HDFC Endowment Plan

An endowment plan is a life insurance plan that is designed to pay a lumpsum payment to you on completing a pre-determined term or to your beneficiaries in case of death. It provides financial security for your family in case of your death, as well as the potential for growth of your investment. The HDFC Endowment Policy is a popular option, offering triple benefits – savings, wealth creation and insurance coverage. HDFC offers HDFC Life Sanchay Plus, a non-participating, non-linked, savings plan.

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  • Inbuilt Life Cover

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We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

What is HDFC Life Sanchay Plus Endownment Plan?

HDFC Life Sanchay Plus Endowment Plan is a comprehensive investment plan designed to provide you with financial security and peace of mind. With its guaranteed benefits and flexible payout options, this plan ensures that your loved ones are taken care of in times of need.

What are the Features of HDFC Endowment Plan? 

  • Multiple Payout Options: You have the option to receive the guaranteed benefits as a one-time lump sum amount. Alternatively, you can opt for regular income payouts.

  • Guaranteed Benefits: You can rest assured that your investment will yield returns as promised. This means you won't have to worry about market fluctuations or economic uncertainties affecting your policy's performance. The plan offers financial stability and predictable returns, making it an ideal choice for risk-averse individuals.

  • Tax Benefits: The HDFC Endowment Plan offers attractive tax benefits to policyholders. Under Section 80C of the Income Tax Act, you can claim tax deductions on the premium paid, reducing your taxable income. Additionally, under Section 10 (10D), the maturity benefits, death claim, and surrender value are eligible for tax exemptions, ensuring that your returns remain tax-efficient.

  • Riders: You have the option to enhance your HDFC Endowment Plan by adding riders such as critical illness coverage. These riders offer supplementary protection against specific risks, providing comprehensive coverage tailored to your unique needs.

  • Life Long Income Option: The Life Long Income option offers you a unique advantage - a guaranteed income for life. You will receive regular payouts until you reach the age of 99 years, ensuring financial security throughout your lifetime. 

  • Long Term Income Option: If you prefer a guaranteed income for a specific period, the Long Term Income option is tailored for you. With this choice, you can receive guaranteed payouts for a fixed term of 25 to 30 years. At the end of the payout period, you also have the added advantage of receiving back all the premiums you paid.

Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

What are the Benefits of HDFC Endowment Plan?

The HDFC Endowment Policy offers a number of benefits, including:

  • Low Risk Investment: The HDFC Endowment Plan is designed as a low-risk investment option, making it suitable for individuals who prefer a steady and secure approach to growing their savings.

  • Maturity Benefit: Upon payment of all due premiums and life assured surviving the policy term, the policyholder receives a Guaranteed Income for a fixed term of 10 or 12 years. 

    Alternatively, they can opt for a guaranteed income up to age 99 years with a return of total premiums paid at the end of the payout period for Life Long Income. The Long Term Income option offers guaranteed income for a fixed term of 25 or 30 years, with a return of total premiums paid at the end of the payout period.

  • Death Benefit: In the event of the policyholder's death during the policy term, the nominee will receive the death benefit, which is the highest of:

    • 10 times the Annualized Premium

    • 105% of total premiums paid

    • Premiums paid accumulated at an interest of 5% p.a. compounded annually

    • Guaranteed Sum Assured on Maturity, or 

    • An absolute amount equal to the Sum Assured

    • The policy terminates upon the payment of the death benefit.

  • Systematic and Regular Savings: With this plan, you can invest systematically and save regularly, ensuring disciplined contributions towards your financial goals.

  • Financial security: The sum assured provides financial security for your family in case of your death.

  • Growth potential: The maturity benefit can grow over time, thanks to the addition of bonuses.

  • Tax benefits: The HDFC Endowment Policy offers a number of tax benefits, which can help you save money on your taxes.

  • Flexibility: The HDFC Endowment Policy is a flexible plan that can be customized to meet your individual needs.

*Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

What is the Eligibility Criteria for HDFC Endownment Plan?

Eligibility Criteria Plan Option Minimum Maximum
Age at Entry (years) Guaranteed Income 51 60
Guaranteed Maturity 51
Life Long Income 50
Long Term Income 51
Age at Maturity (years) Guaranteed Income 18 73
Guaranteed Maturity 18 80
Life Long Income 56 71
Long Term Income 18 71
Minimum Installment Premium All Options Annual: Rs. 30,000
Half Yearly: Rs. 15,000
Quarterly: Rs. 7,500
Monthly: Rs. 2,500
Maximum Installment Premium All Options No limit

Who Should Buy HDFC Endowment Policy?

HDFC Life Endowment Plan is suitable for individuals who:

  • Seek more than just life coverage and desire long-term financial security.

  • Want to provide financial protection to their family.

  • Aim to build a lump sum amount for future needs.

  • Have a stable source of income.

  • Are comfortable with lower returns in exchange for low risks.

*Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

How to Buy HDFC Endowment Plan through Policybazaar?

You can apply for the HDFC Endowment Policy online or through a licensed HDFC Life agent like Policybazaar. 

To buy the HDFC Endowment Plan through Policybazaar follow these steps:

  • Visit the Policybazaar website or mobile app.

  • Fill in your personal details and insurance requirements like investment amount, how long you want to stay invested for. 

  • Compare different options available.

  • Choose the plan that suits your needs and budget.

  • Complete the online application and payment process.

  • Review the policy details and documentation.

  • Once the payment is confirmed, you'll receive the policy documents via email or mail.

Conclusion

The HDFC Endowment Policy is a popular investment plan that offers a range of features and benefits. If you are looking for a plan that can provide financial security for your family, growth potential, and tax benefits, the HDFC Endowment Plan is a good option to consider.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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