HDFC Life Insurance Company Limited (d/b/a HDFC Life) is a long-term HDFC Life Sanchay Plus Plan insurance provider headquartered in Mumbai, providing individual and group insurance services, and was incorporated on 14 August 2000. The company is a joint venture between Housing Development Finance Corporation Limited (HDFC), one of India’s leading housing finance institutions, and Aberdeen, a global investment company. This company provides many types of investment plans, one of them is HDFC Life Sanchay Plus Plan which provides good security to the family. In this article, we will tell you about HDFC Life Sanchay Plus Plan in detail.
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HDFC Life Sanchay Plus Plan | Features | Profit | Documents.
HDFC Life Sanchay Plus, a non-participating, non-linked, savings insurance plan that provides guaranteed returns while protecting your family’s future against unforeseen events. It enables systematic savings and provides assured regular income. So that you can easily fulfill the dreams and commitments of your family.
You probably know that every stage of your life demands milestones to be achieved. Meeting the milestones with pride is the key to happiness in life. Flawless financial planning helps you to balance the balance of your life when unexpected liabilities, living-standard expenses, and unforeseen events can happen. Your life becomes worry-free when faced with the stages in life like marriage, parenthood, and retirement with adequate preparation and planning.
Why Do You Need HDFC Life Sanchay Plus Plan?
- Guaranteed Profit Payout
- Life Cover To Protect The Future Of The Family
- Stable Retirement Income With Lifetime Income Option
- Tax Benefits**
- Provided All Due Premiums Have Been Paid And The Policy Is In Force.
- As Per Income Tax Act, 1961. Tax Benefits Are Subject To Change In Tax Laws.
Features of HDFC Life Sanchay Plus Plan.
Flexibility:- There is the flexibility to claim for the guaranteed benefit wherein the Life Assured within HDFC Accumulation Plus can use it as a regular income or a lump sum amount.
Long Term Income Option:- This plan provides a long-term income option in which the insured can get guaranteed income for a fixed period of 25 years to 30 years.
Lifetime Income Option:- The insured is most likely to get guaranteed income till the age of 99 years under HDFC Life Sanchay Plus.
Assured Returns:- With this plan, the insured gets assured returns and is insulated from any market risks.
Rider Option:- You can extend the HDFC Accumulation Plus coverage and opt for the rider option on payment of an additional premium amount.
Free-look period:- The buyer of HDFC Sanchay Plus will get a free-look period of up to 15 days during which one can cancel the policy as per your requirements.
Tax Benefits:- HDFC Life Sanchay Plus premium paid remains tax-free under section 80C. The tax benefit is subject to changes in tax laws.
Benefits Of HDFC Life Sanchay Plus Plan.
As HDFC Life Sanchay Plus offers four different plan options, let us have a look at the benefits offered by it.
- Guaranteed Maturity Option
- Guaranteed Income Option
- Lifetime Income Option
- Long Term Income Option
- Guaranteed Maturity Option
Maturity Benefit:- The maturity benefit offered by the policy is equal to the Guaranteed Sum Assured on maturity plus the accumulated Guaranteed Additions. Maturity Benefit offered by the policy in the form of Guaranteed Sum Assured is the total annual premium paid under the policy during the premium paying term.
Death Benefit:- In case of death of the Life Assured during the term of the policy, a death benefit equal to the Sum Assured is paid to the beneficiary of the policy. The highest Sum Assured paid to the nominee is:
- 10 Times The Annual Premium Or
- 105% Of The Total Premiums Paid Or
- The Total Sum Assured To Be Paid On Death.
Guaranteed Income Option
Maturity Benefit:- If the Life Assured survives the entire term of the policy, Maturity Benefit is paid as Guaranteed Income for a fixed tenure of 10 years-12 years, provided all the premiums of the policy have been paid so far Be. Guaranteed Sum Assured on maturity should be the present value of future payments, closed at 9% p.a.
Death Benefit:- In case of death of the Life Assured during the term of the policy, a death benefit equal to the Sum Assured is paid to the beneficiary of the policy. The highest Sum Assured paid to the nominee is:
- 10 Times The Annual Premium Or
- 105% Of The Total Premiums Paid Or
- The Accumulated Premium Paid At 5% P.A. Interest Is Compounded Annually.
- The Total Sum Is Assured To Be Paid On Death.
Lifetime Income Option
Maturity Benefit:- If the Life Assured survives the entire term of the policy and all premiums of the policy are reduced, Maturity Benefit is paid as Guaranteed Income to the Life Assured till the age of 99 years and total The premium is refunded and is paid at the end of the policy’s payment term.
It is important to note that in case of death of the Life Assured during the payout term, the beneficiary of the policy will continue to receive the guaranteed income as per the benefit option chosen and the income payout frequency. Guaranteed Sum Assured on maturity should be the present value of future payments, closed at 9% P.A.
Death Benefit:- In the event of uncertain death of the Life Assured during the term of the policy, the death benefit is paid to the beneficiary of the policy. The highest death benefit paid is:
- 10 times the annual premium or
- 105% of the total premiums paid or
- The accumulated premium paid at 5% p.a. interest is compounded annually.
- The total sum is assured to be paid on death.
- The Sum Assured payable on death will be equal to the death benefit multiple times the annual premium.
Long Term Income Option
Maturity Benefit:- If the Life Assured survives the entire term of the policy and all premiums of the policy are reduced, then Maturity Benefit is paid to the Life Assured in the form of Guaranteed Income for a fixed period of 25-30 years and the consideration is paid. The total premium is paid at the end of the policy’s payment term.
It is important to note that, in case of death of the Life Assured during the payout term, the beneficiary will continue to receive the guaranteed income as per the benefit option chosen till the end of the payout term and income payout frequency. Guaranteed Sum Assured on maturity should be the present value of future payments, closed at 9% P.A.
Death Benefit:- In the event of uncertain death of the Life Assured during the term of the policy, the death benefit is paid to the beneficiary of the policy. The highest death benefit paid is:
- 10 times the annual premium or
- 105% of the total premiums paid or
- The accumulated premium paid at 5% p.a. interest is compounded annually.
- The total sum is assured to be paid on death.
Tax Benefit
HDFC Life Sanchay Plus provides the benefit of tax exemption to the insured. The maturity proceeds and premiums paid for the policy are eligible for tax exemption under sections 10(10D) and 80C of the Income Tax Act 1961, up to a maximum limit of Rs 1.5 lakh.
Eligibility for HDFC Life Sanchay Plus.
|
Plan Option |
Entry Age |
Maturity Age |
Premium Amount |
Premium Paying Term |
Policy Term |
|
Guaranteed Maturity Option |
Minimum- 5 years Maximum- 60 years |
Minimum– 18 years Maximum– 80 years |
Annual-Rs. 30,000 |
5 years, 6 years & 10 years |
10 years, 12 years & 20 years |
|
Guaranteed Income Option |
Minimum-5 years Maximum-60 years |
Minimum-18 years Maximum-73 years |
Annual-Rs. 30,000 |
10 years & 12 years |
11 years & 13 years |
|
Life-Long Income Option |
Minimum– 50 years Maximum-60 years |
Minimum-56 years Maximum-71 years |
Annual-Rs. 30,000 |
5 years & 10 years |
6 years & 11 years |
|
Long Term Income Option |
Minimum-5 years Maximum-60 years |
Minimum-18 years Maximum-71 years |
Annual-Rs. 30,000 |
5 years & 10 years |
6 years & 11 Years |
Documents Required For HDFC Life Sanchay Plus.
Documents required for the company while buying HDFC Life Sanchay Plus:
Natural Death / Calamity / Natural Calamities
- Death Claim Form
- Death Certificate Issued By Govt. /relevant Authority
- Identity And Residence Proof Of Claimant
- Original Policy Document (In Case Of DEMAT, Original Policy Document Is Not Required)
- NEFT Account Details
- Medical Records At The Time Of Death And Past Illnesses
- Maturity, Money Back & Pension – Annuity Claim Document List
- Un-Natural Death (Accidental Death / Murder / Suicide)
Death Claim Form
- Death Certificate Issued By Govt. /relevant Authority
- Identity And Residence Certificate Of Claimant
- Original Policy Document (In Case Of DEMAT, Original Policy Document Is Not Required)
- NEFT Account Details
- FIR, Police Inquiry Report And Panchnama
- Post Mortem Report
- Maturity, Money Back & Pension – Annuity Claim Document List
- Additional Documentation May Be Requested On A Case-to-case Basis
How To Buy HDFC Life Sanchay Plus?
First of all, while buying a term plan online, first calculate the premium according to your desired sum insured and term on the online term insurance calculator, then you can take the plan by contacting an agent of the company.
Plan Online Buy:- Click Here
HDFC Life Sanchay Plus premium calculator:- Click Here
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