plan without Bonus facility which is designed especially for women
- In this plan, Sum Assured can be increased up to 40 times the Annualized Premium
There are 3 versions in this plan:
Classic, Premier, Elite
- This plan has Premium Waiver Benefit with 100% funding of 3 years’ premiums for some benefits
- This plan has additional Cash Payout Options under Premier and Elite Options
- This plan also offers Enhanced Premium Allocation rates from 11th Policy Year onwards
This plan provides for a unique facility of Premium Waiver Benefit and also pays for 3 Annualized premiums on:
- Birth of a child with Congenital Disorder or Pregnancy Complications
- Diagnosis of Malignant Cancer of female organs
- Death of spouse
- There are no charges for 12 switches and partial withdrawals within 1 year from date of childbirth
- This plan can be purchased online as well
Benefits
Death Benefit – In case of death of the Life Insured, the nominee would get Sum Assured or Fund Value, whichever is higher as Death Benefit and the policy terminates.
Plan Benefit— There are 3 versions of this plan with varied benefits:
Maturity Benefit – On maturity, the Fund Value is paid to the policyholder as Maturity Benefit.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Benefit is tax free under section 10(10)D subject to fulfilment of terms and conditions.
Additional Benefits
Riders: There are no riders available in this policy
Investment Fund Options:
Under this plan, the policyholder has a choice of 5 Funds for Investment:
Short Term Fund, Income Fund, Balanced Fund, Blue Chip Fund, Opportunities Fund
Top-up: NA
Switching: You are allowed to move from any fund to any fund at anytime subject to charges.
Partial Withdrawal: You are allowed to make Partial Withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later.
The minimum amount of Partial Withdrawal should be Rs. 10,000 such that the Fund Value is not less than 150% of the Annualized Premium and the maximum Partial Withdrawal in the entire Policy Tenure is 300% of the Annualized Premium.
Discontinuation of Premium: If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will earn a minimum guaranteed interest rate equal to the savings account rate of State Bank of India and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee. This policy can however be revived within 2 years from the date of the first Unpaid Premium due date.
If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
Surrender: If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will earn a minimum guaranteed interest rate equal to the savings account rate of State Bank of India and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
