HDFC Life Insurance Sanchay Plus Policy

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.

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.

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.