HDFC Life Sanchay Fixed Maturity Plan

Flexibility of Premiums

HDFC Life Sanchay Fixed Maturity Plan comes with multiple options of paying premiums like limited  pay/ single pay/ regular premium payment term. This way, it offers flexibility to the policyholders in paying premiums at their convenience.

Choice of Policy Terms

Another benefit of selecting HDFC Life Sanchay Fixed Maturity Plan is that the policyholders will be provided with option to select from a range of policy terms up to 40 years.

Annual Premium

A Regular/Limited pay policy's annual premium, excluding taxes and rider premiums but, if necessary, including underwriting additional premiums and loadings for modal premiums.

Revival

The policyholder should pay any past due premiums, interest on past due premiums, and taxes to participate in the resurrection. There will be a revival period beginning five years after the first unpaid premium became due and running until the end of the insurance term. Following the policy's revival, you are eligible to get every contractual benefit.

Death Benefit

The policyholder will be provided with two options to select the Death Benefit Multiple (DBM) under Single Premium variation:

HDFC Life Sanchay Fixed Maturity Coverage Details

Given below are the details of HDFC Life Sanchay Fixed Maturity Coverage:

Revival

The policyholders should pay all past due premiums, interest on the pending premiums along with the taxes in order to reinstated. Currently, the you need to pay 8.50% p.a. as the current annual interest rate for resurrection. However, interest will keep on fluctuating from time to time.

Single Life Coverage

The following are the death benefits payable to the nominee under a Single Life Policy:

1. Sum assured on death

1. 105% of the total premiums paid till the date of death

Join Life Coverage

First Death: The company will pay the death benefit on the first death of any of the lives assured shall be the higher of

1. Sum assured on death

1. Death benefit multiple times single premium for a single policy
2. Surrender value applicable on the death of death

1. 105% of the total premiums paid till the date of death

Simultaneous death of both lives

1. The death benefit as specified above for the first and second deaths shall be payable in the event of the simultaneous death of both lives.

1. Elder life's death benefit will be paid in accordance with the death benefit described under "First death" above, and younger life's death benefit will be provided in accordance with the death benefit described under "Second death" above.

HDFC Life Protect Plus Rider

The rider provides protection against critical illness like cancer and accidental demise or impairment. However, there is maturity benefit under this rider.

HDFC Life Critical Illness Plus Rider

If the policyholder is diagnosed with any of the 19 critical illnesses and live for 30 days after getting diagnosed, the company will offer lump sum benefits equal to the rider sum assured. However, the policyholder will get any maturity benefits under this option.

HDFC Life Income Benefit on Accidental Disability Rider

In case of an accidental total permanent disability, the company will provide a benefit equal to 1% of the rider sum assured that will be paid each for the next ten years. Here, the policyholder will not get maturity benefit.

Documents Needed to Apply for HDFC Life Sanchay Fixed Maturity Plan

You need to submit the photocopies of the following documents to apply for HDFC Life Sanchay Fixed Maturity Plan:

1. Age proof
2. ID proof
3. Address proof
4. Income proof

What Are the Exclusions of HDFC Life Sanchay Fixed Maturity Plan

The following things are not included under HDFC Life Sanchay Fixed Maturity Plan:

Suicide Exclusion

For Single Life Coverage, the nominee of the policyholder will get minimum of 80% of the total premiums paid till the date of death or the surrender value available as on the date of death, whichever is higher, provided the policy is in force in case of the death due to suicide within 12 months from the date of commencement of risk under the policy.

For Joint Life Coverage

For the beneficiary or nominee of the policyholder, the company will provide 80% of the single premium or the surrender value applicable as on the date of death, whichever is higher, provided the policy in in force, in case of the death by suicide within 12 months from the date of commencement of risk under the policy.