Know More About HDFC Life Sanchay Par Advantage
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About HDFC Life Sanchay Par Advantage
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Plan Benefits
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Additional Benefits
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Eligibility
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Plan Details
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Sum Assured on Death
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Disclaimer
Frequently Asked Questions
You may be eligible for tax benefits as per prevailing tax laws under Income Tax Act, 1961.
Please note that tax benefits are subject to change in tax laws.
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 Premium(s) have been paid and the policy is in force.
This is applicable only for 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 (if not paid earlier), plus Interim Survival Benefit (if any), plus Terminal bonus (if declared).
The minimum Death Benefit shall be 105% of Total Premium(s) 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 Premium(s) 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.
The policy will acquire a Guaranteed Surrender Value (GSV) provided at least first 2 years’ Premium(s) have been paid.
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.
There are two plan options available under HDFC Life Sanchay Par Advantage:
a. Immediate Income: This option provides regular income by way of cash bonuses (if declared), from 1st Policy Year and provides Lump Sum at maturity.
b. 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.
Yes, the accrued Survival Benefit can be withdrawn partly/ fully at any point during the Policy Term.
No, Plan option once chosen at inception cannot be changed 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.
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.
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.
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, we also offer additional benefits for the policies with Annual Premium more than or equal to ₹ 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.
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.
The option to defer Survival Benefit payouts can be chosen any number of times.
The Premium(s) can be paid annually, half-yearly, quarterly and monthly.
The plan can be applied by filing in the Short Medical Questionnaire (SMQ), which may not require you to go for medicals.
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 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.
- Annualized Premium is the premium amount payable in a year chosen by the policyholder, excluding the taxes, Rider Premium(s), Underwriting extra premiums and loadings for modal premiums, if any.