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HDFC Life Sanchay Plus
Your search for the savings insurance plan ends here! Introducing "HDFC Life Sanchay Plus", a non-participating, non-linked, savings insurance plan that offers guaranteed returns whilst safeguarding your family's future against the unforeseen events. It enables systematic savings and provides assured regular income so that you can fulfill your family's dreams and commitments with ease.
You may be aware that every stage in your life demands to achieve milestones. Fulfilling milestones with pride is the key to happiness in life. Flawless financial planning helps you balance the equilibrium of your life when unexpected liabilities, life-stage expenses and unforeseen happenings may occur. Your life becomes worry-free when phases in life like marriage, parenthood and retirement, are faced with adequate preparation and planning.
Why you need this Plan ?
1. Guaranteed* Benefit Payouts
2. Life cover to protect the family's future
3. Steady retirement income with Life Long Income Option
4. Tax Benefits**
5. *Provided all due premiums have been paid and the policy is in force.
6. **As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.
Features
1. Guaranteed^ benefits - Rest assured of the returns
2. Flexibility - Guaranteed^ benefits as a lump sum or as regular income
3. Life Long Income option - Guaranteed^ Income till age 99 years
4. Long Term Income option - Guaranteed^ Income for a fixed term of 25 to 30 years
5. Life Long and Long Term Income options return the total premiums paid1 at the end of payout period
^Provided all due premiums have been paid and the policy is in force.
1Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes
6. Enhanced benefit for policies with Annual Premium more than INR 150,0002
7. Tax benefits^^ - You may be eligible for tax benefits as per prevailing tax laws
8. Optional Riders - Enhance your protection coverage with rider options on payment of additional premium
^^As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.
Plan Variants
1. Guaranteed Maturity Option
A plan option which offers guaranteed benefit payable as lump sum at maturity.
2. Guaranteed Income Option
A plan option which offers maturity benefit in the form of Guaranteed Regular Income for a fixed term of 10 or 12 years.
3. Life Long Income Option
A plan option which offers maturity benefit in the form of Guaranteed Regular Income up to age of 99 years and return of total premiums paid at the end of payout period.
4. Long Term Income Option
A plan option which offers maturity benefit in the form of Guaranteed Income for a fixed term of 25 or 30 years and return of total premiums paid at the end of payout period.
Benefits
1. Guaranteed Maturity Option
Maturity Benefit:
The maturity benefit is equal to Guaranteed Sum Assured on Maturity plus accrued Guaranteed Additions.
Where, Guaranteed Sum Assured on Maturity is total Annualized Premium payable under the policy during the premium payment 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.
Sum Assured on Death is the highest of:
1. 10 times the Annualized Premium4 , or
2. 105% of Total Premiums paid5, or
3. Guaranteed Sum Assured on Maturity, or
4. An absolute amount assured to be paid on death, which is equal to the Sum Assured.
Sum Assured shall be equal to the applicable Death Benefit Multiple times the Annualized Premium. Please refer product brochure for applicable Death Benefit Multiples.
Upon the payment of the death benefit, the policy terminates and no further benefits are payable
4Annualized Premium shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.
5Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.
2. Guaranteed Income Option
Maturity Benefit
Maturity benefit is payable 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.
Please note that on death of the Life Assured during the Payout Period, the nominee shall continue receiving Guaranteed Income as per Income Payout Frequency & benefit option chosen till the end of Payout Period.
Guaranteed Sum Assured on Maturity shall be the present value of future payouts, discounted at a rate of 9% p.a.
Death Benefit
In case of death of Life Assured during the policy term, the death benefit equal to Sum Assured on Death shall be payable to the nominee.
Sum Assured on Death is the highest of:
1. 10 times the Annualized Premium, or
2. 105% of Total Premiums paid, or
3. Premiums paid accumulated at an interest of 5% p.a. compounded annually, or
4. Guaranteed Sum Assured on Maturity, or
5. An absolute amount assured to be paid on death, which is equal to the Sum Assured
Sum Assured shall be equal to the applicable Death Benefit Multiple times the Annualized Premium. Please refer product brochure for applicable Death Benefit Multiples.
Upon the payment of the death benefit, the policy terminates and no further benefits are payable.
3. Life Long Income Option
Maturity Benefit
Maturity benefit is payable in the form of a guaranteed income up to age 99 years and a return of total premiums paid** at the end of payout period upon payment of all due premiums and life assured surviving the policy term.
Please note that on death of the Life Assured during the Payout Period, the nominee shall continue receiving Guaranteed Income as per Income Payout Frequency & benefit option chosen till the end of Payout Period.
Guaranteed Sum Assured on Maturity shall be the present value of future payouts, discounted at a rate of 9% p.a.
** Total premiums paid are returned at the end of the Payout period, irrespective of survival of the Life Assured during the Payout Period.
Death Benefit
In case of death of Life Assured during the policy term, the death benefit equal to Sum Assured on Death shall be payable to the nominee.
Sum Assured on Death is the highest of:
1. 10 times the Annualized Premium, or
2. 105% of Total Premiums paid, or
3. Premiums paid accumulated at an interest of 5% p.a. compounded annually, or
4. Guaranteed Sum Assured on Maturity, or
5. An absolute amount assured to be paid on death, which is equal to the Sum Assured
Sum Assured shall be equal to the applicable Death Benefit Multiple times the Annualized Premium. Please refer product brochure for applicable Death Benefit Multiples.
Upon the payment of the death benefit, the policy terminates and no further benefits are payable.
4. Long Term Income Option
Maturity Benefit
This option offers a benefit of guaranteed income for fixed term of 25 or 30 years and a return of total premiums paid** at the end of payout period upon payment of all due premiums and life assured surviving the policy term.
Please note that on death of the Life Assured during the Payout Period, the nominee shall continue receiving Guaranteed Income as per Income Payout Frequency & benefit option chosen till the end of Payout Period.
Guaranteed Sum Assured on Maturity shall be the present value of future payouts, discounted at a rate of 9% p.a.
** Total premiums paid are returned at the end of the Payout period, irrespective of survival of the Life Assured during the Payout Period.
Death Benefit
In case of death of Life Assured during the policy term, the death benefit equal to Sum Assured on Death shall be payable to the nominee.
Sum Assured on Death is the highest of:
1. 10 times the Annualized Premium, or
2. 105% of Total Premiums paid, or
3. Premiums paid accumulated at an interest of 5% p.a. compounded annually, or
4. Guaranteed Sum Assured on Maturity, or
5. An absolute amount assured to be paid on death, which is equal to the Sum Assured
Sum Assured shall be equal to the applicable Death Benefit Multiple times the Annualized Premium. Please refer product brochure for applicable Death Benefit Multiples.
Upon the payment of the death benefit, the policy terminates and no further benefits are payable.
Covered
Flexibility - Guaranteed^ benefits as a lump sum or as regular income
