Investment Plan is not just a financial product; it's a crucial tool to safeguard your family's future, provide for your retirement, and achieve long-term financial goals. LIC (Life Insurance Corporation of India) and HDFC Life are two of the most renowned names in the insurance industry, and they offer different types of investment plans to cater to different needs. LIC Jeevan Umang and HDFC Sanchay Plus are both savings plans that offer a blend of insurance coverage, savings, and guaranteed payouts.
In this article, we will delve into a detailed comparison of two popular life insurance investment plans LIC Jeevan Umang and HDFC Sanchay Plus. In this comparison, we will analyze the key features, benefits, and drawbacks of these two policies. Whether you are a first-time investor or looking for long-term savings, understanding the differences between LIC Jeevan Umang and HDFC Sanchay Plus can be the key to securing your financial future.
LIC Jeevan Umang Plan
LIC's Jeevan Umang is a non-linked, participating, individual, whole-life assurance savings plan that offers a combination of income and protection to your family.
Key Features and Benefits of LIC Jeevan Umang Plan
LIC Jeevan Umang provides a combination of insurance coverage, savings, and regular income in the form of guaranteed payouts. Here are some of its key features and benefits:
- Whole Life Coverage: LIC Jeevan Umang provides coverage for the entire lifetime of the insured. This means that the policy continues to provide protection even after the premium payment term is over.
- Survival Benefits: This plan offers guaranteed survival benefits, which means that the policyholder receives a percentage of the Sum Assured as a survival benefit at specific intervals during the policy term.
- Maturity Benefit: At the end of the policy term, when the insured reaches a predetermined age, they receive the Sum Assured along with any accrued bonuses as a lump sum.
- Death Benefit: In the unfortunate event of the policyholder's demise during the policy term, the nominee receives the Sum Assured, along with any accumulated bonuses, as a death benefit. This ensures financial security for the family and loved ones.
- Premium Payment Term Options: Policyholders can choose their premium payment term from a range of options, making it flexible and suitable for their financial capacity and goals.
- Tax Benefits: Premiums paid under LIC Jeevan Umang are eligible for tax benefits under Section 80C of the Income Tax Act. Additionally, the payouts are tax-exempt under Section 10(10D), making it a tax-efficient investment.
- High Liquidity: The policy can be surrendered at any time during the policy term, providing a certain surrender value and liquidity if the need arises.
Eligibility Criteria for LIC Jeevan Umang Plan
| Entry Age |
Minimum 90 Days to 55 Days |
| Maturity Age |
100 Years |
| Minimum Age at the end of premium paying term |
30 years |
| Maximum Age at the end of premium paying term |
70 years |
| Premium Payment Frequency |
Monthly, Quarterly, Half-Yearly, Yearly |
| Sum Assured |
2 Lakhs to No Limit |
| Policy Term Range |
(100 – age at entry) years |
| Premium Payment Term |
15, 20, 25 and 30 years |
| Maximum Premium Installments |
- Monthly: Rs. 5,000/-
- Quarterly: Rs. 15,000/-
- Half-Yearly: Rs. 25,000/-
- Yearly: Rs. 50,000/-
|
| Riders |
- Accidental Death and Disability Benefit Rider
- Accident Benefit Rider
- New Term Assurance Rider
- New Critical Illness Benefit Rider
- Premium Waiver Benefit Rider
|
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
|
What to Compare When Choosing Between LIC Jeevan Umang Vs HDFC Sanchay Plus
When choosing between HDFC Sanchay Plus and LIC Jeevan Umang, 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 LIC Jeevan Umang Vs HDFC Sanchay Plus Online
Comparing HDFC Sanchay Plus and LIC Jeevan Umang 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 LIC Jeevan Umang and HDFC Sanchay Plus?
LIC Jeevan Umang and HDFC Sanchay Plus are two popular life insurance investment plans offered by LIC and HDFC Life, respectively. These plans provide a combination of insurance coverage and savings components.
How Do These Plans Differ From Regular Term Insurance Policies?
Unlike regular term insurance policies that provide only death benefits, LIC Jeevan Umang and HDFC Sanchay Plus offer both death benefits and guaranteed survival benefits, making them a blend of insurance and savings.
What is the Key Difference Between LIC Jeevan Umang and HDFC Sanchay Plus?
The main difference between LIC Jeevan Umang and HDFC Sanchay Plus is in their premium payment terms and the specifics of the benefits they offer. LIC Jeevan Umang is provided by LIC, and HDFC Sanchay Plus is offered by HDFC Life. The benefits and features of the policies can vary, so it's essential to compare plans at PolicyBachat to get the best plan online.
What are the Survival Benefits Offered by These Plans?
Both LIC Jeevan Umang and HDFC Sanchay Plus provide guaranteed survival benefits at specific intervals during the policy term. These benefits are typically a percentage of the Sum Assured and serve as regular income to the policyholder.
How can I choose between LIC Jeevan Umang and HDFC Sanchay Plus?
The choice between LIC Jeevan Umang and HDFC Sanchay Plus depends on your specific financial goals, premium payment terms, and risk tolerance. It's essential to compare the features, benefits, and premiums of each plan and assess which one aligns better with your needs.
Conclusion
LIC Jeevan Umang, offered by LIC, is renowned for its whole-life coverage, guaranteed survival benefits, and tax advantages. This plan is an excellent choice for those looking for a lifelong financial safety net, regular income, and tax-efficient investment.
On the other hand, HDFC Sanchay Plus, provided by HDFC Life, offers competitive features such as multiple premium payment options and flexibility in choosing the payout mode. This policy suits individuals seeking a balance between insurance coverage and savings, with an option to customize the plan according to their specific needs.
Ultimately, your choice between LIC Jeevan Umang and HDFC Sanchay Plus should align with your financial aspirations, risk tolerance, and preferences. It is important to perform a detailed comparison at PolicyBachat by getting quotes to secure your family's future, provide for your retirement, and work toward long-term financial goals.