HDFC Life Sanchay plan is a traditional savings plan or an endowment plan that offers assured returns on death or maturity. Limited premiums are available under this insurance plan thus liberating the policy owner from the long premium commitments. Apart from assured returns, ‘guaranteed additions’ are also there to make this plan more profitable for the policy holders.
Features of HDFC Life Sanchay Insurance Plan
The insurance plan offers a number of features along with the flexibility to choose preferred investment option. Listed below are the key features of this insurance plan:
- This is a non-participating traditional insurance plan that offers guaranteed returns along with a number of benefits.
- Limited premium payment terms are available. A policy owner can choose from 5 years, 8 years and 10 years.
- Insurance plan provides flexibility to choose the policy term of 10-25 years.
- ‘Guaranteed Additions’ of 8% or 9% of the sum assured amount on maturity is added to the maturity benefit.
- The total ‘guaranteed maturity benefit’ provided by the insurer will be between 180% and 325% of the sum assured on maturity.
- The insurer provides flexibility to the policyholders to select their preferred frequency i.e. yearly, half-yearly, quarterly and monthly to pay premiums.
- Instalment or EMI facility is available for all HDFC Bank Credit Card holders.
- Policy holders may avail additional protection against 19 critical illnesses listed by the insurer through HDFC Life Critical Illness Plus Rider.
Benefits and Eligibility of HDFC Life Sanchay Plan
This insurance plan is designed to cater to the diversified needs of its wide customer base. HDFC Life Sanchay Insurance Plan provides the policy owners with the following benefits:
Guaranteed Additions
This insurance plan offers the insured with guaranteed additions as a percentage of the sum assured amount on maturity accrued at the simple rate for every completed policy year throughout the term of the policy. These additions are payable by the insurer at the time of maturity or death of the life insured (whichever is earlier). However, these additional returns are subject to all outstanding premiums being paid by the insured. In case of the policy surrender, the surrender value of the guaranteed additions will be payable.
Look at the table below to get a clearer picture of guaranteed additions:
| Policy Term | 10 and 15 years to 19 years | 20-25 years |
| Guaranteed Additions as a Percentage of Sum Assured on Maturity | 8% | 9% |
Maturity Benefit
In case of survival (after the completion of policy term), the policy holder will get a lump sum benefit as an aggregate of (a) sum assured on maturity (b) accrued guaranteed additions on maturity benefit as % of sum assured*. This benefit depends on the policy term chosen. Look at the following table to know more:
| Policy Term | 10 years | 15 years | 16 years | 17 years | 18 years | 19 years | 20 years | 21 years | 22 years | 23 years | 24 years | 25 years |
| Maturity Benefit as % of Sum Assured on Maturity | 180% | 220% | 228% | 236% | 244% | 252% | 280% | 289% | 298% | 307% | 316% | 325% |
Death Benefit
In case of an unforeseen event like death of the policyholder during the term, the insurer will be liable to pay the sum assured along with accrued guaranteed additions to the beneficiary. Here, the sum assured on death will be higher of these options:
- Sum assured on maturity
- Absolute amount to be paid on the death of the policyholder, which in this case is equal to the sum assured amount on maturity
- 105% of all the paid premiums
- 10x annualised premiums
Now, look at the following table to get details about the eligibility criteria of HDFC Life Sanchay Insurance plan:
| Particular | Detail |
| Entry Age | 30 days – 55 years |
| Maturity Age |
|
| Policy Term | 10 years and 15 – 25 years |
| Policy Paying Term | 5, 8 and 10 years |
| Sum Assured | Rs. 105,294 – No upper limit |
Also Read: HDFC ClassicAssure Plus Plan
Different Frequency and Modes to Pay Premiums
An individual can choose their premium and premium payment frequency as per their needs. They can choose to pay premium either monthly, quarterly, half-yearly or yearly. The premium limits for different frequencies are as follows:
| Frequency of Premium Payment | Minimum Premium Amount | Maximum Premium Amount |
| Monthly | Rs. 2,500 | No Limit* |
| Quarterly | Rs. 7,000 | |
| Half-Yearly | Rs. 15,000 | |
| Yearly | Rs. 30,000 |
Online Premium Calculator
A premium calculator is an online tool that an individual needs the most if they are looking for the right insurance plan. This handy tool helps an individual to do the comparison and find out the best insurance plan that can match their precise needs.
To calculate premium online, you will find the option on HDFC Life Sanchay Insurance plan page. Click on the option and provide all the requested details such as sum assured or premium amount, first and last name, date of birth, email ID, mobile number, city and state to get an approximated value of the premiums for this plan.
Always keep in mind that this online tool only gives an estimated value. The actual premium amount may slightly differ from your calculations as the insurer considers several aspects for providing the actual premium amount for the policy. This plan can be purchased online. Click on ‘Buy Now’ button. After this, follow the steps provided to complete the process. You can also contact HDFC Life or visit the nearest branch to review and buy the plan.
Also Read: HDFC Sampoorn Samridhi Plus Plan
FAQs
Q1. Is there any tax benefit of buying HDFC Life Sanchay Insurance Plan?
Yes, tax benefits are available with this plan.
- Premiums are paid by Hindu Undivided Family or an individual are eligible for tax benefits under the Section 80C, Income Tax Act 1961 (tax benefits are subject to the limits/conditions specified therein).
- The benefits received from this insurance plan are exempted from tax, as per the Section 10 (10D), Income Tax Act 1961 (exemptions are also subject to the conditions specified by the insurer therein).
Q2. What grace period is provided by the insurer for HDFC Life Sanchay Insurance plan?
Grace period is provided after the due date of premium payment. This insurance plan has a grace period of 15 days for monthly premiums and 30 days for quarterly, half-yearly and yearly premiums.
Q3. What are the key factors that determine the premium of this insurance plan?
A number of factors determine the premium of an insurance plan. Following are the points that have a direct impact on the premium amount:
- Age of the applicant
- Gender
- Sum assured amount
- Policy term
- Habits like smoking
Q4. What are the options available in Savings and Investment category apart from HDFC Life Sanchay?
There are a number of options available in this category. These options include:
- HDFC Life Classic One
- HDFC Life Sampoorn Samridhi Plus
- HDFC Life ClassicAssure Plus
- HDFC Life Super Income Plan
- HDFC Life Sampoorn Nivesh
- HDFC SL ProGrowth Flexi
- HDFC Life ProGrowth Plus
- HDFC SL ProGrowth Super II
- HDFC SL Crest
- HDFC SL ProGrowth Maximiser
- HDFC Life Uday
- HDFC Life Capital Shield
- HDFC Life SL SarvGrameen Bachat Yojana
- HDFC Life Pragati
- HDFC Life Guaranteed Savings Plan
Q5. How to locate the nearest branch of HDFC Life?
Locating the nearest branch is quite easy. Just visit the official site of HDFC Life and click on ‘Find Branch’ option from the ‘How Can We Help You’ section. When you click on the button, you will be redirected to the HDFC Life Branch Locator page. Here, you will have to provide your ‘State’ and ‘City’ name to locate the branches near you.
You can also contact HDFC Life customer care at 1860-267-9999 (from Monday to Saturday between 10 am to 7 pm) or connect with their relationship manager at 1800-227-227 (from Monday to Saturday between 9:30 am to 7 pm) to know more about their policies, buying process, documentation, etc.
Q6. What are the basic requirements to revive a lapsed policy?
The following are the requirements to revive a lapsed policy:
- Payment of all due premiums along with applicable interest.
- Revival charges.
- ID proof and address proof (if the insurance policy has lapsed for 1 year and above).
- Income proof will be needed if the policy has lapsed for above 1 year, along with due premiums equal to or above Rs. 1 lakh.
- Personal Statement of Health (for fully underwritten insurance plans).