HDFC Life Sanchay Plus Saving Plan

life insurance
Protect your loved ones against death, disability and Illness
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HDFC Life Sanchay Plus is a savings plan which provides guaranteed returns to you and your family during key stages of life. The plan offers 4 benefit payout options namely Guaranteed Income, Guaranteed Maturity, Life Long Income, and Long Term Income to match your financial requirements. Under the Guaranteed Maturity option, you are also entitled to receive guaranteed additions to your sum assured from the end of a certain number of policy years in accordance with your premium paying term (PPT).

Moreover, the plan offers 2 optional rider benefits namely Accidental Disability Rider and Critical Illness Plus Rider (covering 19 terminal illnesses) to keep you shielded in case of unforeseen accidents. The plan provides substantial flexibility by offering options for change in premium paying frequency as well as income payout frequency. The plan acquires a guaranteed surrender value after the payment of at least 2 years’ premiums, post which you have an option to avail a policy loan up to 80% of the surrender value.

Best Features of HDFC Life Sanchay Plus

Following are the key features of the HDFC Life Sanchay Plus plan - 

  • Benefit Options- You can choose to receive the plan benefits in the form of either of the 4 options - Guaranteed Income, Guaranteed Maturity, Life Long Income, and Long Term Income.
  • Regular Income- Under Life Long Income option, you can enjoy regular income up to 99 years of age.
  • Guaranteed Additions: Under the Guaranteed Maturity option, the plan provides you with guaranteed additions to your maturity sum assured.
  • Policy Loan- After the payment of a minimum of 2 years’ premium the plan attains a guaranteed surrender value against which a loan of upto 80% can be availed.
  • Alteration Options- HDFC Life Sanchay plus offers the flexibility to change premium payment frequency and income payout frequency. 
  • Rider Options- There are 2 additional riders available with the plan namely HDFC Life Income Benefit On Accidental Disability Rider and HDFC Life Critical Illness Plus Rider.
  • Policy Revival - A lapsed or paid-up policy can be revived within 5 years starting from the date of the first unpaid premium.

Benefits of HDFC Life Sanchay Plus

The benefits of HDFC Life Sanchay Plus are as follows:

  1. Death Benefit

In case of the death of the life assured, the highest of the following is payable to the nominee as the death benefit - 

  • 10 x annualised premium
  •  105% of total premiums paid till the date of death
  •  Guaranteed sum assured on maturity - In case of Guaranteed Maturity Option, the  accrued guaranteed additions per 1,000 guaranteed sum assured on maturity, shall also be payable to the nominee 
  •  An absolute sum assured calculated on the basis of the policyholder’s age and annualised premium. 
  1. Maturity Benefit

In case the life assured survives till the end of the life insurance policy term, the maturity benefit is payable on the basis of the benefit payout option chosen:

 

  1. Guaranteed Maturity

Under this plan option, the maturity benefit is equal to the guaranteed sum assured along with guaranteed additions. The benefit is payable as a lump sum on the date of plan maturity.

  1. Guaranteed Income

Under this option, the maturity benefit is paid in the form of guaranteed income for a fixed term of 10 or 12 years as chosen by the life assured. The amount of guaranteed income depends on the premium paying term chosen by you.


 

Premium Paying Term 

Guaranteed Income Paid Each Year During The Payout Period

Entry Age: 5-50 years

Entry Age: 51-60 years

10 years

188% of annualised premium179% of annualised premium

12 years

209% of annualised premium194% of annualised premium

The assured also has an option to receive the present value of all the future payouts discounted at a rate of 9% as guaranteed sum assured on maturity.

  1. Life Long Income

This option offers you the benefit of guaranteed income up to the age of 99 years along with the return of premium at the end of payout period. The amount of guaranteed income depends on the premium paying term chosen by you - 


 

Premium Paying Term 

Guaranteed Income Paid Each Year During The Payout Period

Policy Term

Entry Age: 50-60 years

5 years

6 years

30.5% of annualised premium

6 years

7 years

39% of annualised premium

10 years

11 years

87% of annualised premium

12 years

13 years

115% of annualised premium

Under this option too, you can choose to receive a guaranteed sum assured on maturity.

  1. Long Term Income

Under Long Term Income option, a benefit of guaranteed income for a fixed period of 25 or 30 years and a return of premium at the end of payout period is payable. The guaranteed income amount will depend on the premium paying term selected by you - 


 

Premium Paying Term 

Guaranteed Income Paid Each Year During The Payout Period

Policy Term

Entry Age: 5-60 years

5 years

6 years

31.75% of annualised premium

6 years

7 years

40% of annualised premium

10 years

11 years

91.25% of annualised premium

12 years

13 years

120% of annualised premium

Alternatively, you can choose to receive the maturity benefit as a guaranteed sum assured.

HDFC Life Sanchay Plus Eligibility 

The plan comes with the following eligibility conditions -

Eligibility Criteria

Guaranteed Income

Guaranteed Maturity

Life Long

 Income

Long Term Income

Minimum Age at Entry


 

5 years

5 years

50 years

5 years

Maximum Age at Entry


 

60 years


 

Minimum Age at Maturity

18 years

56 years

18 years

Maximum Age at Maturity

73 years

80 years

73 years

Minimum Premium Amount

Yearlyl- INR 30,000 

Semi-yearly- INR 15,000

 Quarterly- INR 7,500 

Monthly- INR 2,500

Maximum Premium Amount

Maximum premium is subject to the maximum sum assured of INR 25 Lakh and the board’s underwriting

HDFC Life Sanchay Plus Review 

HDFC Life Sanchay Plus is a savings plan which offers you 4 benefit payout options namely Guaranteed Income, Guaranteed Maturity, Life Long Income, and Long Term Income. While the Life Long Income option provides you with guaranteed income up to 99 years of age, the Guaranteed Maturity option provides guaranteed additions to your sum assured at maturity. Besides being a savings solution, the plan also provides you with a life cover for ensuring financial soundness of your loved ones in your absence.

You can further enhance the coverage of the plan with its 2 optional rider benefits which provide financial assistance in case of accidents and diagnosis of as many as 19 critical illnesses. One of the significant features of this plan which makes it stand out among its counterparts is its loan facility which helps you meet unplanned hefty expenses. HDFC Life Sanchay Plus can be shortlisted by individuals looking for a fixed source of income or a large corpus at the later stages of life.

HDFC Life Sanchay Plus FAQs
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