HDFC Life, one of India’s leading private life insurance companies, recently announced the launch of HDFC Life Sanchay Plus, a non-participating, non-linked savings insurance plan. This plan is designed to enable customers eliminate uncertainties from financial planning by providing a guaranteed income.
HDFC Life Sanchay Plus offers best in class returns to customers. It provides four benefit options which enable individuals to fulfill their financial needs at various life stages – Guaranteed Maturity, Guaranteed Income, Life Long Income and Long Term Income. Details of the four options are given below:
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% 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 applicable, is payable to the nominee.
Speaking on the launch of HDFC Life Sanchay Plus, Mr. 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.”
We have always believed in product innovation which is customer focused. Through this product we aim to enable our customers achieve their financial goals and plan for the future without the hassle of worrying about uncertainties impacting their financial returns.’’ he added.
Recently, HDFC Life’s Click 2 Protect 3D Plus won the Best Term Plan of Year at the Business Today Money Today Financial Awards 2018-19.