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RESUME APPLICATION PAY PREMIUM

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1 What is the maturity Process? What documents are required for maturity payout?

If a plan is eligible for maturity benefit, then the same is paid to the customer after the policy maturity date. Following documents are required to be submitted by the customer for processing payout:

  1. Mandatory Document- PAN Card copy

  2. Preprinted personalized cancelled cheque /Last 3 month’s bank statement with Policyholder/beneficiary name, Account number and IFSC code clearly visible.

Note:

  • In case of a Children or YoungStar or any other beneficiary plan, submit PAN Card copy and Preprinted personalized cancelled cheque of Beneficiary

  • If Income tax is paid in a foreign country, following documents are required - Valid Tax Residency Certificate (TRC), Form 10F, Tax Declaration for NRI customers.

  • TDS is applicable on payouts as per TDS guidelines.

  • Please note– If you wish to receive the payout in your NRE account, we would require

NRE account bank statements - Refund to NRE account (full or proportionate) will be subject to ratio of premium(s) paid through NRE account. Please submit a Bank Statement or Bank confirmation letter as evidence for premium(s) paid through NRE account. In case of proportionate payout, please provide two NEFT documents (cancelled cheque/Bank statement) i.e. for NRE account and non-NRE account

  • In case of assignment, the maturity benefit will be paid to the Assignee. Hence, submit NEFT details of the Assignee. If otherwise, NOC from the Assignee should be produced.

  • In case of death of Payee, death certificate of the Payee would be required to process the maturity payout.

2 How to submit the documents for maturity process?

Documents can be submitted by following modes:

  1. Submit the scanned copy of your document(s) by clicking on the link https://myaccount.hdfclife.com/my-link?action=MAT_CLAIM or through My Account login https://myaccount.hdfclife.com

  2. Email the scanned copy of your documents to [email protected] or [email protected] (for NRI customers) from your registered email ID

  3. In case visiting branch, please carry carry original and self-attested copies of your Identity proof and preprinted personalised cancelled cheque. Locate us your nearest HDFC Life branch at https://www.hdfclife.com/contact-us/branch-locator

3 Is any intimation letter sent before the maturity of the policy?

Yes, an Intimation letter is sent 365 days prior to the maturity date of the policy. You may also refer the ‘Schedule of Benefits’ section of your policy document to know the maturity date of the policy.

4 Are Beneficiary documents required at the time of maturity?

In Children plans/YoungStar plan, if the Beneficiary is a major as on maturity date, the payout will be made to the Beneficiary. Hence, self-attested documents of the Beneficiary are required

5 What is Enhanced cash/cover option?

This option is available for HDFC Life Sampoorn Samridhi plan

Enhanced Cash Option (default option): The maturity benefit consists of Sum Assured, revisionary bonuses, if any, interim and terminal bonus applicable, plus additional enhanced terminal bonus.

Enhanced Cover Option##: The maturity benefit consists of Sum Assured, revisionary bonus, if any, interim and terminal bonus applicable, and additional Sum Assured payable on the death of the Life Assured up to age 99 years. This option does not have additional enhanced terminal bonus.

##This benefit is allowed only if all the premiums due under the policy have been paid.

6 What is TRC?

TRC stands for Tax Residency Certificate and is required to be submitted by customers residing and paying taxes overseas. It is mandatory for non-residents to produce a TRC issued by the Govt. or revenue/tax authority of the country of residence. This is a must to extend the benefit of Double Taxation Avoidance Agreement that India may have with that country.

7 Is PAN Aadhaar linkage section important?

As per Govt of India mandate, PAN needs to be mandatorily linked with Aadhaar. In case your PAN is not linked with Aadhaar, PAN shall become inoperative under the Income-Tax law resulting in higher tax deduction at source from any payouts due to you. Visit this site to link your PAN and Aadhaar: https://eportal.incometax.gov.in/iec/foservices/#/pre-login/bl-link-aadhaar

8 Can I get maturity payout in NRE account?

Refund to NRE account (full or proportionate) will be subject to ratio of premium(s) paid through NRE account. Please submit a Bank Statement or Bank Confirmation letter as an evidence of premium(s) paid through NRE account. In case of proportionate payout, please provide two NEFT mandates i.e. for NRE account and non-NRE account.

9 When are the Moneyback Payouts given?

For policies purchased before 06/09/2010:

Moneyback payouts will be made at regular 5 year intervals during the policy term.

For policies purchased on/after 06/09/2010:

Moneyback payouts will be made at regular 4 year intervals during the policy term.

*Money Back payout intimation letter is sent 90 days prior to the payout due date.

10 Who will get maturity payout if my policy is assigned? (Assigned policy maturity)

In case of assignment, the maturity benefit will be paid to the Assignee. Hence, submit the NEFT details of the Assignee. If otherwise, NOC from the Assignee should be produced.

11 What is the Maturity Benefit of my policy?

Maturity benefit is a lump-sum amount that the insurance company pays to the Life Assured after the maturity of insurance policy. Maturity benefits will vary for conventional and Unit Linked policies. It also differs from product to product.

  • For policies which offer a bonus: Sum Assured plus the bonus is paid to the insured upon maturity.

  • In addition, some policies offer a loyalty addition, as the name suggests, loyalty addition is the extra amount which you get along with Sum Assured if you stayinvested for the entire policy term.

  • For policies that do not offer a bonus, upon maturity, the Sum Assured or a refund of the premium or no money is receivable by the insured (depending on the type of policy selected).

  • For select policies, the Sum Assured or Fund Value is paid to the insured upon maturity.

Please refer to the ‘Standard Policy Provision’ section in your policy document for Maturity benefits. You may also refer to our website for plan details.

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1 What is annuity?

An Annuity is a contract aimed at generating steady income during retirement, where in lump sum payment is made by an individual to obtain certain amounts immediately or at some point of future. Click here to know more about our annuity plan https://www.hdfclife.com/retirement-and-pension-plans/new-immediate-annuity-plan

2 What is pension plan?

A retirement plan in which customers make contributions in form of premiums and post maturity customer gets regular stream of income in the form of annuity. Click here to know more about our various retirement plans https://www.hdfclife.com/retirement-and-pension-plans

3 What is the annuity process?

As per current regulations, the proceeds from vesting of a pension plan must be paid out in either of the following ways:

  1. You can avail the option of withdrawing up to 1/3rd* of the maturity benefit amount as a tax-free cash lump sum (as per the current tax regulations) and have the rest of the amount converted to annuity; or
  2. You can utilise the entire proceeds to purchase annuity.

For purchasing an annuity plan, please visit any HDFC Life Branch with below mentioned set of documents -

  1. Identity and Address proof (PAN Card required wherever TDS is applicable)

  2. A cancelled cheque copy with printed name of the account holder (original required), account no. and IFSC or a latest Bank Statement or copy of Passbook (where account holder’s name, account number and IFSC are mentioned).

  3. NEFT Account details - Payout via NEFT is mandatory. Please fill your account details in NEFT mandate form.

  4. Valid Tax Residency Certificate (TRC)

  5. Form 10F

  6. Tax Declaration for NRI customers

Locate us at https://www.hdfclife.com/contact-us/branch-locator

* As per the product features and specification, upto 60% amount can be withdrawn in lump sum, balance has to be mandatorily annuitized (version 9)

4 What is annuitization?

Annuitization is the process of converting an annuity fund/investment into a stream of regular income payments. Click here to know more about our annuity plan https://www.hdfclife.com/retirement-and-pension-plans/new-immediate-annuity-plan

5 What are tax implications of annuity?

Annuities do not offer any tax benefit to Policyholders. It is added to income and taxed at the marginal rate of taxation. 

6 Can I increase my annuity amount?

No alterations are allowed once the policy is issued.

7 What happens if interest rates change after I purchase annuity plan?

There is no influence of changing interest rates or market volatility on annuity rate once annuity has been purchased. 

8 Can I change my annuity option?

No, annuity amount mentioned in Illustration at the time of buying is what is guaranteed for life and cannot be changed. You may choose to buy another annuity policy at prevailing rates, if you require additional annuity.

9 Is it mandatory to take an annuity policy after pension plan matures?

Yes, in case the proceeds are received from a Superannuation Scheme or a deferred Pension scheme administered by a Life Insurer, it is mandatory to purchase an annuity policy, as defined in the linked and non-linked regulations published by IRDAI in 2013.

10 Can I withdraw lumpsum amount from pension plan?

Under a superannuation scheme, only 1/3rd* amount can be withdrawn in lumpsum, balance has to be mandatorily annuitized.

* As per the product features and specification, upto 60% amount can be withdrawn in lump sum, balance has to be mandatorily annuitized (version 9)

11 What is Life Certificate?

Life Certificate is a form to prove that customer is alive and is eligible to receive annuity payment. To submit life certificate online, click on the following link https://lifecertificate.hdfclife.com/

OR

You can download 'Annuity Life Certificate form' from ‘FORMS & DOWNLOAD’ tab in quick links and submit duly filled and signed Life Certificate at any HDFC Life branch.

 a. Locate HDFC Life branches at https://www.hdfclife.com/contact-us#BranchLocator

 b. Email a scanned copy of the mentioned documents from your registered email ID at [email protected] / [email protected] (NRI customers only).

12 How to submit the Life Certificate for annuity payouts?

1. Online video verification: Please click here for instant submission

2. Alternatively, you can go to ‘FORMS & DOWNLOAD’ tab in quick links and click on ‘Policy Servicing Request Forms’ section. You can download Annuity Life Certificate.

3. You can submit the duly filled and signed Life certificate form at:

i. Any HDFC Life branch. Locate HDFC Life branches here.

ii. Email us a scanned copy of the Life Certificate form from your registered email ID to [email protected] or [email protected] (for NRI customers).

Note: Apple handset users are requested to submit the Life Certificate using Chrome browser.

13 What is TRC?

TRC stands for Tax Residency Certificate and is required to be submitted by customers residing overseas. It is mandatory for non-resident Indians to produce a TRC issued by the Govt. or revenue/tax authority of the country of residence. This is a must to extend the benefit of Double taxation Avoidance Agreement that India may have with that country.

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1 What does it mean to surrender an insurance policy?

Surrender is a voluntary request made by the policyholder to exit from the policy before it matures. Surrender also means forgoing policy benefits such as risk cover, tax benefits etc and quitting quest to achieve your financial goals and let go of the financial security for your loved ones.

2 How much money will I receive when I surrender my insurance policy?

Your surrender value is computed as per the surrender clause mentioned in your policy terms and conditions. Surrender value depends on various factors like the number of premiums paid, premium amount, type of plan, lock-in period etc.

3 What are the consequences of surrendering an insurance policy?

Insurance polices are made to secure your future and provide long-term financial benefits. It is advisable to stay invested through the whole period of the policy term to maximize the benefits. When a policy is surrendered; certain charges are deducted from your policy and the remaining amount is paid to the policyholder. Also, the policy gets terminated and no terminal benefits such as death or maturity benefits are provided. The policy will be treated as closed and not in-force. Customer is likely to lose tax benefits.

4 Can I surrender my insurance policy anytime?

A policy can be surrendered post completion of the lock in period as per the surrender clauses mentioned in the policy document.

 

1. In case of a ULIP policy, surrender value is payable only after the completion of Lock-In period. However, if a ULIP policy is surrendered before the lock-in period, the unit fund value minus discontinued charges will move to ‘discontinued policy fund’ and this amount will not be payable before completion of the lock-in period. The policy terminates and the discontinued policy fund amount will earn minimum guaranteed interest rates as specified by IRDAI for the remaining period. Post completion of lock in period the discontinued policy fund along with the accrued interest will be paid.

2. If a ULIP policy is surrendered post lock in period, the surrender value will be equal to the fund value (after deduction of charges for surrender and TDS as applicable) on the date of surrender.

5 I have a financial requirement and do not wish to surrender my policy. What are my options?

Instead of surrendering your policy we encourage you to check your eligibility for a partial withdrawal or a loan. Depending on the terms & conditions mentioned in the policy, a partial withdrawal or a loan can be provided to you. This will help you to meet your financial requirements and at the same time continue to stay secured. 

6 How do I surrender my insurance policy?

Surrender of a policy is very critical decision regarding financial future of you and your loved ones hence to surrender the policy, visit the nearest HDFC Life branch. Our branch team will be glad to assist you and help you take informed decision. To locate our nearest branch click here https://branch.hdfclife.com/

7 What are the documents required to surrender an insurance policy?

Below documents are required for surrendering a policy:

1) Copy of self attested KYC documents of Policyholder/ Life Assured/Payer (Valid Proof of Identity and Address).

2) Copy of self -attested PAN card or Declaration in Lieu of PAN (if PAN not available). Please note if the PAN of the customer is not available at the time of the payout, TDS @ 20% will be deducted; else 5% will be deducted, if applicable 

3) For assigned policies, a No Objection Certificate (NOC ) from assignee would be required

4) Policyholder's / Beneficiary’s personalized cancelled cheque with IFSC, account holder's name and account number printed on it. If cancelled cheque is not available then share the front page of Bank passbook or latest bank statement (of last 3 months) with the pre-printed name, account number printed on it.

5) Self-attested copy of first page of Policy Document or Policy Document Waiver form (if policy document is not available, form attached herewith/available at the branch )

6) For HDFC Life Youngster Plan or HDFC Life Children’s Plan, pre-printed cancelled cheque with name of the Beneficiary is required; if the Beneficiary is a major on or before the date of the surrender request. Please note that the PAN /Form 60 (if PAN not available), Declaration in Lieu of PAN (incase of NRI if PAN not available)  and KYC documents shall be required for the beneficiary

8 How can I avail a loan against my policy?

If your policy has attained a Surrender Value, you can avail a policy loan which is a % of the Surrender Value. The policy loan can be taken for regular as well as single premium, Unit Linked & Conventional policies. Please refer to your policy document for details on the terms & conditions for availing a policy loan.

9 What is Partial Withdrawal?

Most Unit Linked plans offer you the option of making lump sum withdrawals anytime during the "In force" and “Paid Up” status of the policy subject to the conditions explained in the policy document. Please refer to your policy document to know about the eligibility & charges levied for partial withdrawal.

10 How can I avail the partial withdrawal facility?

You may avail this facility by submitting the Partial Withdrawal Request Form duly signed along with the Identity proof and Address proof at any HDFC Life branch. NEFT documentation is mandatory. Forms for Partial Withdrawal as well as NEFT documentations are available under the Forms & Downloads section under Policy Servicing. Your request will be processed subject to the product norms and features.

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