Sanchay Plus HDFC Life Insurance

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Ensuring the safety of their loved ones is a priority for every individual. When life is unpredictable, you can surely be well prepared for it. This is where a plan like HDFC Life Sanchay Plus enters, which promises a safety net for your loved ones even when you are not around. But is that all the plan offers? No.

This is a robust life insurance plan that enables you to save in a timely manner, helping to create wealth over the long term and meet all your future financial needs. Let’s learn more about how the plan works and why it is the right choice for you.

Highlights of HDFC Life Sanchay Plus

Promises guarantee returns.

Choose between a lump sum or a regular income payment.

Promised income till the age of 99 years.

Flexible premium payment and tenure options.

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HDFC Life Sanchay Plus: Highlights

Here’s a table to help you get a detailed highlight of the HDFC Life Sanchay Plus plan:

Particulars	Details
Policy Name	HDFC Life Sanchay Plus
Insurance Company	HDFC Life Insurance
Policy Options	Available Options; Life Long Income Guaranteed Income Long Term Income Guaranteed Maturity
Benefits	Multiple Benefits: Life Coverage Stable Income Flow Benefit PayoutsTax Benefits Flexible Policy Type and Tenure
Add-Ons	Available Options; HDFC Life Income Benefit on Accidental Disability HDFC Life Protect Plus HDFC Life Health Plus HDFC Life Waiver of PremiumHDFC LiveWell
Claim Settlement Ratio	99.50% for FY 2023-2024

Features and Benefits of HDFC Life Sanchay Plus

Purchasing a plan like HDFC Life Sanchay Plus is a step towards safeguarding the interests of your family in your absence. It is a reliable life insurance plan that primarily works on the concept of savings. Let’s take a look at the features and benefits of HDFC Life Sanchay Plus that will get you on board:

Life Coverage

The policy is primarily designed to offer life cover, promising to provide financial assistance to your loved ones in the event of your passing. Under the plan, if the insured individual passes away during the policy tenure, the nominee receives a death benefit equal to the sum assured on death.

Stable Income Flow

The policy stands out among others because it offers an easy way to generate a stable income stream to meet your future needs, such as your child's education, marriage, a peaceful post-retirement life, or paying off debts. Here’s how:

If you choose the long-term income option, you are guaranteed income for a fixed term of 25 to 30 years.
If you choose the lifelong income option, you are guaranteed an income up to the age of 99.
If you choose the guaranteed income option, then you are guaranteed income for a fixed term of 10 to 12 years.

Flexible Policies

Under the policy, you have the flexibility to choose from various policy options tailored to your needs. Each policy comes with impressive benefits that you can choose depending on your future needs and responsibilities. You have the following options.

Guaranteed income option
Guaranteed maturity option
Lifelong income option
Long-term income option

Tax Benefits

In addition to offering benefits payout, the policy also allows you to claim impressive tax deductions under the Income Tax Act. You can read the policy document to understand what kind of tax benefits you can get as per your income tax slab.

High Claim Settlement Ratio

The primary purpose of purchasing a life insurance plan is to ensure that your family members do not have to go through the struggle of meeting their everyday financial needs. This is why relying on insurance companies like HDFC Life Insurance becomes a viable option, as it has a high claim settlement ratio.

A high claim settlement ratio represents that the chances of your clients getting seamlessly settled are high.

An Option to Customise

When it comes to choosing a life insurance plan, it is clear that your needs will differ from those of others. Enter the HDFC Life Sanchay Plus plan, which offers a wide range of riders that you can opt for on your existing plan to enhance coverage according to your needs.

Wish to Enhance Coverage? Take a Look at the Riders Available with HDFC Life Sanchay Plus

If you wish to enhance the coverage of your existing policy, then you can simply opt for any of the following riders in exchange for a minimal premium payment:

Riders	Benefits
HDFC Life Income Benefit on Accidental Disability	If the insured individual suffers an accident that results in a total and permanent disability, an additional income benefit is provided. This is in addition to the sum assured.
HDFC Life Protect Plus	If the insured individual meets with an accident that leads to death, partial or total disability or is diagnosed with cancer, then a proportion of the rider sum assured is provided.
HDFC Life Health Plus	Here, Upon diagnosis of the listed terminal or critical illnesses, a lump sum payout equivalent to the sum assured of the rider is provided. Upon diagnosis of an early-stage or major cancer, a proportionate of the rider sum assured is provided.
HDFC Life Waiver of Premium	If the life assured faces an untimely demise or is diagnosed with any of the listed terminal/ critical illnesses or disability, then the following benefits are provided A waiver of the base policy premium. Continued benefits under the policy till maturity.
HDFC Life LiveWell	Here: A lump sum benefit that is equal to the rider sum assured or Proportionate of the rider's sum assured or Waiver of future premiums is provided. Note: Each of these benefits is provided under different circumstances, as outlined in the policy document.

HDFC Life Sanchay Plus: Eligibility Criteria

If you wish to purchase the HDFC Life Sanchay Plus plan, then you must first meet the following eligibility criteria:

The minimum entry age ranges from 30 days to 50 years, depending on the type of policy you choose.
The maximum age at entry ranges from 60 years to 65 years, depending on the policy type you choose.
The minimum age for maturity ranges from 18 years to 55 years, depending on the policy type you choose.
The maximum age and maturity ranges from 75 years to 85 years, depending on the policy type you choose.

HDFC Life Sanchay Plus: What is Covered?

Take a look at the coverage that you get to enjoy under the HDFC Life Sanchay Plus plan:

Maturity Benefits

Here’s how the plan offers maturity benefits depending on the policy type:

Guaranteed Maturity: Provides a lump sum payment upon maturity along with accrued guaranteed additions.
Life Long Income: Provides the benefit of guaranteed income up to the age of 99 years, along with the return of premiums.
Guaranteed Income: Provides a guaranteed income for a fixed term of between 10 and 12 years.
Long-Term Income: Provided guaranteed income for a fixed term that is between 25 and 30 years, along with the return of premiums.

Death Benefits

Here’s how the plan offers death benefits to the nominee, depending on the policy type:

Guaranteed Maturity: Provides a death benefit equivalent to the sum assured amount.
Life Long Income: Provides a death benefit equivalent to the sum assured amount, along with accrued guaranteed benefits.
Guaranteed Income: Provides a death benefit equivalent to the sum assured amount.
Long-Term Income: Provides a death benefit equivalent to the sum assured amount.

Pros & Cons HDFC Life Sanchay Plus

The best feature of the Life Sanchay Plus Plan is that it allows the insured to receive guaranteed income at maturity as per the terms and conditions of the policy

The Sanchay Plus Plan also allows the insured to enjoy tax benefits as per the eligibility criteria of the person under the prevailing tax laws

The flexibility to avail the guaranteed benefits as a lump sum amount or as a regular income is another worthwhile feature of the Life Sanchay Plus Plan from HDFC

The benefit of being able to receive guaranteed income life-long or till 99 years of age of the insured to be precise is another striking feature of the Life Sanchay Plus plan

The Sanchay Plus plan allows guaranteed income option to the insured specifically for a fixed term period of 25-30 years, which allows the insured to have long term income option

The policy comes with the exclusion of suicide committed within first 12 months from the date of policy purchase.

Thus, in case the policyholder commits suicide within the first year of policy purchase, the beneficiary of the plan would be entitled to only 80% of the complete premium amount paid till the time of the suicide

However, the policy has to be active at that time to avail the benefits

Our verdict

Purchasing a plan like the Sanchay Plus plan comes with a promise to secure your family‘s needs even when you are not around. This is a step that you take today to build a financial safety net for your and your loved ones' needs. Since it is a life insurance plan that also helps you build an additional source of income, you can easily meet your future financial needs. Through its maturity and death benefits, the plan promises wholesome coverage.

If you haven’t already purchased a life insurance plan, visit Paybima for a seamless experience.

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HDFC Life
Insurance Company

HDFC Life Insurance Company was established in the year 2000 when the life insurance business was liberalized in India. Today, HDFC Life Insurance Company works as a joint venture between two reputed names in the financial sector – HDFC Limited, the largest housing finance company in India, and Standard Life Aberdeen which is an international investment company. HDFC Life Insurance Company is a reputed name in the Indian life insurance sector. The company offers a range of insurance solutions that cater to the varied financial needs of individuals as well as its corporate clients.

Founded in

2000

Number of Claims

24+ Lakh

Number of Policies

6.6 crore lives covered

Turnover (GWP)

63,076 Crores

JV Partners

HDFC Limited and Abrdn plc.

Claims Experience

Claims Experience Rating 4.7

% of claims settled in less than 30 days
Reflects on the speed of settling valid claims

97.78%

% of Complaints received on overall claims
% customers unhappy with claims experience

Less

Claims Incurred Ratio

Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?

99.5%

Benefits of HDFC Life Sanchay Plus

Key Benefits
Tax Benefits	Available as per prevailing tax laws.
Other Benefits
Rider benefits	Available
Option
Plan options	4 variants available
Guaranteed maturity option	Guaranteed maturity equals total premiums.
Lifelong income option	Income up to age of 99

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Ask Anything as We Have Answers to Everything in Insurance

An insured can avail monthly, quarterly, half-yearly and yearly premium payment frequencies as per their needs and comfort under the HDFC Sanchay Plus Plan.

An insured can pay a minimum of INR 2500 per month under the Life Sanchay Plus Plan of HDFC.

The HDFC Life Sanchay Plus Plan allows the policyholder to avail loan once the plan acquires a surrender value, which depends on the terms and conditions of the company.

Yes, the HDFC Life Sanchay Plus Plan makes the insured entitled to certain tax benefits as per the tax laws that are prevailing and they are subject to change.

The minimum age at entry should be 5 years and above, while the maximum age is 55 years.

Under the HDFC Life Sanchay Plus plan, four policy options are available: Guaranteed Maturity, Long-term Income, Guaranteed Income and Life-long Income.

The plan offers flexibility in choosing the premium payment frequency. You can pay premiums either annually, half-yearly, quarterly or monthly.

You can take a loan on your policy documents. Provided that the policy has acquired its surrender value. However, remember that you can avail of a policy loan only up to 80% of the policy’s surrender value.