2 min read.Updated: 03 Nov 2021, 06:22 AM ISTLivemint
HDFC Life Sanchay Fixed Maturity Plan is a non-linked, non-participating, individual savings plan, designed to provide guaranteed returns in the form of a lumpsum benefit
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Mumbai: HDFC Life, one of India’s leading life insurers has been an innovator in the product space. This Diwali, HDFC Life is offering a new-age, feature-packed product, HDFC Life Sanchay Fixed Maturity Plan that guarantees the 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 a lumpsum benefit. The plan offers individuals the flexibility to choose between single pay, limited pay or regular payment options. There are more than 500 premium payment term and policy term combinations available in this plan that enable customers to align the policy term with their goals
India has a large population of individuals across various age groups who seek financial products that are a one-time investment, offering guaranteed returns along with liquidity. HDFC Life Sanchay Fixed Maturity Plan's Single Pay variant is designed for such customers.
The introduction of the feature offering flexibility in terms of liquidity along with fixed guaranteed returns makes Sanchay Fixed Maturity Plan an attractive option in the life insurance product space.
Customers can purchase this plan singly or jointly and also opt for the life cover of their choice that can be 1.25 times or 10 times the annual premium.
The guaranteed returns combined with liquidity and life cover along with tax benefit (if opted for 10 x life cover option) make for a strong customer proposition.
Speaking on the launch, Srinivasan Parthasarathy – Chief Actuary, HDFC Life, said –“The pandemic has made it necessary 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 along with age agnostic returns and a joint life savings option. HDFC Life Sanchay Fixed Maturity Plan is designed to cater to financial goals of customers across different age groups offering them higher fixed guaranteed returns for the desired tenure."