HDFC Life Sanchay

About HDFC Life Sanchay

• HDFC life Sanchay is a simple endowment plan that offers guaranteed returns on maturity
• Guaranteed additions of 8% or 9% of Sum assured is accrued every year and paid on maturity
• Option to choose limited premium payment term i.e. 5 or 8 or 10 years
• Flexible policy term
• Primary objective of HDFC Life Sanchay is investments with zero risk returns

How does HDFC Life Sanchay Plan work?

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:

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:

1. Basic Sum assured
2. 10 times of the yearly premium amount paid till death
3. 105% of the premiums paid till death

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.

Why should you buy the HDFC Life Sanchay plan?

• HDFC Life Sanchay helps fulfil long term financial goals.
• It is low risk investment option that provides monetary gains over the year.
• High Life cover ratio means higher bonus amounts.
• This plan can be used for availing loans. 
• Premiums paid are tax exempt under section 80C and maturity amount is tax free under section 10(10D).

Who should buy HDFC Life Sanchay plan?

• Minimum and maximum entry age is 30 days and 45 years.
• Minimum and Maximum maturity age 18 years and 70 years.
• Premium paying term is 5, 8 and 10 years.
• Policy term is 15 years (min) and 25 years (max).
• An individual who is looking out for a low risk investment that pays good returns.
• An individual who wants to provide monetary security to his family.
• People planning for specific life goals like (big house, world trip, daughter’s marriage etc.)

Rider

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.

Claim Process

Know claim process of HDFC Life Sanchay

Claim Process