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HDFC Life Sanchay Plus

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HDFC Life Sanchay Plus is a non-linked non-participating savings plan, which helps the individual to achieve their financial goal while safeguarding their family’s future against any type of eventualities. HDFC Life Sanchay Plus is a comprehensive life insurance product that offers a guaranteed return to the insured and his/her family.

To achieve various milestones in life, it is very important to have proper financial planning. These milestones often come with added expenses and responsibilities. Thus, it is very important to ensure the proper financial security, so that one can achieve the short-term and long-term objectives of life. HDFC Life Sanchay Plus is best suited for individuals who want to gain the benefit of regular return along with the benefit of insurance coverage. To help you know more about HDFC Life Sanchay Plus, here we have discussed in detail about everything you need to know about this plan.

Key Features of HDFC Life Sanchay Plus

Let’s take a look at the salient features of HDFC Life Sanchay Plus.

  • The plan offers the benefit of guaranteed returns.
  • HDFC Life Sanchay Plus plan offers the benefit of flexibility as one can avail guaranteed return as a lump-sum or as regular income.
  • The plan offers a life-long income option until the age of 99 years.
  • HDFC Life Sanchay Plus offers the benefit of guaranteed income for a fixed tenure of 25 year-30 years.
  • Offers the option of additional rider benefits to enhance the coverage of the policy.
  • Tax benefits can be availed under the prevailing tax law.
  • HDFC Life Sanchay Plus Plan can be availed in four different variants i.e.
  1. Guaranteed Maturity Option
  2. Guaranteed Income Option
  3. Life-Long Income Option
  4. Long Term Income Option

Eligibility Criteria of HDFC Life Sanchay Plus Plan

Let’s take a look at the eligibility criteria of HDFC Life Sanchay Plus Plan

Plan Option

Entry Age

Maturity Age

Premium Amount

Premium Paying Term

Policy Term

Guaranteed Maturity Option

Minimum- 5 years

Maximum- 60 years

Minimum- 18 years

Maximum- 80 years

Annual-Rs. 30,000
Half Yearly- Rs. 15,000
Quarterly- Rs. 7,500
Monthly- Rs. 2,500

5 years, 6 years & 10 years

10 years, 12 years & 20 years

Guaranteed Income Option

Minimum-5 years

Maximum-60 years

Minimum-18 years

Maximum-73 years

Annual-Rs. 30,000
Half Yearly- Rs. 15,000
Quarterly- Rs. 7,500
Monthly- Rs. 2,500

10 years & 12 years

11 years & 13 years

Life-Long Income Option

Minimum- 50 years

Maximum-60 years

Minimum-56 years

Maximum-71 years

Annual-Rs. 30,000
Half Yearly- Rs. 15,000
Quarterly- Rs. 7,500
Monthly- Rs. 2,500

5 years & 10 years

6 years & 11 years

Long Term Income Option

Minimum-5 years

Maximum-60 years

Minimum-18 years

Maximum-71 years

Annual-Rs. 30,000
Half Yearly- Rs. 15,000
Quarterly- Rs. 7,500
Monthly- Rs. 2,500

5 years & 10 years

6 years & 11 Years

 

Benefits offered by HDFC Life Sanchay Plus

As HDFC Life Sanchay Plus offers four different plan options, let’s take a look at the benefits offered by it.

Guaranteed Maturity Option

  1. Maturity Benefit- The maturity benefit offered by the policy is equal to the guaranteed sum assured amount on maturity plus accumulated guaranteed additions. The maturity benefit offered by the policy as a guaranteed sum assured is the total yearly premium paid under the policy during the tenure of premium payment.
  2. Death Benefit- In case of the demise of the insured person during the tenure of the policy, a death benefit equal to the sum assured amount is paid to the beneficiary of the policy. The sum assured amount paid to the nominee is the highest of:
  3. 10 times of the annualized premium or
  4. 105% of the total premium paid or
  5. Total sum assured amount to be paid on death.

Guaranteed Income Option

  1. Maturity Benefit- In case, the insured survives the entire tenure of the policy, the maturity benefit is paid as a guaranteed income for a fixed tenure of 10 years-12 years, provided all the premiums of the policy are dully paid till date. The guaranteed sum assured on maturity should be the present value of the future payouts, discontinued @9% p.a.
  2. Death Benefit- In case of the demise of the insured person during the tenure of the policy, a death benefit equal to the sum assured amount is paid to the beneficiary of the policy. The sum assured amount paid to the nominee is the highest of:
  3. 10 times of the annualized premium or
  4. 105% of the total premium paid or
  5. Accumulated premium paid at an interest of 5% per annum compounded annually.
  6. Total sum assured amount to be paid on death. 

Life-Long Income Option

  1. Maturity Benefit- In case, the insured survives the entire tenure of policy and all the premium of the policy is dully paid, then the maturity benefit is paid to the insured as guaranteed income up to the age of 99 years and a return of total premiums is paid at the end of the payout period of the policy.

    It is important to note that in case of the demise of the insured person during the payout period, the beneficiary of the policy will continue to receive the guaranteed income according to the benefits option chosen & income payout frequency. The guaranteed sum assured on maturity should be the present value of the future payouts, discontinued @9% p.a.
  2. Death Benefit- In the event of the uncertain demise of the insured person during the tenure of the policy, a death benefit is paid to the beneficiary of the policy. The death benefit paid is the highest of:
  3. 10 times of the annualized premium or
  4. 105% of the total premium paid or
  5. Accumulated premium paid at an interest of 5% per annum compounded annually.
  6. Total sum assured amount to be paid on death. 

The sum assured amount payable on death shall be equal to the death benefit multiple times the yearly premium.

Long Term Income option

  1. Maturity Benefit- In case, the insured survives the entire tenure of policy and all the premium of the policy is dully paid, then the maturity benefit is paid to the insured as guaranteed income for a fixed tenure of 25-30 years and a return of total premiums is paid at the end of the payout period of the policy.

    It is important to keep in mind that, in case of the demise of insured during the payout period, the beneficiary will continue receiving the guaranteed income as per the benefit option chosen till the end of the payout period and income payout frequency. The guaranteed sum assured on maturity should be the present value of the future payouts, discontinued @9% p.a.
  2. Death Benefit- In the event of the uncertain demise of the insured person during the tenure of the policy, a death benefit is paid to the beneficiary of the policy. The death benefit paid is the highest of:
  3. 10 times of the annualized premium or
  4. 105% of the total premium paid or
  5. Accumulated premium paid at an interest of 5% per annum compounded annually.
  6. Total sum assured amount to be paid on death.

Tax Benefit

HDFC Life Sanchay Plus offers the benefit of tax exemption to the insured. The maturity process and premium paid towards the policy up to the maximum limit of Rs.1.5 lakh are eligible for tax exemption under section 10(10D) and 80C of Income Tax Act 1961.

Rider Options Offered by HDFC Life Sanchay Plus

HDFC Life Sanchay Plus plan offers additional benefits as riders option to enhance the coverage of the policy. The rider options offered under the policy are:

  1. HDFC Life Income Benefit in Accidental Disability Rider- Under this option, a benefit equal to 1% of the rider sum assured is paid per month for the next 10 years, in case of accidental total permanent disability of the insured person during the tenure of the policy. Under this rider option, there is no maturity benefit.
  2. HDFC Life Critical Illness Plus Rider- Under this rider option, a lump-sum benefit equal to the rider sum assured amount is paid to the insured if he/she is diagnosed with any of the 19 critical illnesses and survives 30 days following the diagnosis. This rider option does not provide any maturity benefit.

How Does HDFC Life Sanchay Plus Plan Works?

HDFC Life Sanchay Plus offers 4 different plan options to choose from as per one’s requirement and suitability. Let’s take a look at the tabular description of these plans and how does it work.

Plan Option

Tenure of Premium Payment

Policy Tenure

Payout Period of the Policy

Guaranteed Maturity Option

5 years

10 years

The lump-sum amount is paid as maturity benefit at the end of the 10th year.

6 years

12 years

The lump-sum amount is paid as maturity benefit at the end of the 12th year.

10 years

20 years

The lump-sum amount is paid as maturity benefit at the end of the 20th year.

Guaranteed Income Option

 

10 years

11 years

Maturity benefit is paid as guaranteed income from 12th  policy year- 21st year in arrears

12 years

13 years

Maturity benefit is paid as guaranteed income from 14th policy year- 24th  year in arrears

Life long Income option

5 years

6 years 

Maturity benefit is paid as a guaranteed income from 7th policy year in arrears till the insured attains the age of 99 years.  

10 years

11 years

Maturity benefit is paid as a guaranteed income from 12th policy year in arrears till the insured attains the age of 99 years.  

Long Term Income Option

5 years 

6 years 

Maturity benefit is paid as a guaranteed income from 7th policy year to 36th years in arrears.

10 years

11 Years

Maturity benefit is paid as a guaranteed income from 12th policy year to 36th years in arrears

 

Some Other Features of HDFC Life Sanchay Plus Plan

Apart from the above-mentioned features, some other features offered by the policy are:

Grace Period

In case the policyholder fails to pay the premium of the policy within the premium payment date, then a grace period of 30 days is offered to the policyholder to pay the premium of the policy.

Free-look Period

A free-look period of 15 days is offered to the policyholder from the date of policy initiation during which the insured can cancel the policy if he/she is not satisfied with the terms and conditions of the policy.

Policy Surrender Value

the policy acquires guaranteed surrender value (GSV) in case the premium payment of at least the first two years of the policy is done. The minimum guaranteed surrender value should be the sum of:

  1. The guaranteed surrender value of the total premium paid
  2. The surrender value of guaranteed additions, already accrued to the policy, if applicable.

Policy Loan

Once the policy acquires the surrender value, the policyholder can avail policy loan up to 80% of the surrender value of the policy, subject to the applicable terms and conditions.

fixed deposit with life cover
Written By: PolicyBazaar - Updated: 28 August 2020