Saturday, 22 August 2020

HDFC Life Sanchay Plus Plan | Features & Benefits

HDFC Life Sanchay Plus Plan | Features & Benefits

India’s leading private insurer, HDFC Life, has launched HDFC Life Sanchay Plus Plan. The plan is designed to eliminate uncertainties from financial planning by providing a guaranteed income. It comes with multiple benefit options and offers guaranteed payouts. In this post, let us take a look at HDFC Life Sanchay Plus Plan features and benefits.



HDFC Life Sanchay Plus Plan

This is a traditional insurance plan with some different features. The policy is a non-participating and a non-linked savings insurance plan. That means guaranteed returns for you and your family. This insurance plan offers a savings component together with the insurance cover for your total benefit.



Eligibility for this Insurance Pilocy

Here is a snapshot from the product brochure about the eligibility criteria for this policy.
HDFC Life Sanchay Plus Plan




HDFC Life Sanchay Plus Plan – Features

This insurance plan comes with multiple benefit options. The key features of this insurance policy include the following:
1. Guaranteed benefits.
2. Flexibility to choose guaranteed benefits as a lump-sum benefit or as regular income.
3. With Life Long Income option, you get guaranteed regular income until 99 years of age.
4. With Long Term Income option, you get guaranteed regular income for a pre-fixed term of 25 to 30 years.
5. Life Long and Long Term Income options return the total premiums paid at the end of the payout period.
6. Enhanced benefit for policies with Annual Premium more than Rs.150,000.
7. You will get tax benefits as per prevailing tax laws under Sections 80C and 10D of IT Act, 1961.
8. You can enhance your protection cover with additional riders on payment of additional premium.

HDFC Life Sanchay Plus Plan Variants

This insurance policy comes in four variants
HDFC Life Sanchay Plus Plan
1. Guaranteed Maturity
In this option, you will get guaranteed benefit payable as a lump sum at maturity. See the below chart
HDFC Life Sanchay Plus Plan

2. Guaranteed Income
In this option, you will get maturity benefit in the form of guaranteed income for a fixed term of 10 or 12 years. See the below chart
HDFC Life Sanchay Plus

3. Life Long Income
In this option, you will receive the maturity benefit in the form of guaranteed income until 99 years of age and return of premiums paid at the end of the payout period. See the below chart
HDFC Life Sanchay Plus

4. Long Term Income
In this option, you will receive the maturity benefit in the form of guaranteed income from a term that ranges from 25 to 30 years and the return of premiums paid at the end of the payout period. See the below chart
HDFC Life Sanchay Plus


Death Benefit under this Policy

The death benefit is the same for all the variants and is payable only in case of death of the policyholder during the policy term.
Sum Assured on death is the highest of the following:
1. 105% of the total premium paid
2. 10 times the annualized premium
3. The guaranteed sum assured on maturity
4. An absolute sum to be paid on death, which is equal to the sum assured.

Sample Illustration of Benefits

Illustration of benefits for a healthy male aged 30 years (50 years for Life Long Income Option), who pays annual premium Rs 1 lakh + GST per throughout the premium paying term and survives the policy term.
HDFC Life Sanchay Plus Plan | Features & Benefits


Why you need HDFC this Insurance Policy?

1. There are guaranteed benefit payouts under this policy.
2. It provides life cover to protect your family's future.
3. You will be eligible for tax benefits. 



Premium Paying Term and Policy Term

See the below chart for the premium paying terms and policy terms respectively.
HDFC Life Sanchay Plus




The Premium Frequency Available under HDFC Life Sanchay Plus Plan

The premiums can be paid annually, half-yearly, quarterly and monthly.





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