Investment Plans 130 views December 8, 2020

With the HDFC Life Sanchay, individuals can meet their future goals as it takes care of your finances. With the option of Guaranteed Additions ranging from 8-9% of the sum assured at maturity, you can be assured about fulfilling your responsibilities easily. This plan from HDFC Life is a non-linked, non-participating, life insurance plan that can also protect your family’s future. Let’s read this plan in detail and see how it helps you achieve your goals.

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Key Features of HDFC Life Sanchay Insurance Plan

Knowing the key features of the plan gives you a fair idea of how it will fare over time. So, we are presenting to you some of the key features of the HDFC Life Sanchay Plan. Do check!

  1. One of the key features of the HDFC Life Sanchay Plan is that individuals can get guaranteed additions ranging from 8-9% of your sum assured at maturity. These additions will be accumulated at a simple rate for each completed policy year. Remember that this guaranteed addition will depend on the policy term you choose.
  2. With this plan from HDFC Life, policyholders can get guaranteed maturity benefits ranging from 140-460% of the Sum Assured at maturity considering all the due premiums have been paid.
  3. Individuals can also choose the policy term according to their comfort and the payment mode they are choosing. For the signal Pay, the policy term ranges from 5 to 20 years, while for the Limited Pay option, it can be 10, 12 and 15 to 40 years.
  4. Apart from the convenience of choosing the policy term, individuals can also choose a premium payment term for a limited period of 5, 6, 8 and 10 years. Other than this, you can also choose to pay the premium once under Single Pay.
  5. With this HDFC Life Sanchay Plan, your beloved ones will be protected if you die during the policy term, so you don’t need to worry about their financial future
  6. Policyholders who don’t want to undergo several tedious medical examinations can choose this plan as you just need to fill a short medical questionnaire that will eliminate those tests.
  7. If you are an existing credit card holder of HDFC Bank, you can also choose to pay the premium amount in easy monthly installments.
  8. HDFC Life Sanchay Plan also provides the option of HDFC Life Critical Illness Plus Rider, which can give you financial cover in case you are caught up with any of the 19 critical illnesses.
  9. Like all other insurance plans, individuals can also enjoy tax benefits on this insurance plan under different sections of the Income Tax Act, 1961.

Let’s Understand the Benefits of the HDFC Life Sanchay Plan

We are showing some of the benefits of the HDFC Life Sanchay Plan in detail so that you can understand them better. Have a look!

Guaranteed Additions

First, we’ll talk about the Guaranteed Additions that you will get with this plan from HDFC Life. This amount will be a percentage of the sum assured at maturity, accumulated at a simple rate for each policy year, throughout your policy term. The company will pay these additions at maturity or death (whichever is earlier) if all the due premiums have been paid. What will be the percentage of the sum assured? To know, check the below table.

Policy Term (in years)Guaranteed Additions as a % of the Sum Assured at Maturity
5 to 19 years8%
20 to 40 years9%

Maturity Benefit

As we told you earlier also, at maturity i.e. at the end of the chosen policy term, policyholders will receive a lump sum amount as a maturity benefit. The sum of the following amounts will be your lump sum amount. This usually ranges from 140% to 460% of the Sum Assured on maturity.

  1. Sum Assured at policy maturity
  2. Accumulated Guaranteed Additions ( 8% or 9%)

Do remember that after the payment of the maturity benefit, the HDFC Life Sanchay Plan will terminate, and you can’t receive any more benefits.

Death Benefit

In the case of a policyholder’s demise during the policy term, HDFC Life will pay the death benefit to the nominee. This amount will be the sum assured on death plus accumulated Guaranteed Additions. However, the sum assured on death can be the highest of the following amounts.

  1. Sum Assured on Maturity
  2. An Absolute amount assured to be paid on death (It will be equal to the sum assured on maturity, in this case)
  3. 105% of the Overall Premiums Paid
  4. 10 Times the Annualized Premium

Important Parameters related to the HDFC Life Sanchay Plan

We are showing some of the important conditions related to the HDFC Life Sanchay Plan below. Take a look!

  1. This plan from HDFC Life can be taken only on a single life basis.
  2. The age at entry can be as low as 30 days ( Limited Pay), and 5 years (Single Pay). However, the maximum age at entry can be 65 years ( Limited pay).
  3. The age of maturity for this plan ranges from 18 to 85 years.
  4. The premium paying term options are Single Payment, 5, 6, 8 and 10 years. A policyholder can choose according to his/her convenience.
  5. The policy term for this plan can range from 5 to 40 years according to the premium paying term chosen at the inception of the policy.
  6. The Sum assured at maturity will be a minimum of INR 2, 461. However, there is no maximum limit for it.
  7. You can also choose a premium payment frequency from Annual, Half-yearly, Quarterly and Monthly options. The minimum installment premium will be INR 83 for this plan.

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