HDFC Life Sanchay Plus. An individual, non-participating, non-linked, savings life insurance plan.

  

Life is more meaningful when you achieve planned milestones, but these stages bring new responsibilities and uncertainties. While many financial options exist, the security of a life insurance plan with guaranteed benefits is essential for safeguarding your family's future. HDFC Life Sanchay Plus provides these guaranteed returns for you and your loved ones.

Key Plan Features: Guaranteed benefit payouts for in-force policies. Options for single pay or shorter premium terms. Deferment periods up to 10 years. Choice of lump sum or regular income payouts. Life Long Income until age 99 or Long Term Income for 25-30 years. Potential tax benefits and optional protection riders.

Eligibility Criteria:
Entry Age :
Plan options	Minimum & maximum entry age
Guaranteed Income	30 days to 65 years
Guaranteed Maturity	30 days to 60 years
Life Long Income	50 years to 65 years
Long Term Income	3 years to 60 years
Age at Maturity (years):
Plan options	Minimum & maximum maturity age
Guaranteed Income	18 to 85 years
Guaranteed Maturity	18 to 85 years
Life Long Income	55 to 85 years
Long Term Income	18 to 75 years
Minimum installment Premium: (It is applicable for all plan options) Single Pay: Rs. 30,000 Annual: Rs. 30,000 Half-yearly: Rs. 15,000 Quarterly: Rs. 7,500 Monthly: Rs 2,500
Maximum installment Premium for all plan options: No limit, subject to Board Approved Underwriting Policy (BAUP).
Riders for all plan options: HDFC Life Income Benefit on Accidental Disability Rider – Non-Linked. HDFC Life Protect Plus Rider – Non-Linked  HDFC Life Health Plus Rider – Non-Linked  HDFC Life Waiver of Premium Rider – Non-Linked

ELIGIBILITY CRITERIA For POSP Variant:
Entry Age :
Plan options	Minimum & maximum entry age
Guaranteed Income	30 days to 60 years
Guaranteed Maturity	30 days to 60 years
Life Long Income	50 years to 60 years
Long Term Income	3 years to 60 years
Age at Maturity (years):
Plan options	Minimum & maximum maturity age
Guaranteed Income	18 to 65 years
Guaranteed Maturity	18 to 65 years
Life Long Income	55 to 65 years
Long Term Income	18 to 65 years
Minimum installment Premium: (It is applicable for all plan options) Single Pay: Rs. 30,000 Annual: Rs. 30,000 Half-yearly: Rs. 15,000 Quarterly: Rs. 7,500 Monthly: Rs 2,500
Maximum installment Premium: Limited by a maximum Death Sum Assured of Rs. 25,00,000. Case acceptance depends on the Board-approved underwriting policy.
Riders for all plan options: No rider is applicable.
Risk cover starts immediately for all, with minor policies vesting at age 18. Ages use the last birthday; taxes are excluded from minimum premiums.
You may calculate non-annual premiums by multiplying the Annual Premium by these Conversion Factors:
Frequency	Conversion factor
Half-yearly	0.5100
Quarterly	0.2600
Monthly	0.0875

PLAN OVERVIEW: HDFC Life Sanchay Plus offers four non-alterable benefit options tailored to your life stage. Summary of options:
Option: Guaranteed Maturity
Premium Paying term	Policy Term
Single Pay	5 to 20 years
5, 6, 7, 8, 9,10 years	10 to 30 years
12, 15, 20 years	Equivalent to Premium Paying Term to 30 years
Payout Period: Maturity benefit paid as a lump sum at the end of the Policy Term.

Option: Guaranteed Income
Premium Paying term	Policy Term
Single Pay	5 to 10 years
5 years	5 to 15 years
6 years	6 to 15 years
7 years	7 to 15 years
8 years	8 to 15 years
9 years	9 to 15 years
10 years	10 to 20 years
11 years	11 to 20 years
12 years	12 to 20 years
Payout Period: Maturity benefit paid as a guaranteed income from (Policy Term + 1)th year in arrears till the individual attains the age of 99 years.

Option: Life Long Income
Premium Paying term	Policy Term
Single Pay	5 to 10 years
5 years	5 to 15 years
6 years	6 to 15 years
7 years	7 to 15 years
8 years	8 to 15 years
9 years	9 to 15 years
10 years	10 to 20 years
11 years	11 to 20 years
12 years	12 to 20 years
Payout Period: Maturity benefit paid as a guaranteed income for a fixed term of 10 or 12 years starting from (Policy Term + 1)th year in arrears.

Option: Long Term Income
Premium Paying term	Policy Term
Single Pay	5 to 15 years
5 years	5 to 15 years
6 years	6 to 15 years
7 years	7 to 15 years
8 years	8 to 15 years
9 years	9 to 15 years
10 years	10 to 15 years
11 years	11 to 15 years
12 years	12 to 15 years
Payout Period: Maturity benefit paid as a guaranteed income for a fixed term of 25 or 30 years starting from (Policy Term + 1)th year in arrears.

Rider Options:  We offer the following Rider options (as modified from time to time) to help you enhance your protection. However, for all details on Riders, kindly refer to the Rider Brochures available on the official website.

HDFC Life Income Benefit on Accidental Disability Rider – Non-Linked: Designed as an individual life rider that is non-linked, non-participating, and based on pure risk premium, this option provides a monthly benefit equivalent to 1% of the Rider Sum Assured for a duration of 10 years following an Accidental Total Permanent Disability. Should the policyholder pass away while receiving this benefit, the remaining payments will continue to be provided to the nominee for the balance of the 10-year term, regardless of the original policy term. Please note that this rider does not provide any maturity benefits.

HDFC Life Health Plus Rider – Non-Linked: This individual health rider is a non-linked, non-participating, pure risk premium plan. It pays a lump sum for any of 60 covered critical illnesses or a proportionate benefit for Early Stage/Major Cancer, based on the chosen option. No maturity benefit is provided.

HDFC Life Waiver of Premium Rider – Non-Linked: This individual health rider waives future premiums for the base policy and any attached riders upon the death, disability, or diagnosis of critical illness of the Rider Life Assured, ensuring uninterrupted benefits.

HDFC Life LiveWell Rider (Non-Linked): A non-linked, non-participating life/health rider providing protection and wellness benefits. It covers death, accidental disability, hospitalization, and surgery to ensure multi-stage financial security.

Benefit Illustration Summary: This illustration outlines the projected benefits for a healthy male, aged 30 (or 50 for the Life Long Income Option), based on an annual premium payment of Rs. 1 Lac throughout the term, assuming survival until the policy matures.

Plan Option - Guaranteed Maturity SumAssured - Rs.  1,000,000 Death Benefit at Inception - Rs. 1,250,000 Policy Term (years) - 20 Premium Paying Term (years) - 10 Maturity Benefit (INR) -  Rs. 25,02,150 paid as a lump sum at maturity.

Plan Option - Guaranteed Income SumAssured - Rs. 1,250,000 Death Benefit at Inception - Rs. 14,23,194 Policy Term (years) - 13 Premium Paying Term (years) - 12 Maturity Benefit (INR) -  Guaranteed Income of Rs. 1,98,750 p.a. from 14th year to 25th year (payout period of 12 years).

Plan Option - Long Term Income SumAssured - Rs. 1,250,000 Death Benefit at Inception - Rs. 1,250,000 Policy Term (years) - 11 Premium Paying Term (years) - 10 Maturity Benefit (INR) -  Guaranteed Income of  Rs. 84,000 p.a. from 12th year to 36th year (payout period of 25 years) + Rs. 10,00,000 at the end of payout period (36th year).

Plan Option - Life Long Income SumAssured - Rs. 1,050,000  Death Benefit at Inception - Rs. 1,050,000 Policy Term (years) - 11 Premium Paying Term (years) - 10 Maturity Benefit (INR) -  Guaranteed Income of Rs.  77,500 p.a. from 12th year till age 99 years (38 years)+  Rs. 1,000,000 at the end of payout period.

Note: Premiums exclude taxes. Illustrative values only; Guaranteed Income is paid annually in arrears after the policy term. See the official website for details.

NON-FORFEITURE BENEFITS: Paying premiums on time ensures full policy benefits. This section explains the impact of missed payments. Grace Period:  Single Premium policies have no grace period. Limited/Regular Premium policies offer 15 days for monthly and 30 days for other frequencies. Risk cover remains active during this time, but any claims will be paid after deducting due premiums. Lapse, Paid-up, and Surrender:  (1) Single Premium: Refer to the surrender section; lapse/paid-up rules do not apply. (2) Limited/Regular Premium: Acquires Surrender Value after one full year of premiums. If unpaid after the grace period, policies without Surrender Value lapse (ceasing all benefits), while those with it become reduced paid-up. Paid-up Maturity/Death Benefit: For Limited/Regular Pay, benefits are prorated based on the ratio of premiums paid to those payable. In the Guaranteed Maturity option, future Guaranteed Additions stop, though existing ones remain. Surrender: Surrender yields the higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV). GSV applies immediately for Single Premium and after two years for others, calculated as the sum of the total premiums paid and the accrued Guaranteed Additions, multiplied by the applicable factors. SSV is available after one full year of premiums (immediately for Single Premium). Payment terminates the policy. Revival: Discontinued policies can be revived within 5 years of the first unpaid premium, subject to underwriting and payment of arrears with interest (currently 9.5% p.a.). The formula for interest is the 10-year G-Sec Yield plus 2%. Special campaigns may offer reduced rates.

TERMS & CONDITIONS:
A) Risk Factors: HDFC Life Sanchay Plus is offered by HDFC Life Insurance. Plan names do not assure quality or future returns. Review policy documents or consult an agent for risk and charge details.
B) Suicide Exclusions: If death by suicide occurs within 12 months of policy commencement or revival, the nominee receives at least 80% of total premiums paid or the surrender value, whichever is higher, provided the policy is active.
C) Information on Tax Benefits: You may be eligible for tax advantages under current tax legislation. It is recommended that you seek guidance from a tax consultant regarding your specific situation.
D) Free-Look Cancellation: If you disagree with any terms, return the policy within 30 days of receipt and state your reasons. Upon receipt of your letter and original document, we will refund your premium, less the proportionate risk premium, medical exam costs, and stamp duty.
E) Alterations: Policyholders may change premium or income payout frequencies. However, the selected Plan Option is fixed for the entire policy term. All changes must follow the Board-approved underwriting policy.
F. Policy Loan: Upon acquiring surrender value, you may borrow up to 80% of it, subject to terms.
G) High Premium Benefit: Policies with Annual/Single Premiums over Rs. 1.5 lakhs may qualify for enhanced benefits.
H) 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 for other than annual frequencies shall be allowed. The amount of income shall be as given below: (Note: Annual Income refers to the guaranteed income paid in respect of annual frequency.)
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
I) Guaranteed Surrender Value (GSV): GSV is a set percentage of total premiums paid. For the Guaranteed Maturity Option, the factor for Accrued Guaranteed Additions is 30%. Visit the official website for details.
J) Grievance Redressal Mechanism: Contact us for concerns via: Helpline: 022-68446530 | NRI: +91 89166 94100 (Charges apply). Email: service@hdfclife.com | nriservice@hdfclife.com (NRIs only). Reporting Grievances: 1. Written letter: Visit any HDFC Life Branch (closed Sundays/holidays). Details at: https://www.hdfclife.com/contact-us#BranchLocator. 2. Email: Write from your registered ID to service@hdfclife.com. 3. Web: Visit https://www.hdfclife.com/customer-service/grievance-redressal. Use the escalation matrix if unresolved within timelines. If dissatisfied, approach your regional Insurance Ombudsman. See Part G of your policy for details.
K) Nomination (Section 39, Insurance Act 1938): 1) Policyholders can nominate persons to receive policy benefits upon death. 2) For minor nominees, an appointee can be designated to receive funds. 3) Nomination is allowed anytime before policy maturity. 4) It may be part of the policy text or an endorsed communication registered with the insurer. 5) Nominations can be modified or canceled before maturity via endorsement or a will. 6) Written notice of changes must reach the insurer. Otherwise, bona fide payments to existing records discharge their liability. 7) Registration fees for changes follow Authority Regulations. 8) Assignments generally cancel nominations, except those for loans; nominations revive upon loan repayment. 9) Section 39 excludes policies under Section 6 of the MWP Act unless specifically nominated for spouse/children post-2015. The intent of the MWP Act must be explicitly stated.
L) Assignment (Section 38, Insurance Act 1938): 1) Policies are transferable, wholly or partially, with or without consideration. 2) Assignment occurs via policy endorsement or a separate instrument notified to the Insurer. 3) Instruments must state transfer facts, reasons, assignee antecedents, and terms. 4) The assignor or authorized agent must sign, with at least one witness attesting. 5) Assignments are operative only after written notice and the instrument (or certified copy) reaches the Insurer. 6) Authority Regulations specify applicable assignment fees. 7) The Insurer provides a written acknowledgment, serving as conclusive evidence of receipt. 8) The Insurer may decline assignments if they are not bona fide, contrary to the policyholder/public interest, or for trading purposes. 9) Refusal can be appealed to IRDAI within 30 days of receiving the refusal letter.
The summaries for Sections K (Nomination) and L (Assignment or Transfer) are provided for general information and are not exhaustive. For complete details, please refer to Sections 38 and 39 of the Insurance Act, 1938, amended in 2015.
M) Prohibition of Rebates (Section 41, Insurance Act, 1938): 1) Inducing policy purchase, renewal, or continuation through direct or indirect rebates on commissions or premiums is prohibited, unless explicitly stated in published prospectuses. 2) Violators may face penalties of up to ten lakh rupees.
N) Non-Disclosure (Section 45, Insurance Act, 1938): 1) Policies are incontestable three years after issuance, revival, or rider addition.  2) Within three years, insurers may contest for fraud via written notice.  3) Fraud repudiation is barred if misstatements were unintentional or known to the insurer.  4) Material misstatements within three years allow for contestability. Non-fraudulent repudiation requires a premium refund within 90 days.  5) Proof of age may be requested anytime. Term adjustments for age do not constitute questioning the policy.
O) Policy cancellation for fraud or material misrepresentation results in a Surrender Value payout, provided the claim is established per Section 45 of the Insurance Act, 1938.
P) This Insurance Laws (Amendment) Ordinance, 2014 summary is for informational purposes. For exact details, refer to the Dec 26, 2014 Gazette Notification.
Q) Taxation:  Indirect Taxes: Applicable taxes and levies, including any future statutory impositions, may be collected in addition to premiums or charges via any authorized method.  Direct Taxes: Tax will be deducted at the prevailing rates from policy payments as per the Income Tax Act, 1961, and its amendments.
R) Policyholders can dematerialize life insurance policies via an electronic Insurance Account (eIA). This password-protected platform holds policies from any insurer, allowing centralized access. The eIA facilitates online premium payments, address updates, and eliminates the need for KYC documents during future purchases. For details, visit http://www.hdfclife.com/customer-service/life-insurance-policy-dematerialization.

**Important Notice, Appeal, and Disclaimer:** While this blog provides a general summary of the policy, readers are strongly advised to review the specific terms and conditions to fully comprehend the associated risks, benefits, and details. In all instances, the formal policy terms shall prevail. The information presented here has been aggregated from open sources, primarily hdfclife.com. Although every effort has been made to ensure its accuracy, the author assumes no responsibility for any omissions or inaccuracies. For definitive information, please visit the official website for full terms and conditions. This blog is written by Arvind Kumar, a qualified professional and Life Advisor with HDFC Life Insurance Company, who has successfully cleared the Insurance Institute of India's IC-38 examination. Because life insurance should be tailored to individual requirements, Arvind Kumar is available for personalized assistance. You can reach him via phone or WhatsApp at 9899423601, or through email at apcsitbranju@gmail.com. To learn more about life insurance, you may also visit his YouTube channel at https://youtube.com/@arvindkumar-im4kq.