HDFC Life has announced an offering a new-age, feature-packed product, HDFC Life Sanchay Fixed Maturity Plan.

It is a non-linked, non-participating, individual savings plan, designed to provide guaranteed returns in the form of a lumpsum benefit, it said in a press release.

The plan offers individuals the flexibility to choose between single pay, limited pay or regular pay 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, it said.

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.

Key features

• Guaranteed Savings: Policyholders can stay assured of the returns

• Enhanced Benefit: Enhanced maturity benefit for higher premiums

• Single/ Joint Life Cover: Option to choose cover on Single Life or Joint Life basis

• Flexibility of Premiums: Option of single / limited/ regular premium payment term

• Choice of Policy Terms: Option to choose from a range of policy terms up to 40 years

• Optional Riders: Enables one to enhance protection coverage through payment of additional premium

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. HDFC Life Sanchay Fixed Maturity Plan offers complete flexibility in terms of premium payment term as well as policy term. 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 a desired tenure.”