HDFC Life Sanchay Par Advantage

UIN No: 101N136V01

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As you approach different stages in life, there are dreams and aspirations that you set out for yourself and your family. More often than not, you make tough choices, sacrificing one dream for the other. You also have to take care of day to day responsibilities like running the family, paying for health expenses, children’s school fees etc. With rising life uncertainties, it is important to secure a source of income to that takes care of these expenses, more so after your retirement or in case of unfortunate demise. A Life Insurance plan offers financial protection against such unforeseen events.

To help you achieve your goals, we present to you “HDFC Life Sanchay Par Advantage”, a life insurance solution which allows you to live an uncompromised life, whilst securing the future of your family and, ensuring you leave behind a legacy for them.

Why you need this Plan ?
  • Survival Benefit Payouts from as early as 1st Policy year*
  • Life cover to protect the family's future
  • Tax Benefits**
*Cash Bonus (if any) payouts from as early as 1st policy year. Applicable for Immediate Income option only.
**As per Income Tax, 1961. Tax benefits are subject to changes in tax laws
Explore HDFC Life Sanchay

     

    An option that provides regular income by way of cash bonuses (if declared), from 1st policy year and provides lump sum at maturity thereby creating a legacy for your loved one.

     

    An option that provides Guaranteed Income for a guarantee period2, and also provides regular income by way of cash bonuses (if declared) throughout the policy term. It helps create a legacy for your loved ones by providing a lump sum at maturity.

    2 Guaranteed Income starts after Premium Payment Term + 1 year, provided all due premiums have been paid and the policy is in force. Guaranteed Income and Cash Bonus payouts, if declared, start one year after the end of Premium Payment Term. Guarantee Period is a period which is lower of 25 years, or Policy Term minus (Premium Payment Term + 1) years.

Benefits

  • Immediate Income option:

    The policyholder would be eligible to receive Cash Bonus (if declared) at the end of each Policy Year and payable from the 1st  policy year until death or end of policy term, whichever is earlier.

    Cash Bonus payable = Cash Bonus Ratex Annualized Premium3.

    Please refer Product Brochure for details on Cash Bonus Rate.

    3Annualized Premium is the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

    Deferred Income option:

    The policyholder will start receiving Guaranteed Income plus discretionary Cash Bonuses (if declared) in arrears one year after the end of Premium Payment Term.

    Cash Bonus payable = Cash Bonus Rate x Annualized Premium

    Guaranteed Income is expressed as Guaranteed Income Rate x Annualized Premium

    Guaranteed Income Rate will be known to you at inception. Guaranteed Income would be payable for 25 years or Policy Term minus (Premium Payment Term + 1) years, whichever is lower, subject to your survival during this period.

    Please refer Product Brochure for details on Guaranteed Income Rate and Cash Bonus Rate.

     

     

  • Immediate Income option:

    The maturity benefit is equal to Sum Assured on Maturity plus accrued Cash Bonuses (if not paid earlier), plus interim Survival Benefit (if any), plus Terminal Bonus (if declared)

    Where, Sum Assured on Maturity is total Annualized Premium payable under the policy during the premium payment term.

    Please refer Product Brochure for details on Cash Bonus & Interim Survival Benefit

    Deferred Income option:

    The maturity benefit is equal to Sum Assured on Maturity plus accrued Guaranteed Income and Cash Bonuses (if not paid earlier), plus interim Survival Benefit (if any), plus Terminal Bonus (if declared)

    Where, Sum Assured on Maturity is total Annualized Premium payable under the policy during the premium payment term.

    Please refer Product Brochure for details on Cash Bonus & Interim Survival Benefit

     

  • Immediate Income option:

    In case of death of Life Assured during the policy term, the death benefit shall be equal to Sum Assured on Death plus Accrued Cash Bonuses (if not paid earlier), plus Interim Survival Benefit (if any), plus Terminal Bonus (if declared).

    The minimum Death Benefit shall be 105% of Total Premiums Paid4 as on date of death.

    Sum Assured on Death is the highest of:

    • 10 times the Annualized Premium, or
    • Sum Assured on Maturity, or
    • Death Multiple x Annualized Premium

    For details on Death Multiple, please refer Product Brochure.

    4 Total Premiums Paid is the total of all the premiums received, excluding any extra premium, any rider premium and taxes.

    Deferred Income option:

    In case of death of Life Assured during the policy term, the death benefit shall be equal to Sum Assured on Death plus Accrued Cash Bonuses and Guaranteed Income (if not paid earlier), plus Interim Survival Benefit (if any), plus Terminal Bonus (if declared).

    The minimum Death Benefit shall be 105% of Total Premiums Paid as on date of death

    Sum Assured on Death is the highest of:

    • 10 times the Annualized Premium , or
    • Sum Assured on Maturity, or
    • Death Multiple x Annualized Premium

    For details on Death Multiple, please refer Product Brochure.

    Under both options, upon the payment of the death benefit, the policy terminates and no further benefits are payable

Eligibility CriteriaMinimumMaximum
Entry Age

0 years (30 days)^

Immediate Income - 65 years
Deferred Income -
55 years (for PPT 8 years)
60 years (for PPT 10, 12 years)

Maturity Age

100 years (maximum)

Premium Paying Term

Immediate Income - 6, 8, 10, 12 years
Deferred Income - 8, 10, 12 years

Policy Term

100 minus Age at Entry or A fixed policy term in the range of 30-40 years can be chosen

Minimum Premium

INR 25,000 (Annual Frequency)
INR 12,750 (Half-Yearly Frequency)
INR 6,500 (Quarterly Frequency)
INR 2,188 (Monthly Frequency)

Minimum Sum Assured on Maturity

INR 3,00,000

Maximum Sum Assured on Maturity

No limit, subject to Board Approved Underwriting Policy (BAUP)

^Risk commences from the first policy anniversary where age at entry is less than 1 year. For all other ages, risk commences from the date of inception of the contract.
All ages mentioned above are age last birthday.

SAMPLE ILLUSTRATION

Illustration of benefits for healthy male aged 30 years, who pays annualized premium of INR 1 Lac + Taxes throughout the premium paying term of 8 years and survives the policy term of 70 years.

Plan Option

Sum Assured on Maturity

Survival Benefit payout

 Maturity Benefit**

Cash Bonus^

Guaranteed Income#

Immediate Income

8,00,000

At assumed rate of 8%

30,000

NA

Assumed Investment Return

At assumed rate of 8% p.a.

1,67,34,000

At assumed rate of 4%

14,500

NA

At assumed rate of 4% p.a.

18,31,000

Deferred Income~

8,00,000

At assumed rate of 8%

42,600*

28,400

At assumed rate of 8% p.a.

61,60,000

At assumed rate of 4%

1,100*

At assumed rate of 4% p.a.

23,22,000

^Cash Bonus (if declared) is payable for the entirety of the policy term.

# Guaranteed Income under Deferred Income option is payable for 25 years.

~ Cash Bonus and Guaranteed Income payouts under Deferred Income option start one year after the end of Premium Payment Term

* After the end of Guarantee Period, the Cash Bonus payout will be INR 71,000 at 8% scenario and INR 2,500 at 4% scenario respectively.

* Please refer to the Benefit Illustration for year wise Death Benefit.

** Maturity Benefit comprises Sum Assured on Maturity (INR 8,00,000) and Terminal Bonus.

A. The premiums are excluding applicable taxes & levies. B. This snapshot of illustration is only for HDFC Life Sanchay Par Advantage for a healthy male life. C. The values shown are for illustrative purpose only. D. Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your insurer carrying on life insurance business. If your policy offers guaranteed benefits then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable benefits then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.

For detailed illustration, please speak to our Financial Consultant/Broker. Please refer to the product brochure for details on benefits and conditions.For policies bought online, the benefits payable under both the plan options will be increased to 103% of those illustrated in the sample illustration.

FAQs

There are two plan options available under HDFC Life Sanchay Par Advantage:

  1. Immediate Income: This option provides regular income by way of cash bonuses (if declared), from 1st policy year and provides lump sum at maturity.
  2. Deferred Income: This option provides Guaranteed Income for a guarantee period, and also provides regular income by way of cash bonuses (if declared) throughout the policy term.

Cash bonus is declared at the end of every financial year and payable every year basis the frequency chosen (annual, half-yearly, quarterly or monthly) rather than at the time of a claim and hence acts as a source of regular income.

 

Guaranteed Income is expressed as Guaranteed Income Rate x Annualized Premium. Guaranteed Income Rate will depend on Age and Premium Payment Term. This guaranteed amount will be known to you at inception and would be payable for 25 years or Policy Term minus (Premium Payment Term + 1) years, whichever is lower, subject to your survival during this period.Guaranteed Income starts after Premium Payment Term + 1 year, provided all due premiums have been paid and the policy is in force.

This is applicable only for Deferred Income Option

Guarantee period is a period which is lower of [25 years, Policy Term less (Premium Payment Term + 1 year)] starting after Premium Payment Term + 1 years.

This is applicable only for Deferred Income Option.

The premiums can be paid annually, half-yearly, quarterly and monthly.

The Survival Benefit can be paid out on an annual, half-yearly, quarterly or monthly basis.

The policyholder would be eligible to receive Cash Bonus (if declared) at the end of each Policy Year and payable from the 1st policy year until death or end of policy term, whichever is earlier.

Cash Bonus payable = Cash Bonus Rate x Annualized Premium1

Please refer Product Brochure for details on Cash Bonus Rate.

1Annualized Premium is the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any

The policyholder will start receiving Guaranteed Income plus discretionary Cash Bonuses (if declared) in arrears one year after the end of Premium Payment Term.

Cash Bonus payable = Cash Bonus Rate x Annualized Premium

Guaranteed Income is expressed as Guaranteed Income Rate x Annualized Premium

Guaranteed Income Rate will be known to you at inception. Guaranteed Income would be payable for 25 years or Policy Term minus (Premium Payment Term + 1) years, whichever is lower, subject to your survival during this period.

Please refer Product Brochure for details on Guaranteed Income Rate and Cash Bonus Rate.

Yes, the Survival Benefit payouts can be deferred. The accrued Survival Benefit payouts will be accumulated monthly at a Reverse Repo rate and this rate will be reviewed at the beginning of every month.

Yes, the accrued Survival Benefit can be withdrawn partly/ fully at any point during the Policy Term.

The option to defer Survival Benefit payouts can be chosen any number of times.

The maturity benefit is equal to Sum Assured on Maturity plus accrued Cash Bonuses (if not paid earlier), plus interim Survival Benefit (if any), plus Terminal Bonus (if declared).

Where, Sum Assured on Maturity is total Annualized Premium payable under the policy during the premium payment term.

Please refer Product Brochure for details on Cash Bonus & Interim Survival Benefit.

The maturity benefit is equal to Sum Assured on Maturity plus accrued Guaranteed Income and Cash Bonuses (if not paid earlier), plus interim Survival Benefit (if any), plus Terminal Bonus (if declared).

Where, Sum Assured on Maturity is total Annualized Premium payable under the policy during the premium payment term.

Please refer Product Brochure for details on Cash Bonus & Interim Survival Benefit.

In case of death of Life Assured during the policy term, the death benefit shall be equal to Sum Assured on Death plus Accrued Cash Bonuses (if not paid earlier), plus Interim Survival Benefit (if any), plus Terminal Bonus (if declared).

The minimum Death Benefit shall be 105% of Total Premiums Paid2 as on date of death.

Sum Assured on Death is the highest of:

  • 10 times the Annualized Premium , or
  • Sum Assured on Maturity, or
  • Death Multiple x Annualized Premium

For details on Death Multiple, please refer Product Brochure.

2 Total Premiums Paid is the total of all the premiums received, excluding any extra premium, any rider premium and taxes.

Upon the payment of the death benefit, the policy terminates and no further benefits are payable.

In case of death of Life Assured during the policy term, the death benefit shall be equal to Sum Assured on Death plus Accrued Cash Bonuses and Guaranteed Income (if not paid earlier), plus Interim Survival Benefit (if any), plus Terminal Bonus (if declared).

The minimum Death Benefit shall be 105% of Total Premiums Paid as on date of death.

Sum Assured on Death is the highest of:

  • 10 times the Annualized Premium , or
  • Sum Assured on Maturity, or
  • Death Multiple x Annualized Premium

For details on Death Multiple, please refer Product Brochure.

Upon the payment of the death benefit, the policy terminates and no further benefits are payable.

Yes, we also offer additional benefits for the policies with Annual Premium more than or equal to Rs. 1.0 lakh. This is applicable only for Deferred Income Option. For more details, please refer “Additional Benefit for High Premium Policies” section in the Product brochure.

No, Plan option once chosen at inception cannot be changed throughout the policy term.

The plan can be applied by filing in the Short Medical Questionnaire (SMQ), which may not require you to go for medicals.

The policy will acquire a Guaranteed Surrender Value (GSV) provided at least first 2 years’ premiums have been paid

The policyholder can avail Loan under the policy provided the policy has acquired a surrender value and subject to terms and conditions as the Company may specify from time to time.  

You may be eligible for tax benefits as per prevailing tax laws under Income Tax Act, 1961.

Please note tax benefits are subject to change in tax laws.

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