HDFC Life launches Sanchay Plus with guaranteed return to help you reduce financial uncertainties

By: | Published: March 14, 2019 3:31 PM

The plan provides four benefit options – Guaranteed Maturity, Guaranteed Income, Life Long Income and Long Term Income – with the aim of enabling individuals to fulfill their financial needs at various life stages.

HDFC Life Sanchay Plus, life insurance, term life insurance, insurance cover, insurance policy, endowment insurance policy, risk of early death, risk of living too long, annuity option, Guaranteed Maturity, Guaranteed Income, Life Long Income, Long Term IncomeHDFC Life Sanchay Plus is a non-participating, non-linked savings insurance plan.

The primary aim of taking life insurance is to transfer the life risk to an insurance company with better financial capacity to compensate loss, if any. The risks may either be the risk of early death, which may be covered by taking a term insurance plan, or the risk of living too long, which may be covered by taking an annuity plan to ensure regular income after retirement.

However, it would be a great thing if a single plan covers both the risks, provided it is not too prohibitively expensive to take adequate cover.

With an aim to cover both the risks, private life insurance company HDFC Life has launched HDFC Life Sanchay Plus, a non-participating, non-linked savings insurance plan, which the company claims, is designed to enable customers eliminate uncertainties from financial planning by providing a guaranteed income.

The plan provides four benefit options – Guaranteed Maturity, Guaranteed Income, Life Long Income and Long Term Income – with the aim of enabling individuals to fulfill their financial needs at various life stages.

Here are the details of the four options and their benefits as given by the company:

1) Guaranteed Maturity option: This option provides guaranteed benefit at Maturity, which can be up to 2.45 times the premiums paid. This enables one to secure financial milestones with the confidence of guarantee.

2) Guaranteed Income option: This option provides guaranteed regular income up to 228 per cent of Annualized premium per annum after maturity for a fixed duration (Payout Period). This enables one to secure recurring expenses for a defined period.

3) Long Term Income option: This option provides guaranteed regular income for 25 or 30 years with return of the total premiums paid at the end of payout period. This enables one to supplement their income for their golden years.

4) Life Long Income option: This option provides guaranteed income till the age of 99 years, with return of total premiums paid at the end of payout period. This enables one to supplement their post retirement income from pension/annuity.

In case of death of the life assured during the policy term, the death benefit along with accrued guaranteed additions, if any, is payable to the nominee.

Speaking on the launch of HDFC Life Sanchay Plus, Srinivasan Parthasarathy, Chief Actuary & Appointed Actuary, HDFC Life said, “HDFC Life Sanchay Plus is ideal for individuals who want to create an alternative source of guaranteed income. It will work well for those who are risk averse and want assured returns for their later years. This product is designed to provide guaranteed financial security through meticulous planning, for key life stages such as marriage, parenthood, and retirement.”

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