HDFC Life Saral Jeevan

We understand your financial needs and have designed insurance cum savings plan that will help you prepare for them - whether it is to provide financial security to your family when you are not around or provide financial support for achieving your dreams and goals.

Saral Jeevan is a non-linked, non-participating plan that provides Guaranteed1 Death Benefit during the term of the policy and Guaranteed1 Sum Assured on Maturity at the end of the policy term. Depending on the variant chosen by the policyholder at the inception of the contract, namely, Lump sum or Income variant, the Guaranteed1 Sum Assured on maturity can be taken in lump sum or as a regular income.

• If you want to start saving regularly with a small amount and want to get guaranteed1 returns to fulfill your short term goals, along with the benefit of life insurance cover, then this plan is suitable for you.
• Life insurance cover during full policy term
• Choice to take Maturity benefit in Lump Sum or as regular income
• Guaranteed Returns1

A. Death Benefit.

Sum Assured on Death defined is higher of:

· X times the annualized premiums*; or

· 105% of the Total Premiums Paid till the date of death; or

* The multiple of ‘X’ times is defined as follows:

X = 10 Where age at entry is less than 45 years

X = 7 Where age at entry is 45 years or more

Annualized Premium shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

The applicable taxes, if any, will be collected from the policyholder separately as over and above such premium.

B. Maturity Benefit

This plan offers you the freedom to choose the variant and you can receive guaranteed income or guaranteed maturity, as per your financial needs. This variant can only be chosen at policy inception and cannot be modified thereafter. There are two variants under this plan;

Variant 1 – Lump Sum Variant Under this variant, you pay for the premium payment term chosen and you receive a lump sum as Guaranteed1 Sum Assured on Maturity at the end of the policy term chosen to fulfill your needs.

Guaranteed Sum Assured on Maturity is the Basic Sum Assured under this product. The premium payment term and policy term combinations available under this Variant are given below:

Step 1: 

• Choose the variant as per your need.
  
• Choose the Guaranteed1 Sum Assured on Maturity for Lump sum Variant or Guaranteed Income for Income Variant.
  
• Choose the Premium payment term and the policy term. 
  
• Your premium will vary as per the variant, the premium payment term, policy term chosen above and your age at entry.
  

Alternatively, you can also choose premium you wish to pay and accordingly Guaranteed1 Sum Assured on Maturity/Guaranteed Income as per variant chosen can be calculated. The above mentioned parameters need to be chosen at the outset and cannot be modified.

Step 2:

You will start paying premiums as per the premium payment term chosen till the end of premium payment term.

Benefits Payable

In case of death of the life assured within policy term, the Sum Assured on death will be paid as death Benet to the nominee. ·

You will receive Guaranteed¹ Income payouts during Income Payout Term /Guaranteed1 Sum Assured on Maturity at end of policy term, as per the variant chosen by you.

• Grace Period: Grace Period means the time from the due date for the payment of premium, without any penalty or late fee, during which time the policy is considered to be in-force with the risk cover without any interruption, as per the terms and conditions of the policy. The grace period for payment of premium shall be fifteen (15) days, where the policyholder pays the premium on a monthly basis; and 30 days in all other cases.
  
  
• Lapsation: If premiums are not paid for at least 2 consecutive years, the policy will lapse at the end of grace period and all benefits will cease immediately.
  
  
• Reduced Paid up: If at least 2 full years’ premiums have been paid and further premiums are unpaid and the policy is not surrendered, the policy will acquire the status of reduced paid up on the date of expiry of grace period until the policy is revived for full benefits.
  
  The benefits payable for a policy acquiring reduced paid-up status are reduced benefits and are as per the formula mentioned below: In case of death of Policyholder during Policy Term, Reduced Paid-Up Death Benefit:
  
  Reduced Paid-up Death benefit = (Number of premiums paid /Total number of premiums payable)* Sum Assured on Death
  
  However, in case of death of Policyholder during Income Payout Term, Reduced Paid-up Guaranteed Income will continue to be paid to the Eligible Person as per the below formula and no Death Benet will apply:
  
  Reduced Paid-up Guaranteed Income = (Number of premiums paid /Total number of premiums payable)* Guaranteed Income
  ​​​​​​​
• Lump sum Variant:
  
  Reduced Paid-Up Guaranteed Sum Assured on Maturity
  On survival of the life assured to the maturity and if the policy is not surrendered, following benefits are payable on policy maturity date.
  
  Reduced Paid-up Guaranteed Sum Assured on Maturity = (Number of premiums paid /Total number of premiums payable)* Guaranteed Sum Assured on Maturity
  
  
• Income Variant:
  
  Reduced Paid-Up Guaranteed Income
  On survival of the life assured to the maturity and if the policy is not surrendered, following benefits are payable on policy maturity date.
  
  Reduced Paid-up Guar anteed Income = (Number of premiums paid/ Total number of premiums payable)*Guaranteed Income
  
  
• Revival: Policy can be revived during the policy term but within a period of five years from the date of rest unpaid premium by submitting the proof of continued insurability to the satisfaction of the board approved underwriting policy and making the payment of all due premiums together with payment of late fees calculated at such interest rate as may be prevailing at the time of the payment.
  
  The interest rate is set as per the formula below and is subject to IRDAI’s approval. Bank rate fixed by RBI as on 1st April + 2.5%, rounded up to a multiple of 50 basis points.
  
  If needed, the company may refer it to its medical examiner in deciding on revival of lapsed policy.
  
  
• Surrender: In order to honour unexpected commitments or needs, a Surrender option is available. This policy can be surrendered if at least 2 full years’ premiums are paid. The surrender benefits are payable immediately on surrender. All benefits under the policy shall automatically terminate upon payment of surrender benefit.
  
  
• Guaranteed Surrender Value (GSV): If at least 2 full years’ Premiums have been paid, the Policy acquires a Guaranteed Surrender Value.
  
  
• Special Surrender Value (SSV): If at least 2 full years’ Premiums have been paid, the policy will acquire a Special Surrender Value. SSV will be declared by Company from time to time subject to prior approval of IRDAI and is not guaranteed. All benefits under the policy shall automatically terminate upon payment of Surrender Value.
  
  
• Policy Loan: At any time if at least 2 full years’ premiums have been paid, and if any surrender value is available under the policy, policyholder may obtain a loan on the sole security of the policy and on its proper assignment to the Company. The maximum loan amount that will be advanced at any one time or more than one time shall not exceed 80% of the available surrender value at that point of time and provided that the amount of the loan is not less than 1,000.
  
  The interest rate charged shall be determined by the Company from time to time. The loan interest rate is set as per Bank rate fixed by Reserve Bank of India (RBI) as on 1st April + 3% rounded up to a multiple of 50 basis points.
  
  
• Death Benefit for Minor Life Assured: If Age of the Life Assured is greater than or equal to 12 years, the risk will commence immediately from the Risk Commencement Date. If the Age of Life Assured is less than 12 years, the risk will commence under the Policy (that is full death benefit will become payable on death of Life Assured) on the last day of second Policy Year. If the Age of Life Assured is less than 12 years and if the Life Assured dies before the last day of the second Policy Year, the Death Benet shall be restricted to refund of Premiums without interest.
  
  
• Vesting for Minor Life Assured: If the Policy is issued on the life of a minor and if Auto vesting is chosen at inception of Policy, the Policy will vest on him/her on his/her attainment of Age of majority and on such vesting; the Company will recognize him/her to be the holder of the Policy.
  
  
• Free Look Period: You have a period of 15 days (30 days if the Policy is sourced through Distance Marketing.
  
  
• Suicide Exclusion: In case of death of the Life Assured due to suicide within 12 months from the Date of Commencement of Risk under the Policy or from the date of Revival of the Policy, as applicable, the Eligible Person shall be entitled to at least 80% of the Total Premiums Paid till the date of death or Surrender Value available as on the date of death whichever is higher, provided the policy is In Force.
  
  
• Riders: There are no Riders allowed under this plan.
  
  
• Mode of Premium Payment: You may choose to pay your premiums annually, half-yearly or monthly. Following factors are applied to premium for the premium paying modes available:
  
  

  Mode of premium	Multiplicative Factor
  Monthly	1
  Half-yearly	5.86
  Annual	11.50

  
  
  In case the premium payment mode change is sought from annual to monthly mode, the annual premium shall be divided by Annual modal factor, which is 11.50, to calculate the monthly premium payable from effective policy anniversary date.
  
  In case the premium payment mode change is sought from monthly to annual mode, the monthly premium shall be multiplied by Annual modal factor, which is 11.50, to calculate the Annual premium payable from effective policy anniversary date.
  
  In case the premium payment mode change is sought from annual to half-yearly mode, the annual premium shall be divided by Annual modal factor , that is 11.50, and then multiplied by Half-Yearly modal factor, that is 5.86, to calculate the half-yearly premium payable from effective policy anniversary date.
  
  In case the premium payment mode change is sought from half-yearly to annual mode, the half-yearly premium shall be divided by Half -Yearly modal factor, that is 5.86, and then multiplied by Annual Modal factor, that is 11.50, to calculate the annual premium payable from effective policy anniversary date.
  
  For Monthly mode: 3 Monthly premiums are collected in advance on the date of commencement of the policy

• Saral Jeevan is a Non-Linked Non-Participating Individual Life cum Savings Insurance Plan.
• This product guarantees the Guaranteed Income or Guaranteed Sum Assured on Maturity or Death Benet subject to all premiums being paid as and when due.
• The purpose of this description is to provide a general overview about this policy. The information herein is indicative of the terms, conditions and exceptions contained in the policy terms and conditions Saral Jeevan. Please refer to the policy terms and conditions to understand in detail the associated risks, benefits, etc.
• In the event of any inconsistency / ambiguity between the terms contained herein and the policy terms and conditions, the policy terms and conditions will prevail.