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HDFC Life Sanchay is a traditional Savings Plan which provides guaranteed returns on maturity or death. Limited premiums are payable under the plan thus liberating the policyholder from a long premium commitment. Guaranteed Additions are added to the plan which enhances the benefits payable.
Step 1 – the policyholder chooses the Sum Assured, the plan term, the premium paying term and frequency. Based on the insured’s age and the above factors, the premiums are calculated.
Step 2 – in case of death, the death benefit would be paid which is the Sum Assured and accrued guaranteed additions.
Step 3 – if the insured survives the plan tenure, the maturity benefit is paid which is the Sum Assured on Maturity and accrued guaranteed additions.
Jignesh, aged 40 years, buys the plan for 15 years. The Sum Assured on Maturity he chooses is Rs.2.5 lakhs and he pays premiums for 10 years.
Option 1 – if Jignesh dies during the plan term, higher of the Sum Assured or 10 times the annual premium is paid subject to a minimum of 105% of premiums paid.
Option 2 – when the plan matures, Rs.2.5 lakhs and accrued guaranteed additions are paid. The accrued guaranteed additions would be Rs.3 Lakhs and the total maturity benefit would be Rs.5.5 lakhs.
|Term||Maturity benefit as a % of Sum Assured on Maturity|
|Age at entry (in completed years)||30 days||45 years|
|Age at maturity (in completed years)||18 years||70 years|
|Term of the plan||15 years||25 years|
|Premium paying options||Limited pay|
|Premium Paying term||5,8,10 years|
|Premium amount||Yearly – Rs.30,000
Half-yearly – Rs.15,000
Quarterly – Rs.7500
Monthly – Rs.2500
|Sum Assured on Maturity||Rs.105,673||No limit|
Below are the sample rates of premium payable by a non-tobacco user male for a combination of different ages, term and Sum Assured. The premiums are excluding taxes and are assumed to be paid annually for 5 years.