HDFC SimpliLife: Review

Posted by Admin on 0

HDFC SimpliLife as its name suggests a simple ULIP plan with all the necessary ULIP features.

Because of its simple-ness SimpliLife lacks some bold features like Guaranteed and loyalty additions which many new ULIP plans now a days contains.

Min./Max entry

18/45 years

Min./Max. Term

15/20 years

Min./Max. Annual prm.

20000/100000

Min./Max SA

100000/500000

Maturity benefit: Fund value.

Death Benefit: Sum assured plus the unit value.

Fund and switch options:

From high risk to low risk category, There are total 7 funds available,

One can switch between the funds or can redirect premium into particular fund.

24 free switch are available and Rs. 100 there after per switch.

Partial withdrawal: Allowed after 5 years.

Charges:

Allocation charge:

1st year 20%

2nd year 20%

3rd year 10%

4th + years 2%

Rate of 20% for first 2 years and 10% for 3rd year makes it costly.

Fund management charge: 1.25% of fund value and which is a good part of this plan.

Policy Admin. Charge: Rs. 60 pm.

Mortality charge: Depending on age.

Surrender charge:

No. of year premium paid

Surrender value.

1

5% of fund value

2

15% of fund value

3

40% of fund value

4

95% of fund value

So if you pay premium for at least 5 years there will be no surrender charge.

Surrender value can be withdrawn only after 3 years.

Conclusion:

Considering the fact that this plan does not contain any additional feature apart from normal ULIP features, I would suggest to avoid this and go for ULIP with proven track record.

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