Are you confused in choosing between HDFC’s sanchay Plus and LIC’s Jeevan Labh
Note: All calculation data are taken from official website of HDFC and LIC.
Pros and cons of HDFC Life Sanchay Plus
HDFC Life Sanchay Plus
- Payout is paid in installment basis every year from 12th to 21st year. No payout after this.
- Insurance cover is constant and not increasing as in LIC.
- Insurance cover only for first 10 years but policy term is 21 years.
- IRR is 7% and similar to LIC.
- HDFC is private and does not have sovereign guarantee as in LIC.
Pros and cons of LIC’s Jeevan Labh
LIC Jeevan Labh
- Payout after 16 years in lump sum and total term is shorter than HDFC.
- Increasing insurance cover is biggest advantage which is not available in HDFC.
- Insurance cover during complete policy term of 16 years. i.e. 60% higher term than HDFC.
- IRR on par with HDFC.
- Sovereign Guarantee and backed by Govt of India.
Based on the above data it’s clear that LIC has much greater edge over HDFC.