When we achieve some milestones in life, we feel that we have accomplished something in life. We cannot be ignorant of the fact that these milestones often come up with some added responsibilities, expenses and also some burden of any unavoidable circumstances. We all want to ensure that we and our family doesn’t face any financial difficulty. So, we tend to plan it out. We tend to plan for key life stages such as marriage, parenthood, retirement, etc.
Life Insurance plan can help one achieve such goals whilst safeguarding the family’s future against the unforeseen events. HDFC has come up with a life insurance policy named “HDFC Life Sanchay Plus”, which is a non-participating, non-linked, savings insurance plan that offers guaranteed returns for oneself and their family.
This policy comes with 4 variant options. Let us have a look at these variants with their benefits –
A) Guaranteed Maturity Option – This option offers guaranteed benefit payable as a lump sum on maturity.
Sum Assured on Death is the highest of the following –
B) Guaranteed Income Option – This option offers maturity benefit in the form of Guaranteed Regular Income for a fixed term of 10 or 12 years.
Please note – If the policyholder dies during the Pay-out Period, then the nominee shall continue to receive the Guaranteed Income as per Income Payout Frequency & benefit option chosen till the end of pay-out period. Guaranteed Sum Assured on Maturity shall be the present value of future pay-outs, discounted at a rate of 9% p.a.
Sum Assured on Death is the highest of the following –
C) Life-Long Income Option – This option offers maturity benefit in the form of Guaranteed Regular Income up to the age of 99 years and the return of total premiums paid at the end of the pay-out period.
Please note – If the policyholder dies during the Pay-out Period, then the nominee shall continue receiving Guaranteed Income as per Income Payout Frequency & benefit option chosen till the end of Pay-out Period. Guaranteed Sum Assured on Maturity shall be the present value of future pay-outs, discounted at a rate of 9% p.a.
** Total premiums paid** are returned at the end of the Pay-out period, irrespective of survival of the policyholder during the Pay-out Period.
Sum Assured on Death is the highest of the following –
D) Long Term Income option – This option offers maturity benefit in the form of Guaranteed Income for a fixed term of 25 or 30 years and return of total premiums paid at the end of the pay-out period.
Please note – If the policyholder dies during the Pay-out Period, the nominee shall continue receiving Guaranteed Income as per Income Payout Frequency & benefit option chosen till the end of the Pay-out Period. Guaranteed Sum Assured on Maturity shall be the present value of future pay-outs, discounted at a rate of 9% p.a.
** Total premiums paid** are returned at the end of the Pay-out period, irrespective of survival of the Life Assured during the Pay-out Period.
Sum Assured on Death is the highest of the following –
Unlike other HDFC Policies, this policy also has some eligibility conditions. Let’s have a look at them –
1 means that risk cover starts from the date of commencement of policy for all lives including minors. In case of a minor life, the policy will vest on the policyholder on the attainment of age 18 years. All the ages mentioned above are age last birthday.
Rider option is also available in the policy, so as to enhance the protection of the policyholder. Let’s have a look at these rider options –
So, by now you know each and every important detail of this policy. Now it up to you to decide whether this policy is apt for you or not. Do let me know if I have missed any important points in the comment section. Please feel free to ask any doubts regarding this policy.
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What is currently the best policy to get a long term (25years) guaranteed monthly income?
You can go with a pension plan in that case..it will be for lifetime!