Everything You Need To Know About HDFC Life Endowment Plan

HDFC Life Insurance Company was established in the year 2000 when the life insurance segment was deregulated and private insurance companies were allowed to do business. The company was established as HDFC Standard Life Insurance Company but today it is called HDFC Life Insurance Company. The company is a joint venture between HDFC Limited which is an Indian financial services giant and Standard Life Aberdeen which is an international investment company.

Top HDFC Endowment Plans

Here are some of the top HDFC endowment plans along with their features and benefits:

1. HDFC Life ClassicAssure Plus

• Insurance coverage is provided to the individual throughout the term of the policy
• There is a guaranteed reversionary bonus given during the premium paying term.
• You get an option to go for a Short Medical Questionnaire if you wish to not avail the tedious medical tests although it is always advisable to go for the medical tests for disparities that may arise later.
• The payment can also be made through EMIs available exclusively for Credit Card holders.
• You get the flexibility to pay the premiums yearly, monthly, half-yearly, quarterly, or on a monthly which depends totally on the will of the policyholder

2. HDFC Life Sanchay

• This is a non-participating Traditional Plan featuring guaranteed Benefits
• There are limited premium paying terms that include 5, 8, or 10 years.
• You have the flexibility to choose a policy term that ranges from 15 years to 30 years.
• It also features a guaranteed addition of 8% or 9% of the Sum Assured on Maturity to your maturity benefit, that are accrued at simple rates for every completed year of the policy term.
• The total guaranteed Maturity Benefit is generally between 220% to 325% of the Sum Assured on the Maturity date under the condition that all due premiums are paid.

3. HDFC Life Uday

• Low ticket size with the help of the monthly premium which is as low as Rs 500 and annual premium is as low as Rs 5000.
• Multiple term options are available that including:
• Payment of premiums for 8 years, enjoying cover for 12 years or 15 years.
• Payment of premiums for 10 years, enjoying cover for 15 years.
• You also get guaranteed additions of 3% per annum during the first 5 policy years.
• Avail bonuses that are declared at the end of each financial year.
• You can also avail of additional death benefits in the case of a death due to an accident, of the policy holder.

4. HDFC Life Sanchay Plus 

• A guaranteed benefit is paid on the death or maturity of the policy. You can avail of these guaranteed benefits as a lump sum benefit or in the form of regular incomes
• There are four plan variants – Guaranteed Maturity Option, Guaranteed Income Option,
• Lifelong Income Option, and Long Term Income Option
• You can choose to receive guaranteed incomes till 99 years of age under the Lifelong Income Option variant
• The total premiums paid are refunded if you choose the Lifelong and Long Term Income plan variants. The premium is refunded after the income pay-out period comes to an end

Conclusion

Ever since its inception HDFC Life has offered a range of insurance solutions to retail and corporate customers. At the end of the financial year 2019-20, HDFC Life has 37 individual and 11 group life insurance products in its kitty. HDFC Life has a pan-India presence with more than 420 branches in every major city. The products offered by the company provide all-encompassing coverage for your different financial needs.

Also read: Things To Keep In Mind When You Compare Endowment Plans

Endowment Policy: What Is It and How Does It Work?