Why HDFC Life Sanchay Plus?

Why HDFC Life Sanchay Plus?

August 1, 2019 1:23 pm,

Are you looking out to invest your money which will get you returns more than fixed deposits? Are you looking for risk-free and guaranteed return insurance? Then you must consider HDFC Life Sanchay Plus Plan.

Sanchay Plus is with 100% guaranteed return plan. This is much more than investing in fixed deposits. Fixed deposits won’t get you the Insurance coverage. But Sanchay plus does! It has no market risk involved and gives guaranteed benefits on maturity.

So if you are looking for higher returns than fixed deposits + life cover then HDFCLife Sanchay Plus is the best plan to go for. It is one of the most sought after Savings Insurance Plan.

HDFC Life Sanchay Plus

This article clearly makes you understand the advantages of taking Sanchay Plus. Let us see some of the plans available under Sanchay Plus.  You will clearly understand the premium amount to be paid and the total amount you are going to get once the policy term gets over.

So, lets us take some examples to understand the policy in a better way. In these examples, we have taken Rs. 1 lakh as a representation. However, you can opt for the premium amount as low as 30,000 Rupees yearly.

If you are looking for a short term, then you can consider the below option.

Case 1: Short term

Premium or amount you need to pay: – Rs. 1 lakh per year.

Duration or Tenure: 10 years

Last payment to be made: 10th year. No more payments after 10th year.

You will enjoy the benefits of getting 1.8 lakh starting from 12th year for 10 years. This comes in addition to your risk coverage.

Case 2: Long term:

Premium or amount you need to pay: Rs. 1 lakh per year

Duration or Tenure: 10 years

Last payment to be made: 10th year.

No payments after 10th year. You will get Rs. 1 lakh starting from 12th year for the next 25 years.

So, don’t you think this is a good option compared to traditional FDs?

Case 3: Life long (Retirement plan)

Premium or amount you need to pay:  Rs. 1 lakh per year

Duration or Tenure: 10 years

Last payment to be made: 10th year. No payments after 10th year. You will get Rs. 95 thousand starting from 12th year for the years you live!!!. Hence, we can conclude that this option is one of the best retirement plan to go for.

What happens to the policy, when the person expires during the policy term?

Sanchay Plus death benefit is the same as all other plans. This is applicable only if the demise happens during the term of the policy. So, here considering the above example with Rs. 1 lakh as an annual premium.

Option 1: You will get 10 times the premium amount. This means 10 x Rs. 1,00,000 = Rs. 10,00,000

Option 2: 105% of the total Premiums paid. Suppose if you have paid Rs. 4,00,000. You will get 105% of Rs. 4,00,000. So, you get Rs. 4,20,000.

Option 3: Sum assured on maturity.

Option 4: Amount assured to be paid on death. This amount is equal to the sum assured.

Let us see the tax benefits of Sanchay Plus.

Sanchay Plus is exempted from Income Tax, unlike FDs!.

1. Premium or amount you need to pay: Rs. 1 lakh per year ( Tax exempted under section 80C)

2. Rs. 1.8 lakh starting from 12th year for 10 years (Tax exempted under section 10 (10D))

Whereas you will have to pay tax on the interest earned on FDs and there is no life coverage.

Let’s imagine we have invested Rs. 1 lakh in FD. Average interest earned is 7%. So, you will be getting around Rs. 1,07,000 after one year. This interest amount is taxable and no life coverage also!

Whereas with Sanchay Plus, Rs. 1 Lakh premium is Tax exempted under section 80C(up to Rs.1.5 Lakhs), You will get life coverage during the policy period and at maturity, you will almost get 100% return and even that is fully Tax-free under section 10 (10D).

What more are you waiting for? Invest early and stay safe.

Taking life insurance at the earliest is another financial planning tip for the family breadwinner. The earlier one opts for life insurance, lower the premium. As you age, insurance premiums get expensive and if you are beset with health problems, you could end up paying even higher premiums.

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