HDFC Life · ULIP · Wealth / investment-oriented ULIP
Smart Protect Plus
A ULIP with four cover structures - level or decreasing cover, each with an optional capital guarantee - so you can dial in how much of your death benefit stays fixed versus how much you want a guaranteed minimum maturity payout.
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 — Linked (ULIP)
CategoryWealth / investment-oriented ULIP
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 ExposureYes — fund-value linked
LiquidityNot available in the current product data
Lock-in5 years (statutory minimum for ULIPs)
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 ULIP with four cover structures - level or decreasing cover, each with an optional capital guarantee - so you can dial in how much of your death benefit stays fixed versus how much you want a guaranteed minimum maturity payout.
You might need this if…
- You might need this if you want life cover to stay constant through the term (Level Cover) rather than reducing over time.
- You might need this if you'd rather your cover taper off after an initial period (Decreasing Cover), for example once big loans are paid down, in exchange for potentially lower charges.
- You might need this if market-linked ULIP returns feel too uncertain - the Capital Guarantee variants promise a minimum maturity benefit equal to premiums paid, regardless of fund performance.
- You might need this if you want a very long-term policy that can run all the way to age 99.
How it actually works
- Life Assured entry age 0-60 (30 days minimum); policy term up to 25-99 years; premium term is Limited Pay (5-20 years) or Regular Pay.
- 10 non-guarantee funds and 2 dedicated guarantee funds (Capital Growth, Capital Secure) are available, plus a 0.50% p.a. guarantee charge on the guaranteed options.
- Death benefit is the highest of the sum assured (minus withdrawals), fund value, or 105% of total premiums paid.
- Maturity benefit for non-guarantee options is fund value plus loyalty additions; for guarantee options it's the higher of that or the guaranteed maturity benefit (total premiums paid minus withdrawals).
- Wealth Boosters include a return of 2-3x mortality charges from year 11, a return of premium allocation charges, and a maturity booster of 1-2x annualised premium.
Worked example
Mr. Kumar, age 30, buys ₹1 crore Level Cover with a 40-year term and 10-year premium payment of ₹1 lakh/year. Projected maturity value is ₹36.17 lakh at an assumed 4% return, or ₹1.13 crore at an assumed 8% return; if he dies during the term, his nominee gets the highest of the ₹1 crore sum assured, fund value, or 105% of premiums paid.
The tiers
| Option | Cover type | Capital guarantee |
|---|
| A | Level Cover | No |
| B | Level Cover | Yes |
| C | Decreasing Cover | No |
| D | Decreasing Cover | Yes |
Worth knowing before you decide
- 5-year mandatory lock-in with no surrender or withdrawal allowed during that period.
- The capital guarantee only protects premiums paid at maturity, not the death benefit or an early exit value.
- Illustrated 4%/8% returns are not guaranteed for the non-guarantee fund options.
Official source
⌟ Official product brochure
Learn about this category
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