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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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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
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
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
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.
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
How does HDFC Life Sanchay Plus work?
HDFC Life Sanchay Plus is a traditional endowment plan that is designed to cater to your wholesome financial needs. On one hand, it pays a lumpsum amount if the policyholder dies an untimely death. While on the other, it also acts as a good investment plan, that provides a lumpsum maturity benefit or life-long regular pay-outs in case the policyholder survives the policy term. The policy term options range between 15-25 years while the premium paying term can be 5, 8 or 10 years.
Sample Illustration:
How does HDFC Life Sanchay Fixed Maturity Plan work?
This insurance plan is structured to cater to the financial needs of single or multiple persons and provide them with guaranteed1 incomes, devoid of any market risk element. The policy thus offers single or joint life coverage, flexible premium payment and larger maturity benefit for higher premiums. Hence, the policy can be a wise bet if you are looking to secure the lives of your loved ones. The applicant can choose the policy term based on their convenience from the range of up to 40 years.
Sample Illustration:
How does HDFC Life Sanchay Par Advantage work?
If you are looking out for an insurance policy that would act as a savings plan to manage your expenses and financial needs, HDFC Life Sanchay Par Advantage can be your pick. A cumulative benefit of whole life cover + lifelong income, guaranteed deferred income, tax exemptions and additional riders is sure to make the policyholder’s life easy and hassle-free. Based on the chosen plan option, the policyholder or his/her family can get the sum assured in an immediate income or deferred income format.
In addition, the policyholder receives a cash bonus amount for surviving through each year of the policy term. You can avail of this annually from the end of the 1st policy year until the end of the policy term. In case of death of the policyholder during the policy term, the nominee gets the pre-defined sum assured along with the accrued bonus (if not paid earlier), interim survival bonus (if any) and Terminal Bonus (if declared).
For perspective, HDFC Life declared its highest ever bonus of Rs 3,660 cr. on participating plans for 2022-23, benefitting a total of 23.14 lakh policyholders who were eligible for this bonus.
Sample Illustration:
Why choose the HDFC Life Sanchay Plus plan?
Guaranteed Income
Enjoy guaranteed1 returns from your policy in terms of different variants of payouts.
...Read More
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.
...Read More
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.
...Read More
Tax benefits
Enjoy tax exemption on premium payments and death benefits under sections 80C# and 10 (10D)# of the Income Tax Act 1961.
...Read More
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.
...Read More
Why buy the HDFC Life Sanchay Fixed Maturity plan?
1
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.
...Read More
2
2
The flexibility of Premium Payment
Pay premiums according to your convenience. Choose any of these formats: Single payment, Limited Pay or Regular Pay.
...Read More
3
3
Guaranteed benefit
There’s no market risk associated. The returns from your policy are fixed and guaranteed.
...Read More
4
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.
...Read More
5
5
Maturity benefit
Enjoy a guaranteed lump sum payment on maturity of the policy based on your age and the chosen premium payment term.
...Read More
6
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.
...Read More
7
7
Tax benefits
Enjoy tax exemption on premium payments and death benefits under sections 80C# and 10 (10D)# of the Income Tax Act 1961.
...Read More
8
8
Flexible Policy Term
Choose your preferred policy term. The available range is up to 40 years.
...Read More
9
9
No medical test
Getting insured is now hassle-free. No medical test is mandatory for the POS variant of the policy.
...Read More
10
10
Increased benefit
Get more out of your policy. Enjoy greater maturity benefits by paying higher premiums.
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Why choose HDFC Life Sanchay Par Advantage?
Immediate income
Enjoy immediate income options through different variants of payouts.
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Deferred income
Let the monetary benefits through deferred income format take care of your financial needs.
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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.
...Read More
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).
...Read More
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.
...Read More
Tax benefits
Enjoy tax exemption on premium payments and death benefits under sections 80C# and 10 (10D)# of the Income Tax Act 1961.
...Read More
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.
...Read More
Who should buy HDFC Life Sanchay plans?
-
![age at the time of purchase]( "age at the time of purchase")
Anyone whose age at the time of purchase is anywhere between 30 days and 60 years
-
![age at maturity]( "age at maturity")
Anyone whose age at maturity of these plans falls between 18-85 years
-
![afford the minimum annual premium]( "afford the minimum annual premium")
Anyone who can afford the minimum annual premium of Rs 30,000 or more
-
![just started his career]( "just started his career")
Anyone who has just started his career and needs to build a habit of investment
-
![dependent parents]( "dependent parents")
Anyone who has dependent parents
-
![just got married]( "just got married")
Anyone who has just got married
-
![married with children]( "married with children")
Anyone who is married with children
-
![life post-retirement]( "life post-retirement")
Anyone who is looking to secure a life post-retirement with a regular income
FAQs on Sanchay Plans
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.
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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:101N134V27) is a non-participating, non-linked savings insurance plan.
HDFC Life Sanchay Fixed Maturity Plan (UIN:101N142V08) 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: 101N136V04) is a Non-Linked Participating Life Insurance Plan. Life Insurance Coverage is available in this product.
ARN - ED/07/23/3342
