HDFC Life Sanchay Plus

UIN No: 101N134V02

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Life becomes more meaningful with the achievement of personal milestones. But these milestones are often accompanied by added responsibilities and expenses. Financial planning for key life stages such as marriage, parenthood, retirement, etc. becomes crucial to help us prepare for these expenses. Life Insurance plan can help you achieve such goals whilst safeguarding the family’s future against the unforeseen events.

While there are many opportunities that come with respective benefits, the assurance and convenience that a life insurance plan with guaranteed benefit offers is irreplaceable.

We at HDFC Life bring to you “HDFC Life Sanchay Plus”, a non-participating, non-linked, savings insurance plan that offers guaranteed returns for you and your family.

Why you need this Plan ?
  • Guaranteed* Benefit Payouts
  • Life cover to protect the family's future
  • Tax Benefits**
  • *Provided all due premiums have been paid and the policy is in force.
  • **As per Income Tax, 1961. Tax benefits are subject to changes in tax laws
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Explore HDFC Life Sanchay Plus

    A plan option which offers guaranteed benefit payable as lump sum at maturity.

    A plan option which offers maturity benefit in the form of Guaranteed Regular Income for a fixed term of 10 or 12 years.

    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.

    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
  • 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:

    • 10 times the Annualized Premium4 , or
    • 105% of Total Premiums paid5, or
    • Guaranteed Sum Assured on Maturity, or
    • 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 Annualized Premiums excludes taxes and other statutory levies, extra premium on account of underwriting or payment frequency and rider premiums, if any
    5 Total Premiums excludes taxes and other statutory levies, extra premium on account of underwriting or payment frequency and rider premiums, if any

  • 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:

    • 10 times the Annualized Premium, or
    • 105% of Total Premiums paid, or
    • Premiums paid accumulated at an interest of 5% p.a. compounded annually, or
    • Guaranteed Sum Assured on Maturity, or
    • 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.

  • 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:

    • 10 times the Annualized Premium, or
    • 105% of Total Premiums paid, or
    • Premiums paid accumulated at an interest of 5% p.a. compounded annually, or
    • Guaranteed Sum Assured on Maturity, or
    • 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.

  • 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:

    • 10 times the Annualized Premium, or
    • 105% of Total Premiums paid, or
    • Premiums paid accumulated at an interest of 5% p.a. compounded annually, or
    • Guaranteed Sum Assured on Maturity, or
    • 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.

Eligibility CriteriaPlan OptionMinimumMaximum
AGE AT ENTRY

Guaranteed Income

51

60

Guaranteed Maturity

51

Life Long Income

50

Long Term Income

51

AGE AT MATURITY

Guaranteed Income

18

73

Guaranteed Maturity

18

80

Life Long Income

56

71

Long Term Income

18

71

Minimum Installment Premium

All Options

Annual: INR 30,000
Half Yearly: INR 15,000
Quarterly: INR 7,500
Monthly: INR 2,500

 
Maximum Installment Premium

All Options

No limit, subject to Board Approved Underwriting Policy (BAUP)

 
Riders

All Options

HDFC Life Income Benefit on Accidental Disability Rider (101B013V02)
HDFC Life Critical Illness Plus Rider (101B014V01)

 
1Risk cover starts from date of commencement of policy for all lives including minors. In case of a minor life, the policy will vest on the Life Assured on attainment of age 18 years.

All ages mentioned above are age last birthday.

The minimum premium amounts are exclusive of taxes and other statutory levies as applicable.

For more details on risk factors, terms and conditions, please read the Product Brochure carefully and/or consult Financial Consultant before taking a decision.

SAMPLE ILLUSTRATION

Illustration of benefits for healthy male aged 30 years (50 years for Life Long Income Option), who pays INR 1 Lac + Taxes per annum throughout the premium paying term and survives the policy term.

Plan OptionSum AssuredDeath Benefit at Inception*Policy Term (years)Premium Paying Term (years)Maturity Benefit (INR)
Guaranteed Maturity1,250,0001,250,00020102,309,000 paid as a lump sum at Maturity
Guaranteed Income1,250,0001,553,8761312Guaranteed Income^ of Rs. 2,17,000 p.a. from 14th year to 25th year (payout period of 12 years)
Long Term Income1,250,0001,250,0001110Guaranteed Income^ of Rs. 100,000 p.a. from 12th year to 36th year (payout period of 25 years) + Rs. 10,00,000 at the end of payout period(36th year)
Life Long Income1,050,0001,051,5551110Guaranteed Income^ of Rs. 95,000 p.a. from 12th year till age 99 years (39 years) + Rs. 10,00,000 at the end of payout period.

 

^ Guaranteed Income Amount payable in arrears on annual frequency during the payout period (After the policy term).

* Please refer to the Benefit Illustration for year wise Death Benefit.

 A. The premiums are excluding applicable taxes & levies. B. This snapshot of illustration is only for HDFC Life Sanchay Plus Plan for a healthy male life. C. The values shown are for illustrative purpose only. For detailed illustration, please speak to our Financial Consultant/Broker. Please refer to the product brochure for details on benefits and conditions.

For policies bought online, the benefits payable under all four plan options will be increased to 103% of those illustrated in the sample illustration.

FAQs

There are four plan options available under HDFC Life Sanchay Plus:

  1. Guaranteed Maturity: This option offers a guaranteed maturity benefit payable as lump sum at the end of policy term.
  2. Guaranteed Income: This option offers a guaranteed regular income for a fixed term of 10 or 12 years.
  3. Life Long Income: This option offers guaranteed regular income up to age 99 years plus return of premium at the end of payout period.
  4. Long Term Income: This option offers guaranteed regular income for a long term of 25 or 30 years plus return of premium at the end of payout period.

Below are the premium paying terms and policy terms respectively:

Options

Premium Paying Term

Policy Term

Guaranteed Maturity

5 , 6 and 10 years

10, 12 and 20 years

Guaranteed Income

10 and 12 years

11 and 13 years

Life Long Income

5 and 10 years

6 and 11 years

Long Term Income

5 and 10 years

6 and 11 years

 
 

The premiums can be paid annually, half-yearly, quarterly and monthly.

The maturity benefit is equal to Guaranteed Sum Assured on Maturity plus accrued Guaranteed Additions.

Where, Guaranteed Sum Assured on Maturity is total Annualized Premium1 payable under the policy during the premium payment term.

Please refer brochure for details on Guaranteed Additions.

 

1Annualized Premiums excludes taxes and other statutory levies, extra premium on account of underwriting or payment frequency and rider premiums, if any

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:

  • 10 times the Annualized Premium1, or
  • 105% of Total Premiums paid2, or
  • Guaranteed Sum Assured on Maturity, or
  • an absolute amount assured to be paid on death, which is equal to the Sum Assured.


Sum Assured will be determined based on your entry age and the Annualized Premium you commit to pay in a policy year.

Upon the payment of the death benefit, the policy terminates and no further benefits are payable.

1Annualized Premiums excludes taxes and other statutory levies, extra premium on account of underwriting or payment frequency and rider premiums, if any
2Total Premiums excludes taxes and other statutory levies, extra premium on account of underwriting or payment frequency and rider premiums, if any

Maturity Benefit is payable in the form of Guaranteed Income for a fixed term upon payment of all due premiums and life assured surviving the policy term.  

  1. Guaranteed Income: This option pays you a Guaranteed Income for fixed term of 10 or 12 years.

Premium Payment Term

Guaranteed Income^ payable each year during the payout period

Entry Ages: 5 to 50 years

Entry Ages: 51 to 60 years

10 years

195% of Annualized Premium 

185% of Annualized Premium 

12 years

217% of Annualized Premium

202% of Annualized Premium

 

  1. Life Long Income: This option pays you a Guaranteed Income up to age 99 years plus return of premiums paid at the end of payout period.

Guaranteed Income^ payable each year during the payout period#

Premium Payment Term

Policy Term

Entry Ages: 50 to 60 years

5 years

6 years

33% of Annualized Premium

10 years

11 years

95% of Annualized Premium

 

  1. Long Term Income: This option pays you a Guaranteed Income for fixed term of 25 or 30 years plus return of premiums paid at the end of payout period.

Guaranteed Income^ payable each year during the payout period

Premium Payment Term

Policy Term

Entry Ages : 5 to 60 years

5 years

6 years

34.5% of  Annualized Premium

10 years

11 years

100% of Annualized Premium

 

The amount of guaranteed income is a Percentage (%) of Annualized Premium1 and shall depend on Premium Payment Term. Please refer brochure for more details.

1Annualized Premiums excludes taxes and other statutory levies, extra premium on account of underwriting or payment frequency and rider premiums, if any
^ An additional income is payable in case of higher premium amount.

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:

  • 10 times the Annualized Premium1, or
  • 105% of Total Premiums paid2, or
  • Premiums paid accumulated at an interest of 5% p.a. compounded annually, or
  • Guaranteed Sum Assured on Maturity, or
  • an absolute amount assured to be paid on death, which is equal to the Sum Assured


Sum Assured will be determined based on your entry age and the Annualized Premium you commit to pay in a policy year.

Guaranteed Sum assured on Maturity shall be present value of future payouts discounted at a rate of 9% p.a.

Upon the payment of the death benefit, the policy terminates and no further benefits are payable.

1Annualized Premiums excludes taxes and other statutory levies, extra premium on account of underwriting or payment frequency and rider premiums, if any
2Total Premiums excludes taxes and other statutory levies, extra premium on account of underwriting or payment frequency and rider premiums, if any

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.

At any point of time during the Payout Period, you shall have an option to receive the future income as a lump sum, which shall be the present value of future payouts, discounted at a rate which is computed using the prevailing interest rates.

Yes, Life Long option offers you a Guaranteed Income up to age 99 years.

Yes, we also offer additional Maturity Benefit / Income Benefit for the policies with Annual Premium more than Rs. 1.5 lakhs.

 

Annual Premium size

Additional Maturity Benefit (% of Total Maturity Benefit Payable)

Annual Additional Income

(% of Annualised Premium)

Guaranteed Maturity Option

Life Long Income/ Long Term Income

Guaranteed Income

5 pay

6 pay

10 pay

5 pay

10 pay

10 pay

12 pay

Rs. 0 – Rs. 1,50,000

Nil

Rs. 1,50,001 – Rs. 2,99,999

0.5%

0.6%

0.75%

0.75%

1.00%

1.00%

1.25%

Rs. 3,00,000 – Rs. 4,99,999

1%

1.1%

1.5%

1.25%

2.00%

2.00%

2.50%

Rs. 5,00,000 and above

2%

2.1%

2.25%

1.50%

2.50%

2.50%

3.00%

You can choose to receive the Guaranteed Income on Annual, Semi-Annual, Quarterly or Monthly frequency. Please refer brochure for more details.

No, Plan option once chosen at inception cannot be changed throughout the policy term.

The plan can be applied by filing in the Short Medical Questionnaire (SMQ), which may not require you to go for medicals.

The policy will acquire a Guaranteed Surrender Value (GSV) provided

  • First 2 years’ premiums have been paid for premium paying term of 5 and 6 years
  • First 3 years’ premiums have been paid for premium paying term of 10 and 12 years

The policyholder can avail Loan under the policy provided the policy has acquired a surrender value and subject to terms and conditions as the Company may specify from time to time. 

You may be eligible for tax benefits as per prevailing tax laws under Income Tax Act, 1961. Please note tax benefits are subject to change in tax laws.

Product brochure download
Death Benefit Multiple

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