Bankbazaar

HDFC Life Sanchay

Overview

HDFC Life Sanchay a non-participating life insurance plan offered by HDFC Bank. The plan comes with a lot of flexibilities in terms of choosing your investment options and provides assured benefits. With the help of HDFC Life Sanchay plan, you can ensure a secured financial future to your family members.

Eligibility Conditions for HDFC Life Sanchay

Minimum entry age

30 days.

Maximum entry age

60 years.

Minimum age at maturity

18 years.

Maximum age at maturity

85 years.

Key Features of HDFC Life Sanchay Plan

Listed below the key features of HDFC Life Sanchay Plan:

Plan type

Non-participating traditional life insurance plan with guaranteed benefits.

Plan basis

Individual

Premium paying terms

5, 8 and 10 years.

Policy term

15 to 40 years.

Maturity benefits

180% to 460% of sum assured.

Premium payment frequency

Monthly, quarterly, half-yearly and annually

Guaranteed Additions

8% or 9% of sum assured accumulated after each completed policy year. Guaranteed addiction are paid at maturity.

No Medicals

The plan can be taken without any medicals by answering a few questions.

Free-look period

15 days for manually purchased policy

30 days for policies purchased online.

Grace period

15 days for monthly mode polices

30 days for yearly, half-yearly and quarterly mode policies.

Policy revival

The policy can revived within 2 years from the date of 1st premium missed.

Alterations

The policy allows alteration of premium paying frequency.

Nomination

Nomination is accepted under this policy.

Sum Assured

Minimum: Rs. 112, 953.

Maximum: There is no limit.

Policy coverage

Death benefits and maturity benefits.

Benefits/Advantages of HDFC Life Sanchay Plan

The HDFC Life Sanchay Plan provides you with the following key benefits:

  • HDFC Bank card holders can pay convert their premiums into monthly EMIs.
  • The policy offers surrender value provided it is continued till the end of policy tenure.
  • Guaranteed benefits: A percentage of the sum assured is offered as guaranteed benefits after the end of each policy year. The guaranteed benefits are paid at maturity include:

Policy tem

15 to 19

20 to 25 years

Guaranteed benefits

8%

9%

  • Maturity benefits: The policy pays maturity benefits, provided it is in force till the end of policy tenure. The maturity benefits offered by HDFC Life Sanchay include: the basic sum assured plus accrued guaranteed additions.
  • Loan: Policyholder can avail loan against this policy, provided the policy has acquired surrender value. HDFC Life Sanchay offers loans up to 80% of the surrender value.
  • Death benefits: The nominee will receive all the death benefits offered by the policy, provided all due premiums have been cleared. As death benefits, the nominee will receive one of the followings: higher of sum assured, 10 times of annualized premium paid or 105% of the premiums paid, whichever is higher. Besides, the policy will pay the accrued guaranteed additions on death. The policy will terminate after paying all the benefits.
  • The HDFC Life Sanchay plan can be purchased online.
  • Tax benefits: Get tax benefits on the premiums paid for you HDFC Life Sanchay Policy. Tax benefits are offered under section sections 80C & 10(10D) of the India Income Tax Act, 1961. However, these benefits are subject to change as per changes in tax laws.
  • The plan enables you to save for your future and provides enhanced protection you and your dear ones.
  • The plan comes with a lot of flexibilities such as you can pay your premiums on annual, monthly, half-yearly and quarterly basis as per your convenience.

How the HDFC Life Sanchay Plan Works

If you purchase the HDFC Life Sanchay plan for a term of 15 years, you need to pay premiums for 5 years and your sum assured will keep on adding by 8% after the end of every policy year. At the end of your policy tenure or at maturity, you will receive the sum assured plus the accrued guaranteed additions. Also, you will be able to get tax benefits on the premiums paid for 5 years and take loan against your policy. In case, you die within the policy tenure, the policy will pay death benefits to your designated nomine which include either the sum assured or 10 times of annualized premiums or 105% of the premiums paid.

Premium Payment

The HDFC Life Sanchay plan enables to pay your policy premiums as per your convenience. Listed below are the different amounts you need to pay:

Frequency

Minimum premium per installment

Maximum premium per instalment

Monthly

Rs. 2,500

No limit

Qutaerly

Rs. 7.500

No limit

Half- yearly

Rs.15,000

No limit

Yearly

Rs. 30,000

No limit

Riders

There is no add –on covers available under the HDFC Life Sanchay Plan.

The HDFC Life Sanchay Plan is a savings plus insurance plan that comes with guaranteed benefits to provide enhanced financial security to you and your family.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

 4.0 / 5.0   by 1313 users
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Plan Benefits

Payment Options

Policy Coverage

Customer Service

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HDFC Life Sanchay Plan Reviews

Page 1 of 50 1 2 3 4 5
  • HDFC Life Life Insurance
    "Better Policy"
    0.5 5.0/5 "Blown Away!"
    From my HDFC LIFE, i have taken my life insurance. The executive came to my place and informed me about the policy details and gave me some offer since it was good, i have selected them. I have been paying the premium amount of Rs. 2500 per month. The policy term is 15 years. I am not sure about the sum assured amount.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 10, 2019
  • HDFC Life
    HDFC Life Life Insurance
    "People more aware of their offerings &its better than others"
    0.5 4.0/5 "Great!"
    Basically I did not have any idea about the policy and it was just referred by a friend so have opted the policy, just for an investment perspective. I have received the insurance paper. Their executive explained me about the benefits. I pay 50K to 55K through online and tenure is 12 years.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Sep 18, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    HDFC LIFE is offering a good benefits and the charges are nominal when compared with other insurer so I took a term plan with them. They have explained me about benefits of the policy. They need some improvement on the customer service. I have paid 24K for a year.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Sep 03, 2019
  • HDFC Life Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    Bought my money back policy from HDFC LIFE. Taken the policy in the year of 2016. Earlier i had a salary account with HDFC hence the manager is forcefully to take this policy. I am paying the premium amount of Rs. 25000 annually. I need to pay the premium for 5 years after 5 years there is a lockin period. I get the sum assured amount of Rs. 2.50 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 27, 2019
  • HDFC Life Life Insurance
    "Quickest way to insure"
    0.5 5.0/5 "Blown Away!"
    Its very to take a policy through online from HDFC. The claim ratio is very nice hence i have chosen the HDFC LIFE. I'm satisfied with the coverage value of Rs. 50 lakhs. I have chosen the annual payments mode. They do have a partial disability cover is included.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 25, 2019
  • HDFC Life Life Insurance
    "Coverage for the premium is good"
    0.5 4.0/5 "Great!"
    Chosen my term insurance from HDFC LIFE. HDFC has better claim ratio thats the reason i opted the policy. I make the premium through online every time. I pay the premium amount of Rs. 6600. They have included with disability cover and accidental cover. The premium is less since i purchase the policy through online.
    Was this review helpful? 1
    , bangalore
    Reviewed on Aug 16, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I took a term insurance with HDFC LIFE, I have compared with online site and found they are having good payment rates. The customer service is good. I am satisfied with the benefits. I am doing monthly premium of Rs.2000 and need to pay till 15 years. The payment mode is online.
    Was this review helpful? 1
    , bangalore
    Reviewed on Aug 06, 2019
  • HDFC Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have a term insurance with HDFC LIFE because the benefits are too beneficial. I am paying 9,400 rupees for a year through net banking. The policy covers till the age of 85. The nominee would be getting a benefit of 75L. They have provide insurance documents on time.
    Was this review helpful? 0
    , mumbai
    Reviewed on Aug 06, 2019
  • HDFC Life Life Insurance
    "Satisfied"
    0.5 4.0/5 "Great!"
    Recently I have purchased a super savings policy from HDFC LIFE. I need to pay the premium for 8 years and after that I will get a profit for every year. They will be providing 10K on monthly basis. I have taken a policy premium of 75K per year. The payment mode is cheque.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 02, 2019
  • HDFC Life Life Insurance
    "If you want save tax, purchase this policy"
    0.5 5.0/5 "Blown Away!"
    Bought my life insurance policy from HDFC LIFE. For the tax benefit purpose, i purchase this policy. I am not sure about the plan name. They will double the money in returns at the time maturity and its a long term plan. I pay the premium amount of Rs. 24000 annually.
    Was this review helpful? 0
    , new delhi
    Reviewed on Aug 01, 2019
  • HDFC Life Life Insurance
    "Excellent Plan"
    0.5 5.0/5 "Blown Away!"
    Bought my life insurance from HDFC LIFE. Every year i need to invest the money of Rs. 50000 for first five years. Next 5 years will be a lockin period. After 10 years, i get the money of Rs. 18000 every year for 5 years and at the time of maturity i get a sum assured amount of Rs. 10 lakhs. I bought this policy for daughter's future.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 31, 2019
  • HDFC Life Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    Actually I was looking for a investment plan with HDFC BANK and they have provided me a life insurance. I never asked them for a policy but still they provided me an opportunity then I researched and found the benefits are also good. I need to pay the premium of 30K half yearly through online.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jul 31, 2019
  • HDFC Life Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have chosen the life insurance policy from HDFC LIFE and the plan is Super Income. For the future salary purpose, i have selected the policy. In this policy, i need to pay the premium for first 10 years and the next years will be lockin period and after i can get a lumpsum amount or else i can convert into monthly payment. I pay the premium amount of Rs. 25000 per annum. They are providing the sum assured amount of Rs. 1.87 lakhs.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 30, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have taken the CHILDREN PLAN with the HDFC LIFE where the maturity period of the policy is for 15 years with the policy. The coverage is for self with the policy is for self added on that the benefit of the policy is in case of any incident happened will be getting the amount and after the maturity there is a sum assured.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 29, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am using the life insurance policy with HDFC LIFE and the maturity period of the policy is for 7 years but the premium have to pay for 5 years. The documents submitted through the offline. The sum assure value of the policy is for 5L. I got the hard copy too.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jul 27, 2019
  • HDFC Life Life Insurance
    "Need to provide correct details "
    0.5 3.0/5 "Satisfactory"
    I have taken a life insurance in HDFC LIFE on 2 years before. The policy is for 10 years and other 10 years for maturity. I am paying premium in the yearly package. While getting a policy my agent has not given an information about the policy details at an initial they stated offers later that offers are not listed in the benefits. I use to do payment through an online.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 26, 2019
  • HDFC Life Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Yearly once I'm paying the premium for my life insurance. My cousin is working in HDFC hence i have taken the policy. I'm satisfied with the sum assured amount. I make the premium through online. I have a HDFC corporate account hence its easy to pay.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 26, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    TERM PLAN using from last few years, the documents submitted through the online as well as the offline process. The premium paying for 6 months, coverage is for self. There is no coverage apart from this. The customer support is good and responsive.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 22, 2019
  • HDFC Life Life Insurance
    "Need to decrease charges"
    0.5 3.0/5 "Satisfactory"
    I have taken a life insurance in HDFC LIFE on 10 days before only. The policy for 12 years.I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details. They detect amount from my credit card for the payment.Charges are high. EMI is only 945 told at an initial then later it was for 1276 EMI charges per month.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 21, 2019
  • HDFC Life Life Insurance
    "Good for family protection"
    0.5 5.0/5 "Blown Away!"
    I have term plan with HDFC life, I have chosen the sum assured of Rs. 75 lakhs it has the duration of 50 years, life cover is upto 75 years. I make the premium around Rs. 800 per month, it has tax cover, critical illness, waiver on premium at disability. Cancer and Heart attack cover is also there.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 19, 2019
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