Securing your financial future has never been more crucial in today's fast-paced world. Whether you're a long-term investor or just starting on your financial journey, selecting the right investment plan can make all the difference. HDFC Sanchay Plus Vs LIC Jeevan Shanti Plan are the two popular investment plans offered by life insurance companies LIC and HDFC. These two investment plans have been capturing the attention of investors with promises of growth and security.
In this article, we will compare HDFC Sanchay Plus Vs LIC Jeevan Shanti. We'll explore their key features, benefits, potential returns, investment objectives, fund choices, charges, performance, riders, and more. So, whether you're a conservative investor looking for stability or a long-term investor seeking higher returns, compare quotes at PolicyBachat to discover which investment options align better with your aspirations and safeguard 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.
- 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.
- 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.
- 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 New Jeevan Shanti Plan
LIC New Jeevan Shanti Plan (Plan No.858) is a Non-Linked, Non-Participating, Individual, Single Premium, Deferred Annuity Plan. This is a single premium plan that allows the Policyholder to choose between a Single life and Joint life deferred annuity.
Key Features and Benefits of LIC New Jeevan Shanti Plan
- Annuity Options: The plan provides various annuity options to choose from, catering to different income needs and preferences. These options include a single-life annuity and a joint-life annuity with different annuity payment modes.
- Immediate Income: The plan offers immediate annuity payouts, which means you start receiving regular income payments shortly after making a lump-sum premium payment.
- Guaranteed Income: The annuity payments are guaranteed for the entire policy term, providing financial security and peace of mind.
- Annuity Payment Modes: You can select from different annuity payment modes, such as monthly, quarterly, half-yearly, or yearly, depending on your income requirements.
- Death Benefit: Depending on the annuity option chosen, a death benefit may be available to the nominee, ensuring that a portion of the premium or purchase price is returned in the event of the annuitant's demise.
- Surrender Value: The plan may allow you to surrender the policy after a specific period and receive a surrender value, which can be useful in emergencies.
- Loan Facility: Some versions of the LIC New Jeevan Shanti Plan may offer a loan against the policy's surrender value, providing liquidity when needed.
- Tax Benefits: Premiums paid for the LIC New Jeevan Shanti Plan may qualify for a tax deduction under Section 80C of the Income Tax Act. Additionally, annuity income may be taxable as per prevailing tax laws.
- Flexible Purchase Price: You have the flexibility to choose the purchase price, which can affect the annuity payouts. A higher purchase price typically leads to higher annuity payouts.
Eligibility Criteria for LIC New Jeevan Santhi Plan
| Annuity Options |
- Deferred annuity for Single life Option
- Deferred annuity for Joint life
|
| Minimum Entry Age |
30 Years |
| Maximum Entry Age |
79 Years |
| Minimum Vesting Age |
31 Years |
| Maximum Vesting Age |
80 Years |
| Minimum Deferment Period |
1 Year |
| Maximum Deferment Period |
12 Years |
| Mode of Annuity Payment |
Monthly, Quarterly, Half-yearly, and Yearly |
| Minimum Purchase Price |
1.5 Lakhs |
| Maximum Purchase Price |
No Limit |
| Minimum Annuity Amount |
- Monthly: Rs. 1000
- Quarterly: Rs. 3000
- Half-yearly: Rs. 6000
- Yearly: Rs. 12000
|
Factors to Compare When Choosing Between HDFC Sanchay Plus Vs LIC New Jeevan Shanti
When choosing between HDFC Sanchay Plus and LIC New Jeevan Shanti, 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 New Jeevan Shanti Online
Comparing HDFC Sanchay Plus and LIC New Jeevan Shanti 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.
What are the Documents Required to Buy Investment Plan
Here are some common documents that you may need to provide when buying an investment plan online:
- Identity Proof: Aadhaar card, PAN card, passport, driving license, or voter ID.
- Address Proof: Aadhaar card, passport, utility bill, or bank statement.
- Income Proof: salary slips, bank statements, or income tax returns.
- Bank Account Details: Account number, IFSC code, and branch address.
- Photographs: You may need to provide passport-sized photographs.
- Application Form: You may need to fill out the application form provided by the insurance company.
Frequently Asked Questions
What are the Key Differences between HDFC Sanchay Plus and LIC New Jeevan Shanti?
The key differences between HDFC Sanchay Plus and LIC New Jeevan Shanti lie in various aspects including features, benefits, premium rates, and riders. HDFC Sanchay Plus is offered by HDFC Life, a private insurance company. LIC New Jeevan Shanti is offered by the Life Insurance Corporation of India (LIC), a government-owned insurance company. LIC New Jeevan Shanti is primarily an annuity plan, providing policyholders with regular income or pension options. HDFC Sanchay Plus focuses on providing a mix of guaranteed additions and regular income options.
What are the Main Features of HDFC Sanchay Plus and LIC New Jeevan Shanti?
Both plans offer various features. HDFC Sanchay Plus may offer guaranteed additions, regular income options, and a death benefit. LIC New Jeevan Shanti may have annuity options and a guaranteed surrender value.
Are There Any Tax Benefits Associated with These Plans?
Both HDFC Sanchay Plus and LIC New Jeevan Shanti may offer tax benefits under relevant sections of the Income Tax Act.
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 New Jeevan Shanti. Or else you can easily compare investment plans online at PolicyBachat.
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.
Conclusion
The choice between HDFC Sanchay Plus and LIC New Jeevan Shanti ultimately depends on your individual financial goals, risk appetite, and preferences. HDFC Sanchay Plus offers a blend of guaranteed additions and income options, while LIC New Jeevan Shanti primarily focuses on annuity payments. Thoroughly assess the specific features, benefits, and terms of each plan to make an informed decision that best aligns with your unique financial needs and aspirations. It's advisable to compare quotes online at PolicyBachat for a comprehensive evaluation tailored to your circumstances.