HDFC Life Smart Protect Plan

“Death Benefit” is payable as a lump sum if life assured dies during the policy term.

Subject to Policy being in force and all due premiums have been paid, the Death Benefit payable to the Policyholder/ Assignee/ Nominee shall be the highest of the following:

(i) Total Sum Assured less partial withdrawals¹ made, if any (as detailed below), where Total Sum Assured is Basic Sum Assured plus any additional Sum Assured in respect of Top-ups; or

(ii) Fund value, or

(iii) 105% of Total Premiums Paid 

For a reduced paid-up Policy, the Death Benefit payable to the Policyholder/ Assignee/ Nominee and shall be the highest of the following:

(i) Paid up Sum Assured plus any additional Sum Assured in respect of Top-ups less partial withdrawals¹ made, if any (as detailed below); or

(ii) Fund value; or

(iii) 105% of Total Premiums Paid

¹ The partial withdrawals to be deducted from the Total Sum Assured shall be all partial withdrawals (except from the top-up fund value) made during the two-year period immediately preceding the date of death.

Upon this payment, the policy shall terminate and no further benefit shall be payable.

Where,

a) Annualized Premium means the premium amount payable in a year excluding the taxes, rider premiums and underwriting extra premium on riders, if any.

b) Basic Sum Assured is the amount of cover chosen by the policyholder at inception of the policy in accordance with terms and conditions of the Policy.

c) Fund Value is the value obtained by multiplying the number of Units allocated to your Policy by the corresponding price of the Units.

d) Total Premiums Paid are the total of all the premiums received, excluding any rider premium and taxes.

e) Paid-Up Sum Assured, is the original sum assured multiplied by the total number of premiums paid to the original number of premiums payable as per the terms and conditions of the policy. (Paid Up Sum Assured = Original Sum Assured x Total No. of Premiums Paid / Original No. of Premiums Payable).

f) Minimum Basic Sum Assured, is 10 times the Annualized Premium

g) Assured Benefit is the Total Premiums Paid less Total Partial Withdrawals made (if any)

On survival of the Life Assured till the Maturity Date, subject to Policy being in-force on the Maturity Date, the risk cover shall cease and Fund Value at Maturity plus Loyalty Additions payable at Maturity shall be payable to the Policyholder as the maturity benefit. 

Upon this payment, the policy shall terminate and no further benefits will be payable.

You can also take your fund value at maturity in periodical installments under settlement option. Please refer Settlement Option section below for more details.

“Death Benefit” is payable as a lump sum if life assured dies during the policy term.

Subject to Policy being in force and all due premiums have been paid, the Death Benefit payable to the Policyholder/ Assignee/ Nominee shall be the highest of the following:

(i) Total Sum Assured less partial withdrawals¹ made, if any (as detailed below), where Total Sum Assured is Basic Sum Assured plus any additional Sum Assured in respect of Top-ups; or

(ii) Fund value, or

(iii) 105% of Total Premiums Paid 

For a reduced paid-up Policy, the Death Benefit payable to the Policyholder/ Assignee/ Nominee and shall be the highest of the following:

(i) Paid up Sum Assured plus any additional Sum Assured in respect of Top-ups less partial withdrawals¹ made, if any (as detailed below); or

(ii) Fund value; or

(iii) 105% of Total Premiums Paid

¹ The partial withdrawals to be deducted from the Total Sum Assured shall be all partial withdrawals (except from the top-up fund value) made during the two-year period immediately preceding the date of death.

Upon this payment, the policy shall terminate and no further benefit shall be payable.

On survival of the Life Assured till the Maturity Date, subject to Policy being in-force on the Maturity Date, the risk cover shall cease and Maturity Benefit shall be payable to the Policyholder. 

The maturity benefit will be calculated as higher of (Fund Value at Maturity plus Loyalty Additions payable at Maturity, Assured Benefit) where Assured Benefit is the Total Premiums Paid less Total Partial Withdrawals made (if any).

Upon this payment, the policy shall terminate and no further benefits will be payable.

You can also take your fund value at maturity in periodical instalments under settlement option. Please refer Settlement Option section below for more details.

“Death Benefit” is payable as a lump sum if life assured dies during the policy term.

Subject to Policy being in force and all due premiums have been paid, the Death Benefit payable to the Policyholder/ Assignee/ Nominee shall be the highest of the following:

(i) Total Sum Assured less partial withdrawals¹ made, if any (as detailed below), where Total Sum Assured is Sum Assured applicable in the year of death plus any additional Sum Assured in respect of Top-ups; or

(ii) Fund value, or

(iii) 105% of total Premiums paid 

¹ The partial withdrawals to be deducted from the Total Sum Assured shall be all partial withdrawals (except from the top-up fund value) made during the two-year period immediately preceding the date of death.

Upon this payment, the policy shall terminate and no further benefit shall be payable.

For a reduced paid-up Policy, the Death Benefit payable to the Policyholder/ Assignee/ Nominee and shall be the highest of the following:

(i) Paid up Sum Assured plus any additional Sum Assured in respect of Top-ups less partial withdrawals¹ made, if any (as detailed below); or

(ii) Fund value; or

(iii) 105% of Total Premiums Paid

On survival of the Life Assured till the Maturity Date, subject to Policy being in-force on the Maturity Date, the risk cover shall cease and Fund Value at Maturity plus Loyalty Additions payable at Maturity shall be payable to the Policyholder, as the maturity benefit. 

Upon this payment, the policy shall terminate and no further benefits will be payable.

You can also take your fund value at maturity in periodical instalments under settlement option. Please refer Settlement Option section below for more details.

“Death Benefit” is payable as a lump sum if life assured dies during the policy term.

Subject to Policy being in force and all due premiums have been paid, the Death Benefit payable to the Policyholder/ Assignee/ Nominee shall be the highest of the following:

(i) Total Sum Assured less partial withdrawals¹ made, if any (as detailed below), where Total Sum Assured is Sum Assured applicable in the year of death plus any additional Sum Assured in respect of Top-ups; or

(ii) Fund value, or

(iii) 105% of total Premiums paid 

For a reduced paid-up Policy, the Death Benefit payable to the Policyholder/ Assignee/ Nominee and shall be the highest of the following:

(i) Paid up Sum Assured plus any additional Sum Assured in respect of Top-ups less partial withdrawals¹ made, if any (as detailed below); or

(ii) Fund value; or

(iii) 105% of Total Premiums Paid

¹ The partial withdrawals to be deducted from the Total Sum Assured shall be all partial withdrawals (except from the top-up fund value) made during the two-year period immediately preceding the date of death.

Upon this payment, the policy shall terminate and no further benefit shall be payable.

On survival of the Life Assured till the Maturity Date, subject to Policy being in-force on the Maturity Date, the risk cover shall cease and Maturity Benefit shall be payable to the Policyholder. 

The maturity benefit will be calculated as higher of (Fund Value at Maturity plus Loyalty Additions payable at Maturity, Assured Benefit), where Assured Benefit is equal to Total Premiums Paid less Total Partial Withdrawals made (if any). 

Upon this payment, the policy shall terminate and no further benefits will be payable.

You can also take your fund value at maturity in periodical installments under settlement option. Please refer Settlement Option section below for more details.