HDFC Life Sanchay Plus

1. What are the Plan Options available under HDFC Life Sanchay Plus?
There are four plan options available under HDFC Life 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.
  
  

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

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

4. What is the Maturity Benefit under Guaranteed Maturity option?
The Maturity benefit is equal to Guaranteed 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 brochure 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.

5. 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.

6. What is the Maturity Benefit Under Guaranteed Income, Life Long Income and Long Term Income option ?
a. Guaranteed Income: This option pays you a Guaranteed Income for fixed term of 10 or 12 years starting from (Policy term + 1)th year in arrears on payment of all due Premium(s) 

For Entry Ages: 5 to 50 years

  
For Entry Ages: 51 to 60 years

b. Life Long Income: This option pays you a Guaranteed Income up to age 99 years plus return of Premium(s) paid at the end of payout period.

c. Long Term Income: This option pays you a Guaranteed Income for fixed term of 25 or 30 years starting from (Policy term + 1)th year, in arrears plus return of premiums paid at the end of payout period, on payment of all due premiums

Entry Ages: 5 to 60 years

7. 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.

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

9. Can I receive lump sum under Guaranteed 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.

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

11. Is there any benefit for High Premium Policies?
​​​​​​​Yes, we also offer additional Maturity benefit / Income Benefit for the policies with Annual Premium more than Rs. 1.5 lakhs.

12. What is the frequency of Guaranteed Income payable under plan options Guaranteed Income, Life Long Income and Long Term Income?
You can choose to receive the Guaranteed Income on Annual, Semi-Annual, Quarterly or Monthly frequency. Please refer brochure for more details.

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

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

15. 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.

16. 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).

17. 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.

18. 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.

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 - 400 011. 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 (UIN:101N134V14) is a non-participating, non-linked savings insurance plan. This version of the product brochure invalidates all previous printed versions for this particular plan. This Product brochure 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. Insurance policy is underwritten by HDFC Life. Purchase of Insurance policy is voluntary. ARN: PP/08/22/28384.

“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."