HDFC Life Sanchay Plus: A savings plan with guaranteed returns to safeguard your family’s future

Amidst the fast pace of life and rising uncertainties, every family needs financial protection from contingencies. The emotional impact of losing a loved one may subside over the years, but the financial impact of losing a breadwinner can leave generations in distress. This is where the need comes to identify fixed income instruments with guaranteed returns to ensure the financial security of your loved ones ahead of time.

Guaranteed plans are a popular choice offering capital protection where policyholders can choose to receive the payout in the form of a lump sum or regular income for a certain duration. The return from these policies is around 5-6 per cent, which gets fixed at the time of buying the policy and remains the same throughout the tenure of the policy leaving little room for any unpleasant surprises. But, with a wide array of such insurance offers out there, it’s easy to feel lost while deciding which product to opt for.

To make decision-making easier for you, HDFC Life’s Sanchay Plus - a non-participating, non-linked Savings Insurance Plan is among one of the most sound plans in the market guaranteeing both Income & Insurance which offers guaranteed benefits payouts for different tenures. The Long Term Income option, for instance, will give you a guaranteed income for a fixed term of 35 years with a premium paying term of just 5 years.

While the insurance plans help you in legacy creation, the income options give you room to plan for key milestones of your life such as a child's education, wedding etc. In short, it guarantees a secure future for the family and helps you shape up a legacy for them. Sounds too good to be true? Let’s dive into detail to understand clearly what this insurance
plan has in store for you:

• Life cover to protect the family's future
  Given the uncertainty in urban lives, a life cover is a need impossible to ignore in the current times. If you get HDFC Life Sanchay Plus, you have got this basic need covered.

• Steady retirement income with Life Long Income Option
  Depending on your life goals and priorities, you can avail one of these three income options: Guaranteed Income Option, Long-term Income Option and Life-Long Income Option. Life-Long Income Option is guaranteed income for customers aged 50-60 years until the age of 99 years. You receive 100% of your annualized premium every year and you get a lump sum of the total premium paid with the final layout.

• Long-Term Income Option
  This option offers a benefit of guaranteed income (105% of annualised premium) for a fixed term of 25 or 30 years and a return of premium at the end of the payout period upon payment of all due premiums and the life assured surviving the policy term.

• Guaranteed Income for a fixed term of 10, 12, 25, 30 years or lifelong
  This is guaranteed income for a fixed term of 10-12 years upon payment of all due premiums and life assured surviving the policy term. You receive twice the annualized income you pay for the next 10 years. 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 that is computed using the prevailing interest rates. It’s best for fulfilling life’s needs, ensuring an enhanced lifestyle and also acts as a secondary source of income.

• Return of total premiums paid at the end of payout period
  This is applicable for life-long and long-term income options where the returns of the total premiums at the end of the payout period are guaranteed.

• Guaranteed Benefit Payouts
  In case of death of life assured during the policy term period, the benefit is paid to the nominee. In case of death of life assured during the payout period, the nominee continues to receive guaranteed payouts as per the plan option chosen. This is provided all due premiums have been paid and the policy is still in force. To know more about each of the plans, click here.

• Tax benefits as per prevailing tax laws
  Tax benefits are subject to provisions as per Income Tax Act, 1961. Tax laws are subject to changes.

A thing to always remember before opting for a guaranteed plan is to first be clear of your core objective for buying an insurance cover, and then look for one that not just safeguards your family in the long run but also helps them meet their needs on a regular basis. In a life with no guarantees, it’s time you prep yourself and your loved ones for a future with assured benefits. Click here to know more about HDFC Life Sanchay Plus.