HDFC Life Smart Woman Plan

Recommendations :No

Name of the policy :
HDFC Life Smart Woman Plan

A brief desciption :

HDFC Life Smart Woman Plan is a innovative ULIP and as the name suggests it is specially designed to insure female lives, pregnancy complications, female specific cancers and much more. The plan has 3 variants viz. Classic, Premium and Elite.However returns are restricted due to high charges levied. Moreover Sum assured is miniscule which is not sufficient to cover an earning member of the family having dependents. So it is advisable to to go for a simple term plan and invest the extra money elsewhere and earn higher returns.

Started date :
12/4/12

Type of policy :
Insurance cum Investment

Category :
ULIP

Insurance :
Min- Age less than 45 years- 10 times Basic Sum Assured, Age equal to 45 years- 7 times Basic Sum Assured, Max- 40 times Sum Assured

Returns expected :
8%-10% (The performance would be less than a performing equity diversified mutual fund)

Entry age :
18-45 Years

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 be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

Minimum amount :
Min- 24,000 Max- 1 lakh

Mortality Charges :
The amount is not clearly specified, it depends upon the age of the policy holder and cover taken

Unique features :
It is a online ULIP specially designed for women that covers events such as Birth of a child with congenital disorder or pregnancy complications, Diagnosis of malignant cancer of female organs and Death of spouse. There are 3 variants to the plan viz. Classic, Premier and Elite. Maximum sum assured is as high as 40 times the basic premium.


Fund Management Charge :1.35% p.a. of the fund value charged daily
Surrender/ Premium Discontinuance Charge Year 1 :For Annual Premium upto 25,000- Lower of 20% * (Annual Premium or Fund Value) but not exceeding Rs 3000, For Annual Premium more than 25,000- Lower of 6% * (Annual premium or Fund Value) but not exceeding 6000
Surrender/ Premium Discontinuance Charge Year 2 :For Annual Premium upto 25,000- Lower of 15% * (Annual Premium or Fund Value) but not exceeding Rs 2000, For Annual Premium more than 25,000- Lower of 4% * (Annual premium or Fund Value) but not exceeding 5000
Surrender/ Premium Discontinuance Charge Year 3 :For Annual Premium upto 25,000- Lower of 10% * (Annual Premium or Fund Value) but not exceeding Rs 1500, For Annual Premium more than 25,000- Lower of 3% * (Annual premium or Fund Value) but not exceeding 4000
Surrender/ Premium Discontinuance Charge Year 4 :For Annual Premium upto 25,000- Lower of 5% * (Annual Premium or Fund Value) but not exceeding Rs 1000, For Annual Premium more than 25,000- Lower of 2% * (Annual premium or Fund Value) but not exceeding 2000
Surrender/ Premium Discontinuance Charge Year 5 and above :Nil

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