### HDFC LIFE Sampoorna Samroodhi Plan

POSTED BY ON November 27, 2012 1:15 pm COMMENTS (5)

Hi, I am 25 years old.

I had purchased a HDFC LIFE Sampoorna Samroodhi Plan in December 2011 with a yearly premium of Rs : 25000 and SA: 135000,for term of seven years.

If  the policy will provide me good returns , then I have no problem in paying 25k, but I have seen that 5% is max returns and ,SO should I continue with this policy or , just consider those 25 k as lost.

This policy has 3% assured returns, so in worst case , at end of 7 years, I will not even recovere my paid premiums.

So please suggest ASAP, as payment date is 19 Dec.

Also If I should continue this policy, shall make it to Monthly/Quarterly mode or yearly mode is better?

Thank You.

1. Pushkar Sapre says:

@Ramesh :

Yes, If I cancel the policy after three years then, I will only get some % of amount of 2 and 3 rd year premium.

But the question is like , if I paid all seven premiums i.e 1.75 L then how much I will get as returns?

Also , how its beneficial to lose 25 K I had paid last year?

1. Ramesh says:

Calculate the approx. long term debt returns, which in current scenario come out to be 7-8%. Decrease it by 1-2% because of the charges. Apply that in the calculators and that is the approx. amount you will get in this policy.

On the other hand, put the rest of the policies into an pure investment fund and your returns will surely surpass the above values, even if you opt for a pure debt fund.

Do some calculations on your own.

To get the first premium of 25k back, putting 150k more is not a very brilliant idea, I would say. cut the losses, and march ahead. Learn from the mistake and atleast do not repeat it in future.

2. Pushkar Sapre says:

If I continued it then how much return do you expect on this policy over 7 years, cause its difficult to lose 25k ?

How how should I explain it to my parents? like loosing 25 k will be beneficial?

If I just keep these 25 k in Fd’s then I will get approx 45k after 7 years at 9%.

So, pls give ur view on amount of returns, will I be able to recover my paid premium?

Also if I contact IRDA regarding cancellation of policy, are their any chance of getting refund? Cause I had also applied for its cancellation to HDFC, but they denied it.

1. Ramesh says:

If you will really go through the details, the first year’s premium is anyways gone mathematically. You will never receive it anytime during the policy term. And your other premia will be used to give you the “actual return”, whatever that will be.

Hope this makes sense to you.

3. Its just a plain Endowment Plan , the crapiest of all kind of products especially for a young guy like you 🙂 . So instead of short term pleasure (keeping the policy) , better choose whats better for future .

If I were you, I would have Dumped it .

Manish

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