HDFC Life Sanchay Plan

HDFC Sanchay Plan is an endowment plan which gives guaranteed returns. The plan does not have any bonus facility. The plan offers guaranteed additions for each completed policy year. This plan gives your money invested with profit upon maturity and also covers your life including illness during the policy term. It is a perfect combination of savings and protection to your life.

Key Features

  • Limited premium payment endowment plan
  • Guaranteed Additions of for each completed policy year
  • Total Guaranteed Benefits of 220% to 325% of the Sum Assured
  • No medical tests necessary for this plan
  • There is a High Sum Assured rebate of 5% provided for this plan for Sum Assured > Rs 10,00,000

Benefits

  • Maturity benefit
At the end of the Policy tenure, the Sum assured and accrued bonus if any would be paid as Maturity Benefit and the policy would terminate.
  • Death benefit
In case of death of the Life Insured within the Policy Tenure, the nominee gets the higher of: - Sum Assured - 10 times the Annualized Premium - 105% of the premiums paid till date + Accrued Guaranteed Additions as Death Benefit and the policy would be terminated.
  • Tax benefit
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfillment of terms and conditions.

Am I eligible?

PARAMETER MINIMUM MAXIMUM
ENTRY AGE 0 55
POLICY TERM 10 20
AGE OF MATURITY 18 70
SUM ASSURED 37,734 NO LIMIT
PREMIUM PAYEMENT TERM 10
PAYMENT TERMS ANNUAL, HALF-YEARLY

What if?

  • I am unable to pay on time
If the policy holder stops paying the premium, then all benefits of the policy will stop after the grace period ends. The policy can be reinstated within 2 policy years from the date of discontinuance after paying all the unpaid premiums.
  • I stop the payment
If minimum of 2 years premium is paid for a policy of less than 10 years and 3 years premium is paid for policy of more than 10 years, then the policy is converted to Guaranteed Surrender Value else the policy is lapsed.
  • I wish to take a loan
If policy has acquired surrender value a loan amount of up to 80% of the available surrender value of the policy is available.

Exclusions

  • In case of death due to suicide, within 12 months
  • From date of commencement of risk of the of the policy, the nominee of the policyholder hall be entitled to 80% of the premiums paid, provided the s policy is in force
  • From the date of revival of the policy, the nominee of the policyholder shall be entitled to the amount which is higher of 80% of the premiums paid till date of death or the surrender value as available on the date of death