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  • HDFC Life Sanchay Plus (Special)

HDFC Life - Sanchay Plus (Special)

HDFC Life - Sanchay Plus (Special)

HDFC Life - Sanchay Plus (Special)

All You Need To Know

Features and Benefits

Life becomes more meaningful with the achievement of personal milestones. But these milestones are often accompanied by added responsibilities and expenses. Financial planning for key life stages such as marriage, parenthood, retirement, etc. becomes crucial to help us prepare for these expenses. Life Insurance plans can help you achieve such goals whilst safeguarding the family’s future against unforeseen events.

While there are many opportunities that come with respective benefits, the assurance and convenience that a life insurance plan with guaranteed benefit offers is irreplaceable.

“Sanchay Plus” is a non-participating, non-linked, savings insurance plan that offers guaranteed returns for you and your family.


Features of Sanchay Plus (Special):

  • Guaranteed1 benefits – Rest assured of the returns

  • Life Long Income option – Guaranteed1 Income till age 99 years

  • Long Term Income option – Guaranteed1 Income for a fixed term of 25 to 30 years

  • Life Long and Long Term Income options return the total premiums paid1 at the end of payout period

  • Enhanced benefit for policies with Annual Premium more than INR 150,0002

  • Tax benefits3 – You may be eligible for tax benefits as per prevailing tax laws

  • Optional Riders – Enhance your protection coverage with rider options on payment of additional premium
    ​​​​​​​

Total Premiums excludes taxes and other statutory levies, extra premium on account of underwriting or payment frequency and rider premiums, if any


  • Life cover to protect the family's future

  • Steady retirement income with Life Long Income Option.2

  • Guaranteed1 Benefit Payouts.

  • Guaranteed1 Income for a fixed term of 10, 12, 25, 30 years or lifelong.

  • Tax benefits as per prevailing tax laws.3

  • Return of total Premium(s) paid at the end of Payout Period.4


Plan Variant.

Guaranteed1 Income option – A plan option which offers maturity benefit in the form of Guaranteed Regular Income for a fixed term of 10 or 12 years.

Life Long Income option – A plan option which offers maturity benefit in the form of Guaranteed Regular Income up to age of 99 years and return of total premiums paid at the end of payout period.

Long Term Income option – A plan option which offers maturity benefit in the form of Guaranteed Income for a fixed term of 25 or 30 years and return of total premiums paid at the end of payout period

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FAQs

  1. What are the Plan Options available under Sanchay Plus?

There are four plan options available under Sanchay Plus:

  • Guaranteed Maturity: This option offers a guaranteed Maturity benefit payable as Lump Sum at the end of policy term.

  • Guaranteed Income: This option offers a guaranteed regular income for a fixed term of 10 or 12 years.

  • Life Long Income: This option offers guaranteed regular income up to age 99 years plus return of premium at the end of Payout Period.

  • Long Term Income: This option offers guaranteed regular income for a long term of 25 or 30 years plus return of premium at the end of payout period.


  1. What is the minimum - maximum Premium Paying Term and Policy Term?

    Options

    Premium Paying Term

    Policy Term

    Payout Period




    individual attains age 99 years


    6 years

    7 years

    Maturity benefit paid as a guaranteed income from 8th year in arrears till the individual attains age 99 years


    10 years

    11 years

    Maturity benefit paid as a guaranteed income from 12th year in arrears till the individual attains age 99 years


    12 years

    13 years

    Maturity benefit paid as a guaranteed income from 14th year in arrears till the individual attains age 99 years

    Long Term Income

    5 years

    5 to 10 years

    Maturity benefit paid as a guaranteed income for a fixed term of 25 or 30 years starting from (Policy Term + 1)th year in arrears.


    6 years

    6 to 11 years



    7 years

    7 to 10 years



    8 years

    8 to 11 years



    9 years

    9 to 11 years



    10 years

    10 to 12 years



    11 years

    11 & 12 years



    12 years

    12 & 13 years



  2. What is the premium frequency available under policy?
    The Premium(s) can be paid annually, half-yearly, quarterly and monthly.


  1. What is the Maturity Benefit under Guaranteed Maturity option?
    The Maturity benefit is equal to Guaranteed1 Sum Assured on Maturity plus accrued Guaranteed Additions.
    Where, Guaranteed Sum Assured on Maturity is total Annualized Premium1 payable under the policy during the premium payment term.

    Please refer circular for details on Guaranteed Additions.
    1. Annualized Premium shall be the premium amount payable in a year chosen by the Policyholder, excluding the taxes, Rider Premium(s), Underwriting extra premiums and loadings for modal premiums, if any.


  1. What is the Death Benefit under Guaranteed Maturity Option?
    In case of death of Life Assured during the policy term, the Death Benefit equal to Sum Assured on Death plus Accrued Guaranteed Additions shall be payable to the Nominee.

    Sum Assured on Death is the highest of:

•    10 times the Annualized Premium1, or
•    105% of Total Premium(s) paid2, or
•    Guaranteed Sum Assured on Maturity, or
•    an absolute amount assured to be paid on death, which is equal to the Sum Assured.
•    Sum Assured will be determined based on your entry age and the Annualized Premium you commit to pay in a Policy Year.
•    Upon the payment of the death benefit, the policy terminates and no further benefits are payable.
•    1. Annualized Premium shall be the premium amount payable in a year chosen by the Policyholder, excluding the taxes, Rider premiums, Underwriting extra premiums and loadings for modal premiums, if any.
•    2. Total Premiums paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.



  1. What is the Death Benefit under Guaranteed Income, Life Long Income and Long Term Income option?
    In case of death of Life Assured during the policy term, the Death Benefit equal to Sum Assured on Death shall be payable to the Nominee. 

    Sum Assured on Death is the highest of:
    •    10 times the Annualized Premium1, or
    •    105% of Total Premium(s) paid2, or
    •    Premiums paid accumulated at an interest of 5% p.a. compounded annually, or
    •    Guaranteed Sum Assured on Maturity, or
    •    an absolute amount assured to be paid on death, which is equal to the Sum Assured

Sum Assured will be determined based on your entry age and the Annualized Premium you commit to pay in a Policy Year.

Guaranteed Sum assured on Maturity shall be present value of future payouts discounted at a rate of 9% p.a.
Upon the payment of the death benefit, the policy terminates and no further benefits are payable.

1. Annualized Premium shall be the premium amount payable in a year chosen by the Policyholder, excluding the taxes, Rider premiums, Underwriting extra premiums and loadings for modal premiums, if any.
2. Total Premiums paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.


  1. What if the death occurs during the payout period?
    On death of the Life Assured during the Payout Period, the Nominee shall continue receiving Guaranteed1 Income as per Income Payout Frequency & benefit option chosen till the end of Payout Period.


  1. Can I receive lump sum under Guaranteed1 Income, Life Long Income and Long Term Income option during the Payout Period?
    At any point of time during the Payout Period, you shall have an option to receive the future income as a Lump Sum, which shall be the present value of future payouts, discounted at a rate which is computed using the prevailing interest rates.


  1. Is there any option where I can receive income for whole life?
    Yes, Life Long Income option offers you a Guaranteed1 Income up to age 99 years.


  1. What is the frequency of Guaranteed1 Income payable under plan options Guaranteed Income, Life Long Income and Long Term Income?
    You can choose to receive the Guaranteed1 Income on Annual, Semi-Annual, Quarterly or Monthly frequency.


  1. Can I change the Plan Option once chosen?
    No, Plan option once chosen at inception cannot be changed throughout the policy term.


  1. Can income payout frequency and premium payment frequency be changed?
    Yes, changes in income payout frequency and premium payment frequency are allowed.


  1. Can the plan be offered under limited underwriting?
    The plan can be applied by filing in the Short Medical Questionnaire (SMQ), which may not require you to go for medicals.


  1. When does the plan acquire Guaranteed Surrender value?
    The policy will acquire a Guaranteed Surrender Value (GSV) upon the payment of at least first two years’ Premium(s).


  1. Do I have option to avail loan under the policy?
    The Policyholder can avail Loan under the policy provided the policy has acquired a Surrender value and subject to terms and conditions as the Company may specify from time to time.


  1. Is there any tax benefit available under this plan?
    You may be eligible for tax benefits as per prevailing tax laws under Income Tax Act, 1961. Please note tax benefits are subject to change in tax laws.

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Disclaimer

1. Provided all due Premium(s) have been paid and the policy is in force.

2. This plan option is available if you are between the ages of 50 to 60 years.

3. Tax benefits are subject to provision as per Income Tax Act, 1961. Tax laws are subject to change

4. Applicable for life long and long term income option

HDFC Bank Limited (IRDAI Registration No: CA0010) is the Corporate Agent of HDFC Life Insurance Company Limited and does not underwrite the risk or act as an insurer. HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013. Participation by the Bank’s clients in the Insurance products is purely on a voluntary basis. The contract of Insurance is between HDFC Life and the Insured and not between HDFC Bank and the Insured. This policy is underwritten by HDFC Life Insurance Company. Registered Office: 13th Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai - 400011. The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited.HDFC Life Insurance Company Limited (“HDFC Life”). CIN: L65110MH2000PLC128245. IRDAI Registration No. 101. Registered Office: 13th Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai - 400 011. Email: service@hdfclife.com, Help line: 1860-267-9999 (Local charges apply ) |.022-68446530 (STD charges apply) Available Mon-Sat 10 am to 7 pm IST . DO NOT prefix any country code e.g. +91 or 00. | Website: www.hdfclife.com.

The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited.

HDFC Life Sanchay Plus (101N134V16) is a non-participating, non-linked savings insurance plan. This version of the product circular invalidates all previous printed versions for this particular plan. This Product information is indicative of the terms, warranties, conditions and exclusions contained in the insurance policy.

Please know the associated risk and applicable charges from your insurance agent or the intermediary or policy document of the insurer. ARN: PP/12/22/31264.


BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.

Public receiving such phone calls are requested to lodge a police complaint.

“As per recent changes in section 10(10D) of Income Tax Act, where the amount of aggregate annual premium payable in the financial year in case of Traditional plans (all non-unit linked plans except Annuity, Pension and Pure Risk Plans) issued on or after 1st April 2023 exceeding INR 5,00,000 the benefits of the policy/policies shall not be eligible for exemption under section 10(10D) except in case of death”. The customer is requested to seek advice of a tax advisor with respect to his/her personal tax liabilities under the Indian Income-tax law."

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TERMS AND CONDITIONS

  • Suicide. In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force.

  • Tax Benefits. Tax benefits may be available under this plan. Premiums paid by an Individual or HUF under this plan and the benefits received from the policy may be eligible for tax benefits as per the applicable sections of the income tax Act,1961, as amended from time to time.

You are requested to consult your tax advisor for advice on tax benefits.

  • Free Look Period: You have a period of 15 days (30 days if the Policy is sourced through Distance Marketing.

  • Alterations: Change in Premium Payment Frequency is allowed.

  • Policy Loan: Once your policy has acquired the surrender value, you may avail of a policy loan subject to the following. The loan amount will be subject to a maximum 80% of the surrender value of your policy.

  • Enhanced Benefit for High Premium Policies:

We also offer enhanced benefit for the policies with Annual Premium more than 1.5 lakhs.
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Risk Factor.

  • Sanchay Plus” is a non-participating, non-linked, savings insurance plan that offers guaranteed returns.

  • This plan can help you achieve such goals whilst safeguarding the family’s future against unforeseen event.

  • The purpose of this description is to provide a general overview about this policy. The information herein is indicative of the terms, conditions, warranties and exceptions contained in the policy terms and conditions of Sanchay Par advantage. Please refer to the policy terms and conditions to understand in detail the associated risks, benefits, etc.

  • In the event of any inconsistency/ambiguity between the terms contained herein and the policy terms and conditions, the policy terms and conditions will prevail.

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