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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

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

 4.0 / 5.0   by 1236 users
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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

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HDFC Life Sanchay Plan Reviews

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  • HDFC Life Life Insurance
    "Satisfactory policy"
    0.5 4.0/5 "Great!"
    I have taken the life insurance of 30L which has addon benefits of critical illness and accidental. I have chosen HDFC LIFE after doing online comparison because the premium is less and the tenure is 15 years but I need to pay only for 10 years and remaining 5 years will be paid by the insurer. The policy was started 3 months back with the monthly premium of 1600 rupees. The customer service is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 22, 2019
  • HDFC Life Life Insurance
    "Double benefit plan"
    0.5 5.0/5 "Blown Away!"
    I have ULIP it has the locking period of five years, I used to make the premium around Rs. 1 lakh, it get matured after 23 years. I have been with them around three years , they do have tax saving, financial security feature. I have activated ecs for making the payment.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Apr 20, 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 selected Rs. 1 crore. Yearly I pay Rs.29,000 to the insurer it has the duration of 25 years. They will be providing the lump sum amount to the nominees and second thing they give Rs.50,000 on monthly basis. They disclosed all the terms and condition to me.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Apr 20, 2019
  • HDFC Life Life Insurance
    "Good Insurance company"
    0.5 5.0/5 "Blown Away!"
    I took term plan from HDFC Life, by paying the premium Rs. 16,000 on yearly basis it has sum assured of Rs . 50 lakhs. The lump sum amount paid to the nominee in certain demise, I make the payment through ecs. There is a critical illness cover along with waiver option.
    Was this review helpful? 0
    , kadapa
    Reviewed on Apr 20, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am having the life insurance policy with the HDFC LIFE and holding it around from last 10 years. The documentation process was simple and good. The maturity period of this policy is for long term and the coverage is for family. The premium paying for yearly once.
    Was this review helpful? 0
    , indore
    Reviewed on Apr 19, 2019
  • HDFC Life Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I had taken the Term Insurance Policy from them a long time back and the premium had been paying on an annual basis. The premium amount has not been high and the payment method is also high. The policy coverage and the plan benefits with the policy is also pretty good.
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 17, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am using from last 8 months the life insurance policy with the HDFC LIFE and the premium i pay for monthly once through the credit card. The policy coverage is for family and self. The maturity is for 3 years with this insurance policy. The customer service is good.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 17, 2019
  • HDFC Life Life Insurance
    "Good for family protection"
    0.5 5.0/5 "Blown Away!"
    I took personal accidental policy from HDFC Life based on the credit card, last time I paid the premium around Rs. 7000 for 25 lakhs of sum assured its a pure term plan. They give the critical illness if some thing happens to me, they give weekly Rs. 5000 for the treatment. For any certain demise my nominee will be getting the lump sum amount. They took premium from the credit card and converted into emi.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 17, 2019
  • HDFC Life Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I am having the life insurance policy with the HDFC LIFE the premium for this policy paying for monthly once added on that there are no issues with this insurance policy. The maturity period of this policy is for long term, the documentation process was smooth.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 15, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the ACCIDENTAL POLICY with the HDFC LIFE where i have been using it since from last 2 years and above. The premium paying was approximately 8k, they provide the coverage upto 20L with this policy. If admitted in hospital can claim for accidents.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 12, 2019
  • HDFC Life Life Insurance
    "All types of risk covered "
    0.5 5.0/5 "Blown Away!"
    This HDFC plan covers all types of risk protection in the future . On annual basis , I need to pay an amount of Rs 3000 /- for next 10 years . So that , I will get an amount of Rs 5 lakh in return . It isa two in one policy .Where I can use it for tax exemption also .
    Was this review helpful? 0
    , secunderabad
    Reviewed on Apr 08, 2019
  • HDFC Life Life Insurance
    "Good Risk protection cover"
    0.5 5.0/5 "Blown Away!"
    Once upon a time in 2012 , HDFC offered me a Impressive offer in life protection policy . I can pay one time payment of Rs 1 lakh 25 thousand for a sum assured of 1 crore . It is completely going to secure my life during risk events like Road accidental death , fire accident .
    Was this review helpful? 0
    , secunderabad
    Reviewed on Apr 04, 2019
  • HDFC Life Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have taken super plus saving plan from HDFC LIFE and need to pay premium yearly 52K for 8 years, The benefits are good and one person has referred this policy to me. The customer service is not upto the mark and they need to improve on. After maturity will be getting good amount.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 03, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have been using the life insurance policy with the HDFC LIFE since from last few months and i got this insurance because i have taken the loan. It has the short term policy of 20 years and the policy coverage is for self with this insurance policy.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 01, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    HDFC LIFE is the life insurance provider where i have taken the EULIP policy and the maturity period is this policy is for 20 years and i am using it since from last one year. Premium i am 12K yearly once and the policy coverage is for self with this policy.
    Was this review helpful? 0
    , pune
    Reviewed on Apr 01, 2019
  • HDFC Life Life Insurance
    "Safe and secured investment"
    0.5 4.0/5 "Great!"
    I have different plans with HDFC life called guaranteer plan it has good life coverage and tax benefits. The premium is very reasonable, but it doesn't have the critical illness benefits, the people are friendly I used to get the reminder about the premium.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 30, 2019
  • HDFC Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    My colleague works in HDFC Life so he guided me to take the policy even I work for Apollo Munich Health insurance. I did not research about the benefits, Its a short term and long term policy. Am paying premium was around 50K per annum through online. They send a executive if I have any query.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 28, 2019
  • HDFC Life Life Insurance
    "Not satisfied"
    0.5 2.0/5 "Expected more"
    I had been applied life insurance with HDFC life recently for my wife,but i did not found comfortable in getting this process,like they use to ask all unnecessary documents which i did not found relevant,and the premium amount they was charging me on monthly basis,now i withdraw all my amount and closed this account.
    Was this review helpful? 0
    , malappuram
    Reviewed on Mar 27, 2019
  • HDFC Life Life Insurance
    "Good for nominees"
    0.5 5.0/5 "Blown Away!"
    I have term plan for Rs. 50 lakhs from HDFC Ergo, I am paying the premium around Rs. 7000 per annum. I need to pay upto 60 years, total life cover upto 80 years. Then nominees will get lump sum amount for certain demise. The customer support is great, I used to pay through online.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 25, 2019
  • HDFC Life Life Insurance
    "Good risk & protections coverage "
    0.5 5.0/5 "Blown Away!"
    For my HDFC personal loan , they insisted me to do a life cover by taking Term policy for my life security . HDFC given me a Sum Assured of 16 lakh for 4 years . It is one time payment of around 4 k . It is going to cover all types of risk benefits for the policy holder .
    Was this review helpful? 1
    , bangalore
    Reviewed on Mar 18, 2019
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