HDFC Life Insurance
HDFC Life Insurance Sanchay Plus Policy

HDFC Life Sanchay Plus Plan

We all have dreams and responsibilities to fulfill in life. However, the unpredictability of life and the sky-rocketing inflation has often put a financial burden on our shoulders that can create hindrances to achieving our dreams. For this, HDFC Life Insurance Company has come up with the Sanchay Plus plan that ensures financial security through meticulous planning for key life stages such as marriage, parenthood, retirement, etc. this non-participating, non-linked, savings insurance plan can not only help you to achieve financial security but also it safeguards your family against the unforeseen events of life, even when you are not around. To know more about this plan, have a look at the following mentions.

Eligibility Criteria

Minimum entry age

Guaranteed Income – 5 years, Guaranteed Maturity – 5 years

Life Long Income – 50 years, Long Term Income – 5 years

For POSP Variant – Same

Maximum entry age

In general, for all the plan options – 60 years

For POSP Variant:

Guaranteed Income – 54 years, Guaranteed Maturity – 55 years

Life Long Income – 59 years, Long Term Income – 59 years

Minimum maturity age

Guaranteed Income – 18 years, Guaranteed Maturity – 18 years

Life Long Income – 56 years, Long Term Income – 18 years

For POSP Variant – Same

Maximum maturity age

Guaranteed Income – 73 years, Guaranteed Maturity – 80 years

Life Long Income – 71 years, Long Term Income – 71 years

For POSP Variant – 65 years

Minimum installment premium

Annual: Rs. 30,000, Half-yearly: Rs. 15,000

Quarterly: Rs. 7,500, Monthly: Rs. 2,500

For POSP Variant – Same

Maximum installment premium

No upper limit, subject to Board Approved Underwriting Policy (BAUP)

For POSP Variant:

It is subject to a maximum Sum Assured on Death of Rs. 25,00,000. The acceptance of any case is subject to Board approved underwriting policy.

Premium payment frequencyAnnual, half-yearly, quarterly, and monthly
Plan optionsPremium paying termPolicy term
Guaranteed maturity5 years10 to 20 years
6/7/8/9/10 years12 to 20 years
Guaranteed income7 years7 to 12 years
8 years8 to 13 years
9 years9 to 14 years
10 years10 to 15 years
11 years11 to 16 years
12 years12 to 17 years
Life long income5 years6 years
6 years7 years
10 years11 years
12 years13 years
Long term income5 years5 to 10 years
6 years6 to 11 years
7 years7 to 10 years
8 years8 to 11 years
9 years9 to 11 years
10 years10 to 12 years
11 years11 and 12 years
12 years12 and 13 years

Benefits of HDFC Life Sanchay Plus

This plan has come up with a sack full of benefits and facilities to offer your protection and safety. The following table gives you a brief detail about the same.

Maturity benefit

Guaranteed maturity – You are eligible to avail of a guaranteed maturity benefit payable as a lump sum amount at the end of the policy term upon payment of all due premiums and the life assured surviving the policy term. The maturity benefit is equal to Guaranteed Sum Assured on Maturity plus accrued Guaranteed Additions.

Guaranteed income – You will get this maturity benefit in the form of Guaranteed Income for a fixed term of 10 or 12 years upon payment

of all due premiums and the life assured surviving the policy term. The amount of guaranteed income depends upon the Premium Payment Term.

Life long income – This option offers a benefit of a guaranteed income up to age 99 years and a return of premium at the end of the payout period.

Long term income – This option offers the benefit of guaranteed income for a fixed term of 25 or 30 years and a return of premium at the end of the payout period.

Death benefit

For all the plan options – In case of death of the Life Assured during the policy term of an active policy, the death benefit equals to Sum Assured on Death plus

Accrued Guaranteed Additions shall be payable to the nominee.

Sum Assured on Death is the highest of:

  • 10 times the Annualized Premium, or
  • 105% of Total Premiums paid, or
  • Premiums paid accumulated at an interest of 5% p.a. compounded annually, or
  • Guaranteed Sum Assured on Maturity, or
  • An absolute amount assured is to be paid on death, which is equal to the Sum Assured.
Rider options

HDFC Life Income Benefit on Accidental Disability Rider – A benefit equal to 1% of Rider Sum Assured per month for the next 10 years, in case of an Accidental Total Permanent Disability. No maturity benefit is available under this rider.

HDFC Life Critical Illness Plus Rider – A lump sum benefit equal to the Rider Sum Assured will be payable in case you are diagnosed with any of the 19 Critical Illnesses and survive for a period of 30 days following the diagnosis. There is no

maturity benefit available under this rider.

Policy loanOnce your policy has acquired the surrender value, you may avail of a policy loan up to 80% of the surrender value of your policy that is subject to the applicable terms and conditions of the company.
Tax benefitsTax exemption benefits are available as per the prevailing tax laws.

Key Highlights of HDFC Life Sanchay Plus

Apart from the above general benefits, this plan has come up with many unique advantages which have made the plan quite popular among consumers. The mentions are as follows.

Lapsed Policy – If you fail to pay the premium amount even within the grace period, the policy will lapse and the benefits will cease and nothing is payable on death, maturity, or surrender.

Paid-up Benefit – If a due premium is unpaid upon the expiry of the grace period, the policy will become reduced paid-up if it has acquired a Guaranteed Surrender Value upon the payment of at least the first two years’ premiums. Once the policy becomes reduced paid-up, the maturity and death benefit payouts will be computed by multiplying the death/maturity payouts. Under the Guaranteed Maturity option, no further Guaranteed Additions will accrue in the future.

Surrender – The policy shall acquire a Guaranteed Surrender Value (GSV) upon the payment of at least the first two years’ premiums. The minimum GSV shall be the sum of the GSV of the total premiums paid and the Surrender Value of the Guaranteed Additions already accrued to the policy, if applicable.

Revival – You can still revive your lapsed/paid-up policy within the revival period. For that, you will need to pay all the outstanding premiums and interest on the outstanding premiums and taxes and levies as applicable. The current rate of interest for revival is 9.5% per annum. The revival period shall be of five years from the due date of the first unpaid Premium and before the expiry of the Policy Term.

Cancellation within the free look period – If you are not satisfied with the terms and conditions of the policy, you can cancel the policy at any time within the free look period. The free look period is 15 days from the date of receipt of the policy, and for the policies purchased through Distance Marketing is 30 days. In that case, you need to submit a written application to the company stating the reason for cancellation.

Enhanced Benefit For High Premium Policies – The company also offers enhanced benefits for the policies with an Annual Premium of more than Rs. 1.5 lakhs. It depends on various factors.

Income Payout – The policyholder can choose to receive the Annual income under the Guaranteed Income, Lifelong Income, and Long Term Income options at less frequent intervals. Income other than annual frequencies will be allowed. The amount of income will be as given below:

FrequencyIncome (Per frequency)
Semi-annual98% of Annual Income x 1/2
Quarterly97% of Annual Income x 1/4
Monthly96% of Annual Income x 1/12

Exclusions of HDFC Life Sanchay Plus

Understanding a policy is not completed unless and until you go through the exclusions of it thoroughly. Therefore, to provide you with a comprehensive idea about HDFC Life Sanchay Plan and to avoid future complexities, here are its general exclusions of it.

  • Anything that does not fulfill the terms and conditions of the company will fall under the category of exclusions.
  • Any kind of breach of the law will not be permitted.
  • In case of death of the life assured due to 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, the nominee or beneficiary will be eligible to avail of at least 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, only if the policy is an active policy.

Calculate Premium For HDFC Life Sanchay Plus Policy

After having a comprehensive idea about the plan, the next important thing is to know the premium value that you have to pay for availing of the benefits of the policy. So, here is an example.

Suppose Mr. Agarwal, a 36-year-old business bought the HDFC Life Sanchay Plus plan. Let us find out how much premium amount he has to pay for the given data under this policy.

Age36 years
Buying forSelf
Plan optionLong Term Income
Premium payment frequencyAnnual
Policy term13 years
Premium paying term12 years
Guaranteed income frequencyAnnual
Income period25 years
Guaranteed Payout AmountRs. 145488
Sum assuredRs. 1225700
Sum Assured on Death (at the inception of the policy)Rs. 1572386
Premium Summary
Installment Premium without GSTRs. 1 lakh
Installment Premium with First Year GSTRs. 1,04,500
Installment Premium with GST 2nd Year OnwardsRs. 1,02,250

Frequently Asked Questions

The premium payable at other than Annual frequency shall be calculated by multiplying the Annual Premium by Conversion Factor as per the following:


Conversion factor







Guaranteed Additions (GA) will accrue at every policy anniversary as detailed below

  • For PPT 5 years GA will start accruing from year 6 onwards
  • For PPT 6, 7 & 8 GA will start accruing from year 7 onwards
  • For PPT 9 & 10 GA will start accruing from year 8 onwards

On the death of the Life Assured during the payout Period, the nominee will continue receiving Guaranteed Income as per Income Payout Frequency & benefit option chosen till the end of the Payout Period. The nominee will have an option to receive the future income as a lump sum, which will be the present value of future payouts, discounted at a rate that is computed using the prevailing interest rates.

The grace period under this policy is of 15 days for the monthly frequency of premium payment and 30 days for other frequencies.

Change of Premium Payment frequency and Change of Income Payout frequency is allowed even after the inception of the policy. Plan Option, once chosen at the time of purchase cannot be changed throughout the policy term.