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Transcript of Super Pension
8/8/2019 Super Pension
http://slidepdf.com/reader/full/super-pension 1/18
HDFC Standard Life
Insurance Company
Limited
Pension Super UPA
Superlow
charges
No
Medicals
VestingBenefits
DeathBenefits
SuperBumper
Addition
8/8/2019 Super Pension
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HDFC Standard Life
Insurance Company
Limited
Product Features
Benefits
Sum Assured and Premium
Ot ers Features
C ar es
8/8/2019 Super Pension
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HDFC Standard Life
Insurance Company
Limited
Product Features
1) Hi Allocation rate
2) No Medicals3) Facility AAO and STO
4) No surrender c ar es if t e policy issurrendered after t e 5t policy anniversary.
5) Tax Benefit Section 80(CCC) of IncomeTax Act, 1961
6) Backdatin is not allo ed
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HDFC Standard Life
Insurance Company
Limited
Benefits
Vestin Benefit
Deat Benefit
Surrender Benefit
8/8/2019 Super Pension
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HDFC Standard Life
Insurance Company
Limited
Vestin Benefit
On vesting, the unitised fund value plus Bumper
Additions will be provided for purchasing annuities.
µBumper Addition¶ will be payable, if all the regular premiums, at a level equal to or greater than the
original annualised premium chosen at inception, have
been paid when due during atleast the original policy
term. If the term has been reduced, the policy holder
will not be eligible for Bumper Addition.
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HDFC Standard Life
Insurance Company
Limited
On death, the benefit payable will be Sum Assured plus Unit
Fund Value.
Please note no Bumper Additions are payable on death.
Deat Benefit
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HDFC Standard Life
Insurance Company
Limited
Surrender Benefit
The policyholder can surrender the policy. The
amount payable will be the unitised fund value
after applying Surrender Charges, if any.In surrender, status of the policy will change to
µSU - Surrender¶ status. On surrender, the units
available in the funds will be de-allocated and the
net fund value after deducting the surrender
charges will move to Surrender Suspense (LP
PS). Surrender amount would be held with us and
will be paid only on the completion of third policyanniversary. This will be a system control.
Controlling payout of the surrendered amount
shall be done through a MIS report.
8/8/2019 Super Pension
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HDFC Standard Life
Insurance Company
Limited
Sum Assured and Premium
Frequency Amount Applicable
Annual Rs. 15000.00 Per Annum
Half Yearly Rs. 8000.00 Per Half Yearly
Monthly Rs. 2000.00 Per Month
Minimum Premium: T e validation for minimum
annual premium, alf yearly premium and mont ly premium is setup in t e system.
Maximum Premium: T ere s all be no limit on t e
maximum premium/s applicable for UAP
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HDFC Standard Life
Insurance Company
Limited
Premium paid during year (Rs.) / Premium
frequency
Normal & ECS Allocation Rate
Yearly & Half Yearly Monthly
Regular Premiums ± Year 1
15,000 to 1,99,999 85.00% 80.00%
2,00,000 to 4,99,999 87.50% 82.50%
5,00,000 to 19,99,999 90.00% 85.00%20,00,000+ 92.00% 87.00%
Regular Premiums ± Year 2
15,000 to 1,99,999 90.00% 85.00%
2,00,000 to 4,99,999 90.00% 85.00%
5,00,000 to 19,99,999 90.00% 85.00%
20,00,000+ 94.00% 89.00%
Regular Premiums ± Year 3
15,000 to 1,99,999 95.00% 95.00%
2,00,000 to 4,99,999 95.00% 95.00%
5,00,000 to 19,99,999 95.00% 95.00%
20,00,000+ 96.00% 96.00%
Regular Premiums ± Year 4+ 97.00% 97.00%
Single Premium Top-Up(s) ± Year 1 & 2 97.50% 97.50%
Single Premium Top-Up(s) ± Year 3+ 98.00% 98.00%
Premium Allocation Rates
Premium Allocation Rates
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HDFC Standard Life
Insurance Company
Limited
Minimum Sum Assured
The minimum Sum Assured applicable for UAP
is Rs. 1000.00.The Sum Assured field shall be
auto-populated. At any point of time in future,
this field cannot be made editable.
Maximum Sum Assured
The maximum Sum Assured applicable for UAP is Rs. 1000.00.The Sum Assured field
shall be auto-populated. At any point of time in
future, this field cannot be made editable.
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HDFC Standard Life
Insurance Company
Limited
Code Description
LQ2P Liquid Fund II
T2P t l n d Fund II
C2P cur n d Fund II
D 2P D f nsiv n d Fund II
B 2P B l nc d n d Fund II
E 2P Equity n d Fund II
GT2P Growth Fund II
Fund Choices
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HDFC Standard Life
Insurance Company
Limited
Premium redirection/Fund switch/STO Requests
Between the Inception date and the First Policy Anniversary date,
System should not allow a Fund switch/Premium Redirection/STO
registration request.
Ot ers Features
Lapsation
If the premiums are not paid within the first 3 policy years and
before the expiry of the grace period, the policy should be lapsed.Operations user shall manually lapse the policy. Once the policy
has been lapsed, the fund value less Discontinuance Charges will
be held in suspense (LP L) and the policy status shall be LU (UL
Lapse). All other functionality of Lapse processing shall be taken in
the subsequent phase of development.
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HDFC Standard Life
Insurance Company
Limited
Cancellation in Free look Period
1.During the cancellation of the policy in the free-
look period, Life Asia shall refund the below
mentioned amount
unallocated part of the premium
plus charges levied by cancellation of unitsplus fund value at the date of receipt of request for
cancellation in the free-look period (subject to cut-off times)
less Stamp Duty
less Medical expenses incurred due to underwriting (not
applicable to this product)
less Mortality Charges for the period under cover (not
applicable to this product)
Life Asia will have a validation that the minimum value for refund will be zero (0). To process this cancellation in free-look
period, the menu currently used for cancelling all the unit-linked
policies in the free-look period will continue to be used.
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HDFC Standard Life
Insurance Company
Limited
Loyalty Units
System shall not process loyalty units.
Partial Withdrawal
System shall not allow partial withdrawal. This validation is set in
T5687 & T6598
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HDFC Standard Life
Insurance Company
Limited
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HDFC Standard Life
Insurance Company
Limited
C ar es
Policy Administration Charge
A Policy Administration Charge of Rs. 50 per month will be deducted by cancellation of units on
each monthly charge date. This charge will be
increased by 5% on each policy anniversary
Charges Maximum Cap
Fund Management Charge As specified by IRDA.
Policy AdministrationCharge
Policy Administration Charge is guaranteed for the policyterm.
Switching Charge Rs. 500 per switch.
Premium RedirectionCharge
Rs. 500 per request.
Revival Charge Rs. 500 per request.
Additional ServicingCharge
Rs. 500 per request.
Outstation ChequesCharge Rs. 500 per instrument
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HDFC Standard Life
Insurance Company
Limited
No. of Original Annualised Regular
Premiums not paid in the first 5
years
Surrender Charge
4 95% of Fund Value
3 50% of Fund Value
2 30% of Fund Value
1 15% of Fund Value
0 NIL
Surrender Charge
The Surrender Charge will become applicable if the policy is
surrendered by the Policyholder or automatically surrendered at any
time, before the expiry date. Before the payment of the premium due
on the 1st policy anniversary, the Surrender charge is 100% of the
Fund Value. Thereafter the Surrender Charge applicable is shown inthe table below.
Surrender Charge after the payment of the premium due on the 1st
policy anniversary
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HDFC Standard Life
Insurance Company
Limited
Thank You