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HDFC Life Smart Protect Plan

HDFC Life Smart Protect is a term insurance plan that offers both protection and long-term savings benefits. Hence, you can protect your loved ones during unforeseen life events and also invest your money for future returns. This term plan also provides the policyholders the option to receive 100% of their premiums upon outliving the policy term. 

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Let’s understand the features, benefits and eligibility criteria of the HDFC Life Smart Protect plan in this article:

What Are The Features Of The HDFC Life Smart Protect Plan?

The HDFC Life Smart Protect Plan is a term insurance plan that offers various flexible features. Below mentioned are some of them:

  • You can choose from 4 different plan options that best suit your needs and maximize your benefits.

    • Level Cover: This option provides a consistent cover amount throughout the entire policy duration.

    • Decreasing Cover: This option offers a decreasing cover amount over time based on the chosen "Level Cover Period" at the start of the policy.

    • Level Cover with Capital Guarantee: With this option, you get a consistent cover amount throughout the policy duration. Additionally, there is a Capital Guarantee that ensures you receive a minimum Assured Benefit at maturity.

    • Decreasing Cover with Capital Guarantee: Similar to the decreasing cover option, the cover amount decreases over time based on the chosen "Level Cover Period". Additionally, there is a Capital Guarantee that ensures you receive a minimum Assured Benefit at maturity.

  • Plan offers you the option to decrease your death benefit after a certain period under the Decreasing Cover and Decreasing Cover with Capital Guarantee options. The Level Cover with Capital Guarantee and Decreasing Cover with Capital Guarantee options offer a minimum Assured Benefit on maturity.

  • There are 5 fund options available, and you can switch between them for free and without any limits.

  • You have the option of choosing either Limited Pay or Regular Pay for premium payment.

  • You can also choose coverage up to 100 years of age for long term protection.

  • You have the flexibility to move your money between 5 different funds to maximize your potential returns.

*Note: If you want to know your term insurance premium without any hassle, you can easily use the term insurance calculator.

one crore term plan
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₹75
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@ Starting from ₹ 12/day+

What Is The Eligibility Criteria Of The HDFC Life Smart Protect Plan?

Below mentioned is the eligibility criteria of the HDFC Life Smart Protect plan:

Plan Parameters Minimum Maximum
Entry Age 18 years 45 years
Maturity Age 43 years -
Policy Term 25 years 40 years
Sum Assured Rs. 50 Lakhs Rs. 2.25 Crores
Premium Payment Frequency Yearly/ Half-yearly/ Quarterly/ Monthly

What Are The Benefits Of The HDFC Life Smart Protect Plan?

HDFC Life Smart Protect is one of the most ideal plans among all HDFC Life Insurance plans in the market today. Below mentioned are some of its benefits:

  • Death Benefit

    Death benefit is paid as lump sum amount if the policyholder dies during the policy term. The death benefit will be paid as the highest of:

    • Total sum assured amount minus partial withdrawals

    • Fund value

    • 105% of the total premium amount paid

  • Maturity Benefit

    In case of the survival of life assured till the date of maturity, the risk coverage ceases, and loyalty additions plus fund value at maturity shall be paid to the policyholder in the form of maturity benefit. On this payment, the plan shall terminate, and then no extra benefits will be paid.

  • Loyalty Additions:

    • Return of 2X - 3X Mortality Charge: From the 11th policy year, you can receive a return of 2X to 3X of the Mortality Charge.

    • Return of 2X Premium Allocation Charge: From the 10th to the 13th policy year, you can receive a return of 2X of the Premium Allocation Charge.

    • Return of Fund Management Charge (FMC): On maturity, you will receive a return of the Fund Management Charge (FMC).

    • Return of 2X of Investment Guarantee Charge: On maturity, you will also receive 2X of the Investment Guarantee Charge.

    • Systematic Transfer Plan strategy: The Systematic Transfer Plan strategy allows you to take advantage of Rupee Cost Averaging.

  • Fund Switching:

    • Under the Level Cover and Decreasing Cover options, you can switch funds.

    • You can transfer your investment or a portion of it from one fund to another during the policy term.

  • Premium Redirection:

    • Available under the Level Cover and Decreasing Cover options.

    • You can allocate your future premiums to a different fund or set of funds.

  • Top-Up Premium: Policyholders have the option to pay additional premiums at irregular intervals, in addition to their regular premium payments. These additional premiums are considered as a single premium for all purposes.

  • Tax Benefits: You can avail of tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act, 1916.

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What Are The Riders Available In The HDFC Life Smart Protect Plan?

The below mentioned riders are available for the HDFC Life Smart Protect plan:

  1. Accidental Death Benefit

    • Amount of Rs. 50 Lacs under this Benefit Option will be payable in the event of the death of the Life Insured due to an accident within the Benefit Option Term, provided the death occurs within 180 days from the accident.

  2. Accidental Disability Benefit

    • In the event of total permanent disability due to accident, get regular monthly income. This monthly income will be equal to 1% of 50 Lacs paid over a fixed period of 10 years

What Are The Plan Details Of The HDFC Life Smart Protect Plan?

Below are the plan details of the HDFC Life Smart Protect Plan:

  • Grace Period: You have a grace period to pay your premiums after the due date. For monthly mode, the grace period is 15 days, and for other modes, it is 30 days.

  • Lock-in Period: The policy has a lock-in period of five years from the start date. The minimum guaranteed interest rate for the 'Discontinued Policy Fund' is currently 4% per year.

  • Revival Period: You can revive the policy within three years from the first unpaid premium.

  • Free-look Period: If you are not satisfied with any of the terms and conditions of the policy, you can choose to return the policy to us within 15 days of buying it.

  • Surrendering of Policy: Policyholders cannot fully or partially withdraw the invested money in Linked Insurance Products until the end of the fifth year.

  • Policy Loan: There are no policy loans available in this plan

  • Partial Withdrawal: You can choose to make Partial Withdrawals from your funds in case of any future financial emergencies, allowing you to access the money you need

How To Buy The HDFC Life Smart Protect Plan?

Here are the steps to buy the HDFC Life Smart Protect Plan:

Step 1: Visit Policybazaar and go to Term Life Insurance.

Step 2: Fill in your basic details like Name, Date of Birth (DOB), and Phone number.

Step 3: Click on the 'view plans' button.

Step 4: Provide details of your occupation, yearly income, qualifications, and smoking habits.

Step 5: Choose the HDFC Life plan from the options displayed.

Step 6: Enter additional details like your name, email ID, occupation, yearly income, educational qualification, city, pincode, and nationality.

Step 7: Step Proceed to pay for the plan using net banking, debit card, or credit card.

Step 8: Complete the payment process to purchase the plan.

*Note: You can very quickly know what is term insurance and then buy the HDFC Life Smart Protect plan.

What Are The Exclusions In The HDFC Life Smart Protect Plan?

Suicide Clause: If the policyholder dies by suicide within 1 year from the start or revival of the policy, the nominee or beneficiary will receive the available fund value at the time of death. Additionally, any charges incurred after the date of death, except for Fund Management Charges (FMC) and guarantee charges, will be added back to the fund value at the time of death.

FAQ's

  • What is HDFC Life Smart Protect Plan?

    Ans: HDFC Life Smart Protect Plan is a life insurance policy that offers financial protection and long-term savings benefits to the policyholder.
  • Can I avail of tax benefits with HDFC Life Smart Protect Plan?

    Ans: Yes, you can avail of tax benefits on the premiums paid and benefits received under HDFC Life Smart Protect Plan, as per the prevailing tax laws.
  • What are the riders in the HDFC Life Smart Protect Plan?

    Ans: The riders in the HDFC Life Smart Protect Plan are HDFC Life Income Benefit on Accidental Disability Rider, HDFC Life Critical Illness Plus Rider and HDFC Life Protect Plus Rider.
  • What is the maximum maturity age of the HDFC Life Smart Protect Plan?

    Ans: The maximum maturity age of the HDFC Life Smart Protect Plan is 85 years.

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