Product Features:
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01
Steady Income:
Steady retirement income with Life Long Income Option.2
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02
Return of Premium:
Return of total premiums paid at the end of payout period4
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03
Life Cover:
Life cover to protect the family's future
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04
Guaranteed Income:
Guaranteed Income for a fixed term of 10, 12, 25, 30 years or lifelong.
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05
Tax benefits:
Tax benefits as per prevailing tax laws3
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06
Optional Riders:
Enhanced protection coverage with rider options on payment of additional premium
About
HDFC LIFE
HDFC Life is one of India's leading life insurance company offering a range of individual and group insurance solutions that meet your various needs such as Protection, Pension, Savings & Investment, Health and more.
As per HDFC Life Integrated Annual Report FY 2023 - 2024
FAQs
1 What are the plan options available for this product?
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?
Below are the premium paying terms and policy terms respectively:
Options |
Premium Paying Term |
Policy Term |
Guaranteed Maturity |
5 , 6 and 10 years |
10, 12 and 20 years |
Guaranteed Income |
10 and 12 years |
11 and 13 years |
Life Long Income |
5,6,10 and 12 years |
6,7,11 and 13 years |
Long Term Income |
5,6,10 and 12 years |
6,7,11 and 13 years |
3 What are the premium paying frequencies available for this plan?
The premiums can be paid annually, half-yearly, quarterly and monthly.
4 What is 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 premiums, underwriting extra premiums and loadings for modal premiums, if any.
5 What is maturity 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 Premiums 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 maturity benefit under Guaranteed Income, Life long Income Long Term Income Option?
Maturity Benefit is payable in the form of Guaranteed Income for a fixed term upon payment of all due premiums and life assured surviving the policy term.
a. Guaranteed Income: This option pays you a Guaranteed Income for fixed term of 10 or 12 years.
Premium Payment Term |
Guaranteed Income^ payable each year during the payout period |
|
Entry Ages: 5 to 50 years |
Entry Ages: 51 to 60 years |
|
10 years |
188% of Annualized Premium |
179% of Annualized Premium |
12 years |
209% of Annualized Premium |
194% of Annualized Premium |
b. Life Long Income: This option pays you a Guaranteed Income up to age 99 years plus return of premiums paid at the end of payout period.
Guaranteed Income^ payable each year during the payout period |
||
Premium Payment Term |
Policy Term |
Entry Ages: 50 to 60 years |
5 years |
6 years |
31.75% of Annualized Premium |
6 years |
7 years |
41% of Annualized Premium |
10 years |
11 years |
91% of Annualized Premium |
12 years |
13 years |
121% of Annualized Premium |
c. Long Term Income: This option pays you a Guaranteed Income for fixed term of 25 or 30 years plus return of premiums paid at the end of payout period.
Guaranteed Income^ payable each year during the payout period |
||
Premium Payment Term |
Policy Term |
Entry Ages: 50 to 60 years |
5 years |
6 years |
33.75% of Annualized Premium |
6 years |
7 years |
43.5% of Annualized Premium |
10 years |
11 years |
97.75% of Annualized Premium |
12 years |
13 years |
129.75% of Annualized Premium |
The amount of guaranteed income is a Percentage (%) of Annualized Premium1 and shall depend on Premium Payment Term. Please refer brochure for more details.
1 Annualized Premiums excludes taxes and other statutory levies, extra premium on account of underwriting or payment frequency and rider premiums, if any
^ An additional income is payable in case of higher premium amount.
7 What is Death benefit under Guaranteed Income, Life long Income 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 Premiums 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 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 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.
Annual Premium size |
Additional Maturity Benefit (% of Total Maturity Benefit Payable) |
Annual Additional Income (% of Annualised Premium) |
|||||||||||
Guaranteed Maturity Option |
Life Long Income/ Long Term Income |
Guaranteed Income |
|||||||||||
5 pay |
6 pay |
10 pay |
5 pay |
6 pay |
10 pay |
12 pay |
10 pay |
12 pay |
|||||
₹ 0 - ₹ 1,50,000 |
Nil |
Nil |
Nil |
Nil |
Nil |
||||||||
₹ 1,50,001 - ₹ 2,99,999 |
0.5% |
0.6% |
0.75% |
0.75% |
0.80% |
0.75% |
1.25% |
1.00% |
1.25% |
||||
₹ 3,00,000 - ₹ 4,99,999 |
1% |
1.1% |
1.5% |
1.25% |
1.40% |
1.5% |
2.50% |
2.00% |
2.50% |
||||
₹ 5,00,000 and above |
2% |
2.1% |
2.25% |
1.50% |
1.70% |
2.25% |
3.00% |
2.50% |
3.00% |
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 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’ premiums.
17 Do i have the 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.
- Provided all due premiums have been paid and the policy is in force.
- This plan option is available if you are between the ages of 50 to 60 years.
- Tax benefits are subject to provisions as per Income Tax Act, 1961. Tax laws are subject to changes.
- Applicable for life long and long term income option.
Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Email: [email protected], Tel No: 1800-266-9777 (10 am to 7 pm).
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:101N134V11) is a non-participating, non-linked savings insurance plan. Life Insurance Coverage is available in this product.
For more details on risk factors, associated terms and conditions and exclusions, please read sales brochure carefully before concluding a sale. ARN: ED/11/21/26209