Is HDFC Life Super Income Plan good ?
An agent from HDFC Life came to me with this plan. He advised me to go for Option 5, a duration of 24 years- which includes premium to be paid for 12 years, followed by 12 years pay out period. He asked me to invest Rs.1,00,000 per year for 12 years. The sum assured is Rs.10,00,000 to which a 5.5% Simple Reversionary Bonus gets added for 24 years (Around Rs.13.20 lakhs). In addition 1.5% profit bonus gets added for 24 years (Rs.3.60 lakhs). An 80% terminal bonus gets added at the end of 24th year ( Rs. 8 lakhs ). Thus, he made a calculation which showed that the total maturity benefit at the end of 24 years turns out to be Rs.36.80 lakhs, while the invested amount is Rs. 12 lakhs.
The promise looked good but now I am reading some poor reviews about the Plan. I don’t have much knowledge about insurance or investments. Kindly give your valuable opinion about the same.
Looks TOO attractive. But when you sit with a calculator, then the return is less than 5%. Do you feel by investing such long term of 25 years and expecting 5% BEST, when bank FDs offer you more than this product?
Also, the bonus value shared by your adviser is exaggerated. Never believe on anyone. SIMPLY DUMP THIS PRODUCT and say NO 🙂