All you need to know before investing in HDFC SL Crest

A life insurance plan secures the financial interests of your family from all sorts of unfortunate and unexpected events in the future. But a life insurance plan offers the sum assured only in case of the insured event, that is your death. That is why many people these days prefer investment plans over life insurance policies. Keeping this in mind, HDFC life has introduced a plan that offers the twin benefit of insurance and investment.

HDFC SL Crest is an investment plan that provides financial protection to your family while giving you the opportunity to create wealth. Here we will discuss the policy details of this HDFC Investment Plan.

Eligibility Criteria of HDFC SL Crest

The following table shows the eligibility details of this HDFC investment plan:

 

Premium and Cover of HDFC SL Crest

This HDFC investment plan allows you to choose the level of cover you want and the premium amount you want to invest. The limits are shown in the following table:

 

 

Features of HDFC SL Crest

·         There is no limit on the amount you want to invest.

·         No medical test report is required. You only have to fill up a medical questionnaire while applying for the plan.

·         If you are an HDFC Bank Credit Card holder, you can avail the EMI facility.

·         You can decide the amount of the sum assured.

·         In case of your untimely death, your nominee will receive either the higher of sum assured or the minimum death benefit of the total fund value (whichever is higher).

·         You can withdraw or surrender your policy after 5 years from the commencement of the plan.

·         Free asset allocation facility is available.

·         You can buy this plan online.

 

Free Asset Allocation

Unit Linked products are risky as they solely depend on the performance of the market. But this HDFC investment plan allows you to allocate your assets based on your own investment strategy. Besides, you can switch and direct your funds as well. The four (non- guaranteed) funds that this HDFC investment plan provides for asset allocation are as follows:

 

 

Advantages of HDFC SL Crest

Following are the advantages of investing in this HDFC investment plan:

·         Pay your premiums just for 5 years and enjoy the benefits of the plan for 10 years.

·         You can pay your premiums through any of the following modes: cheques, internet banking, credit cards, and auto debit facility.

·         You can enjoy tax benefits under section 80C and 10(10D) of the Income Tax Act.

 

Benefits of HDFC SL Crest

This HDFC investment plan offers a number of benefits to the policyholder. The key benefits of the plan are as follows:

Death Benefit

In Case of your unfortunate death before the completion of the term, your nominee will receive the death benefit which is at least 105% of the annual premiums you had paid.

 

Maturity Benefit

Your policy matures after the completion of the policy term. On maturity you will receive the fund value. You are allowed to receive the payouts in periodic installments.

 

Partial Withdrawals

You are allowed to partially withdraw your funds after your policy completes 5 years. The maximum withdrawals you can make through the policy term allowed is 300% of the regular premiums.

 

On Surrender

You are allowed to surrender your policy after the completion of 5 years. I return you will immediately receive the total fund value as the surrender benefit. However, you can also surrender your policy before the completion of 5 years but you will not receive the surrender value in that case.

 

Discontinuance and revival

The plan offers a grace period of thirty days. In case you fail to pay your premiums on the due date, you will have to pay within the grace period to prevent your policy from getting lapsed. In case your policy lapses or it is discontinued due to some reason, you are allowed to revive your discontinued policy any time you want by paying all due premiums and the discontinuance charges.

 

Conclusion

As discussed above HDFC SL Crest offers a number of benefits to the investors. If you want to know more about this HDFC investment plan, you can visit the homepage of HDFC Life. However, in our opinion, if you have a moderate to high risk appetite, and want a short term plan that offers both market-linked returns as well as life coverage, this plan is suitable for you.