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HDFC Life Sanchay

 4.0 / 5.0   by 1169 users
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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

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

Eligibility Conditions for HDFC Life Sanchay

Minimum entry age

30 days.

Maximum entry age

45 years.

Minimum age at maturity

18 years.

Maximum age at maturity

70 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 25 years.

Maturity benefits

220% to 325% 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

HDFC Life Sanchay Plan Reviews

Page 1 of 50 1 2 3 4 5
  • HDFC Life Life Insurance
    "Fine policy for emergency purpose"
    0.5 5.0/5 "Blown Away!"
    Along with my personal loan they have provided me a life insurance policy from HDFC LIFE. I have to pay the premium amount of Rs. 6000 in a year. I used to pay the premium through online. Total tenure period of the policy is 4 years. I'm getting a sum assured amount of Rs. 3 lakhs.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Dec 13, 2018
  • HDFC Life Life Insurance
    "Every salary holder must taken this policy"
    0.5 4.0/5 "Great!"
    I have purchased the HDFC accidental policy nearly 4 years before. I have been paying the premium amount of Rs. 80000. I used to make the premium through my credit card and i covert into EMI basis. This is annual payment mode policy. This policy has coverage value of Rs. 15 lakhs and all my member covered in this policy
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 13, 2018
  • HDFC Life Life Insurance
    "Yet to experience the policy"
    0.5 4.0/5 "Great!"
    I have purchased a ULIP policy from HDFC Life. 4 months before i have taken this policy. I have been paying the premium amount of Rs. 2000 every month. The sum assured amount is 5 lakhs. This is a tax benefitable policy. Through Internet i have purchased this policy. I make the payment in online by using the debit card.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 11, 2018
  • HDFC Life Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I am having a life insurance policy with HDFC LIFE from last 9 years and it is a long term policy. I make my premium payment through online and on yearly basis. I am convenient with the payment options and tenure period for this policy is 15 years. I am happy with the returns and benefits on this policy.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 11, 2018
  • HDFC Life Life Insurance
    "Good policy to take"
    0.5 5.0/5 "Blown Away!"
    Total tenure period of the policy is 10 years. I have to pay the premium amount for 7 years and 3 years will be lockin period. They have done a very good follow up on documentation and explained the policy details very well. They will call on the premium time. The amount will be auto debited from account. In a year, i have to pay the premium amount of Rs. 50000. 1 year back, i took this policy.
    Was this review helpful? 1
    , amravati
    Reviewed on Dec 11, 2018
  • HDFC Life Life Insurance
    "Good insurance policy"
    0.5 5.0/5 "Blown Away!"
    My life insurance policy was taken with HDFC Life. Total tenure period of the policy is 8 years. I pay the premium amount of Rs. 40000 and i have selected the annual payment mode. I make the premium through cheque mode. Overall, I'm satisfied with this policy.
    Was this review helpful? 0
    , vellore
    Reviewed on Dec 04, 2018
  • HDFC Life Life Insurance
    "Recommendable policy"
    0.5 5.0/5 "Blown Away!"
    I have bought the HDFC LIFE insurance policy 3 years before. I'm making the payment amount of Rs. 28000 every year. I have no idea about the sum assured amount and policy benefits. This is a tenure period 10 years. I make the premium amount through cheque.
    Was this review helpful? 0
    , vellore
    Reviewed on Dec 04, 2018
  • HDFC Life Life Insurance
    "Recommendale policy"
    0.5 5.0/5 "Blown Away!"
    I have paid Rs. 6000 extra for my insurance policy in HDFC LIFE through cheque. I have received the notification regarding the payment and repayment immediately. I'm happy about the payment mode because i can pay according to all kind of mode.
    Was this review helpful? 0
    , vellore
    Reviewed on Dec 04, 2018
  • HDFC Life Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    My money back policy was purchased above 7 years ago. I have chosen the HDFC LIFE because its recommended by the agent. I have chosen the annual payment mode with the amount of Rs. 40000. I make the premium by online ECS mode. This is tax benefit policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 03, 2018
  • HDFC Life Life Insurance
    "Good policy to use"
    0.5 4.0/5 "Great!"
    When i purchase my HDFC credit card, they have offered me a life insurance for an offer. I have received the sum assured amount of Rs. 4 lakhs and my nominee will get that amount after my death. I have chosen the monthly payment mode. This is a 1 year policy and i have to renew it after that. Every month i have to pay the premium of Rs. 300 for first 3 months.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 02, 2018
  • HDFC Life Life Insurance
    "Policy features should be improved"
    0.5 2.0/5 "Expected more"
    The policies are not upto the mark, I took SAP life policy, I make the premium of Rs. 24,000 for the tenure of 10 years, there is no much benefits in the life policy. But it has some assured benefits 5 to 6% of benefits, the payment gateway is very fine.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 01, 2018
  • HDFC Life Life Insurance
    "Best investment"
    0.5 3.5/5 "Pretty good"
    I do have multiple life insurance policy with HDFC Life. One of my relative is working there and more over the maturity term is less like 10 years. Am happy with the policy coverage and the plan benefits. The payment is flexible and its has multiple options. Every year I used to pay 1L as a premium.
    Was this review helpful? 1
    , bangalore
    Reviewed on Nov 30, 2018
  • HDFC Life Life Insurance
    "Good Protection for Family"
    0.5 5.0/5 "Blown Away!"
    I took term plan for the amount of Rs. 25 lakhs, I have done the payment of Rs. 5700. Payment option is good, life cover is very good, I can avail during emergency purpose, even it has the accidental and death policy. I have added wife and Children as nominees.
    Was this review helpful? 0
    , jaipur
    Reviewed on Nov 30, 2018
  • HDFC Life Life Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    I have a life insurance policy with HDFC LIFE from last 1 year and it is a long term policy. I pay my premium once in a year through online and i am convenient with the payment options. Tenure period for this policy is 12 years and this policy has good returns.
    Was this review helpful? 0
    , chennai
    Reviewed on Nov 29, 2018
  • HDFC Life Life Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    It has been a very good policy and i had been paying the premium on a monthly basis. The premium amount has bee fine and has not been not too high. The payment method is easy and has been doing online and there has not been any hassle faced so far with their service.
    Was this review helpful? 0
    , new delhi
    Reviewed on Nov 28, 2018
  • HDFC Life Life Insurance
    "Best service"
    0.5 5.0/5 "Blown Away!"
    I have been using life insurance with HDFC ltd , and the premium they use to charge me is up to 20 thousand in a year and it nominal and it use to get auto debited from my salary account and they had explained me all the policy clearly.
    Was this review helpful? 0
    , mumbai
    Reviewed on Nov 21, 2018
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using the HDFC Life Insurance policy for a while. they charge nominal premium for this policy it also offers accidental benefits and I make payment at the branches. so in terms of features and their service it has been a good experience with them. HDFC Life is a recommendable insurance provider.
    Was this review helpful? 0
    , new delhi
    Reviewed on Nov 16, 2018
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been my using my life insurance with HDFC ltd, the policy is covered up to 10 lakh rupees , and they premium which they have charge is nominal and i use to pay through on line only and there agent had explain me about policy and term and condition clearly.
    Was this review helpful? 0
    , noida
    Reviewed on Nov 16, 2018
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with HDFC Life, there service is good they have charged premium up to 9000 rupees per year, it use to get auto debited from my account and there customer service is good they explained me about all policy it cover in this life insurance.
    Was this review helpful? 0
    , secunderabad
    Reviewed on Nov 15, 2018
  • HDFC Life Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I had taken this insurance policy a long time back and the process was done online. I had been making the payments on a monthly basis and the premium amount of 1000 has been good. The premium method also has been good and there has not been any hassle faced with them so far.
    Was this review helpful? 0
    , gandhidham
    Reviewed on Nov 14, 2018
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