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Did I Make the Right Move? My IDFC Private Upgrade Story

vaibhav111

vaibhav111vaibhav111 is verified member.

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Hey everyone,
Wanted to share my recent experience and get your feedback on whether this made sense or if I could have approached it differently.

Around a year ago I contacted my Wealth RM for an IDFC Private upgrade. She explained that to qualify, I’d need to increase my relationship value with investments.

What Happened​


I ended up investing ₹9 lakh in total:
  • ₹4 lakh in Mutual Funds (withdrew after a month, no P/L)
  • ₹5 lakh + GST in an HDFC Click 2 Achieve Life Policy (pushed by my RM, he even paid the GST for Year 1)

Policy Structure (31 Years)​


Year 1
  • Premium paid: ₹5,22,500 (incl. 4.5% GST) - paid via Infinia received just 5,000 RP
  • Cashback: ₹2,50,000
Year 2
  • Premium paid: ₹5,11,250 (incl. 2.25% GST)
  • Cashback: ₹1,86,946
Year 3 onwards (2026–2054) cause i won't be paying after 2nd year so Paid up till 2026.
  • Annual Survival Benefit: ₹31,157.66 every year

Final Year (2055)

  • Maturity Benefit: ₹10,00,000

👉 Essentially, it’s a 31-year policy: heavy lock-in the first 2 years, then ~31K annually + a 10L maturity at the end.

Payment Strategy (Upcoming)​


I need to pay 2nd year premium before 6th Sept 2025.
Plan: Use AMEX Platinum Card, fees 0.75–0.85% + GST (~₹5,000).
In return, I’d get:

  • ₹10K Taj voucher
  • 40K MR points (redeemable for Amazon Pay or should i use some other cc of mine?

So at least I’d offset part of the cost via CC rewards.

Illustration (Excel-style)​


Total Premiums Paid (First 2 Years):

  • Year 1: ₹5,22,500
  • Year 2: ₹5,11,250
  • Cumulative: ₹10,33,750

Total Survival Benefits (First 2 Years): Aka Cashback
  • Year 1: ₹2,50,000 - already received
  • Year 2: ₹1,86,946 - once i pay for 2nd year 5,12,500 in 7 working day i will get 1,86,946
  • Cumulative: ₹4,36,946

Net Outflow:
₹10,33,750 − ₹4,36,946 = ₹5,96,804

Paid-Up Scenario (if I stop after 2nd year)​


Paid-Up Survival Benefit
= Survival Benefit × (No. of premiums paid ÷ No. of premiums payable)
= ₹1,86,946 × (2 ÷ 12)
= ₹31,157.66 annually


👉 I will receive this from 07/08/2026 to 07/08/2054

Paid-Up Maturity Benefit
= Maturity Benefit × (No. of premiums paid ÷ No. of premiums payable)
= ₹60,00,000 × (2 ÷ 12)
= ₹10,00,000 at the end in 2055


So, even if I stop paying after 2 years, the policy continues with reduced benefits: ~31K per year + 10L in 2055.

Total Policy Payout​

  • Annual payouts (Year 3–31): ~₹13,40,518
  • Maturity in 2055: ₹10,00,000
  • Total: ~₹23,40,518

Things I’m Not Sure About​

  1. Is my understanding of the surrender value and net profit accurate if I pay 2 years and exit in Year 3? (I asked HDFC Life by email they only shared me 31,157.66 amount.)
  2. Did it make sense to lock such large funds just for the IDFC Private upgrade, or should I have taken another route? - If I could go back, honestly, I wouldn’t have taken the upgrade, it doesn’t feel worth it.

What I Missed (Important Lesson)​


One big mistake: I assumed the policy could be cancelled in the 2nd year before paying the second year policy my RM said it can be cancelled, and trusted my RM’s word. didn't double check how stupid of me.
When I tried to cancel last month, HDFC Life told me the 30-day lock-in isn’t valid here and the policy cannot be cancelled after issuance.
So now I have to continue into Year 2 minimum.

👉 Just one missed detail has cost me big.

Would love to hear your perspectives 🙏
 

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vaibhav111 said:
Hey everyone,
Wanted to share my recent experience and get your feedback on whether this made sense or if I could have approached it differently.

Around a year ago I contacted my Wealth RM for an IDFC Private upgrade. She explained that to qualify, I’d need to increase my relationship value with investments.

What Happened​


I ended up investing ₹9 lakh in total:
  • ₹4 lakh in Mutual Funds (withdrew after a month, no P/L)
  • ₹5 lakh + GST in an HDFC Click 2 Achieve Life Policy (pushed by my RM, he even paid the GST for Year 1)

Policy Structure (31 Years)​


Year 1
  • Premium paid: ₹5,22,500 (incl. 4.5% GST) - paid via Infinia received just 5,000 RP
  • Cashback: ₹2,50,000
Year 2
  • Premium paid: ₹5,11,250 (incl. 2.25% GST)
  • Cashback: ₹1,86,946
Year 3 onwards (2026–2054) cause i won't be paying after 2nd year so Paid up till 2026.
  • Annual Survival Benefit: ₹31,157.66 every year

Final Year (2055)

  • Maturity Benefit: ₹10,00,000

👉 Essentially, it’s a 31-year policy: heavy lock-in the first 2 years, then ~31K annually + a 10L maturity at the end.

Payment Strategy (Upcoming)​


I need to pay 2nd year premium before 6th Sept 2025.
Plan: Use AMEX Platinum Card, fees 0.75–0.85% + GST (~₹5,000).
In return, I’d get:

  • ₹10K Taj voucher
  • 40K MR points (redeemable for Amazon Pay or should i use some other cc of mine?

So at least I’d offset part of the cost via CC rewards.

Illustration (Excel-style)​


Total Premiums Paid (First 2 Years):

  • Year 1: ₹5,22,500
  • Year 2: ₹5,11,250
  • Cumulative: ₹10,33,750

Total Survival Benefits (First 2 Years): Aka Cashback
  • Year 1: ₹2,50,000 - already received
  • Year 2: ₹1,86,946 - once i pay for 2nd year 5,12,500 in 7 working day i will get 1,86,946
  • Cumulative: ₹4,36,946

Net Outflow:
₹10,33,750 − ₹4,36,946 = ₹5,96,804

Paid-Up Scenario (if I stop after 2nd year)​


Paid-Up Survival Benefit
= Survival Benefit × (No. of premiums paid ÷ No. of premiums payable)
= ₹1,86,946 × (2 ÷ 12)
= ₹31,157.66 annually


👉 I will receive this from 07/08/2026 to 07/08/2054

Paid-Up Maturity Benefit
= Maturity Benefit × (No. of premiums paid ÷ No. of premiums payable)
= ₹60,00,000 × (2 ÷ 12)
= ₹10,00,000 at the end in 2055


So, even if I stop paying after 2 years, the policy continues with reduced benefits: ~31K per year + 10L in 2055.

Total Policy Payout​

  • Annual payouts (Year 3–31): ~₹13,40,518
  • Maturity in 2055: ₹10,00,000
  • Total: ~₹23,40,518

Things I’m Not Sure About​

  1. Is my understanding of the surrender value and net profit accurate if I pay 2 years and exit in Year 3? (I asked HDFC Life by email they only shared me 31,157.66 amount.)
  2. Did it make sense to lock such large funds just for the IDFC Private upgrade, or should I have taken another route? - If I could go back, honestly, I wouldn’t have taken the upgrade, it doesn’t feel worth it.

What I Missed (Important Lesson)​


One big mistake: I assumed the policy could be cancelled in the 2nd year before paying the second year policy my RM said it can be cancelled, and trusted my RM’s word. didn't double check how stupid of me.
When I tried to cancel last month, HDFC Life told me the 30-day lock-in isn’t valid here and the policy cannot be cancelled after issuance.
So now I have to continue into Year 2 minimum.

👉 Just one missed detail has cost me big.

Would love to hear your perspectives 🙏
Click to expand...
Once done 👍 ✅ all is good 💯 no regret 🙂
It's a complex matrix of financial gains.
A wonderful parallel thread by Mr @Lobogris on ULIP is running in full action, with points and counter points.
You can check.
 
Apply For LTF Axis Bank Credit Card
Investment ka XIRR around 9% hai. considering tax free returns. Hopping you dont have any such ULIP. Afaik upto 5L of premium paying ULIPs are tax free.
 
hender said:
Once done 👍 ✅ all is good 💯 no regret 🙂
It's a complex matrix of financial gains.
A wonderful parallel thread by Mr @Lobogris on ULIP is running in full action, with points and counter points.
You can check.
Click to expand...
yes i have try to read as much in that read since he didn't brought the ULIP i was happy for him though.
 
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BhaiyaJi said:
Surrender value is mentioned in the policy documents.
Click to expand...
surrender value mean loss here

📌 Surrender Value Details (from illustration)​


  • Policy Year 2
    • Guaranteed Surrender Value (GSV): ₹50,000
    • Special Surrender Value (SSV): ₹4,00,848
    • Surrender Value (higher of GSV & SSV): ₹4,00,848
  • Policy Year 3
    • GSV: ₹88,054
    • SSV: ₹6,08,039
    • Surrender Value (higher of GSV & SSV): ₹6,08,039 ✅
  • Policy Year 4
    • Surrender Value: ₹8,20,576
  • Policy Year 5
    • Surrender Value: ₹10,39,182
 
vaibhav111 said:
Hey everyone,
Wanted to share my recent experience and get your feedback on whether this made sense or if I could have approached it differently.

Around a year ago I contacted my Wealth RM for an IDFC Private upgrade. She explained that to qualify, I’d need to increase my relationship value with investments.

What Happened​


I ended up investing ₹9 lakh in total:
  • ₹4 lakh in Mutual Funds (withdrew after a month, no P/L)
  • ₹5 lakh + GST in an HDFC Click 2 Achieve Life Policy (pushed by my RM, he even paid the GST for Year 1)

Policy Structure (31 Years)​


Year 1
  • Premium paid: ₹5,22,500 (incl. 4.5% GST) - paid via Infinia received just 5,000 RP
  • Cashback: ₹2,50,000
Year 2
  • Premium paid: ₹5,11,250 (incl. 2.25% GST)
  • Cashback: ₹1,86,946
Year 3 onwards (2026–2054) cause i won't be paying after 2nd year so Paid up till 2026.
  • Annual Survival Benefit: ₹31,157.66 every year

Final Year (2055)

  • Maturity Benefit: ₹10,00,000

👉 Essentially, it’s a 31-year policy: heavy lock-in the first 2 years, then ~31K annually + a 10L maturity at the end.

Payment Strategy (Upcoming)​


I need to pay 2nd year premium before 6th Sept 2025.
Plan: Use AMEX Platinum Card, fees 0.75–0.85% + GST (~₹5,000).
In return, I’d get:

  • ₹10K Taj voucher
  • 40K MR points (redeemable for Amazon Pay or should i use some other cc of mine?

So at least I’d offset part of the cost via CC rewards.

Illustration (Excel-style)​


Total Premiums Paid (First 2 Years):

  • Year 1: ₹5,22,500
  • Year 2: ₹5,11,250
  • Cumulative: ₹10,33,750

Total Survival Benefits (First 2 Years): Aka Cashback
  • Year 1: ₹2,50,000 - already received
  • Year 2: ₹1,86,946 - once i pay for 2nd year 5,12,500 in 7 working day i will get 1,86,946
  • Cumulative: ₹4,36,946

Net Outflow:
₹10,33,750 − ₹4,36,946 = ₹5,96,804

Paid-Up Scenario (if I stop after 2nd year)​


Paid-Up Survival Benefit
= Survival Benefit × (No. of premiums paid ÷ No. of premiums payable)
= ₹1,86,946 × (2 ÷ 12)
= ₹31,157.66 annually


👉 I will receive this from 07/08/2026 to 07/08/2054

Paid-Up Maturity Benefit
= Maturity Benefit × (No. of premiums paid ÷ No. of premiums payable)
= ₹60,00,000 × (2 ÷ 12)
= ₹10,00,000 at the end in 2055


So, even if I stop paying after 2 years, the policy continues with reduced benefits: ~31K per year + 10L in 2055.

Total Policy Payout​

  • Annual payouts (Year 3–31): ~₹13,40,518
  • Maturity in 2055: ₹10,00,000
  • Total: ~₹23,40,518

Things I’m Not Sure About​

  1. Is my understanding of the surrender value and net profit accurate if I pay 2 years and exit in Year 3? (I asked HDFC Life by email they only shared me 31,157.66 amount.)
  2. Did it make sense to lock such large funds just for the IDFC Private upgrade, or should I have taken another route? - If I could go back, honestly, I wouldn’t have taken the upgrade, it doesn’t feel worth it.

What I Missed (Important Lesson)​


One big mistake: I assumed the policy could be cancelled in the 2nd year before paying the second year policy my RM said it can be cancelled, and trusted my RM’s word. didn't double check how stupid of me.
When I tried to cancel last month, HDFC Life told me the 30-day lock-in isn’t valid here and the policy cannot be cancelled after issuance.
So now I have to continue into Year 2 minimum.

👉 Just one missed detail has cost me big.

Would love to hear your perspectives 🙏
Click to expand...
This was not a good deal to upgrade to the IDFC Private account. If you also received the Private Credit Card as Lifetime Free (LTF), then it makes some sense.


I had purchased the same policy for Infinia, which I later canceled within the 30-day free look period because it was missold to me. I don’t recall the exact reason why, but it was something along the lines of “you can stop paying and still get yearly benefits” or “your benefits will accrue at the prevailing SBI savings bank interest rate + 1.5%.” even if I surrender it."
 
imdjay said:
This was not a good deal to upgrade to the IDFC Private account. If you also received the Private Credit Card as Lifetime Free (LTF), then it makes some sense.


I had purchased the same policy for Infinia, which I later canceled within the 30-day free look period because it was missold to me. I don’t recall the exact reason why, but it was something along the lines of “you can stop paying and still get yearly benefits” or “your benefits will accrue at the prevailing SBI savings bank interest rate + 1.5%.” even if I surrender it."
Click to expand...
Then what happened to Infinia ?
 
vaibhav111 said:
When I tried to cancel last month, HDFC Life told me the 30-day lock-in isn’t valid here and the policy cannot be cancelled after issuance.
Click to expand...
About this.
See in your policy document there is one line in YOUR POLICY AT A GLANCE section
Free Look period 30 days from the date of receipt of the Policy
 
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