HDFC Life
Sanchay Plus

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 / 1.25 times the Single Premium, 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 / Single 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.

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, upon payment of all due premiums and life assured surviving the policy term.

b. Life Long Income: This option pays you a Guaranteed Income up to age 99 years starting from (Policy Term + 1)th year in arrears and a return of premium at the end of payout period, upon payment of all due premiums and life assured surviving the policy term.

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 and a return of premium at the end of payout period, upon payment of all due premiums and life assured surviving the policy term.

The amount of guaranteed income^ shall be equal to the percentage of Annualized / Single Premium depending on the Premium Payment Term and Policy Term.

^An additional income is payable in case of higher premium amount, please refer to the Enhanced Benefit for High Premium Policies

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 / 1.25 times the Single Premium, 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 / Single 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.

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.

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.

Yes, Life Long Income option offers you a Guaranteed Income up to age 99 years.

Yes, we also offer additional Maturity Benefit / Income Benefit for the policies with Annual / Single Premium more than Rs. 1.5 lakhs.

You can choose to receive the Guaranteed Income on Annual, Semi-Annual, Quarterly or Monthly frequency. Please refer brochure for more details.

No, Plan option once chosen at inception cannot be changed throughout the policy term.

Yes, changes in income payout frequency and premium payment frequency are allowed.

The plan can be applied by filing in the Short Medical Questionnaire (SMQ), which may not require you to go for medicals.

The policy shall acquire a Guaranteed Surrender Value (GSV) immediately on the payment of Single Premium and upon the payment of at least first two years’ premiums in case of a Limited/ Regular Premium 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. 

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.