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HDFC Life Sanchay

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HDFC Life Sanchay Plan

 

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.

 

Key Features of HDFC Life Sanchay Plan

 

§  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

 

 

COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS


 

Benefits you get from HDFC Life Sanchay Plan

 

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.

 

 

Eligibility conditions and other restrictions in HDFC Life Sanchay Plan

 

 

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)

 

 

Sample illustration of Sum Assured HDFC Life Sanchay Plan

 

HDFC Life Sanchay Illustration

 

 

Additional Features and Benefits of HDFC Life Sanchay Plan

 

Riders – There are no additional riders in this plan

 

 

What happens if?

 

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.

 

 

Other Endowment Insurance Plans from HDFC Life Insurance

 

HDFC Life Classic Assure Plus Plan

HDFC Life Super Savings Plan

HDFC Life Super Income Plan

 

 

Some Endowment Plans from other insurance companies

 

LIC New Endowment Plan
AEGON Religare iGuarantee Insurance Plan

Aviva New Family Income Builder

 

 

Compare Endowment Plans

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