HDFC Life Sanchay

 

HDFC Life Sanchay Plan is an endowment plan which gives guaranteed returns. The plan does not have any bonus facility. The plan offers guaranteed additions for each completed policy year.

 

 

§  Limited premium payment endowment plan

§  Guaranteed Additions of for each completed policy year

§  Total Guaranteed Benefits of 220% to 325% of the Sum Assured

§  No medical tests necessary for this plan

 

 

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Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee getsthe higher of:

- Sum Assured

- 10 times the Annualized Premium

- 105% of the premiums paid till date

+ Accrued Guaranteed Additions as Death Benefit and the policy would be terminated.

 

Maturity Benefit – On survival till the end of the policy tenure, the policyholder gets Sum Assured + Accrued Guaranteed Additions.

 

Guaranteed Additions: There is Guaranteed Additions for each completed policy year:

Policy Year	Guaranteed Additions as % of Sum Assured
15 to 19 years	8%
20 to 25 years	9%

 

Thus, the total Maturity Benefit is as mentioned

Policy Term	Maturity Benefit as % of Sum Assured
15 years	220%
16 years	228%
17 years	236%
18 years	244%
19 years	252%
20 years	280%
21 years	289%
22 years	298%
23 years	307%
24 years	316%
25 years	325%

 

 

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.

 

 

 

	Minimum	Maximum
Sum Assured (in Rs.)	112,953	No Limit
Policy Term (in years)	15	25
Premium Payment Term (in years)	5, 8 and 10
Entry Age of Life Insured (in years)	30 days	45
Age at Maturity(in years)	18	70
Payment modes	Annual, Semi-Annual, Quarterly and Monthly(ECS)

 

 

 

 

 

 

Riders – There are no additional riders in this plan

 

 

 

You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and the policy converts it to a reduced paid up and continues with reduced benefits. The policy can be revived within 2 years from the due date of the first unpaid premium.

 

You want to surrender the policy–There are Guaranteed Surrender Benefits in this plan after

·         The first 2 years’ premiums have been paid for premium paying term of 5 and 8 years

·         The first 3 years’ premiums have been paid for premium paying term of 10 years

The minimum GSV is the sum of GSV + Surrender Value of the Guaranteed Additions. There is Special Surrender Value in this plan as well.

 

You want a loan against your policy – Loan facility is available after the policy acquires Surrender Value.