In financial planning, choosing the right investment plan is essential for securing a stable financial future. Among the many options, HDFC Sanchay Plus and ICICI Pru GIFT Pro are the two best investment plans, each promising a unique advantage. As you start on the journey to secure your financial future, this comparison empowers you to make an informed decision that aligns with your aspirations. Let’s dive into the details of HDFC Sanchay Plus Vs ICICI Pru GIFT Pro, finding the possibilities that can shape your path to financial prosperity.
About HDFC Life Sanchay Plus Plan
HDFC Life Sanchay Plus Plan is an insurance product offered by HDFC Life Insurance Company Limited, one of India's leading private life insurance companies. HDFC Life Sanchay Plus Plan is a Non-Participating, Non-Linked Savings Insurance Plan that provides guaranteed returns for you and your family.
Benefits of HDFC Life Sanchay Plus Plan
HDFC Life Sanchay Plus Plan offers a range of benefits, making it a popular choice among investors looking for a combination of protection and savings. Here are some key benefits of the HDFC Life Sanchay Plus Plan:
Life Long Income Option - A Promise till Age 99
For those seeking a lifetime of financial security, HDFC Life Sanchay Plus offers a Lifelong Income option. With this feature, you can enjoy a guaranteed income until the age of 99 years, ensuring a steady stream of funds throughout your lifetime.
Guaranteed Benefits - Rest Assured of the Returns
The plan offers guaranteed benefits that include a lump sum payout or a regular income, ensuring a reliable source of funds to fulfil your life goals. These benefits are designed to provide financial security to you and your loved ones, giving you peace of mind.
Flexibility - Made for Your Needs
HDFC Life Sanchay Plus Plan offers flexibility in receiving your guaranteed benefits. Whether you prefer a lump sum amount to meet immediate needs or a regular income stream for a more structured financial approach, this plan adapts to your preferences, providing the financial flexibility you deserve.
Tax Benefits - Maximize Your Savings
HDFC Life Sanchay Plus Plan offers you the chance to maximise your savings through eligible tax benefits as per prevailing tax laws. By investing in this plan, you secure your future and enjoy potential tax advantages, making it a prudent choice for smart financial planning.
Long-Term Income Option - Secure Income for 25 to 30 Years
Planning for specific milestones or long-term goals? HDFC Sanchay Plus Plan offers an option to guarantee a fixed income for a predetermined term of 25 to 30 years, aligning with your aspirations and providing a stable foundation for your financial journey.
Optional Riders - Enhance Your Protection Coverage
By paying an additional premium, you can enhance your protection coverage with rider options, customizing your plan to suit your specific needs. This extra layer of security ensures that you are well-prepared for life's unexpected twists and turns.
Eligibility Criteria for HDFC Life Sanchay Plus Guaranteed Income Plan
| Plan Options |
- Guaranteed Income
- Guaranteed Maturity
- Life Long Income
- Long Term Income
|
| Entry Age |
- Guaranteed Income: 30 Days to 65 Years
- Guaranteed Maturity: 30 Days to 60 Years
- Life Long Income: 50 Years to 65 Years
- Long-term Income: 3 Years to 60 Years
|
| Maturity Age |
- Guaranteed Income: 18 Years to 85 Years
- Guaranteed Maturity: 18 Years to 80 Years
- Life Long Income: 55 Years to 85 Years
- Long Term Income: 18 Years to 75 Years
|
| Premium Payment Frequency |
Monthly, Quarterly, Half-yearly, and Yearly |
| Minimum Premium Installments |
- Single Pay: 30,000/-
- Annual: 30,000/-
- Half-yearly: 15,000/-
- Quarterly: 7,500/-
- Monthly: 2,500/-
|
| Policy Term Range |
5 Years to 20 Years |
| Premium Payment Term |
Single Pay, 5, 6, 7, 8, 9, 10,11, 12 Years |
| Maximum Premium Installments |
No limit |
| Riders |
- HDFC Life Income Benefit on Accidental Disability Rider
- HDFC Life Critical Illness Plus Rider
- HDFC Life Protect Plus Rider
- HDFC Life Health Plus Rider - Non-Linked
|
About ICICI Pru GIFT Pro Plan
ICICI Pru GIFT Pro Plan is a protection and savings-oriented life insurance plan that provides financial protection to your family along with guaranteed benefits. With the ICICI Pru GIFT Pro plan policyholders can achieve their life goals like a Pro.
Benefits of ICICI Pru GIFT Pro Plan
ICICI Pru GIFT Pro Plan offers a myriad of benefits. Here are some key advantages:
Flexibility to Choose Options:
One of the standout features of ICICI Pru GIFT Pro is its flexibility. ICICI Pru GIFT Pro Plan offers two options: -
- Level Income Option: This option provides a guaranteed level of income throughout the income period.
- Increasing Income Option: This option provides an income that increases every year throughout the income period.
Life Insurance Cover
The plan not only serves as an investment avenue but also provides life insurance cover. This ensures that in the unfortunate event of the policyholder’s demise, the nominee receives a death benefit.
Tax Benefits
ICICI Pru GIFT Pro Plan offers tax benefits under sections 80C and 10(10D) of the Income Tax Act. Investors can potentially avail deductions on premiums paid and tax-free maturity proceeds.
Loan Facility
In times of financial need, the plan provides a loan facility. Policyholders can avail themselves of loans against the accumulated value of their policy, offering a convenient way to meet unforeseen expenses or financial requirements without liquidating their investments.
Guaranteed Income
ICICI Pru GIFT Pro may also provide an Option to enhance your Guaranteed Income amount with a Low Cover Income Booster, depending on the chosen options and features.
Flexibility:
ICICI Pru GIFT Pro Plan provides flexibility to choose Money Back Benefit percentage, Money Back Benefit Year, Policy Term, Premium Payment Term and Income period.
Eligibility Criteria for ICICI Pru Guaranteed Income for Tomorrow Pro Plan
| Plan Options |
- Level Income
- Increasing Income
|
| Entry Age |
18 minus Policy Term / 65 minus Policy Term |
| Maturity Age |
18 Years to 65 Years |
| Premium Payment Frequency |
Annual, Half-Yearly, Monthly |
| Minimum Premium |
Rs. 50000/- per Year |
| Maximum Premium |
Subject to maximum Sum Assured on Death |
| Policy Term Range |
Between 8 to 17 Years |
| Premium Payment Term |
6 to 12 Years |
| Income Period |
5/7/10/12/15/ 20/25/30 |
| Minimum Sum Assured |
3.5 Lakhs |
| Maximum Sum Assured |
25 Lakhs |
Compare HDFC Life Sanchay Plus Vs ICICI Prudential GIFT Pro
When choosing between HDFC Sanchay Plus and ICICI Prudential GIFT Pro, it’s important to consider several factors to buy the best plan that aligns with your financial goals and needs. Here are some key factors to consider:
- Premium Rates
- Type of Plan
- Returns and Benefits
- Policy Term
- Maturity Benefits
- Death Benefits
- Loan Options
- Tax Benefits
- Flexibility and Customization
- Terms & Conditions
- Claim Settlement Ratio, etc.
How to Buy the Best Guaranteed Income Plan Online
To get the best guaranteed income plan online go through PolicyBachat is a convenient way to make an informed decision when choosing an investment plan. Here’s a step-by-step process on how to compare and buy the best investment plans online:
- Visit the official website of the PolicyBachat.
- Click on the Investment Plan tab.
- Fill in the requested details such as name, mobile number, and email address.
- Enter your age and city.
- Select the plan which you want to buy. Click on the Proceed button.
- Use the online premium calculator to compare the premium amounts.
- Compare benefits, features, returns, and additional riders or bonuses.
- After comparing the products, select a plan which suits your requirements.
- Then pay for your policy by using an online payment method.
HDFC Sanchay Plus Vs ICICI Prudential GIFT Pro Comparison - Which is better?
To determine which plan is better for you, it's important to consider your specific financial goals, risk tolerance, and preferences. If you prioritize guaranteed benefits, long-term income options, and life-long income, HDFC Sanchay Plus may be more suitable. On the other hand, if you consider flexible money-back benefits, guaranteed income benefits ICICI Prudential GIFT Pro Plan could be a better fit.
It is also recommended to compare quotes at PolicyBachat to consult with a financial advisor who can assess your specific situation and provide personalized advice based on the most up-to-date information available. Additionally, carefully read the policy documents of each product to fully understand their features and terms.
Frequently Asked Questions
How Does the Claim Settlement Ratio of HDFC Life and ICICI Prudential Compare?
A higher claim settlement ratio indicates a better track record of settling claims. Consider this when assessing the reliability of the insurers.
Can I Customize the Policy based on my Specific Needs and Preferences?
Yes, you can customize a life insurance policy based on my specific needs and preferences. Check the flexibility of the policies and whether they can be tailored to meet your unique requirements.
How Do I Compare the Premium Amounts?
You can use the investment plan calculators available on the official websites of HDFC Life and ICICI Prudential Life Insurance to get an estimate of the premium amounts. Or else you can easily compare investment plans online at PolicyBachat.
What are the Key Differences between HDFC Sanchay Plus and ICICI Pru GIFT Pro Plan?
The key differences between HDFC Sanchay Plus and ICICI Pru GIFT Pro plan are based on various aspects including features, benefits, premium rates, returns, exclusions, riders, and more.
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