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 offers guaranteed returns for you and your family.

HDFC Life Sanchay Plus is a non-participating, non-linked savings life insurance plan. 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 premiums.

  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.

Frequency Income (per frequency)
Semi-Annual 98% of Annual Income x 1/2
Quarterly 97% of Annual Income x 1/4
Monthly 96% 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.

HDFC Life Sanchay Plus 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 Term Guaranteed Income payable each year during the payout period
Entry Age: 5 to 50 years Entry Age: 51 to 60 years
10 years 188% of Annualized Premium 179% of Annualized Premium
12 years 209% of Annualized Premium 194% 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 Term Guaranteed Income payable each year during the payout period
Policy Term Entry Age: 51 to 60 years
5 years 6 years 31% of Annualized Premium
6 years 7 years 40% of Annualized Premium
10 years 11 years 89% of Annualized Premium
12 years 13 years 118% 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 Term Guaranteed Income payable each year during the payout period
Policy Term Entry Age: 51 to 60 years
5 years 6 years 33% of Annualized Premium
6 years 7 years 42.5% of Annualized Premium
10 years 11 years 95% of Annualized Premium
12 years 13 years 126.5% 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:

Options Premium Payment Term Policy Term Payout Period
Guaranteed Income 5 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 Maturity 10 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 Income 5 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 Income 5 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.

Rider Scope of Benefits
HDFC Life Income Benefit Rider on Accidental Disability Rider In 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 Rider In 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.

HDFC Life Sanchay Plus Plan Eligibility

Parameters Plan/Option Minimum Maximum
Entry Age Guaranteed Income 5 60
Guaranteed Maturity 5
Lifelong Income 50
Long Term Income 5
Maturity Age Guaranteed Income 18 73
Guaranteed Maturity 18 80
Life long Income 56 73
Long term income 18 73
Minimum Instalment Premium All Options Annual: Rs. 30,000
Half Yearly: Rs. 15,000
Quarterly: Rs. 7,500
Monthly: Rs. 2,500
Maximum Instalment Premium All Options No limit

HDFC Life Sanchay Plus 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 Option Sum Assured Death Benefit Inception Policy Term (Years) Premium Paying Term (Years) Maturity Benefit (INR)
Guaranteed Maturity 1,287,500 1,287,500 20 10 Rs. 22,72,489 paid as a lump sum at Maturity
Guaranteed Income 1,287,500 1,541,484 13 12 Guaranteed Income of Rs. 2,15,270 p.a. From 44th year to 56th year(payout period of 12 years)
Long Term Income 1,287,500 1,287,500 11 10 Guaranteed Income of Rs. 1,00,683 p.a. From 42nd year to the 67th year
Life-Long Income 1,081,500 1,081,500 11 10 Guaranteed 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.

How To Purchase HDFC Life Sanchay Plan?

You have two options for buying an HDFC Life Sanchay plan. This means you can either buy the HDFC Life Sanchay Plus plan online from the official website of the company or you can buy this plan from us (PolicyX.com). Given below is a detailed explanation of both these types of the buying process.

Buying process of HDFC Life insurance plan through PolicyX.com

  • Scroll up to 'Free Quotes From Top Companies' given at the top right corner of this page. Submit basic details such as DOB, annual income, gender, etc. Tap on 'Continue'.
  • Provide your phone number, name and city. Tap on 'proceed'. Check the available quotes from the top insurance companies in India.
  • Choose the desired plan and tap on 'Invest' at the right corner of the chosen plan. Click on 'Proceed to Buy'. Enter your 'E-mail ID' and 'Submit Details'.
  • It will take you to the company's official website. Make the payment using available payment options.
  • You will receive a confirmation along with the policy documents at your registered email address.

Buying process of HDFC Life insurance plan through HDFC Life official website

  • Visit the official website of HDFC Life Insurance Company. Click on the 'Investment Plan'. Scroll down to the plan section.
  • Select the plan that you want to buy and click on 'Buy Online. Confirm the details and click on the 'Calculate Button'
  • Analyze the plan and confirm the details. Click on the 'Buy Now Button' and 'Fill in the details and Click Pay Now'.
  • Complete the application form with your personal and professional life and your health details.
  • Review your details and make the payment. The company will share the policy documents at your registered Email address.
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HDFC Life Sanchay Plus Plan: FAQs

1. What is the premium payment term under HDFC Sanchay Plus?

You can pay the premium of HDFC Sanchay Plus monthly, quarterly, half-yearly, or annually.

2. Is it possible to change the HDFC Life Sanchay Plan Option once it has been selected?

No, once the plan option has been chosen, it cannot be changed throughout the policy term.

3. Can we change the payout frequency and premium payment frequency under the HDFC Life Sanchay plan?

Yes, you can change the income payout frequency and premium payment frequency under the HDFC Sanchay plus plan.

4. Is there a way for me to have an income for my whole life?

Yes, you can choose the Life Long Income option that can provide you a guaranteed income up to the age of 99 years.

5. What is the maximum installment sum for premium under the HDFC Sanchay Plus plan?

The HDFC Sanchay Plus has no limit on maximum installment premium and is subject to the Board Approved Underwriting Policy (BAUP).

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