HDFC Life today announced the launch of 'Smart Woman', unit linked life insurance product for women to help meet her financial goals and to provide for women specific risk protection features that secures her future.
Commenting on the launch Sanjay Tripathy, Executive Vice President and Head, Marketing and Direct Channels, HDFC Life said, "The contribution of women to economic activity in India has seen a significant rise over the last decade. Financially independent woman who actively manage their financial goals is a mega trend of this decade." "Our Smart Woman plan is designed for such women. It gives women a unique platform to save to meet her financial goals apart from offering specific benefits to take care of her critical life stage needs - motherhood, diseases that women are prone to certain ages (like cancer) or loss of spouse. The product is designed to tide over such exigencies in a planned way. It is a pioneering product in our industry that takes our segment-based strategy further," he said. Key Features of the Policy > Waiver and funding of premiums> Additional periodic cash payouts under Premier & Elite option
> Enhanced allocation rates from 11th year onwards
> Life cover up to 40 times the annual premium
> Convenient policy term of 10 & 15 years
> Waiver of charges on withdrawals & switches Smart Woman Plan is available under three benefit options – Classic, Premier and Elite.
| Event Groups | |||
| Benefit Option | Pregnancy Complications of Birth of child with congenital disorder | Diagnosis of malignant cancer of female organs | Death of Spouse |
| Classic | Premium Waiver Benefit : Waiver and funding of 100% of next 3 years' premiums | Premium Waiver Benefit : Waiver and funding of 100% of next 3 years' premiums | Not Covered |
| Premier | Premium Waiver Benefit : Waiver and funding of 100% of next 3 year's premiums + Periodic cash payouts of 100% of next 3 years' premiums on the respective due dates | Premium Waiver Benefit : Waiver and funding of 100% of next 3 years' premiums + Periodic cash payouts of 100% of next 3 years' premiums on the respective due dates | Not Covered |
| Elite | Premium Waiver Benefit : Waiver and funding of 100% of next 3 years' premiums + Periodic cash payouts of 100% of next 3 years' premiums on the respective due dates | Premium Waiver Benefit : Waiver and funding of 100% of next 3 years' premiums + Periodic cash payouts of 100% of next 3 years' premiums on the respective due dates | Premium Waiver Benefit : Waiver and funding of 100% of next 3 year's premiums |
"We have provided a waiver benefit for the period of three years because generaly it takes about a two-three years time to deal with unfortunate situations/events. This waiver benefit will help the insured to focus on her problem without worrying about the policy and her financial goals," Sanjay Tiwari Vice President- Strategy and Product, HDFC Life said in a press conference.
Further, the plan provides insurance cover only for diagnosis of malignant cancer of female organs. "If all the organs were covered then there would have been an health rider attached to this policy, this is not a health product, its main focus is investment and insurance," Tiwari elaborated. Other features of Smart Woman Plan: Maturity Benefit: Fund value is given at the then prevailing unit price. Death Benefit: The nominee will receive the greater of the following: Sum Assured less all withdrawals made during the two year period immediately preceding the death or the total fund value or 105% of the premiums paid. The policy will terminate thereafter and no more benefits will be payable Special Benefits Enhanced Allocation Rate of 102.5% per annum from 11th policy year Waiver of charges on withdrawal/Switch during motherhood. 12 partial withdrawals or switches will be waived, within one year from date of childbirth. Tax Benefits Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act,1961, subject to the provisions contained therein. Under Section 10 (10D), the benefits received from this policy are exempt from tax, subject to the provisions contained therein.
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