Aug 08, 2013
No, you will not face any problem just because you purchased the plan onlin...
Guaranteed Additions in HDFC Life Sanchay Plus Plan
How does the Guaranteed Additions work in this plan?
HDFC Life Sanchay Plus Plan has 4 options to choose from. They are as follows:
- Guaranteed Maturity - Maturity amount paid as lumpsum at the end of the policy term.
- Guaranteed income - Maturity benefit paid as a guaranteed income for a fixed period after the policy term ends.
- Life Long income - Maturity benefit paid as a guaranteed income till the age of 99 years after the policy term ends.
- Long Term Income - Maturity benefit paid as a guaranteed income for a fixed period after the policy term ends. The fixed income payout is for a longer period compared to the “Guaranteed Income” option.
To understand in detail the workings of this plan refer to HDFC Life Sanchay Plus Review.
Now in the Guaranteed Maturity Option, the Maturity Benefit is defined as follows:
Maturity Benefits = “Guaranteed Sum Assured on Maturity” + “Guaranteed Additions” which have accrued.
While the Guaranteed Sum Assured on Maturity is simple to understand and clearly mentioned in the review, the Guaranteed Additions are based on a table as shown below.
The Guaranteed Additions will accrue as follows:
Now in the Guaranteed Maturity Option, the Maturity Benefit is defined as follows:
Maturity Benefits = “Guaranteed Sum Assured on Maturity” + “Guaranteed Additions” which have accrued.
While the Guaranteed Sum Assured on Maturity is simple to understand and clearly mentioned in the review, the Guaranteed Additions are based on a table as shown below.
The Guaranteed Additions will accrue as follows:
- For PPT of 5 years - accrues every year from the end of 6th year
- For PPT of 6 years - accrues every year from the end of 7th year
- For PPT of 10 years - accrues every year from the end of 8th year
| End of policy year | Guaranteed Addition per 1000 Guaranteed Sum Assured on Maturity | |||
| Premium Payment Term (PPT) = 5 years | ||||
| Age <= 45 | Age 46 to 50 | Age 51 to 55 | Age 56 to 60 | |
| 6 | 63.8 | 58.9 | 54 | 49.1 |
| 7 | 63.8 | 58.9 | 54 | 49.1 |
| 8 | 63.8 | 58.9 | 54 | 49.1 |
| 9 | 63.8 | 58.9 | 54 | 49.1 |
Example:
Entry Age of Policyholder = 47
Sum Assured on Maturity = 10 lakhs
Then the Guaranteed Additions in each year will be calculated as follows:
58.9 x 10,00,000 / 1,000 = Rs. 58,900
| End of policy year | Guaranteed Addition per 1000 Guaranteed Sum Assured on Maturity | |||
| Premium Payment Term (PPT) = 5 years | ||||
| Age <= 45 | Age 46 to 50 | Age 51 to 55 | Age 56 to 60 | |
| 7 | 77.1 | 72.2 | 67.8 | 63 |
| 8 | 77.1 | 72.2 | 67.8 | 63 |
| 9 | 77.1 | 72.2 | 67.8 | 63 |
| 10 | 77.1 | 72.2 | 67.8 | 63 |
| 11 | 77.1 | 72.2 | 67.8 | 63 |
| 12 | 87.1 | 82.2 | 77.8 | 73 |
Example:
Entry Age of Policyholder = 47
Sum Assured on Maturity = 10 lakhs
Then the Guaranteed Additions will be calculated as follows:
72.2 x 10,00,000 / 1,000 = Rs. 72,200
| Ènd of policy year | Gauranteed Additions |
| 7 | Rs. 72,200 |
| 8 | Rs. 72,200 |
| 9 | Rs. 72,200 |
| 10 | Rs. 72,200 |
| 11 | Rs. 72,200 |
| 12 | Rs. 87,100 |
| End of policy year | Guaranteed Addition per 1000 Guaranteed Sum Assured on Maturity | |||
| Premium Payment Term (PPT) = 5 years | ||||
| Age <=45 | Age 46 to 50 | Age 51 to 55 | Age 56 to 60 | |
| 8 | 65.1 | 63.2 | 60.8 | 57.9 |
| 9 | 65.1 | 63.2 | 60.8 | 57.9 |
| 10 | 75.1 | 73.2 | 70.8 | 67.9 |
| 11 | 75.1 | 73.2 | 70.8 | 67.9 |
| 12 | 85.1 | 83.2 | 80.8 | 77.9 |
| 13 | 85.1 | 83.2 | 80.8 | 77.9 |
| 14 | 95.1 | 93.2 | 80.8 | 87.9 |
| 15 | 95.1 | 93.2 | 80.8 | 87.9 |
| 16 | 105.1 | 103.2 | 100.8 | 97.9 |
| 17 | 105.1 | 103.2 | 100.8 | 97.9 |
| 18 | 115.1 | 113.2 | 110.8 | 107.9 |
| 19 | 115.1 | 113.2 | 110.8 | 107.9 |
| 20 | 125.1 | 123.2 | 120.8 | 117.9 |
Example:
Entry Age of Policyholder = 47
Sum Assured on Maturity = 10 lakhs
Then the Guaranteed Additions in the 8th year will be calculated as follows:
63.2 x 10,00,000 / 1,000 = Rs. 63,200
| End of Policy Year | Gauranted Additions |
| 8 | Rs. 63,200 |
| 9 | Rs. 63,200 |
| 10 | Rs. 73,200 |
| 11 | Rs. 73,200 |
| 12 | Rs. 83,200 |
| 13 | Rs. 83,200 |
| 14 | Rs. 93,200 |
| 15 | Rs. 93,200 |
| 16 | Rs. 103,200 |
| 17 | Rs. 103,200 |
| 18 | Rs. 113,200 |
| 19 | Rs. 113,200 |
| 20 | Rs. 123,200 |
Hope this helps in clearly understanding how the Guaranteed Additions work in the HDFC Life Sanchay Plus Plan.
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