To secure your financial future through life insurance investment plans requires a careful examination of available options. HDFC Sanchay Plus and LIC Jeevan Labh are two best life insurance investment plans, each offering a unique set of benefits and features. In this article we will delve into the comparison between HDFC Sanchay Plus and LIC Jeevan Labh by comparing their offerings, premiums, potential returns, benefits, fund choices, charges, performance, and riders to illuminate the path toward securing your financial future.
HDFC Life Sanchay Plus
HDFC Life Sunchay Plus Plan is a Non-Participating, Non-Linked Savings Insurance Plan that provides guaranteed returns for you and your family.
Key Features and Benefits of HDFC Sanchay Plus
- Guaranteed Returns: HDFC Sanchay Plus typically offers guaranteed returns on your investment, ensuring that you receive a predetermined amount at maturity.
- Flexible Premium Payment Options: You can choose between single premium or limited premium payment options based on your financial preferences and needs.
- Life Long Income option: HDFC Sunchay Plus Plan Provides guaranteed income till the age of 99 years.
- Riders: You may have the option to enhance the plan with additional riders such as accidental death benefit, critical illness rider, or disability rider for added protection.
- Tax Benefits: Policyholders can enjoy tax benefits under Section 80C of the Income Tax Act for the premiums paid. Additionally, the proceeds from the plan may be tax-free under Section 10(10D) if certain conditions are met.
- Maturity Benefit: The plan provides a lump-sum maturity benefit at the end of the policy term. This amount is predetermined and known in advance.
- Death Benefit: In the unfortunate event of the policyholder's demise during the policy term, the nominee receives a death benefit.
- Surrender Value: You can surrender the policy and receive the surrender value, which is a portion of the total premiums paid.
Eligibility Criteria for HDFC Sanchay Plus 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
|
LIC Jeevan Labh Plan
LIC Jeevan Labh is a popular and life insurance investment plan offered by LIC. Launched with the aim of providing both protection and savings. LIC Jeevan Labh Plan (Plan No.936) is a Non-Linked, Participating, Assured Savings Plan.
Key Features and Benefits of LIC Jeevan Labh Plan
Here are some key features and benefits of LIC Jeevan Labh Plan:
- Policy Term: LIC Jeevan Labh offers policy terms of 16, 21, and 25 years, allowing policyholders flexibility in choosing a term that aligns with their financial goals.
- Premium Payment Term: The premium payment term is limited, making it a more attractive option for those who wish to complete their premium payments within a shorter duration.
- Death Benefit: In the unfortunate event of the policyholder's demise during the policy term, the death benefit is payable to the nominee. The death benefit is a sum assured on death, which is the higher of the basic sum assured or 10 times the annualized premium.
- Maturity Benefit: If the policyholder survives till the end of the policy term, the maturity benefit is paid, including the basic sum assured along with any vested simple reversionary bonuses and the final additional bonus, if any.
- Optional Riders: LIC Jeevan Labh allows policyholders to enhance their coverage with optional riders like Accidental Death and Disability Benefit Rider and New Term Assurance Rider, Critical Illness Rider, etc.
- Loan Facility: Policyholders have the option to avail of a loan against the policy after it acquires a surrender value.
- Tax Benefits: Premiums paid and benefits received under LIC Jeevan Labh are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, respectively.
Eligibility Criteria for LIC Jeevan Labh Plan
| Entry Age |
Minimum 8 Years to Maximum 59 Years |
| Maturity Age |
75 Years |
| Premium Payment Frequency |
Yearly, Half-Yearly, Quarterly, Monthly |
| Policy Term Range |
16, 21, 25 years |
| Premium Payment Term |
10, 15, 16 Years |
| Sum Assured |
Minimum 2 Lakhs to No limit |
| Minimum Premium Installments |
- Annual: 50,000/-
- Half-yearly: 25,000/-
- Quarterly: 15,000/-
- Monthly: 5000/-
|
| Riders |
- Accidental Death and Disability Rider
- Accidental Benefit Rider
- Critical Illness Benefit Rider
- New Term Assurance Rider
- Premium Wavier Benefit Rider
|
What to Compare When Choosing Between HDFC Sanchay Plus Vs LIC Jeevan Labh
When choosing between HDFC Sanchay Plus and LIC Jeevan Labh, it's crucial to consider several factors to make an informed decision that aligns with your financial goals and needs. Here are the key factors to consider:
- Features and Benefits
- Premium Amount
- Policy Term
- Riders and Additional Features
- Maturity Benefits
- Death Benefits
- Surrender Value and Loan Options
- Tax Benefits
- Customer Services
- Flexibility and Customization
- Financial Goals and Risk Tolerance
- Exclusions
- Terms & Conditions
How to Compare HDFC Sanchay Plus Vs LIC Jeevan Labh Online
Comparing HDFC Sanchay Plus and LIC Jeevan Labh online is a convenient way to make an informed decision when choosing an investment plan. Here's a step-by-step guide on how to compare 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.
Frequently Asked Questions
What is the Primary Difference between HDFC Sanchay Plus and LIC Jeevan Labh?
HDFC Sanchay Plus and LIC Jeevan Labh are different life insurance plans offered by different companies. HDFC Sanchay Plus is offered by HDFC Life, a private insurer, while LIC Jeevan Labh is offered by LIC, a government-owned insurer.
Are There Any Tax Benefits Associated with These Plans?
Yes, premiums paid for both HDFC Sanchay Plus and LIC Jeevan Labh are generally eligible for tax benefits under Section 80C of the Income Tax Act. Additionally, benefits received are usually tax-exempt under Section 10(10D), subject to conditions.
What Should I Consider When Comparing Investment Plans?
When comparing investment plans, consider your financial goals, risk tolerance, and the time horizon for your investments. Evaluate the features and benefits of each plan, such as maturity and death benefits, premium payment flexibility, and the availability of riders. Additionally, take into account the reputation of the insurance provider, regulatory compliance, and the impact of fees on your returns.
How Do I Compare the Premium Amounts for These Plans?
You can use the investment plan calculators available on the official websites of HDFC Life and LIC to get an estimate of the premium amounts for HDFC Sanchay Plus and LIC Jeevan Labh. Or else you can easily compare investment plans online at PolicyBachat.
How is the Maturity Benefit Calculated in HDFC Sanchay Plus and LIC Jeevan Labh?
The maturity benefit is calculated differently for each plan. It typically includes the basic sum assured, bonuses, and any additional benefits based on the policy's terms and conditions.
How Can I Determine Which Plan Is More Suitable for Me?
To determine the most suitable plan, consider factors such as your financial goals, risk tolerance, premium affordability, and the specific features of each plan. It's advisable to compare plans at PolicyBachat to get the best investment plan for you based on your requirements.
Conclusion
HDFC Sanchay Plus, provided by HDFC Life, is a private insurer offering flexibility in premium payments and potentially attractive returns. LIC Jeevan Labh, from the government-owned LIC, combines protection and savings with a limited premium payment term. Ultimately, the decision should be based on a thorough evaluation of factors such as premium affordability, policy terms, coverage options, and riders. It's also advisable to compare quotes online at PolicyBachat for a comprehensive evaluation tailored to your circumstances.