HDFC Life Sanchay Plus - Retail - Brochure - Final - CTC
HDFC Life Sanchay Plus - Retail - Brochure - Final - CTC
HDFC Life Sanchay Plus - Retail - Brochure - Final - CTC
Sanchay Plus
A Non-Participating, Non-Linked Savings Insurance Plan
* Provided all due premiums have been paid and the policy is in force.
# As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.
Life becomes more meaningful with the achievement of personal milestones which you have planned for. But these
milestones are often accompanied by added responsibilities, expenses and the burden of any uncertainty happening.
marriage, parenthood, retirement, etc. Life Insurance plan can help you achieve such goals whilst safeguarding the
family’s future against the unforeseen events.
Flexibility
Life Long Income option – Guaranteed income till age 99 years
Long Term Income option
Optional Riders – Enhance your protection coverage with rider options on payment of additional premium
ELIGIBILITY
Guaranteed Maturity 51
Age at Entry Age (years) 60
Life Long Income 50
Long Term Income 51
Guaranteed Income 18 73
Guaranteed Maturity 18 80
Age at Maturity (years)
Life Long Income 56 73
Long Term Income 18 73
Annual: ` 30,000
Minimum instalment Half yearly: ` 15,000
All Options Quarterly: ` 7,500
Premium
Monthly: ` 2,500
Maximum instalment No limit, subject to Board Approved
Premium All Options Underwriting Policy (BAUP)
Annual: ` 30,000
Minimum instalment Half yearly: ` 15,000
Premium All Options
Quarterly: ` 7,500
Monthly: ` 2,500
1. Risk cover starts from date of commencement of policy for all lives including minors. In case of a minor life, the policy will vest on the Life Assured
on attainment of age 18 years
Premium payable at other than Annual frequency shall be calculated by multiplying the Annual Premium by Conversion Factor:
BENEFITS IN DETAIL
excludes taxes and other statutory levies, extra premium on account of underwriting or payment frequency and rider
premiums, if any.
Get at maturity
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Guaranteed Additions (GA) will accrue at every policy anniversary after the Premium Payment Term (PPT) for PPT = 5
and 6 years. For PPT = 10 years, GA will accrue starting 8th policy anniversary. The rate of Guaranteed Addition shall be
2. Annualized Premium shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra
premiums and loadings for modal premiums, if any.
3. Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.
PLAN OPTION – GUARANTEED INCOME
of all due premiums and life assured surviving the policy term.
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Pay premium during the
premium payment term
On the maturity date, you shall have an option to receive the Guaranteed Sum Assured on Maturity, which under this
option, shall be the present value of future payouts, discounted at a rate of 9% p.a. This interest rate is not guaranteed.
However, any change in the interest rate will be subject to prior approval of the Authority and will be applicable only to
the policies sold after the date of change.
At any point of time during the Payout Period, you shall have an option to receive the future income as a lump sum,
which shall be the present value of future payouts, discounted at a rate which is computed using the prevailing interest
rates.
On death of the Life Assured during the Payout Period, the nominee shall continue receiving Guaranteed Income as per
receive the future income as a lump sum, which shall be the present value of future payouts, discounted at a rate which
is computed using the prevailing interest rates.
^An additional income is payable in case of higher premium amount, please refer to the Enhanced Benefit for High Premium Policies
PLAN OPTION – LIFE LONG INCOME
period upon payment of all due premiums and life assured surviving the policy term.
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 - - - - - - - - - - - - - - - - - - age 99
receive the future income as a lump sum, which shall be the present value of future payouts, discounted at a rate which
is computed using the prevailing interest rates.
^An additional income is payable in case of higher premium amount, please refer to the Enhanced Benefit for High Premium Policies
# Payout period is 99 minus age of Life Insured as at end of policy term
PLAN OPTION – LONG TERM INCOME
payout period upon payment of all due premiums and life assured surviving the policy term.
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 - - - - - - - - - - - - - - - - - - 35 36
The amount of guaranteed income^ shall depend upon the Premium Payment Term chosen as per the table given below:
Guaranteed Income^ payable each year during the payout period
Premium Payment Term
Policy Term Entry Ages: 5 to 60 years
5 years 6 years 31.75% of Annualized Premium
6 years 7 years 40% of Annualized Premium
10 years 11 years 91.25% of Annualized Premium
12 years 13 years 120% of Annualized Premium
At the end of the Payout Period, the policy terminates by returning Total Premiums paid.
On the maturity date, you shall have an option to receive the Guaranteed Sum Assured on Maturity, which under this
option, shall be the present value of future payouts, discounted at a rate of 9% p.a. This interest rate is not guaranteed.
However, any change in the interest rate will be subject to prior approval of the Authority and will be applicable only to
the policies sold after the date of change.
At any point of time during the Payout Period, you shall have an option to receive the future income as a lump sum,
which shall be the present value of future payouts, discounted at a rate which is computed using the prevailing interest
rates.
On death of the Life Assured during the Payout Period, the nominee shall continue receiving Guaranteed Income as per
receive the future income as a lump sum, which shall be the present value of future payouts, discounted at a rate which
is computed using the prevailing interest rates.
^An additional income is payable in case of higher premium amount, please refer to the Enhanced Benefit for High Premium Policies
Sum Assured will be determined based on your entry age and the Annualized Premium you commit to pay in a policy year.
Rider Options:
Rider UIN
HDFC Life Critical Illness in case you are diagnosed with any of the 19 Critical Illnesses and
101B014V02
Plus Rider survive for a period of 30 days following the diagnosis. There is no
**For all details on Riders, kindly refer to the Rider Brochures available on our website
Sample Illustration
Taxes per annum throughout the premium paying term and survives the policy term.
Guaranteed
Maturity 1,250,000 1,250,000 20 10 ` 22,06,300 paid as a lump sum at Maturity
^ Guaranteed Income Amount payable in arrears on annual frequency during the payout period (After the policy term).
A. The premiums are excluding applicable taxes & levies. B. The values shown are for illustrative purpose only.
* Please refer to the Benefit Illustration for year wise Death Benefit.
NON-FORFEITURE BENEFITS
Grace period:
You get a grace period of 15 days for monthly frequency of premium payment and 30 days for other frequencies to pay
the premium without any penalty. If premium is not received before the end of grace period, the policy will lapse or
become paid-up. The policy is considered to be in-force with the risk cover during the grace period without any
interruption.
In case of a valid claim during the grace period, before payment of due premium, the claim shall be payable after
deducting the due modal premium.
Lapse, Paid-up and Surrender:
premiums.
If a due premium is unpaid upon the expiry of the grace period, the policy shall:
lapse if it has not acquired a Guaranteed Surrender Value
become reduced paid-up if it has acquired a Guaranteed Surrender Value
premiums payable under the policy. Under the Guaranteed Maturity option, no further Guaranteed Additions shall
accrue in the future. The Guaranteed Additions accrued till the date of paid-up shall continue to remain attached.
Surrender:
Where,
the GSV of the total premiums paid shall be determined as the applicable GSV factors on total premiums paid at the
time of surrender multiplied to the total premiums paid to date. The premium is excluding any taxes and levies paid
as applicable or any extra premiums paid.
the Surrender Value of the Guaranteed Additions paid shall be determined as the applicable GSV factors on the
Guaranteed Addition at the time of surrender multiplied to the Guaranteed Additions already accrued to the policy
(applicable to Plan Option: Guaranteed Maturity).
Revival:
conditions we may specify from time to time. For revival, 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% p.a.
Interest rate will be as prevailing from time to time. Please contact our Customer Service department to know the
applicable interest rate.
Policy Term.
TERMS & CONDITIONS
understand what the plan is, how it works and the risks involved before you purchase.
A) Risk Factors:
HDFC Life Insurance Company Limited is the name of our Insurance Company and “HDFC Life Sanchay Plus” is the
name of this plan. The name of our company and the name of our plan do not, in any way, indicate the quality of
the plan, its future prospects or returns.
Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or
policy document issued by insurance company.
B) Suicide Exclusions:
In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from
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, provided the policy is in force.
with the original policy documents, we shall arrange to refund the premiums paid subject to deduction of the
expenses incurred by us on medical examination, if any, and stamp duty.
Distance Marketing refers to insurance policies sold through any mode apart from face-to-face interactions such as
telephone, internet etc (Please refer to “Guidelines on Distance Marketing of Insurance Product” for exhaustive
E) Alterations:
Change of Premium Payment frequency is allowed.
Change of Income Payout frequency is allowed.
Plan Option, once chosen at inception cannot be changed throughout the policy term.
Such alteration will be in accordance with the Board approved underwriting policy.
F) Policy Loan:
Once your policy has acquired the surrender value, you may avail of a policy loan upto 80% of the surrender value
of your policy subject to applicable terms and conditions
` 1.5 lakhs.
Annual Additional Income
(% of Annualised Premium)
Annual Premium size Life Long Income/
Guaranteed Maturity Option Guaranteed Income
Long Term Income
5 pay 6 pay 10 pay 5 pay 6 pay 10 pay 12 pay 10 pay 12 pay
` 0 – ` 1,50,000 Nil
` 1,50,001 – ` 2,99,999 0.5% 0.6% 0.75% 0.75% 0.80% 1.00% 1.25% 1.00% 1.25%
`3,00,000 – ` 4,99,999 1% 1.1% 1.5% 1.25% 1.40% 2.00% 2.50% 2.00% 2.50%
` 5,00,000 and above 2% 2.1% 2.25% 1.50% 1.70% 2.50% 3.00% 2.50% 3.00%
H) Income Payout :
The policyholder can choose to receive the Annual income under the Guaranteed Income, Lifelong Income and Long
Term Income option at less frequent intervals. Income for other than annual frequencies shall be allowed. The
amount of income shall be as given below:
Frequency Income (per frequency)
Semi-annual 98% of Annual Income x 1/2
Quarterly 97% of Annual Income x 1/4
Monthly 96% of Annual Income x 1/12
Note: Annual Income refers to the guaranteed income paid in respect of annual frequency.
Guaranteed Surrender Value (GSV) Factor for Accrued Guaranteed Additions is 30%
(applicable for Guaranteed Maturity Option)
J) Nomination as per Section 39 of the Insurance Act 1938 as amended from time to time:
1) The policyholder of a life insurance on his own life may nominate a person or persons to whom money secured
by the policy shall be paid in the event of his death.
2) Where the nominee is a minor, the policyholder may appoint any person to receive the money secured by the
policy in the event of policyholder’s death during the minority of the nominee. The manner of appointment to
be laid down by the insurer.
3) Nomination can be made at any time before the maturity of the policy.
4) Nomination may be incorporated in the text of the policy itself or may be endorsed on the policy
communicated to the insurer and can be registered by the insurer in the records relating to the policy.
5) Nomination can be cancelled or changed at any time before policy matures, by an endorsement or a further
endorsement or a will as the case may be.
6) A notice in writing of Change or Cancellation of nomination must be delivered to the insurer for the insurer to
named in the text of the policy or in the registered records of the insurer.
mentioned on the policy. In such a case only, the provisions of Section 39 will not apply.
K) Assignment as per Section 38 of the Insurance Act 1938 as amended from time to time:
1) This policy may be transferred/assigned, wholly or in part, with or without consideration.
both transferor and transferee or their duly authorized agents have been delivered to the Insurer.
7) On receipt of notice with fee, the Insurer should Grant a written acknowledgement of receipt of notice. Such
notice shall be conclusive evidence against the insurer of duly receiving the notice.
information only and hence are not comprehensive. For full texts of these sections please refer to Section 38
and Section 39 of the Insurance Act, 1938 as amended by The Insurance Laws (Amendment) Act, 2015.
L) Prohibition of Rebates: In accordance with Section 41 of the Insurance Act, 1938 as amended from time to time:
or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate
of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any
person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed
in accordance with the published prospectuses or tables of the insurer.
2) Any person making default in complying with the provisions of this section shall be liable for a penalty which
may extend to ten lakh rupees.
M) Non-Disclosure: In accordance with Section 45 of the Insurance Act, 1938 as amended from time to time:
1) No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years
from the date of the policy, i.e., from the date of issuance of the policy or the date of commencement of risk or
the date of revival of the policy or the date of the rider to the policy, whichever is later.
2) A policy of life insurance may be called in question at any time within three years from the date of issuance of
the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the
policy, whichever is later, on the ground of fraud: Provided that the insurer shall have to communicate in
writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and
materials on which such decision is based.
3) Notwithstanding anything contained in sub-section (2), no insurer shall repudiate a life insurance policy on
the ground of fraud if the insured can prove that the mis-statement of or suppression of a material fact was
true to the best of his knowledge and belief or that there was no deliberate intention to suppress the fact or
that such mis-statement of or suppression of a material fact are within the knowledge of the insurer: Provided
4) A policy of life insurance may be called in question at any time within three years from the date of issuance of
the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the
policy, whichever is later, on the ground that any statement of or suppression of a fact material to the
expectancy of the life of the insured was incorrectly made in the proposal or other document on the basis of
which the policy was issued or revived or rider issued: Provided that the insurer shall have to communicate in
writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and
materials on which such decision to repudiate the policy of life insurance is based: Provided further that in
case of repudiation of the policy on the ground of misstatement or suppression of a material fact, and not on
the ground of fraud, the premiums collected on the policy till the date of repudiation shall be paid to the
insured or the legal representatives or nominees or assignees of the insured within a period of ninety days
from the date of such repudiation.
5) Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do
so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted
on subsequent proof that the age of the Life Insured was incorrectly stated in the proposal.
N) In case of fraud or misrepresentation including non-disclosure of any material facts, the Policy shall be cancelled
immediately and the Surrender Value shall be payable, subject to the fraud or misrepresentation being established
in accordance with Section 45 of the Insurance Act, 1938, as amended from time to time.
O) Taxes:
Indirect Taxes
Taxes and levies as applicable shall be levied as applicable. Any taxes, statutory levy becoming applicable in future
may become payable by you by any method including by levy of an additional monetary amount in addition to
premium and or charges.
Direct Taxes
Tax will be deducted at the applicable rate from the payments made under the policy, as per the provisions of the
Income Tax Act, 1961, as amended from time to time.
P) A policyholder can now have his life insurance policies in dematerialized form through a password protected online
account called an electronic Insurance Account (eIA). This eIA can hold insurance policies issued from any insurer in
dematerialized form, thereby facilitating the policy holder to access his policies on a common online platform.
Facilities such as online premium payment, changes in address are available through the eIA. Furthermore, you
would not be required to provide any KYC documents for any future policy purchase with any insurer. For more
information on eIA visit http://www.hdfclife.com/customer-service/life-insurance-policy-dematerialization
Contact us today
Visit us at www.hdfclife.com
HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245.
IRDAI Registration No. 101.
Registered Office: 13th Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai - 400 011.
Email: [email protected], Tel. No: 1860 267 9999 (Mon-Sat 10 am to 7 pm) Local charges apply. Do NOT prefix any country code. e.g. +91 or 00. Website: www.hdfclife.com
The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an
agreement entered into with HDFC Limited.
HDFC Life Sanchay Plus (UIN:101N134V07) is a non-participating, non-linked savings insurance plan. Life insurance coverage is available in this product. This document has no
monetary value at any time and is not proof of any contract with HDFC Life Insurance Company Limited. This version of the product brochure invalidates all previous printed versions for this
particular plan. This product brochure is indicative of the terms, warranties, conditions and exclusions contained in the insurance policy. Please know the associated risk and applicable charges
from your insurance agent or the intermediary or the policy document of the insurer. ARN: PP/12/20/21832.