Post Date: May 6, 2022
HDFC Life Sanchay Plus is a popular Non-Participating, Non-Linked Savings Insurance Plan.
KEY FEATURES OF HDFC LIFE SANCHAY PLUS
- Guaranteed benefits – Rest assured of the returns
- Tax benefits – as per prevailing tax laws
- Flexibility – Guaranteed benefits as a lump sum or as regular income
- Life Long Income option – Guaranteed income till age 99 years
- Long Term Income option – Guaranteed Income for a fixed term of 25 to 30 years
- Optional Riders – Enhance your protection coverage with rider options on payment of additional premium.
Variants within the Sanchay Plus
| Options | Premium term | Policy term | Payout period |
|---|---|---|---|
| Guaranteed Maturity | 5 years | 10 – 20 years | Maturity benefit paid as lump sum at the end of the Policy Term |
| 6/7/8/9/10 years | 12 to 20 years | Maturity benefit paid as lump sum at the end of the Policy Term | |
| Guaranteed Income | 7 years | 7 to 12 years | Maturity benefit paid as a guaranteed income for a fixed term of 10 or 12 years starting from (Policy Term + 1)th year in arrears. |
| 8 years | 8 to 13 years | Maturity benefit paid as a guaranteed income for a fixed term of 10 or 12 years starting from (Policy Term + 1)th year in arrears. | |
| 9 years | 9 to 14 years | Maturity benefit paid as a guaranteed income for a fixed term of 10 or 12 years starting from (Policy Term + 1)th year in arrears. | |
| 10 years | 10 to 15 years | Maturity benefit paid as a guaranteed income for a fixed term of 10 or 12 years starting from (Policy Term + 1)th year in arrears. | |
| 11 years | 11 to 16 years | Maturity benefit paid as a guaranteed income for a fixed term of 10 or 12 years starting from (Policy Term + 1)th year in arrears. | |
| 12 years | 12 to 17 years | Maturity benefit paid as a guaranteed income for a fixed term of 10 or 12 years starting from (Policy Term + 1)th year in arrears. | |
| Life Long Income | 5 years | 6 years | Maturity benefit paid as a guaranteed income from 7th year in arrears till the individual attains age 99 years |
| 6 years | 7 years | Maturity benefit paid as a guaranteed income from 8th year in arrears till the individual attains age 99 years | |
| 10 years | 11 years | Maturity benefit paid as a guaranteed income from 12th year in arrears till the individual attains age 99 years | |
| 12 years | 13 years | Maturity benefit paid as a guaranteed income from 14th year in arrears till the individual attains age 99 years | |
| Long term income | 5 years | 5 to 10 years | Maturity benefit paid as a guaranteed income for a fixed term of 25 or 30 years starting from (Policy Term + 1)th year in arrears. |
| 6 years | 6 to 11 years | Maturity benefit paid as a guaranteed income for a fixed term of 25 or 30 years starting from (Policy Term + 1)th year in arrears. | |
| 7 years | 7 to 10 years | Maturity benefit paid as a guaranteed income for a fixed term of 25 or 30 years starting from (Policy Term + 1)th year in arrears. | |
| 8 years | 8 to 11 years | Maturity benefit paid as a guaranteed income for a fixed term of 25 or 30 years starting from (Policy Term + 1)th year in arrears. | |
| 9 years | 9 to 11 years | Maturity benefit paid as a guaranteed income for a fixed term of 25 or 30 years starting from (Policy Term + 1)th year in arrears. | |
| 10 years | 10 to 12 years | Maturity benefit paid as a guaranteed income for a fixed term of 25 or 30 years starting from (Policy Term + 1)th year in arrears. | |
| 11 years | 11 to 12 years | Maturity benefit paid as a guaranteed income for a fixed term of 25 or 30 years starting from (Policy Term + 1)th year in arrears. | |
| 12 years | 12 to 13 years | Maturity benefit paid as a guaranteed income for a fixed term of 25 or 30 years starting from (Policy Term + 1)th year in arrears. |
Eligibility for HDFC Life Sanchay Plus
| Eligibility criteria | Plan option | Minimum | Maximum |
|---|---|---|---|
| Age at entry (years) | Guaranteed Income | 5 | 60 |
| Guaranteed Maturity | 5 | 60 | |
| Life Long Income | 50 | 60 | |
| Long Term Income | 5 | 60 | |
| Age at Maturity (years) | Guaranteed Income | 18 | 73 |
| Guaranteed Maturity | 18 | 80 | |
| Life Long Income | 56 | 71 | |
| Long Term Income | 18 | 71 | |
| Instalment Premium | All Options | Annual: Rs. 30,000 | No limit, subject to Board Approved Underwriting Policy (BAUP) |
| Instalment Premium | All Options | Half yearly: Rs. 15,000 | No limit, subject to Board Approved Underwriting Policy (BAUP) |
| Instalment Premium | All Options | Quarterly: Rs. 7,500 | No limit, subject to Board Approved Underwriting Policy (BAUP) |
| Instalment Premium | All Options | Monthly: Rs. 2,500 | No limit, subject to Board Approved Underwriting Policy (BAUP) |
# HDFC Life Income Benefit on Accidental Disability Rider (101B013V03) HDFC Life Critical Illness Plus Rider (101B014V02) are available for all options.
Benefits
For Guaranteed Income
- Maturity Benefit: This option pays you a maturity benefit in the form of Guaranteed Income for fixed term of 10 or 12 years upon payment of all due premiums and life assured surviving the policy term.
For Guaranteed Maturity
- Maturity Benefit: This option offers a guaranteed maturity benefit payable as lump sum at the end of policy term upon payment of all due premiums and the life assured surviving the policy term.
For Life long Income
- Maturity Benefit: This option offers a benefit of a guaranteed income up to age 99 years and a return of premium at the end of payout period upon payment of all due premiums and life assured surviving the policy term.
For Long term Income
- Maturity Benefit: This option offers a benefit of guaranteed income for fixed term of 25 or 30 years and a return of premium at the end of payout period upon payment of all due premiums and life assured surviving the policy term.
Death Benefit: In case of death of Life Assured during the policy term, the death benefit equal to Sum Assured on Death plus Accrued Guaranteed Additions shall be payable to the nominee.
NON-FORFEITURE BENEFITS
- Grace period: You get a grace period of 15 days for monthly frequency of premium payment and 30 days for other frequencies to pay the premium without any penalty. If premium is not received before the end of grace period, the policy will lapse or become paid-up.
- If a due premium is unpaid upon the expiry of the grace period, the policy shall:
- lapse if it has not acquired a Guaranteed Surrender Value (the payment of at least first two years’ premiums), then , all the benefits shall cease and nothing is payable on death, maturity or surrender
- become reduced paid-up if it has acquired a Guaranteed Surrender Value In case of a lapsed policy, all the benefits shall cease and nothing is payable on death, maturity or surrender
- Paid-up Maturity/Death benefit:
- Once the policy becomes reduced paid-up, the maturity and death benefit payouts shall be computed by multiplying the death/maturity payouts as specified in “Benefits in detail” section to the ratio of the premiums paid to the premiums payable under the policy.
- Surrender: The policy shall acquire a Guaranteed Surrender Value (GSV) upon the payment of at least first two years’ premiums.
- Revival: revival of lapsed/paid-up policy within the revival period subject to the terms and conditions we may specify from time to time. For revival, one will need to pay all the outstanding premiums and interest on the outstanding premiums and taxes and levies as applicable.
Also, have a look at other Insurance, Best Small Cap Mutual Funds & AMC Profiles, If you need any assistance on this insurance plan or How To Invest In Mutual Funds Feel free to contact Wealth Baba – Financial Planner & Investment Advisor in India. We will try to help you out in the best possible way.
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