HDFC Life · Savings · Guaranteed Income
Smart Income Plan
A participating savings plan that pays a Guaranteed Income Benefit (10% of sum assured annually) for a long stretch of later years, with an option to also collect bonus income along the way.
Product data last fetched 26 August 2026. Features, premiums and availability may change — verify against the official brochure/policy wording before deciding.
The truth card
PurposeSavings — Traditional
CategoryGuaranteed Income
InsurerHDFC Life
Life CoverNot available in the current product data
PremiumNot available in the current product data
Policy TermNot available in the current product data
Premium-Paying TermNot available in the current product data
GuaranteeNot available in the current product data
Market ExposureNot applicable — non-linked
LiquidityNot available in the current product data
Lock-inNot available in the current product data
ChargesNot available in the current product data
Maturity BenefitNot available in the current product data
Death BenefitNot available in the current product data
SurrenderNot available in the current product data
Paid-upNot available in the current product data
Tax NotesDepends on policy structure, premium amount, issue date and applicable tax law — see our tax notes
XIRRNot available in the current product data
What this product is
A participating savings plan that pays a Guaranteed Income Benefit (10% of sum assured annually) for a long stretch of later years, with an option to also collect bonus income along the way.
You might need this if…
- You might need this if you're planning a long-horizon income stream for retirement or a child's later-life needs, not just a one-time payout.
- Useful if you like a guaranteed base income but also want a chance at bonus-linked extra income (via the Enhanced Income option).
- Good for those comfortable committing to a fairly long policy term — terms run 19 to 37 years, tied to a 6-12 year pay period.
- Fits people who want life cover throughout, not just during the paying years.
How it actually works
- Pick a Premium Payment Term of 6, 8, 10, or 12 years, which fixes the policy term (19/25/31/37 years) and income payout period (12/16/20/24 years).
- Minimum premium: ₹30,000/year (₹3,000/month).
- Death benefit = higher of (10x or 7x annualised premium) or 105% of total premiums paid, plus accrued bonuses.
- Guaranteed Income Benefit (GIB) = 10% of Basic Sum Assured, paid annually once the pay period ends, for the full income payout period.
- Choose Option 1 (Enhanced Maturity) — GIB only, bonus saved up for a bigger maturity lump sum — or Option 2 (Enhanced Income) — GIB plus an annual bonus (SRIB) paid out each year.
- Two optional riders: Accidental Disability Income Benefit and Protect Plus.
Worked example
Rahul, age 30, pays ₹1,00,000/year for 6 years on a 19-year policy (Enhanced Maturity option). Basic Sum Assured: ₹3,82,984. He gets ₹38,298/year as GIB for 11 years, then at maturity a lump sum of ₹2,82,068 (at 4% assumed return) to ₹7,90,862 (at 8%) on top of the final GIB installment. Death cover throughout: ₹10,00,000.
The tiers
| Annual Premium | PPT 6-yr Discount | PPT 12-yr Discount |
|---|
| ₹96,000-₹1,43,999 | - | 4.25% |
| ₹1,44,000-₹1,91,999 | 0.50% | 5.00% |
| ₹1,92,000+ | 1.00% | 5.25% |
Worth knowing before you decide
- Bonuses (Simple Reversionary Bonus/SRIB, Terminal Bonus) are not guaranteed — illustrated only at 4% and 8% assumed rates, not promised returns.
- Guaranteed Income Benefit itself is fixed and guaranteed, but the bonus layered on top is variable.
- Suicide within 12 months of start/revival limits payout to 80% of premiums paid or surrender value.
- The long policy terms (up to 37 years) mean surrender in the early years locks in low guaranteed surrender value factors.
Official source
⌟ Official product brochure
Learn about this category
Read the full traditional life insurance explainer → · See all traditional savings products →