HDFC Life Sanchay Legacy: A Non-Linked, Non-Participating Life Insurance Plan to protect your family’s future and leave a legacy!

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If you need assistance with insurance policies, feel free to contact me using the following methods:


- **Phone and WhatsApp:** 9899423601 and 9971797791  

- **Email:** arvind kumar 

HDFC Life Sanchay Legacy is a Non-Linked, Non-Participating, Individual Life Insurance Plan designed for either Pure Risk Premium or Savings.


Secure an enduring legacy and protect your family's financial future.


This plan offers whole-life coverage, death benefits that increase over time, and the flexibility to accelerate the death benefit upon diagnosis of specified critical illnesses. Protect your loved ones with this robust plan today!

HDFC LIFE SANCHAY LEGACY: KEY HIGHLIGHTS:

This is a Non-Linked, Non-Participating, Individual, Pure Risk Premium/Savings Life Insurance Plan designed to secure your family's future and establish a lasting legacy.


Core Benefits:

  • Whole Life Coverage: Secure your family's legacy with lifelong protection.

  • Critical Illness Protection: Receive 100% of the Death Benefit for 19 specified Critical Illnesses.

  • Enhanced Financial Security:

    • Premium waiver available for Critical Illness and Total Permanent Disability.

    • Option to receive the Death Benefit in convenient instalments.

    • Option to reduce premium after the first 5 years.

    • Enhanced protection is available through optional Riders.

    • Life cover may be available without a medical examination.

  • Early Return of Premium (RoP) Benefit (where applicable).

Choose Your Protection Option:


The plan offers two distinct financial protection options:

  1. Life Option:

    • Whole life death benefit.

    • Accelerated death benefit for critical illnesses.

    • Note: This is a pure term with whole life cover.

  2. Return of Premium (RoP) Option:

    • Whole life death benefit.

    • Accelerated death benefit for critical illnesses.

    • Survival benefit for health payable at the end of each Milestone Year.

    • Note: This option provides benefits at age 85 or in instalments.

ELIGIBILITY CRITERIA

Age at Entry (years):

Minimum - 40 years


Maximum - Single Pay: 65 years.

  •  5 & 6 years: 60 years.

  •  7 to 10 years: 65 years.

  •  11 to 15 years: 75 years less PPT


Age at Maturity (years) -  Whole of Life

Premium Paying Term (PPT) - 

Single Pay (1.25x DBM).

5 years to 15 years (7x DBM).

8 years to 15 years (10x DBM)

Policy Term  - Whole Life

Installment Premium

Minimum:

Single Pay (1.25x DBM): 1,00,000


Limited Pay: 

10x DBM:

Annual: 1,00,000.

Half-yearly: 51,000.

Quarterly: 26,000.

 Monthly: 8,750.


 7x DBM:

Annual: 30,000.

Half-yearly: 15,300.

Quarterly: 7,800.

Monthly: 2,625.


Maximum:

Consistent with the Maximum Sum Assured on Death

Sum Assured on Death:

  • Minimum - 

Single Pay: 1.25 times

the Single Premium


  • Limited Pay:

7 times the 

Annualised Premium*


  • Maximum

Single Pay: 1.25 times the Single Premium.

Limited Pay: 10 times the Annualised Premium* subject to the Board Approved Underwriting Policy (BAUP).

All ages are based on the last birthday. Risk starts on the contract's inception date. DBM stands for Death Benefit Multiple. Premiums vary by plan option.

*Annualised Premium is the yearly premium amount chosen by the policyholder, excluding taxes, rider premiums, underwriting extras, and any modal premium loadings.

If you need assistance with insurance policies, feel free to contact me using the following methods:


- **Phone and WhatsApp:** 9899423601 and 9971797791  

- **Email:** arvind kumar

 

**BENEFITS PAYABLE UNDER THE PLAN**


1. **Death Benefit**  

A lump sum is paid upon the Life Assured's death during the policy term, which is the highest of:  

- Sum Assured on Death  

- Accumulated Premium Value  

- 105% of Total Premiums Paid  

- Surrender Value upon death.  


Total Premiums Paid excludes extra premiums and taxes.


2. **Maturity Benefit**  

No maturity benefit is provided.


3. **Survival Benefit**  

a) **Life Option:** No benefit.  

b) **Return of Premium (RoP) Option:** Benefits are paid upon survival until the end of the Milestone Year with all premiums paid.


Two early RoP options:  

- **Option 1:** 100% at age 85.  

- **Option 2:** 25% at specific Milestone Years (15th, 20th, 25th, 30th) or until age 85.


**Total Survival Benefit = Base Premium x Premium Paying Term.**


4. **Acceleration of Death Benefit:**  

100% of the Death Benefit is payable upon diagnosis of any of the 19 covered Critical Illnesses after the 10th policy year or Premium Payment Term.


Once benefits are paid (death, acceleration, or surrender), the policy terminates, and no further benefits are payable.

If you need assistance with insurance policies, feel free to contact me using the following methods:


- **Phone and WhatsApp:** 9899423601 and 9971797791  

- **Email:** arvind kumar


**ADDITIONAL BENEFITS AVAILABLE UNDER THE PLAN:**


1. **Waiver of Premium on Critical Illness (WOP on CI):** 

   - Future premiums are waived if diagnosed with any of 60 critical illnesses. Available only at policy inception (not for Single Pay) with an additional premium.


2. **Waiver of Premium on Total and Permanent Disability (WOP on TPD):**

   - Future premiums are waived for total and permanent disability, also only at policy inception and for non-Single Pay policies, requiring an additional premium.


3. **Death Benefit as Instalment Option:**

   - Nominees can opt to receive the death benefit in installments over 5 to 15 years at policy inception or during the claim, with no extra premium.


4. **Alter Premium Frequency:** 

   - Change the premium payment frequency anytime during the payment term.


5. **Decrease Premiums:** 

   - After five years of payments, premiums can be reduced by up to 50%, adjusting the Sum Assured on Death accordingly. No future increases allowed.

If you need assistance with insurance policies, feel free to contact me using the following methods:


- **Phone and WhatsApp:** 9899423601 and 9971797791  

- **Email:** arvind kumar


**Sample Illustrations**

1. Mr. Bansal, a 45-year-old businessman, wants to leave a legacy for his son. He decides to purchase the HDFC Life Sanchay Legacy – Life Option, which provides coverage for the insured's entire life. Additionally, he opts for a Waiver of Premium (WOP) on his Critical Illness (CI) coverage. He begins paying an annual premium of Rs. 10,00,000 (excluding taxes), which includes the additional premium for the WOP on CI for a duration of 10 years. At the policy inception, he chooses a Death Benefit Multiple of 7x.

If you need assistance with insurance policies, feel free to contact me using the following methods:


- **Phone and WhatsApp:** 9899423601 and 9971797791  

2.

Mr. Kumar, a 55-year-old salaried individual approaching retirement, purchases the HDFC Life Sanchay Legacy plan with a Return of Premium (RoP) option, which provides lifetime coverage and returns premiums at age 85. He begins paying an annual premium of INR 1,000,000 (excluding taxes) for 10 years. At the policy's inception, he selected a Death Benefit Multiple of 7 times.


If you need assistance with insurance policies, feel free to contact me using the following methods:


- **Phone and WhatsApp:** 9899423601 and 9971797791  

- **Email:** arvind kumar


3.

Mr. Goel, a 40-year-old businessman, wishes to leave a legacy for his daughter. To achieve this, he purchases the HDFC Life Sanchay Legacy policy with the Return of Premium (RoP) option, which provides lifelong coverage. He begins paying an annual premium of INR 1,000,000 (excluding taxes) for 10 years. At policy inception, he selected a Death Benefit Multiple of 7 times his premium.

If you need assistance with insurance policies, feel free to contact me using the following methods:


- **Phone and WhatsApp:** 9899423601 and 9971797791  

- **Email:** arvind kumar


If you need assistance with insurance policies, feel free to contact me using the following methods:


- **Phone and WhatsApp:** 9899423601 and 9971797791  

**Benefits Payable on Surrender:**


**With Life Option:**

- Surrender Value is available after the first policy year, requiring one full year's premium for Limited Pay, and a single premium for Single Pay.

 

- **Surrender Value Formula:**  

 Surrender Value = 75% × Accumulated Premium Value^ ÷ (100 − Age at Entry) x Max (100 – Age at Surrender,0) ^Accumulated till date of surrender


**With Return of Premium (RoP) Option:**

- Surrender Value is the higher of Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV). 

- GSV is available for Single Pay immediately and after 2 years for Limited Pay.  

- **GSV Formula:**  

 GSV shall be calculated as follows: GSV = Max(GSV Factor × Total premiums paid - any survival benefits applicable till date, 0)  


**SSV Calculation:**

- Based on the expected present value of future guaranteed benefits, discounted at 7.75% p.a. 


**Regulatory Compliance:**

- All calculations follow IRDAI (Insurance Products) Regulations, 2024.

If you need assistance with insurance policies, feel free to contact me using the following methods:


- **Phone and WhatsApp:** 9899423601 and 9971797791  

- **Email:** arvind kumar


**Revival of Policy**

A discontinued policy can be revived within five years from the first unpaid premium due date by paying all due premiums and any fees. The insurer will evaluate the policyholder's insurability based on the information.


**Interest Rate**

The revival interest rate is currently 9.5% per annum and is reviewed every six months. It is based on the Average Annualized 10-year benchmark G-Sec Yield from the past six months plus 2%, with changes effective on February 25 and August 25 each year, subject to regulatory approval.

If you need assistance with insurance policies, feel free to contact me using the following methods:


- **Phone and WhatsApp:** 9899423601 and 9971797791  

- **Email:** arvind kumar


**Riders:**

Enhance your protection with the following Rider options:


1. **HDFC Life Income Benefit on Accidental Disability Rider Non-Linked:**  

   Provides 1% of the Rider Sum Assured monthly for 10 years in case of Accidental Total Permanent Disability. No maturity benefit available.


2. **HDFC Life Protect Plus Rider Non-Linked:**  

   Pays a benefit based on the Rider Sum Assured for accidental death, partial/total disability, or cancer diagnosis. No maturity benefit available.


3. **HDFC Life Health Plus Rider Non-Linked:**  

   Offers a lump sum equal to the Rider Sum Assured upon diagnosis of any of the 60 covered Critical Illnesses or a proportionate benefit for Early Stage or Major Cancer. No maturity benefit available.


Visit www.hdfclife.com for more details. Note: No overlap in benefits is allowed when attaching riders.


If you need assistance with insurance policies, feel free to contact me using the following methods:


- **Phone and WhatsApp:** 9899423601 and 9971797791  

- **Email:** arvind kumar


**Terms and Conditions for Benefits:**

Non-medical limits apply based on customer profile and life cover. Savings underwriting guidelines are in effect.


100% of the Death Benefit is paid upon a Critical Illness diagnosis, which terminates the policy. Coverage begins after the 10th policy year or the end of the Premium Payment Term, whichever is later.


**Non-Payment of Premiums:**

A grace period of 30 days for yearly, half-yearly, and quarterly payments, and 15 days for monthly payments. Valid claims submitted during this period will be honored, with unpaid premiums deducted from the benefit.


**Lapse & Paid-Up:**

A policy acquires paid-up value after 1 year of premium payments. It will not lapse due to non-payment but will provide a Reduced Paid-up Benefit. Other policies will lapse without paid-up value.


**Sum Assured on Death and Survival Benefit:**

Paid-up value = In-force value × Number of premiums paid ÷ Total premiums payable. The minimum death benefit for a reduced-paid policy is 105% of total premiums paid at the time of death.

If you need assistance with insurance policies, feel free to contact me using the following methods:


- **Phone and WhatsApp:** 9899423601 and 9971797791  

- **Email:** arvind kumar


**Nomination under Section 39 of the Insurance Act 1938 (as amended)**:


1. Life insurance policyholders can nominate individuals to receive policy benefits upon their death.

2. If the nominee is a minor, the policyholder can appoint someone to receive the benefits until the nominee reaches majority, as specified by the insurer.

3. Nominations can be made any time before the policy matures and may be included in the policy text or communicated to the insurer for registration.

4. Nominations can be changed or canceled before maturity with written notice to the insurer; otherwise, the insurer is not liable for payments made to the previously named person.

5. The Authority may set a fee for registering changes via Regulations.

6. Assignments as per Section 38 automatically cancel nominations unless made to the insurer for loans or securities, where the nomination is revived upon loan repayment.

7. Section 39 does not apply to policies under the Married Women’s Property Act, 1874, unless a nomination for spouse or children is explicitly mentioned.

**Assignment (Sec. 38)**: A policy may be assigned, in whole or in part, with or without payment, by endorsement or a separate document, with notice to the Insurer. The assignment must detail the transfer, the reasons, the assignee's background, and the terms, and be signed by the transferor and witnessed. It is effective only after the Insurer receives notice and required documents and acknowledges receipt. The Insurer can refuse assignments deemed not bona fide or against the policyholder’s/public interest. Appeals can be made to IRDAI within 30 days of refusal.


**Prohibition of Rebates (Sec. 41)**: Offering or accepting rebates on commission or premium, other than those published by the insurer, is prohibited. Penalties are up to ten lakh rupees for violators.


**Non-Disclosure (Sec. 45)**: After three years from policy issuance, it cannot be questioned unless fraud is involved. Within three years, the Insurer must inform the insured about the grounds for questioning. If a policy is repudiated due to misrepresentation (not fraud), collected premiums must be returned within 90 days. The Insurer can still verify age, and adjustments based on corrected age do not constitute questioning the policy.


In cases of proven fraud or misstatement, the policy will be cancelled, and the Surrender Value will be paid.


*Note: This is a simplified overview of the Insurance Laws (Amendment) Act, 2015. See the original ordinance for details.*



**Taxes:**

**Indirect Taxes:** Applicable taxes and levies will be charged. Future taxes may be added to premiums or charges.


**Direct Taxes:** Taxes will be deducted from policy payments under the Income-tax Act, 1961.


**Electronic Insurance Account (eIA):** Policyholders can store policies digitally in a secure online account, enabling online premium payments and address changes. An eIA eliminates the need for KYC documents when purchasing new policies. For more details, visit http://www.hdfclife.com/customer-service/life-insurance-policy-dematerialization.

If you need assistance with insurance policies, feel free to contact me using the following methods:


- **Phone and WhatsApp:** 9899423601 and 9971797791  

- **Email:** arvind kumar


**Disclaimer:**

The data presented here was collected from open sources like hdfclife.com and summarized using AI tools. We strive to ensure that our summaries are as accurate as possible. However, the writer of this blog is not responsible for any discrepancies, inaccuracies, or omissions, and cannot be held liable for any consequences that may arise from this information.


We recommend visiting the official website at hdfclife.com to review the terms and conditions before making any decisions.

**A Note from the Writer of This Blog:**

My name is Arvind Kumar, and I have successfully passed the IC-38 exam conducted by the Insurance Institute of India, in accordance with IRDAI regulations. I am currently employed as a Financial Consultant and Life Advisor with HDFC Life Insurance Company, where I am authorized to provide advice, customize, and sell insurance policies.


It is essential to tailor an insurance policy to meet individual needs, including coverage for survival, critical illness, and death benefits. Please note that an insurance policy cannot be purchased during or after a significant event, such as death; it must be acquired in advance.


If you need assistance with insurance policies, feel free to contact me using the following methods:


- **Phone and WhatsApp:** 9899423601 and 9971797791  

- **Email:** arvind kumar


Wishing you all the best as we reach the end. Good luck!
About author:Born on 05 December 1961.Bachelor's degree (Graduation) in Physics, Chemistry, and Mathematics.Master's degree (Post-Graduation) in Mathematics with Statistics.Attended several courses/trainings at the Graduation and Post-Graduation levels in Electronics and Communication Engineering.Ex. Under Secretary (Government of India).41 years of rich experience in the telecommunication field.Prepared and delivered thousands of lectures to the Master (Post graduation) Level aspirants. Currently, approved by Indian Government body and authorized by HDFCLife insurer to sell and adviser for life insurance policies. Please contact on WhatsApp numbers 98994423601, or 9971797791 or apcsitbranju@gmail.com

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