HDFC Life Wealth Elite Plan

The HDFC Life Wealth Elite Plan is an investment plan that helps you save money and protect it for the future. This is a single premium Unit Linked Insurance Plan (ULIP) which offers a combination of life insurance coverage and potential for wealth creation over a chosen term of 5 or 10 years.

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What is HDFC Life Wealth Elite Plan?

HDFC Life Wealth Elite is a Unit-Linked Insurance Plan (ULIP) designed for high-net-worth individuals (HNIs) by HDFC Life. This plan combines long-term wealth creation through market-linked returns with life insurance coverage. 

This best investment plan for people with high net worth invests a portion of your premium towards life insurance while the remaining amount in the stock market. The returns you get will depend on the performance of the chosen funds.

Features of HDFC Life Wealth Elite Plan

  • High Life Cover: The plan offers a death benefit based on the higher of 10 to 201 times the annual premium, fund value, or 105% of premiums paid. For those joining at 45 and above, the maximum death benefit is 7 or 10 times the annual premium.

  • Investment Options: You can choose from equity and debt funds, with automatic asset allocation based on your age and proximity to maturity.

  • Flexibility: You can switch between funds unlimited times during the policy term. You can also opt to receive the maturity amount in installments over a five-year period.

  • Tax Benefits: Premiums eligible for a tax deduction of up to ₹1.5 lakhs under Section 80C. Maturity amount is tax-free for premium payments below ₹2.5 lakhs under Section 10(10D).

Eligibility Criteria

Eligibility Criteria  Details
Entry Age 0 – 65 years
Maturity Age 75 years
Premium Payment Term (PPT) Regular PPT: Same as Policy Term
Limited PPT: 10 years
Policy Term (PT) 10 – 20 years
Premium Payment Frequency Monthly, Half-Yearly, Annually
Premium Amount Annual: ₹2,00,000 - No Limit;
Semi-Annual: ₹1,00,000 - No Limit;
Monthly: ₹20,000 - No Limit;
Sum Assured (SA) Entry Age Maximum SA Minimum SA
≤ 44 years 10 × Annualized Premium (7 only) × Annualized Premium
> 44 years 20 × Annualized Premium (10 only) × Annualized Premium

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Benefits of HDFC Life Wealth Elite Plan

  1. Maturity Benefit:

    • Upon policy maturity, you get the Fund Value on the maturity date.

    • The maturity benefit is calculated as: (NAV at maturity X number of units at maturity).

    • You have two options for utilizing the maturity benefit:

      • Lump Sum: Receive the fund value as a lump sum on the maturity date.

      • Settlement Payout: Receive the fund value in equal monthly, quarterly, half-yearly, or annual instalments over 5 years (referred to as the settlement period).

  2. Death Benefit:

    • HDFC Life Wealth Elite provides financial protection in case of an unfortunate event.

    • After the risk commencement, the higher of Sum Assured or 105% of premiums paid or fund value is payable to the eligible person in case of the life assured's death during the policy term.

  3. Partial Withdrawal Benefit:

    • You can make unlimited partial withdrawals after completing 5 policy years.

    • Partial withdrawals are subject to conditions such as a minimum amount of ₹5,000 and a maximum amount equal to 25% of the fund value.

  4. Fund Switching:

    • You can switch between funds based on equity market performance.

    • Unlimited free switches are allowed during the policy term and during the settlement payout.

  5. Premium Redirection:

    • Premium redirection allows you to allocate future premiums differently from the prevailing fund composition.

    • Unlimited redirections are allowed free of charge in a policy year.

  6. Settlement Payout:

    • This option allows you to receive the maturity amount in equal monthly, quarterly, half-yearly, or annual instalments over 5 years.

    • The first instalment is payable on the maturity date.

  7. Tax Benefits:

    • You are eligible for tax benefits on premiums paid and maturity proceeds under Section 80C and Section 10(10D) of the Income Tax Act, 1961. 

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Investment Strategies in HDFC Life Wealth Elite Plan

  1. Self-managed Option:

    You can choose from 8 investment funds tailored to your needs and risk tolerance. It spans a diverse mix of debt and equity investments ranging from 100% debt to 100% equity.

  2. Systematic Transfer Plan (STP):

    Wealth Elite allows you to set up a Systematic Transfer Plan (STP). With STP, you can invest a fixed amount regularly from one fund (typically a debt fund) to another fund (typically an equity fund) This is a strategy called Rupee Cost Averaging, which can help you benefit from market volatility by buying more units when the price is low and fewer units when the price is high.

  3. Automatic Asset Allocation:

    This feature is not available along with STP in the HDFC Life Wealth Elite Plan. However, it can be a good option if you do not want to manage the allocation yourself. This strategy will automatically adjust your investment between equity and debt funds to maintain the target asset allocation you choose.

Policy Details of HDFC Life Wealth Elite Plan

  • Grace Period: It is the extra time given by the company after the payment due date, where you can still pay your premium without any penalty. During this time, your policy will remain active and will have full coverage.

  • Policy Discontinuance: This happens when you surrender your policy or do not pay the premium within the grace period.

  • Lock-in Period: During the first five years of the policy, the company cannot give you the money from a discontinued policy except in case of death. After that, if you stop paying premiums, your fund value, minus charges, goes into a special fund.

  • Revival: You can bring back a lapsed policy within three years of missing a premium. The process and benefits differ based on when the policy was discontinued.

  • Surrender: At any point during the policy, you can choose to surrender it. If done during the lock-in period, the fund value minus charges goes into a special fund. After the lock-in period, you get the fund value as on the surrender date.

  • Free Look Period: If you are not happy with the policy terms, you can cancel it within a certain period by returning the policy document. You will get back what you have paid minus certain deductions.

  • For Minor Life Assured: If the insured is under 12 years old, full death benefits start from the end of the second policy year. Until then, only the fund value is payable in case of death.

  • Assignment Provisions: Any assignment must follow the rules of the Insurance Act 1938.

  • Nomination Provisions: Nomination should follow the guidelines of the Insurance Act 1938.

How Does the Plan Work

Step 1: Policy Setup

  • Select your policy term, premium amount, and payment frequency.

  • Choose where to invest your premium among different funds.

  • Decide the amount of life cover you want.

  • Understand that charges may vary based on your choices.

Step 2: Fund Management and Goal Achievement

  • Maximize your returns by actively managing your funds through fund switching and redirection.

  • Achieve your short-term financial goals by making partial withdrawals at different milestones.

Step 3: Maturity and Life Cover Benefits

  • Receive the maturity amount according to the chosen maturity option upon policy completion.

  • In the unfortunate event of the policyholder's death, the beneficiary will receive the life cover amount.

Exclusions

HDFC Life Wealth Elite Plan excludes the full death benefit payout in case of death by suicide within the first 12 months from the policy start date or from the date of revival (after a lapse). In such instances, the beneficiary will receive only the fund value accumulated in the policy.

FAQs

  • What is the minimum sum assured allowed in C2P Elite?

    The minimum sum assured for HDFC Life Click 2 Protect Elite is ₹2,00,00,000 (Two Crore Rupees). This applies only if you choose a limited pay option (pay premiums for 10 or 15 years).
  • Is HDFC life insurance good or bad?

    HDFC Life is a reputable insurance company in India. However, whether it's good or bad for you depends on your individual needs and circumstances. Here's some information to help you decide:
    • Positives: HDFC Life has a good financial rating and offers a variety of term insurance plans, including C2P Elite.

    • Negatives: There might be other insurers offering similar plans with lower premiums or better features. It is always best to compare quotes from multiple companies before making a decision.

  • What is HDFC Life Wealth Elite Plan?

    HDFC Life Wealth Elite Plan is a unit-linked insurance plan (ULIP) designed for high-net-worth individuals (HNIs) seeking market-linked returns alongside life insurance coverage.
  • What are the benefits of this plan?

    This plan offers potential for market-linked returns, life cover, tax benefits*, flexibility to switch investment options, and income options at maturity. (*Tax laws subject to change)
  • Can I switch between investment funds?

    Yes, the plan allows unlimited free switches between funds during the policy term.
  • Is there an option to invest a fixed amount regularly?

    Yes, you can set up a Systematic Transfer Plan (STP) to invest a fixed amount regularly into your chosen fund.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
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HDFC Life Wealth Elite Plan Reviews & Ratings

4.1 / 5 (Based on 26 Reviews)
(Showing Newest 10 reviews)
Raju
, September 02, 2021
Proactive helpdesk
While purchase HDFC Life Click 2 Protect Life plan from policy bazaar, I wanted to check the policy specifications. As soon as I contacted the helpdesk, the executive resolved my queries and sent the policy brochure to my email for future reference. Such a proactive team highly impressed with them.
Arjun
Adoor, March 19, 2019
A good retirement plan
As said “Easy comes, easy go” therefore i choose to invest in HDFC Life ULIP Plans. As per company plans it will pay higher than the fund value of all premium paid. I found HDFC Life ULIP Policy attractive and a good retirement plan.
Ravi
Mishrpur, September 21, 2016
Good
I found nice ulip insurance policy which i took from hdfc standard life insurance. Premium of the policy is very less. Payback is very good and the policy coverage is high. Claiming process is easy and amount is good after maturity of insurance policy.
Vikram
Korba, August 22, 2016
ULIP Plan
The ulip insurance plan of mine is fantastic which has low premium and come's in less investment too. The hdfc life insurance is the best terms and conditions which facilitates me many benefits. The policy coverage is high approx. 90% and easy online renewal is possible with online portal.
Mukesh
Gurgaon, May 06, 2016
best service
overall best service good conversation with the financial adviser...
Rohit
Raipur, April 15, 2016
Fantastic plan
My ulip policy plan is really nice, i.e., HDFC standarad life insurance. It has good benefits and services. Policy coverage is 89% and claims are around 39 L. Service is very good and fast that's why the work is done in very shot time period. I like it.
Sandeep
Jalpaiguri, April 15, 2016
Perfect
I have ulip plan from hdfc standard life insurance. The plan works for me. Policy coverage is also good with claiming amount of Rs.41 L. Service provided by you is awesome and fabulous with fast interface. Good future investment.
Harish
Chattarpur, April 15, 2016
Better Plan
My ulip policy plan is from hdfc standard life insurance and the policy is the best because the policy has many benefits like the accident insurance is inbuilt in this policy. Policy coverage is high 89% and the premiums are low. Claims are 1.25 times of the investment. The service is fast and very quick. Great job guys.
Ishant
Pondicherry, April 15, 2016
Above Average
The hdfc life ulip plan policy i have and happy to own it. The policy coverage is 81% and the claims are normal. Services are little bit slow provided by the staff members. Good future investment which saves tax also. Just improve the services and even the web services are better. Good Work.
Umakant
Karnal, April 15, 2016
Manageable
Policy premiums are low and the claims are high. HDFC ulip policy plan facilitate the people provide good response. One of my friend introduced this company for insurance. Getting reminders regularly and sum assured is double. Accidental and risk coverage is there. Good service by executives. I like it.
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