HDFC Life Insurance
HDFC Life Insurance Sanchay Fixed Maturity Policy

HDFC Life Sanchay Fixed Maturity Plan

There are different goals and milestones that you would like to accomplish for yourself and your family at every stage of life. Life itself is unpredictable, even though the milestones are quantifiable. Uncertainties cannot be avoided, but they can be better managed with planning. The “HDFC Life Sanchay Fixed Maturity Plan” from HDFC Life is a life insurance policy that offers assured returns in the form of a lump sum benefit to assist you in reaching your goals while also protecting the future of your loved ones in case of unforeseen circumstances.

A non-linked, non-participating individual savings plan called the HDFC Life Sanchay Fixed Maturity Plan is created to offer assured returns in the form of a lump sum payment. The plan gives participants the freedom to select among single-pay, limited-pay, or monthly payment choices.

Read on to know more about HDFC Life Sanchay Fixed Maturity Plan, its eligibility, inclusions, exclusions, premium illustration, and many other things.

Eligibility Criteria

Here is the eligibility criteria for HDFC Life Sanchay Fixed Maturity Plan.

ParametersDetails

Age at Entry

(years)

Minimum

Single Life: 90 Days

Joint Life: 90 Days*

Maximum

Single Life:

Death Benefit Multiple

(DBM) 1.25-1.5- 70 Years

Death Benefit Multiple (DBM) 10: 50 Years

Regular/Limited Pay: 65 years

Joint Life

Single premium: 60 Years

Regular/Limited Pay: NA

Age at MaturityMinimum: 18 Years

Single Life:

Death Benefit Multiple (DBM) 1.25-1.5: 90 Years

Death Benefit Multiple (DBM) 10: 70 Years

Regular/Limited Pay: 85 years

Joint Life

Single Premium: 80 Years

Regular/Limited

Pay: NA

Premium (Per Instalment)$

Single Life:

Single Premium: Rs. 10,000

Annual: Rs. 10,000

Half-yearly: Rs. 5,100

Quarterly: Rs. 2,600

Monthly: Rs. 875

Joint Life

No maximum limit, subject to Board Approved Underwriting Policy

Sum Assured on Death

Single Premium: Rs. 12,500

Regular/Limited Pay:

Rs. 70,000

No maximum limit, subject to Board Approved Underwriting Policy
Premium Payment Term

Premium Payment Term (in Years)

Single premium

5, 6, 7, 8, 10, 12, 15, 20

Policy Term (PT)5 to 20 years

HDFC Life Sanchay Fixed Maturity Coverage Details

Following are the major details covered under HDFC Life Sanchay Fixed Maturity Plan:

  1. Revival

You must pay all past-due premiums, interest on past-due premiums, and any relevant taxes and levies in order to be reinstated. 8.50% p.a. is the current annual interest rate for resurrection. Interest rates will fluctuate as necessary.

  1. Single Life Coverage

The highest of the following is the death benefit that will be paid to the nominee under a Single Life policy:

Death Sum Assured

  • Death Insurance several times (as determined by the policyholder) For Single Pay insurance, a Single Premium (plus any additional underwriting premiums) OR 10 times
  • For a Regular/Limited Pay policy, the annual premium
  • 105% of the total premiums paid up to the time of death
  • The surrender value in effect as of the death
  • Upon the payment of the death benefit, the policy terminates, and no further benefits are payable.
  1. Simultaneous death of both lives:

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

According to the terms under “First death” above, the death benefit for the elderly will be paid, and the death benefit for the younger life will be provided according to the terms under “Second death” above.

  1. HDFC Life Income Benefit on Accidental Disability Rider

In the event of an accidental total permanent disability, a benefit equivalent to 1% of the Rider Sum Assured will be paid each month for the following 10 years. Under this rider, there is no maturity benefit available.

  1. HDFC Life Critical Illness Plus Rider

If you are diagnosed with one of the 19 Critical Illnesses and live for 30 days after the diagnosis, a lump sum benefits equal to the Rider Sum Assured will be paid. Under this rider, there is no maturity benefit available.

  1. HDFC Life Protect Plus Rider

The rider offers protection against cancer as well as accidental demise or impairment. Under this rider, there is no maturity benefit available.

Salient Benefits & Features under HDFC Life Sanchay Fixed Maturity Plan

Here is the list of the features and benefits of HDFC Life Sanchay Fixed Maturity Plan you should know;

  1. Maturity Benefit

At the conclusion of the policy, this product delivers a guaranteed maturity benefit that is payable as a lump amount. Sum Assured on Maturity is equal to the maturity benefit. where (Annualized Premium or Single Premium) x Guaranteed Maturity Multiple equals Sum Assured on Maturity (GMM). The GMM is displayed on the Company’s website and varies according on age and premium payment period. The coverage expires and no further payments are payable after the Maturity Benefit has been paid.

  1. Choice of Policy Terms

Another benefit of choosing HDFC Life Sanchay Fixed Maturity Plan is that you will get the option to choose from a range of Policy Terms up to 40 years. When you know your policy period, you will have an idea of how much you need to invest and how much you need to save for other family expenses.

  1. Flexibility of Premiums

One of the biggest benefits of choosing HDFC Life Sanchay Fixed Maturity Plan is that you will have the option of single Pay/ limited/ regular premium payment term. This would ultimately provide you the flexibility to make premium payments at your convenience.

  1. Annual Premium:

The premium amount due for a Regular/Limited pay policy in a given year, excluding taxes and rider premiums but including, if applicable, underwriting additional premiums and loadings for modal premiums.

  1. Revival:

Subject to the limits and conditions we may define from time to time, you may revive your expired/paid-up policy within the revival period. You must pay any past due premiums, interest on past due premiums, and any applicable taxes and levies in order to participate in the resurrection. Before the policy term expires and five years after the first unpaid premium was due, there will be a revival period. You are eligible to receive all contractual benefits following the policy’s revival.

  1. Death Benefit:

The policyholder has two options for selecting the Death Benefit Multiple (DBM) under this product’s Single Premium variation:

S. No.DBM under Single LifeDBM under Joint Life
11.25-1.5x depending on the age of life(s) assured
210x10-15x depending on the age of lives assured

What is not included under HDFC Life Sanchay Fixed Maturity Plan?

Here are the things excluded under HDFC Life Sanchay Fixed Maturity Plan

Suicide Exclusion:

For Single Life Coverage, the nominee or beneficiary of the policyholder shall be entitled to at least 80% of the Total Premiums Paid up to 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 the event of death by suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable.

For Joint Life Coverage:

The nominee or beneficiary of the policyholder/life(s) assured shall be entitled to at least 80% of the Single Premium or the surrender value available as on the date of death, whichever is higher, provided the policy is in force, in the event of death by suicide within 12 months from the date of commencement of risk under the policy. According to the terms and circumstances of the policy, the surviving Life Assured, if any, will continue to be covered by the policy.

Premium Illustration of HDFC Life Sanchay Fixed Maturity Plan

Let’s take an example to understand!

A man, named Mr. Balraj Shamshera, who is working as a software engineer at Accenture, Gurgaon, is looking to buy a retirement plan. As he is working in a private firm, he wants to safeguard the financial future of his family members. When he was searching for the best retirement plan, he then stumbled upon HDFC Life Sanchay Fixed Maturity Plan on the internet. Also, he even asked his relatives, family, and friends, and there were many people in his circle who suggested him buy HDFC Life Sanchay Fixed Maturity Plan for maximum financial protection after retirement.

Here’s what he will get under different circumstances.

Premium FrequencyPremium Payment TermPolicy TermSum AssuredAdd-OnsPremium
Annual20 Years40 YearsRs. 10, 00,000 (Fixed)Critical Illness Cover + Cancer CoverRs. 1,07, 286 (Including taxes and levies as applicable)
Half-yearly10 Years30 YearsRs. 20,00,000 (Fixed)NoRs. 1,04,500(Including taxes and levies as applicable)

Frequently Asked Questions

The greatest option for those who seek guaranteed returns at maturity is a fixed maturity plan. This plan can be utilized to cover a variety of life stage demands, such as a child’s schooling, marriage, retirement fund, and providing for loved ones financially.

Although it is advised to keep the policy active to reap the full benefits of this plan, we recognize that there are some situations in which you might choose to surrender your coverage. The plan allows for surrender. Upon payment of a Single Premium and, in the event of a Regular/Limited Pay policy, upon payment of at least the first two years’ premium, a policy shall obtain a Guaranteed Surrender Value immediately.

The answer is yes, subject to the terms and circumstances set forth by HDFC Life, policy loans will be available during the policy period.

Yes, it is possible to alter the frequency of premium payments. The plan allows for premium payments to be made annually, half-yearly, quarterly, or monthly.

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