Mumbai: HDFC Life, one of India’s leading life insurance companies, has been an innovator in the product segment. This Diwali, HDFC Life is introducing a new age, feature-packed product, HDFC Life Sanchay Fixed Maturity Plan which guarantees achievement of fixed financial goals.
HDFC Life Sanchay Fixed Maturity Plan is a non-linked, non-participating, individual savings plan, designed to provide guaranteed returns in the form of lump sum benefit. The plan allows individuals to choose between single pay, limited pay or regular pay options. More than 500 premium paying term and policy term combinations are available in this plan which enable the customers to align the policy term with their goals.
India has a large population of individuals across different age groups who look for financial products that are lump sum investments, offering guaranteed returns along with liquidity. The single pay variant of HDFC Life Sanchay Fixed Maturity Plan is designed for such customers.
The introduction of a feature offering flexibility in terms of liquidity along with assured guaranteed returns makes Accumulation Fixed Maturity Plans an attractive option in the life insurance product segment.
Customers can buy this plan singly or jointly and can also opt for a life cover of their choice which can be 1.25 times or 10 times the annual premium.
Liquidity along with guaranteed returns and tax benefits along with life cover (if 10 x life cover option is opted) make for a strong customer proposition.
Speaking at the launch, Srinivasan Parthasarathy – Chief Actuary, HDFC Life, said – “The pandemic has made it essential for individuals to be financially prepared for the future – both short term and long term. Customers are looking for products that offer flexibility and can be customized to meet their needs. Keeping these requirements in mind we have launched our latest product.
HDFC Life Sanchay Fixed Maturity Plan offers complete flexibility in terms of premium payment terms as well as policy terms. The product offers flexibility in terms of liquidity, as well as age-related returns and a combined life savings option. HDFC Life Sanchay Fixed Maturity Plan is designed to meet the financial goals of customers across different age groups, providing them with high assured guaranteed returns for the desired tenure.”
Key Features of HDFC Life Sanchay Fixed Maturity Plan
• Guaranteed Savings: Policyholders can be assured of returns
• Advanced Benefit: Advanced Maturity Benefit for higher premiums
• Single/Joint Life Cover: Option to choose cover based on Single Life or Joint Life
• Flexibility of premium: Option for single/limited/regular premium paying term
• Choice of Policy Terms: Option to choose from a range of policy terms up to 40 years
• Optional Riders: Enables enhanced protection coverage through payment of additional premium
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