All About HDFC Life Sanchay
Published On Jun 17, 2021 10:00 AM By InsuranceDekho
Table of Contents
HDFC Life Insurance offers you and your loved ones a non-linked life insurance cum savings plan known as HDFC Life Sanchay Plan. The plan is a non-participating traditional policy with fixed allocated benefits in return. It not only assists you in safeguarding the future of your family in your absence but also helps you appreciate your savings so that you can enjoy the benefits of both worlds under a single plan.
Eligibility and Features of HDFC Life Sanchay Plan
Certain eligibility criteria are there to purchase this plan mentioned below. We have also enlisted some key features of the plan -
- Minimum entry age of the life assured under limited pay is 30 days whereas for single pay it is 5 years.
- Maximum entry of life assured under limited pay is 60 years whereas for single pay it is 50 years.
- The minimum age to attain the maturity of the life assured is 18 years whereas the maximum age is 85 years.
- The plan comes with a Single Pay premium payment term and Limited Pay premium payment terms of 5, 6, 8, and 10 years.
- The minimum Policy Term under Single pay is 5 years and the maximum policy term is 20 years. Whereas it is 10, 12, and 15 years to 40 years for Limited Pay.
- There is flexibility to choose your premium payment modes according to your requirements through which you can pay your premiums. Such modes are single pay, quarterly, half-yearly, monthly, and annually.
- It is mandatory to fill a Short Medical Questionnaire to avail HDFC Life Sanchay Policy.
- There are 2 riders that are provided by the HDFC Bank under their HDFC Life Sanchay Policy to provide you protection - HDFC Life Income Benefit for an Accidental Disability Rider and HDFC Life Critical Illness Plus Rider for a permanent disease.
- You are eligible to receive a surrender value under the plan if you wish to discontinue it before the completion of the policy term if you have made the payment of all the due premiums for a period of two years under limited pay and immediately under single pay policies before the commencement date of the policy.
- The HDFC Life Sanchay Policy provides policyholders with facilities to avail of loans up to 80% of the surrender value of your policy after acquiring surrender value.
Benefits of HDFC Life Sanchay Policy
The investors of the HDFC Life Sanchay Policy enjoy the following benefits -
1. Death Benefit
In the case of death of the policyholder, the nominee gets the whole sum assured along with the 105% of total premiums paid, or 10 times of the annualized premium and additional bonus. After paying the death benefit, the policy terminates and no other benefits are left to pay.
2. Maturity Benefits
The leftover sum assured of the policy and additional bonus accrued is paid as maturity benefit which is payable to the policyholder on survival on the maturity date of this benefit. Upon this, the policy terminates and no other benefit is payable.
3. Tax Benefits
HDFC Life Sanchay Policy also provides you with a tax benefit to also enjoy tax benefits with other benefits. Under this policy, you are eligible to receive tax benefits as per the tax laws.
4. Guaranteed Additions
This policy provides guaranteed additions as a percentage of Sum Assured on Maturity at a very simple rate for each completed plan year throughout the tenure. These additions are payable on maturity or death whichever comes earlier.
HDFC Life Sanchay plan is an ideal investment option for individuals looking for a savings plan with a life cover. Some of the unique features of the plan which help it stand out amongst its peers to include its loan facility. The flexibility available under the plan in terms of its policy terms ranging from 5 to 20 years for Single Pay and of 10, 12, and 15 years to 40 years under the Limited Pay option make it a suitable investment solution for a large pool of investors.
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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.