HDFC Life Sanchay
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.
– 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.
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|
- 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.
– There are no additional riders in this plan
|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
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.
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.
Loan facility is available after the policy acquires Surrender Value.