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Overview
HDFC Life Smart Term Pro is a versatile term insurance plan designed to provide comprehensive life insurance coverage and financial security. This non-linked, non-participating plan offers multiple key features, including flexible premium payment options for 5, 8, 10, or 12 years. In case of the unfortunate demise of the insured, the beneficiary receives a death benefit based on the chosen payout option. Moreover, on policy maturity, the plan guarantees the return of the total premiums paid. With enhanced protection available through riders, HDFC Life Smart Term Pro ensures that your loved ones are financially secure.
Let us explore the Smart Term Pro plan in this article.
Key Benefits of HDFC Life Smart Term Pro Plan
- Death Benefits
- Return of Premium Benefit
- Rider Benefits
- Multiple Payout Options
- Online Discounts
- Plan Flexibility
Riders Associated with HDFC Life Smart Term Pro Plan
You can add the following riders to your HDFC Life Smart Term Pro term plan:
HDFC Life Accidental Death, Disability and Dismemberment Rider
The HDFC Life Accidental Death, Disability, and Dismemberment Rider provides financial security to your family in the event of an accident that results in disability, dismemberment, or death.
HDFC Life Critical Illness Rider
A lump sum amount is offered in case the policyholder is diagnosed with any of the 19 critical illnesses.
Key Features of HDFC Life Smart Term Pro Plan
Return of Total Premium on Maturity
If you survive the policy term, you are guaranteed to receive 100% of the total premiums paid during the policy term as a maturity benefit.
Life Cover
The plan offers life cover up to 80 years of age to ensure the long-term financial security of your loved ones in the event of your sudden demise.
Flexible Premium Payment Options
You can choose to pay premiums for 5, 8, 10, or 12 years, providing flexibility to match your financial preferences.
Family Income Payout Options
In case of your demise, your nominee can receive the death benefit in three ways: as a lump sum, as a lump sum with a family income payout, or as a family income payout.
Multiple Payout Options
The plan offers multiple payout options to help your family receive financial assistance in a structured way: lump sum, lump sum with family income payout, and family income payout.
Policy Details
Death Benefit
If the life insured passes away during the policy term, the plan pays the sum assured on death, which is the higher of: 7 times the annualized premium, the basic sum assured, or 105% of the total premiums paid.
Surrender Benefit
If you terminate the policy before its maturity date, the policy will provide a surrender benefit. After at least two years of premium payment, a Guaranteed Surrender Value (GSV) is provided.
Grace Period
If you are unable to pay the premium on time, the company offers a grace period of 15 days.
Free Look Period
If you are not satisfied with the plan, you can return the plan within 15 days of buying it.
Revival Period
If the policy lapses, the company offers a revival period of 5 years, during which you can reinstate the policy by paying the due premiums.
Exclusions
- Suicide within 12 months of the policy purchase is not covered.
- Death due to consumption of any intoxicants.
- Death due to injuries or illnesses caused by any type of adventure sports.
- Death due to any aviation accident.
- Death due to any pre-existing disease that was not declared.
