HDFC Life Sanchay Plus
  • Guaranteed Benefits
  • Death Benefits
  • Sample Premium Rates

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HDFC Life Sanchay Plus

It is important to achieve the personal milestones that you have planned for your future to maintain life. But these milestones usually come along with added responsibilities, expenses, and the financial burden of unfortunate events. It is essential to have the proper financial security to achieve his/her long and short-term goals. HDFC Life Sanchay Plus is a savior plan that offers guaranteed returns for you and your family.

HDFC Life Sanchay Plus is a non-participating, non-linked savings life insurance plan. It provides numerous coverage and benefits to the assured. We will read the plan in detail in the section below for more clarity and better understanding.

Key Features of HDFC Life Sanchay Plus

The features of HDFC Life Sanchay Plus have been explained below:

  1. Guaranteed Benefits

    Under this plan, the insured gets rest assured of the returns.

  2. Flexibility

    When the insured under the HDFC Life Sanchay Plus policy claims for guaranteed benefit, he/she gets the flexibility to use it either in the form of the lump-sum amount or as regular income.

  3. Life-Long Income Option

    The plan offers guaranteed income until the age of 99 years.

  4. Long Term Income Option

    HDFC Life Sanchay Plus policy provides long-term income options under which the insured can get guaranteed income for a fixed term of 25 to 30 years.

  5. Optional Riders

    These riders allow the policyholders to enhance the protection coverage on payment of additional premium.

  6. Free Look Period

    The policy buyer of the HDFC Life Sanchay Plus plan gets a free look period of 15 days under which he/she can finalize the policy and in case of any dissatisfaction can cancel the policy too.

Benefits of HDFC Life Sanchay Plus

Options of Income Payout

The plan offers the flexibility to choose to receive the annual income under the guaranteed, Life long, and long-term income.

Given below is a glimpse of the amount of income.

FrequencyIncome (per frequency)
Semi-Annual98% of Annual Income x 1/2
Quarterly97% of Annual Income x 1/4
Monthly96% of Annual Income x 1/12

Grace Period

Under this benefit, the insured gets 15 days for the monthly frequency of premium payment and 30 days for other frequencies to pay the premium without any penalty. If the insured missed the date of renewal premium payment then in that case also he/she has a grace period to make the payment without any interruption.

Lapse, Paid-up, and Surrender

According to the terms of the HDFC Life Sanchay Plus policy, the surrender value must be met on at least two years of policy premium payment.

In case the due premium is not paid even after the expiry of the grace period then the policy is subjected to lapse:

  • If guaranteed surrender value is not acquired.
  • Become reduced paid-up in case it has acquired the guaranteed surrender value.

Revival

The revival period for a lapsed/ paid-up HDFC Life Sanchay Plus policy is for 5 years. In case of a lapsed policy, the insured needs to pay all the pending premiums along with interest levied on the premiums for the revival of the policy. The rate of interest varies with the year and can be consulted by the life insurance company.

Policy Loan

The insured can avail loan facility under the HDFC Life Sanchay Plus plan. This can be done after the insured has acquired the surrender value limit and the insured can get a loan up to 80% of the surrender value under the policy subject to a set of terms and conditions of the insurance company.

Death Benefits

Under Guaranteed Maturity, Guaranteed Income, Life-Long Income, and Long Term Income, in case of the death of the insured during the policy tenure, the accumulated death benefits are provided to the nominee under HDFC LIFE Sanchay Plus Policy.

Death Benefit = Insured sum on death + Accumulated Guaranteed Additions

The insured sum on death can not be more than 10 times the Annualized Premium or 105% of the Total Premium Paid or guaranteed sum assured on maturity.

Under HDFC Life Sanchay Plus Plan the absolute amount to be paid on the death of the insured is equal to the sum assured.

After the payment of the death benefit, the policy is subject to termination and no further benefits are payable.

Enhanced Benefit For High Premium

If the annual premium paid by the insured is more than 1.5 lakhs then he is open to special benefits termed as enhanced benefits.

Alterations

The insured is permitted to change the premium payment frequency and income payout frequency. A plan chosen at the time of buying the policy can not be changed.

  • As a benefit, the insured has an option to receive the Guaranteed Sum Assured on Maturity. It is the present value of future payouts.
  • The present value of future payouts is discounted at a rate of 9%.
  • The nominee has an option to receive future income as a lump sum. It shall be the present value of future payouts and it is discounted based on prevailing interest rates.

Tax Benefits

The premiums paid under the policy are exempted from income tax under section 80C of the Income Tax Act.

Plan Options

All the benefits utilized by the insured under the policy term and payout period as per the chosen option, are mentioned in detail below. The premiums paid excluding taxes and other statutory levies, the extra premium on account of underwriting or frequency of the payment, and rider premium if any.

Plan Option 1 - Guaranteed Maturity

A guaranteed maturity benefit is offered to the insured in the form of the lump-sum amount at the end of the tenure of the policy subject to the condition that the insured has cleared all the due premiums as well as he survives the policy term.

Maturity Benefit = guaranteed sum assured on maturity + Accrued Guaranteed Additions

Here, the guaranteed sum assured on maturity is the total annualized premium payable under the policy during the premium payment tenure.

The Guaranteed Additions (GA) will be accumulated after each policy year after the premium payment term (PPT), where PPT is 5 years and 6 years. In case PPT is 10 years, GA will accrue starting the 8th policy anniversary.

Plan Option 2 - Guaranteed Income

Under this option, the insured gets maturity benefits in the form of guaranteed income which is fixed for 10 years or 12 years after all due premium payment and survival of the insured person.

The guaranteed income amount depends upon the premium payment term as discussed below:

Premium Payment TermGuaranteed Income payable each year during the payout period
Entry Age: 5 to 50 yearsEntry Age: 51 to 60 years
10 years188% of Annualized Premium179% of Annualized Premium
12 years209% of Annualized Premium194% of Annualized Premium

Death Benefit: When the Life Assured dies during the policy period, the insured shall pay the death benefit equivalent to the sum assured on death to the nominee.

Plan Option 3 - Life Long Income

The benefit of guaranteed income is offered till the age of 99 years under this option. There is also a return of premium at the end of the payout period after payment of all due premiums and in case the insured survives the policy tenure.

The guaranteed income amount shall depend upon the premium payment terms chosen as per the table mentioned below:

Premium Payment TermGuaranteed Income payable each year during the payout period
Policy TermEntry Age: 51 to 60 years
5 years6 years31% of Annualized Premium
6 years7 years40% of Annualized Premium
10 years11 years89% of Annualized Premium
12 years13 years118% of Annualized Premium

Plan Option 4 - Long Term Benefit

A benefit of guaranteed income for a fixed duration of 25 years to 30 years is provided under this, subject to the condition that all premium payments are done and the policyholder survives the policy tenure.

The guaranteed income amount shall depend upon the premium payment terms chosen as per the table mentioned below:

Premium Payment TermGuaranteed Income payable each year during the payout period
Policy TermEntry Age: 51 to 60 years
5 years6 years33% of Annualized Premium
6 years7 years42.5% of Annualized Premium
10 years11 years95% of Annualized Premium
12 years13 years126.5% of Annualized Premium

How does HDFC Life Sanchay Plus Plan work?

HDFC Life Sanchay Plus plan provides several options concerning the age at the time of buying the policy subject to the condition that once purchased there can be no changes brought in the plan. Here are the options explained:

OptionsPremium Payment TermPolicy TermPayout Period
Guaranteed Income5 years
6 years
10 years
10 years
12 years
20 years
Maturity benefits are paid as a lump sum at the end of the 10th year.
Maturity benefit paid as a lump-sum at the end of the 12th year.
Maturity benefits are paid as a lump sum at the end of the 20th year.
Guaranteed Maturity10 years
12 years
11 years
13 years
Maturity benefits paid as a guaranteed income from 12th year to 21st year in arrears.
Maturity benefits are paid as a guaranteed income from the 14th year to the 25th year in arrears.
Life-Long Income5 years
10 years
6 years
11 years
Maturity benefits are paid as a guaranteed income from the 7th year in arrears till the individual attains the age of 99 years.
Maturity benefits are paid as a guaranteed income from the 12th year in arrears till the individual attains the age of 99 years.
Long Term Income5 years
10 years
6 years
11 years
Maturity benefits paid as a guaranteed income from the 7th year to the 36th year in arrears.
Maturity benefits are paid as a guaranteed income from the 12th year to the 36th year in arrears.

HDFC Life Sanchay Plus Plan Riders

There are few rider options available under the plan.

RiderScope of Benefits
HDFC Life Income Benefit Rider on Accidental Disability RiderIn the case of Accidental Permanent Disability, a benefit equal to 1% of the rider sum assured per month for the next 10 years is provided. There is no maturity benefit under this rider
HDFC Life Critical Illness Plus RiderIn case the insured is diagnosed with any of the 19 critical illnesses and survives for 30 days following the diagnosis then a lump sum benefit equal to the rider sum assured is paid to the insured.

Note: For more information relating to riders, you can refer to rider brochures available on the HDFC official site.

Eligibility

ParametersPlan/OptionMinimumMaximum
Entry AgeGuaranteed Income560
Guaranteed Maturity5
Lifelong Income50
Long Term Income5
Maturity AgeGuaranteed Income1873
Guaranteed Maturity1880
Life long Income5673
Long term income1873
Minimum Instalment PremiumAll OptionsAnnual: Rs. 30,000
Half Yearly: Rs. 15,000
Quarterly: Rs. 7,500
Monthly: Rs. 2,500
Maximum Instalment PremiumAll OptionsNo limit

Sample Premium Rates Illustration

Here is an illustration presented about HDFC Life Sanchay Plus Plan for a better understanding. The table explains the benefits withdrawn by a 30-year-old healthy male (50 years for Life-Long Income Option), who pays INR 1 Lacs along with taxes annually throughout the premium paying term and survives during the policy term.

Plan OptionSum AssuredDeath Benefit InceptionPolicy Term (Years)Premium Paying Term (Years)Maturity Benefit (INR)
Guaranteed Maturity1,250,0001,250,0002010Rs. 22,06,300 paid as a lump sum at Maturity
Guaranteed Income1,250,0001,496,5861312Guaranteed Income of Rs. 2,09,000 p.a. From 14th year to 25th year(payout period of 12 years)
Long Term Income1,250,0001,250,0001110Guaranteed Income of Rs. 93,500 p.a. From 12th year to the 36th year(payout period of 25 years) + Rs. 10,00,000 at the end of the payout period (36th Year).
Life-Long Income1,050,0001,050,0001110Guaranteed Income of Rs. 89,000 p.a. From 12th year till the age of 99 years (38 years) + 10,00,000 at the end of the payout period.

Note: Use HDFC Sanchay Plus Calculator to calculate the premium rates.

Exclusions

In case the insured commits suicide within 12 months:

  • The nominee is entitled to 80% of the premiums paid subject to the condition that the policy is running, from the date of commencement of risk of the policy.
  • From the policy revival date, the beneficiary is entitled to an amount which is more than 80% of the premiums paid till the date of death/ surrender value as available on the date of death.

Note: For more information, refer to HDFC Life Sanchay Plus Brochure.

HDFC Life Sanchay Plus Review

HDFC Life Sanchay Plus plan has been excessively liked by policy buyers for its guaranteed payouts. The no market risk factor of the plan is the root cause for the policyholder to buy this plan. Insureds have appreciated the deferred payout plan i.e. maturity value paid over some time. It is a must-buy plan if you are planning to buy a non-participating traditional life insurance plan.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4/5 (14 Total Rating)

June 24, 2021

Rahul Maheshwari

Chandigarh

I am very much satisfied with insurance plan. I bought a child plan for my son and i think we atre secured with a right company

April 29, 2021

Ravi Sharma

Guwahati

It s been a long i m using hdfc term insurance. The service is very good and commendable. Good going hdfc.

April 29, 2021

Himani Rajan

Dehradun

Really happy with my decision. One of my dear friend told me about hdfc and i must say click 2 protect life plan is very good.

June 24, 2021

Kamla Singh

Chennai

I bough HDFC life insurance - Investment plan a year ago. The company s customer care is quite good. They guide well and resolve queries quickly

April 29, 2021

Rahul Agnihotri

Kanpur

HDFC is a reliable and a trusted company. Thdey solved my query very easily. I am really satisfied with their services and products

Last updated on 23-06-2021

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