Launch Date | UIN | Status |
6/9/2018 | 101N097V06 | Active |
Under HDFC Life Sanchay, an individual chooses a policy term from between 15 to 25 years and pays regular premiums for a limited premium payment term of 5 or 8 or 10 years. On completion of the policy term, the individual receives a Maturity Benefit which is a lumpsum comprising of the Sum assured and accrued guaranteed additions (calculated as 8% of Sum assured if policy term is from 15 to 19 years or 9% of Sum assured if the policy term is from 20 to 25 years).
Depending upon the policy term chosen the maturity benefit is:
Policy term | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 |
Maturity benefit as % of Sum assured | 220% | 228% | 236% | 244% | 252% | 280% | 289% | 298% | 307% | 316% | 325% |
In-case on death of the insured, during the policy term his nominee receives the Death benefit that is a lumpsum which comprises of death sum assured and guaranteed accrued additions till death. The death sum assured which is paid, is a higher value from among:
Let us understand this by an illustration
Person’s age: 35 years
Policy term: 15 years
Premium paying term: 5 years
Sum assured; Rs. 5 lakhs
35 year old person chooses a policy term of 15 years and pays premium of Rs. 1,14,877 only for 5 years. After the policy term gets over, he receives a guaranteed maturity benefit of approximately Rs. 11 lakhs inclusive of Sum assured and guaranteed additions. Suppose if in case on the death of the person, his nominee gets either the sum assured or 10 times the annual premium paid or 105%of the premiums paid till death.
HDFC Life Critical Illness Plus Rider: On diagnosis of any one of certain 19 critical illnesses, a person and his family gets a lump sum benefit that can be used to cover expenses associated with the illness.
HDFC Life is a joint venture between Housing Development Finance Corporation Limited (HDFC), India's leading housing finance institution and Standard Life plc, the leading provider of financial services in the United Kingdom.HDFC Ltd. holds 70.65% and Standard Life (Mauritius Holding) 2006 Ltd. holds 26.00% of the equity in the joint venture while the rest is held by others.
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