HDFCLife Sanchay Plus – Savings Insurance

HDFCLife Sanchay Plus – Savings Insurance

August 7, 2019 6:15 am,

Need to invest in a policy which has guaranteed payouts and exempt from the market risk involved?. Maturity value is paid over a period of time. Sounds interesting?

You are sure to receive the Guaranteed sum assured + Guaranteed addition. Below article will take to a world of HDFCLife Sanchay Plus. Let’s explore HDFCLife Sanchay Plus in detail.

HDFCLife Sanchay Plus is a non-participating non-linked savings insurance plan. This plan offers assured benefits on the maturity of the policy term. This plan offers the dual benefits of both insurance and returns. HDFCLife offers host of policies meant for NRIs.

Are you wondering on the investment options with Sanchay Plus? Just refer below to get more details.

Investment options under HDFC Life Sanchay Plus:

HDFCLife Sanchay Plus provides multiple investment options, which you can choose based on your life stage and priorities:

  • Guaranteed income – This plan comes with an assured income on maturity.
  • Guaranteed maturity – The plan has a guaranteed benefit at the end of maturity,
  • Lifelong income – This provides the option of getting a regular income after the maturity of the policy term.
  • Long term income – This policy has the provision to get a sustained income for a specific number of years after the policy maturity.

Let us see what are the key features of HDFCLife Sanchay Plus plan:

Key Features of HDFC Life Sanchay Plus:

Let us see what are the key features of HDFCLife Sanchay Plus plan:

Eligibility for entering into HDFC Life Sanchay Plus:

  • Guaranteed benefits
    • Maturity value – 180% to 325% of sum assured
    • Guaranteed addition – 8% to 9% of sum assured
    • Enhanced benefit for high premium paying policies above Rs. 1.5 lakhs per annum
  • Provides Tax benefits
  • Flexibility
  • Life long income option
  • Long term income option
  • Optional riders
  • No medicals required

Check out the eligibility criteria for entering into HDFCLife Sanchay Plus.

The HDFC Life Sanchay plan offers multiple options for entry into the plan:

  • Entry age – For the guaranteed income, Guaranteed maturity and Long term income investment options, the entry age is from 5 years as a minimum, which means this policy can be taken for minors as well. For Life long income option, the entry age is 50 years at a minimum. Maximum age of entry for all policies is 60 years.
  • Maturity age – For Guaranteed income, Guaranteed maturity and Long-term income options, the minimum maturity age is 18 years. For Life long income option, the minimum entry age is 56 years. Maximum maturity age is for all the plans starts from 71 years and upwards.
  • Minimum installment premium – For the plan options, the minimum installment premium is Rs. 30 thousand. The premium can be paid in monthly, quarterly, half-yearly or annually.
  • Maximum installment premium – There is no set maximum installment premium for this plan. But, higher installment premiums have to get approved as per the Board approved underwriting policy (BAUP).
  • Riders – This plan also offers two additional riders that can be taken for all the investment options. They are:
    • HDFC Life Income Benefit on Accidental Disability Rider
    • HDFC Life Critical Illness Plus Rider

How does this plan work?

HDFC Life Sanchay Plus provides the option to choose from four benefit options based on your life stage and priorities. The option once chosen cannot be altered.

Benefit Options Premimum Paying term Policy term Payout details for Maturity benefits
Guaranteed Maturity 5 years 10 years It is paid as a lumpsum at the end of 10th year
Guaranteed Maturity 6 years 12 years It is paid as a lumpsum at the end of 12th year
Guaranteed Maturity 10 years 20 years It is paid as a lumpsum at the end of 20th year
Guaranteed Income 10 years 11 years It is paid as guaranteed income from 12th year to 21st year in arrears
Guaranteed Income 12 years 13 years It is paid as guaranteed income from 14th year to 25th year in arrears
Life long income 5 years 6 years Is paid as guaranteed income from 7th year in arrears till the individual attains 99 years
Life long income 10 years 11 years Is paid as guaranteed income from 12th year in arrears till the individual attains 99 years
Long term income 5 years 6 years Is paid as guaranteed income 7th year to 36th year in arrears
Long term income 10 years 11 years Is paid as guaranteed income from 12th year to 36th year in arrears

Non-Forfeiture Benefits:

The policy benefits are available only if all the premiums are paid by the due date. There is a grace period of 15 days for monthly frequency and 30 days for other frequencies to pay the premium without any penalty. If the premium is not received before the grade period, the policy will lapse or become paid-up.

This policy offers TAX benefits too. Let’s check out on TAX saving.

Tax Benefits:

This plan provides tax benefits for the premium paid under Section 80C of Income Tax Act, 1961. The benefits received from the plan are exempt under Section 10(10D) of the Income Tax Act, 1961.

If you are looking for a savings insurance plan, HDFCLife Sanchay Plus is a good option to go for.

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