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HDFC Life Sanchay Plans

Getting life cover is necessary in the modern age, but it is smarter to invest in savings and investment plans that not only make your family financially secure, but also help you grow your wealth. ...Read More

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HDFC Life Sanchay Plans
Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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HDFC Life Sanchay Plans

In this life full of uncertainties, a savings plan is instrumental in creating a lumpsum corpus for your future needs as well as providing a life cover against mishaps to secure your family from sudden financial struggles when you are not there. Besides, it is also helpful in forming a financial regime that creates a habit of regular investment out of your monthly income. So, once you invest, it’s a worry-free future for you and your family!

HDFC Life Sanchay Plans- Key Highlights

Tax Benefits with Savings Sanchay Plan

Tax benefits

Enjoy tax benefits as you invest in HDFC Life Sanchay Plans. While the annual premiums paid get exempted from tax under section 80C of the Income Tax Act, 1961#, the death benefit is 100% tax-free under section 10(10D)2.

Guaranteed Income with Sanchay Savings Plans

Guaranteed Income

HDFC Life Sanchay plans assure you of a guaranteed1 income. If the policyholder dies within the policy term, the nominee gets the pre-defined sum assured with accrued bonuses (if any) as the death benefit which is designed to support the bereaved family financially. In case the policyholder survives through the policy term, they are entitled to get the maturity benefit which is a total of all the premiums paid along with accrued bonuses (if not paid earlier). Both of these payouts are guaranteed1 incomes from the investment. 

Life Cover with HDFC Life Sanchay Plus Plan

Life cover

The life cover is the most important part of HDFC Life Sanchay Plans as it acts as a financial support to the policyholder’s family, in case he/she dies an untimely death. This amount is either i) 10 times the annual premium ii) 105% of the total premiums paid iii) A pre-defined sum assured, along with accrued bonuses (if any). The bereaved family can choose to receive the death benefit in a single lump sum payment or regular payouts for a stipulated period.

Get Regular Returns as you stay Covered with Our Saving Plans

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Compare HDFC Life Sanchay Plans
 

Features

HDFC Life Sanchay Plus

HDFC Life Sanchay Fixed Maturity Plan

HDFC Life Sanchay Par Advantage

Guaranteed1 Income

Yes

Yes

Yes

Death Benefit

Yes

Yes

Yes

Maturity Benefit

Yes

Yes

Yes

Survival Benefit

No

Yes

Yes

Life Cover

Single

Single or Joint

Single

Multiple payouts

Yes

Yes

Yes

Life-long Income

Till 99 years

Till 99 Years

Till 99 Years

Deferred Income  

No

No

Yes

Long-term income option

Yes

Yes

Yes

Return of Premiums Paid

Yes

Yes

Yes

Optional Riders

Yes

Yes

Yes

Tax Benefit

Yes

Yes

Yes

Know more about Sanchay Plans

Why choose the HDFC Life Sanchay Plus plan?

Guaranteed returns HDFC Life Sanchay Plus Plan

Guaranteed Income

Enjoy guaranteed1 returns from your policy in terms of different variants of payouts.

Life Cover with HDFC Life Sanchay Plan

Life Cover

Protect your loved ones from sudden financial struggles through the life cover and death benefit. Your nominee will get the sum assured along with accrued bonuses (if any) as a single payment or in regular guaranteed payouts.

Maturity benefit with HDFC Life Sanchay Plan

Maturity benefit

Get back all the premiums paid along with accrued bonuses (if any) on maturity. This guaranteed income can be enjoyed in a lump sum payment or as a fixed payout in regular intervals for a stipulated period.

Tax Benefits with HDFC Life Sanchay Plus Plan

Tax benefits

Enjoy tax exemption on premium payments and death benefits under sections 80C# and 10 (10D)# of the Income Tax Act 1961.

Enhanced benefits with Additional Riders

Additional riders

 Get enhanced benefits and financial security by opting for accident coverage and critical or terminal illness coverage as additional riders with the policy. Stay worry-free in situations like accidental permanent disability or diagnosis of diseases.

Why buy the HDFC Life Sanchay Fixed Maturity plan?

1

Single or joint Life cover

Secure your family’s future with a single or joint life cover based on your need. Take care of your loved ones with greater financial support even when you are not there.

2

The flexibility of Premium Payment

Pay premiums according to your convenience. Choose any of these formats: Single payment, Limited Pay or Regular Pay.

3

Guaranteed benefit

There’s no market risk associated. The returns from your policy are fixed and guaranteed.

4

Death benefit

For the single coverage variant, your nominee gets a guaranteed sum assured. In joint life coverage, death benefits follow a certain schedule for first death, second death or simultaneous deaths.

5

Maturity benefit

Enjoy a guaranteed lump sum payment on maturity of the policy based on your age and the chosen premium payment term.

6

Additional riders

Opt for additional coverages to take care of the expenses in case of accidental permanent disability, or critical and terminal illness. A lumpsum payout is available right after the accident or the diagnosis of the disease.

7

Tax benefits

Enjoy tax exemption on premium payments and death benefits under sections 80C# and 10 (10D)# of the Income Tax Act 1961.

8

Flexible Policy Term

Choose your preferred policy term. The available range is up to 40 years.

9

No medical test

Getting insured is now hassle-free. No medical test is mandatory for the POS variant of the policy.

10

Increased benefit

Get more out of your policy. Enjoy greater maturity benefits by paying higher premiums.

Why choose HDFC Life Sanchay Par Advantage?

Immediate income options with HDFC Life Sanchay Par Advantage

Immediate income

Enjoy immediate income options through different variants of payouts.

Deferred income with HDFC Life Sanchay Par Advantage

Deferred income

Let the monetary benefits through deferred income format take care of your financial needs.

Get Survival Benefits with HDFC Life Sanchay Par Advantage

Survival benefit

Get rewarded for surviving through each year of the policy term. The cash bonus is available annually from the end of the first policy year till maturity. 

Get Death Benefits with HDFC Life Sanchay Par Advantage Plan

Death benefit

In case the unforeseen happens, the nominee gets a pre-defined sum assured along with the accrued bonus (if any), interim survival bonus (if any) and Terminal Bonus (if declared).

Get Maturity benefits with HDFC Life Sanchay Par Advantage Plan

Maturity benefit

Get a lump sum consisting of the sum assured, accrued bonus (if not paid earlier), interim survival bonus (if any) and Terminal Bonus (if declared) on the maturity of your policy.

Tax benefits with HDFC Life Sanchay Par Advantage Plan

Tax benefits

Enjoy tax exemption on premium payments and death benefits under sections 80C# and 10 (10D)# of the Income Tax Act 1961.

Add Additional riders with HDFC Life Sanchay Par Advantage Plan

Additional Riders

Choose additional coverage for accidents and critical or terminal illnesses. Stay financially protected in case of accidental permanent disability or life-threatening diseases. 

Who should buy HDFC Life Sanchay plans?

  • Guaranteed income

    Anyone whose age at the time of purchase is anywhere between 30 days and 60 years

  • Option of choosing Deferred Annuity

    Anyone whose age at maturity of these plans falls between 18-85 years

  • Flexibility to decide the frequency of annuity payments.

    Anyone who can afford the minimum annual premium of Rs 30,000 or more

  • Get the return of all premiums paid on death.

    Anyone who has just started his career and needs to build a habit of investment

  • Option of choosing Deferred Annuity

    Anyone who has dependent parents

  • Get the return of all premiums paid on death.

    Anyone who has just got married

  • Get the return of all premiums paid on death.

    Anyone who is married with children

  • Flexibility to decide the frequency of annuity payments.

    Anyone who is looking to secure a life post-retirement with a regular income

Why buy savings plan online? Why buy savings plan online?

HDFC Life Sanchay Plans FAQ

1 What is the interest rate of HDFC Life Sanchay Plus?

A traditional endowment plan, HDFC Life Sanchay Plus is designed to couple up as a life cover as well as an investment opportunity. The death benefit or maturity benefits offered by the policy are either the sum assured or the return of premiums paid along with accrued interests and bonuses (if any). Here the premiums get accumulated at an interest rate of 5% per annum, compounded annually. 

2 Is HDFC Life Sanchay plus return tax-free?

Yes, like any other life insurance plan, HDFC Life Sanchay Plus returns are also eligible for tax exemptions. The maturity benefit and the premiums paid up to the defined limit of Rs 1.5 lakh per annum are exempted from income tax under sections 80C# and 10(10D)# of the Income Tax Act 1961. The death benefit offered by the policy is 100% tax-free. 

3 Can we surrender HDFC Life Sanchay Plus?

Yes, you can surrender your HDFC Life Sanchay Plus policy following the terms and conditions specified in the policy document. The process of cancellation will vary according to the policy holding. You can either surrender the policy or simply stop paying the scheduled premium at any stage of the policy term. No cancellation fee is charged for the same. You are also eligible to get back the premiums paid so far in certain cases, subject to the terms and conditions of the policy.

4 What is the death benefit in HDFC Life Sanchay Plus?

The nominee of the HDFC Life Sanchay Plus is entitled to a death benefit if the policyholder dies within the policy term. This amount is the highest of 

  • 10 times the annual premium amount
  • 105% of the total premiums paid
  • Guaranteed sum assured on the maturity of the policy
  • An absolute amount payable on the death of the policyholder which is equal to the sum assured

The nominee can choose to receive this amount in a lump sum single payment or in regular payouts over a stipulated period.

5 What is the life-long income option in HDFC Life Sanchay Plus allowed for?

The life-long income option in an insurance policy calls for paying its maturity benefit in a fixed amount in regular intervals for the entire life span of the policyholder. In the case of HDFC Life Sanchay Plus, the life-long income option offers the policyholder a spectrum of guaranteed regular income till 99 years of age. It also provides the return of total premiums paid after the payout period is over.

6 What is the difference between HDFC Life Sanchay Plus and HDFC Life Sanchay Par?

The Sanchay Plus and Sanchay Par under HDFC Life Sanchay Plans differ in terms of the nature of maturity benefit payouts. The HDFC Life Sanchay Plus policy offers steady retirement income in the life-long payout option. The HDFC Life Sanchay Par Advantage policy on the other hand offers guaranteed income for a stipulated income period where the payout amount increases every year. Moreover, the Sanchay Par plan offers both immediate income and deferred income format which is not the case in Sanchay Plus.

7 What is the entry age for HDFC Life Sanchay Plus?

The entry age is crucial for any life insurance plan as it’s commonly believed, an individual is more prone to health issues and diseases as his age increases. Thus, the premium amount, policy term and sum assured are calculated based on the age of the applicant. On similar grounds, the entry age for HDFC Life Sanchay Plus is 5-60 years, beyond which one can’t be eligible for buying the policy. 

8 What is the grace period of HDFC Life Sanchay plus monthly premium payment?

For any life insurance plan, the premium payment has to be done in a pre-defined schedule where due dates are specified. If one fails to pay the premium on the due date, a grace period is available depending on the nature of the policy and the premium payment cycle. In the case of HDFC Life Sanchay Plus, the grace period for the monthly premium payment is 15 days from the due date.  

9 What is the minimum investment in HDFC Life Sanchay Plus?

A minimum investment amount is stipulated by every life insurance policy so that the policyholder is eligible to earn maximum benefits. For HDFC Life Sanchay Plus, the minimum investment amount is Rs 30000 per annum if he chooses the annual premium payment schedule. If the policyholder chooses to pay monthly, quarterly or half-yearly premiums, the minimum investments required are Rs 2500, Rs 7500 and Rs 15000 respectively. 

10 What is the rate of interest for HDFC Life Sanchay Par?

The rate of interest is immensely important in a life insurance plan as it determines the amount of returns one would earn from it. For HDFC Life Sanchay Par Advantage plans, there are two separate rates of interest available: 8% and 4% per annum. These are applicable in all of the three benefits offered- survival, death and maturity benefits. 

11 What type of plan is HDFC Life Sanchay's fixed maturity plan?

The HDFC Life Sanchay Fixed Maturity Plan is a non-linked, non-participating, individual savings life insurance plan offering single or joint life cover and lumpsum maturity benefits. With an option to choose the premium payment term as per the policyholder’s convenience, the plan offers guaranteed and fixed returns and is devoid of any market risk element.

12 Is HDFC Life Sanchay plus maturity tax-free?

Like any other life insurance or traditional endowment plan, HDFC Life Sanchay Plus also offers tax benefits to its policyholders. The maturity process and the premiums paid for the policy are eligible for tax exemption under sections 80C and 10 (10D) of the Income Tax Act, 1961 if the total amount is less than or equal to Rs 1.5 lakhs per annum. 

13 Are fixed maturity plans safe?

Fixed Maturity Plans (FMP) offer guaranteed and fixed returns and have no market risk element in them. Thus, FMP is a worthy plan if one is looking forward to safety and stability in his investments. If you have a low-risk appetite, investing in an FMP can surely be the ideal choice for you. 

14 Are fixed maturity plans close-ended?

Yes, fixed maturity plans are close-ended as they are primarily a kind of debt-based mutual fund. Simply put, in the case of fixed maturity plans, you invest in a debt-based mutual fund that has a fixed term. The fund invests the money mostly in fixed-income instruments that have their maturity period aligned with that of the fund.     

15 Is HDFC Life Sanchay fixed maturity plan a non-linked non participating individual savings plan?

Yes, The HDFC Life Sanchay Fixed Maturity Plan is a non-linked, non-participating individual savings plan that offers single and joint life covers as well as guaranteed and fixed returns. It’s an ideal plan for individual savings as it provides benefits such as risk-free steady income and allows the policyholders to choose the premium payment term according to their convenience.   

16 What is the death benefit of HDFC Life Sanchay Plus?

Similar to other life insurance plans, the death benefit in the HDFC Life Sanchay Plus plan is available to the nominee in case the policyholder dies within the policy term. The death benefit is a lumpsum amount which the nominee can choose to receive in a single payment or regular payouts for a specified period. The amount is the highest of 

  • 10 times the annual premium amount
  • 105% of the total premiums paid
  • Guaranteed sum assured on the maturity of the policy
  • An absolute amount payable on the death of the policyholder which is equal to the sum assured

 

17 What types of bonuses are available in HDFC Life Sanchay Plus?

Like any other life insurance plan, the HDFC Life Sanchay Plus offers accrued bonuses along with pre-specified lumpsum benefits. This accrued amount is Compound Reversionary Bonus (CRB) in nature and is payable as a cash bonus. Here CRB is calculated as a percentage of the sum assured by the policy and increases with time due to the compounding effect. 

1. Provided all due premiums have been paid and the policy is in force.

2. Subject to conditions specified u/s 10(10D) of the Income tax Act, 1961.

3. Applicable on choosing a policy term as (100 - age at entry) years.

4. This applies to Income Variant, whereby guaranteed income is paid on survival of Life Assured during the policy term, provided all due premiums are paid during the premium payment term

*For all details on Rider, kindly refer to the Rider Brochure available on our website.

#Tax benefits/deductions are subject to provisions of the Income Tax Act, 1961 and Income Tax Rules made thereunder. Tax Laws are subject to change from time to time.

#The customer is requested to seek tax advice from his Chartered Accountant or personal tax advisor with respect to his personal tax liabilities under the Income-tax law

HDFC Life Sanchay Plus (UIN:101N134V20) is a non-participating, non-linked savings insurance plan.

HDFC Life Sanchay Fixed Maturity Plan (UIN:101N142V04) is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance Plan. Life Insurance Coverage is available in this product.

HDFC Life Sanchay Par Advantage (UIN: 101N136V03) is a Non-Linked Participating Life Insurance Plan. Life Insurance Coverage is available in this product.

ARN - ED/07/23/3342