Introduction
Investing in life insurance policies is an essential step toward financial planning. Life insurance policies come in various types, and one such type is the Savings Plan. A savings plan is designed to provide both protection and savings to policyholders. One such plan is HDFC Life Sanchay Plus - a comprehensive savings and protection plan that is designed for your long-term financial goals.
It is a non-linked, non-participating savings plan with a guaranteed return on the insurance premium that helps individuals achieve their financial goals while safeguarding their families against unforeseen circumstances.
Why and Who must buy it?
HDFC Life Sanchay Plus is a savings and investment plan, Ideal for those who want to save regularly and create wealth over time.
It helps individuals achieve long-term financial goals with comprehensive life coverage.
Offers various investment options to suit different risk appetites.
Provides comprehensive life cover to protect
the family's financial future.Offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Allows flexibility in premium payment options, policy terms, and investment options.
A customizable plan ideal for individuals looking for a flexible and long-term financial solution.
Features of HDFC Life Sanchay Plus
Guaranteed1 Returns:
The policy offers guaranteed returns that help policyholders accumulate wealth over time.
Option for Long-term Income:
This plan offers a long-term income option in which the insured can receive guaranteed income for a specified duration of 25 to 30 years.
Free-look Period:
The buyer of the HDFC Sanchay Plus will have a free-look time of up to 15 days during which they can cancel the policy if it does not meet their needs.
Refund of Premiums Paid 2
With life-long and long-term income plan choices, you will get a refund of all premiums paid at the conclusion of the payment period.
Optional Riders:
Enhance your protection coverage by paying an extra premium for rider choices.
Tax Benefits:
HDFC Life Sanchay Plus premiums paid to remain tax-exempt under Section 80C, but the tax benefit is subject to change due to changes in tax law.
Benefits of HDFC Life Sanchay Plus
HDFC Life Sanchay Plus Offers, four different Plans options, let's take a look at the benefits offered by it
Guaranteed Maturity Option
Guaranteed Income Option
Life Long Income Option
Long-Term Income Option
Guaranteed Maturity Option
Maturity Benefit: The policy offers the same sum assured as the guaranteed additions on maturity, plus the total yearly premium paid under the policy during the period of insurance coverage. The maturity benefit is equal to the total premium paid under the policy during the period of insurance coverage.
Death Benefits:
Death benefits are paid to the nominee to the extent of the sum assured amount if the insured person dies during the period covered by the policy. The amount paid to the nominee is the highest of the:
10 times the annualized premium3 or
105% of the total premium paid4 or
Total sum assured amount to be paid on death
Guaranteed Income Option
Maturity Benefits: As long as all premiums are paid until the expiration date of the policy, a guaranteed income is paid to the insured if the insured survives the entire policy tenure as a fixed income for a fixed period of 10 to 12 years. On maturity, the guaranteed sum assured should be the present value of the future payouts, discontinued @9% per annum.
Death Benefit:
If the insured person dies during the policy tenure, a death benefit equal to the sum assured amount is paid to his or her nominee. The sum assured amount is the greater of:
10 times the annualized premium or
105% of the total premium paid or
Accumulated premium paid at an interest rate of 5% p.a. Compounded annually.
Total sum assured amount to be paid on death.
Life Long Income Option
Maturity Benefits: If the insured survives the policy term and has paid all premiums, they receive the maturity benefit as guaranteed income until age 99, along with a return of total premiums at the end of the payout period. It's worth noting that in the event of the insured's demise during the payout period, the beneficiary will continue to receive the guaranteed income as per their chosen benefit option and income payout frequency. The guaranteed sum assured on maturity is calculated as the present value of future payouts, discounted at a rate of 9% p.a.
Death Benefit: If the insured dies during the policy tenure, the beneficiary will receive a death benefit which is calculated based on the highest of the following options:
10 times the annualized premium or,
105% of the total premium paid
Accumulated premium paid at an annual interest rate of 5% compounded annually
Total sum assured amount to be paid on death.
Additionally, the sum assured amount payable on death will be determined by multiplying the death benefits with the yearly premium.
Long-Term Income Option
Maturity Benefit: If the insured survives the policy tenure and has paid all premiums, they will receive a guaranteed income for 25-30 years, and the return of total premiums will be paid at the end of the payout period.
If the insured passes away during the payout period, the beneficiary will continue to receive the guaranteed income as per the chosen benefit option and frequency until the payout period ends. The guaranteed sum assured on maturity is the present value of future payouts, discounted at 9% p.a.
Death Benefit: If the insured person dies during the policy period, the beneficiary of the policy receives a death benefit. The death benefit paid is the maximum of
10 times the annualized premium,
105% of the total premium paid,
The accumulated premium is paid at a 5% per annum interest compounded annually, or
The total sum assured amount.
Secure Your Future with HDFC Life Sanchay Plus
The HDFC Life Sanchay Plus policy provides comprehensive coverage to help you secure your future from unforeseen events. Get a detailed understanding of your coverage, so you can make informed decisions that are aligned with your financial goals. Tailor your policy to fit your unique needs and preferences by choosing from a variety of investment options. The HDFC Life Sanchay Plus plan provides long-term financial stability and growth, so you can be assured that when you are gone, your loved ones will be taken care of.
Conclusion
A comprehensive policy designed to protect your future against unforeseen events, HDFC Life Sanchay Plus is an innovative and comprehensive one. For those seeking long-term financial stability, it offers a range of investment options and expertly crafted policies, which provide a clear understanding of your coverage. You can feel secure in your absence if you choose HDFC Life Sanchay Plus.
Key Takeaways:
Guaranteed Returns
Flexibility
Tax Benefits
Death Benefit
Limited Premium Payment
Disclaimer
Provided all due premiums have been paid and the policy is in force
Total Premiums Paid means, the total of all the premiums received, excluding any extra premium, any rider premium, and taxes
Annualized Premium shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra
premiums, and loadings for modal premiums, if any.
Total Premiums Paid means a total of all the premiums received, excluding any extra premium, any rider premium, and taxes.
