HDFC Life Sanchay Plus Plan

What is the HDFC Life Sanchay Plus Plan?

HDFC Life Sanchay Plus Plan is a non‑participating, non‑linked, guaranteed return plan that gives you guaranteed benefits along with life cover. You can receive your returns as a lump sum or in regular income to help meet your long-term goals. It also allows you to add optional riders for additional protection and offers tax benefits in accordance with current tax laws.

There are four benefit options with HDFC Life Sanchay Plus: 

• Guaranteed Maturity Option: Provides a lump sum at the end of the policy term. 
• Guaranteed Income Option: Gives you income for 10 to 12 years after maturity. 
• Life Long Income Option: Gives you income until you turn 99, plus a return on your premium. 
• Long Term Income Option: Gives you income for 25 to 30 years, plus a return on your premium.

Features of HDFC Life Sanchay Plus Plan

The key features offered by the HDFC Life Sanchay Plus Plan are listed below: 

• Guaranteed Benefits: This plan guarantees returns, so you can be confident of what you'll get in the future.
• Tax Benefits: Depending on the current tax regulations, you may be able to get tax breaks on the premiums you pay and the benefits you get.
• Payout Flexibility: You can receive your assured benefits in a single payment or as recurring income.
• Life-Long Income Option: This option offers guaranteed income payments until you reach the age of 99 years.
• Long-Term Income Option: This option provides a guaranteed income for a fixed period of 25 to 30 years.
• Optional Riders: You can enhance your protection by adding optional riders by paying an additional premium.

Eligibility Criteria for the HDFC Life Sanchay Plus Plan

Benefits of HDFC Sanchay Plus

The key benefits offered by the HDFC Sanchay Plus Plan under different plan options are as follows:

1. Death Benefit

   If the life assured dies during the policy term, the nominee receives the Sum Assured on Death plus accrued Guaranteed Additions with all four payout benefit options. The death benefit is the highest of:

   • 10× annualised premium or 1.25× single premium
   • 105% of total premiums paid
   • Sum Assured on Maturity
   • Absolute sum assured

   After paying the death benefit, the policy ends.

2. Guaranteed Maturity Option - Maturity Benefit 

   Under the Guaranteed Maturity option, you receive a lump sum at the end of the policy term if all premiums are paid and the life assured survives. The maturity benefit consists of the Sum Assured on Maturity plus the accrued Guaranteed Additions. For a single premium policy, the Sum Assured on Maturity equals the single premium paid. For limited or regular pay policies, it equals the total annualised premiums paid during the premium payment term.

3. Guaranteed Income Option- Maturity Benefit

   This option provides a fixed guaranteed income for 10 or 12 years after maturity. On the maturity date, you can also choose a lump sum, calculated as the present value of future payouts at 9% p.a. (not guaranteed).

4. Life Long Income Option - Maturity Benefit

   The Life Long Income option provides guaranteed income until age 99, provided all premiums are paid, and the life assured survives. At the end of the payout period, total premiums paid are returned, and the policy ends. Optionally, a lump sum can be taken, calculated as the present value of future payouts at 9% p.a. (not guaranteed).

5. Long Term Income Option - Maturity Benefit

   This option gives guaranteed income for 25 or 30 years after maturity. After the payout period, all premiums paid are returned, and the policy ends. You can also choose a lump sum instead of income, calculated as the present value of future payouts at 9% p.a. (not guaranteed).

Rider Options Offered by HDFC Life Sanchay Plus

This investment plan offers the following types of rider options: 

1. HDFC Life Income Benefit on Accidental Disability Rider

   This is a non-linked, non-participating, pure risk individual life rider. If the rider's life assured suffers an Accidental Total Permanent Disability, the rider pays a monthly income equal to 1% of the Rider Sum Assured for the next 10 years. There is no maturity benefit under this rider.

2. HDFC Life Protect Plus Rider

   This is a non-linked, non-participating, pure risk individual life and health rider that offers multiple protection options.

   • Option A: Under this option, it provides a lump sum or income benefit for Accidental Death, Accidental Total Permanent Disability, or Accidental Partial Permanent Disability.
   • Option B:  Under this option, it offers Accidental Death cover, where 100% of the Rider Sum Assured is paid to the nominee if the life assured dies due to an accident during the rider term.
   • Option C:  Under this option, Cancer Cover, a lump sum benefit is paid on cancer diagnosis. It also offers a premium waiver for up to 3 years if early-stage cancer is diagnosed.

3. HDFC Life Health Plus Rider

   This is a non-linked, non-participating, pure risk individual health rider. A lump sum equal to the Rider Sum Assured is paid on diagnosis of any of the 60 covered critical illnesses. Depending on the option chosen, a proportionate benefit is paid for early-stage or primary cancer. There is no maturity benefit under this rider.

4. HDFC Life Waiver of Premium Rider

   This is a pure risk individual health rider that is not tied to any other coverage and does not participate in any group benefits. If the rider dies, gets incapacitated, or is diagnosed with one of the mentioned serious illnesses, they will not have to pay any more premiums on the base policy or any associated riders. This ensures that the policy remains in effect and the benefits remain the same, even when things get tough.

5. HDFC Life LiveWell Rider

   This is a separate life and health rider that doesn't require participation and isn't connected to any other coverage. It protects you and makes you healthier. It protects against a number of risks, such as death, unintentional disability, hospitalisation, and surgery. The rider also offers health benefits that depend on the premium paid. This helps make sure that you are healthy and financially secure at all phases of life.

Additional Policy Details of HDFC Life Sanchay Plus Plan

• Grace Period: There is no grace period for insurance with a single premium. You have 15 days to pay your monthly premium for limited and regular premium insurance, and 30 days for other ways to pay.
• Policy Lapse and Paid-Up Status: Single-premium policies do not end or become paid up. The insurance starts to build up a surrender value for both limited and normal premium policies after the policyholder has paid premiums for a full year. If you don't pay your payment during the grace period, the insurance will expire if there is no surrender value.
• Paid-Up Benefits: When a policy is paid off, both the death and maturity benefits go down. The amount you get back is based on how many premiums you have paid compared to the total amount due at the start. Once the policy is paid off, the Guaranteed Maturity option does not add any more Guaranteed Additions.
• Surrender of Policy: You can give up your policy at any time during the policy term. You will get either the Guaranteed Surrender Value or the Special Surrender Value, whichever is higher.
• Policy Revival: If you miss payments and your policy ends, you can bring it back to life by paying all of the missed payments and fees within the time limit set for revival.
• Free-Look Period: You have 30 days from the date you acquire the policy to review it. If you are not satisfied with the policy, you can return it during this period, providing a clear explanation for your dissatisfaction.
• Flexible Income Payout: If you choose Guaranteed Income, Life Long Income, or Long-term Income, you can receive your money whenever you like, such as every month or every three months, instead of just once a year, as indicated in the policy.
• Tax Benefits: The Income Tax Act, 1961, provides for tax benefits under Section 80C and Section 10(10D) on your premium payments and interest earned.

Suicide Exclusion

The nominee will receive at least 80% of the premiums paid or the available surrender value, whichever is greater, if the life assured commits suicide within 12 months of the policy's start or revival date, provided the policy is still in effect.