I would provide a quick response. All the investment-cum-insurance products are bad in both counts - they typically have very low insurance coverage and give suboptimal returns. You can read a longer response in a related question: https://dhanwise.com/ask-the-expert/9/are-endowment-plans-lics-jeevan-anand-good-investment-option/
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"HDFC Life Sanchay Plus offers 8% to 9% of Guaranteed Addition and also the guaranteed maturity benefit of 220% to 325% of the Sum Assured depending upon the policy term" ???
It is a typical endowment plan which is selling with wrong claims. First of all, the IRR of this product will not cross more than 6.5%. Hence, I am not sure how you arrived at 8% to 9% returns values.
Regarding 220% to 325% GUARANTEED maturity benefit, you have to understand when they pay. If we consider this benefit also, (actually it is a return of premium of what you paid but not 220% to 325% returns), the returns will not cross more than 7%.
Hence, better you stay away from such products. Meanwhile, I have written a detailed post on this product. I have done a illustrative examples also. Hence, suggest you to refer my recent blog post HDFC Life Sanchay Plus - A GUARANTEED TRAP!!
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Sachin Shah is a 30 year old Senior Software Engineer, working at an IT services company in Bengaluru. He and his wife want to plan for their retirement and also want to save for their child's education, wedding and for buying a car.View Case Study