| Plan Parameters | Minimum | Maximum |
|---|---|---|
| Age at Entry (years) | 0 years (30 days)^ | Immediate Income - 65 55 years (for PPT 8 years) years) 60 years (for PPT 10, 12 |
| Age at Maturity (years) | 100 years (maximum) | |
| Premium Payment Term (years) | Immediate Income - 6, 8, 10, 12 years Deferred Income - 8, 10, 12 years |
|
| Policy Term (years) | 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) | |
All you need to know
Features
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 that takes care of these expenses, more so after your retirement or in case of an 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
Features:
- Life cover with protection up to age 100 years
- Choose between Immediate Income or Deferred Income options as per your needs
- Flexibility to accrue* the survival benefit payouts
- Flexibility to choose survival benefit payout date
- Enhanced benefit for policies with Annual Premium more than or equal to INR 100,0001
- Tax benefits** – You may be eligible for tax benefits as per prevailing tax laws
* You have an option to defer the Survival Benefit(s), arising out of declared Cash Bonuses and/ or Guaranteed Income and accrue them instead. The accrued payouts will be accumulated monthly at Reverse Repo Rate published by RBI and will be reviewed at the beginning of every month.
**As per Income Tax, 1961. Tax benefits are subject to changes in tax laws.
Applicable only to Deferred Income plan option. For more details, please refer “Additional Benefit for High Premium Policies” section in the Sales brochure.
Plan Variants:
Immediate Income option – 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.
Deferred Income option – 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.
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:
1. Survival Benefit:
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 Rate x Annualized Premium
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 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 Ratit:
2. Maturity Benefit:
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
Death 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.
Total Premiums Paid is the total of all the premiums received, excluding any extra premium, any rider premium and taxes.
Eligibility:
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 Cash Bonus^ (Assumed Investment Return) |
Guaranteed Income# | Maturity Benefit** (Assumed Investment Return) |
||
|---|---|---|---|---|---|---|
| Immediate | 8,00,000 | at 8% | 30,000 | NA | @ 8% p.a. | 1,67,34,000 |
| Income | at 4% | 14,500 | NA | @ 4% p.a. | 18,31,000 | |
| Deferred | 8,00,000 | at 8% | 42,600* | 28,400 | @ 8% p.a. | 61,60,000 |
| Income~ | at 4% | 1,100* | @ 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.
** 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.
Frequently Asked Questions
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.
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.
Disclaimer
- HDFC Bank Limited (IRDAI Registration No: CA0010) is the Corporate Agent of HDFC Life Insurance Company Limited and does not underwrite the risk or act as an insurer. HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013. Participation by the Bank’s clients in the Insurance products is purely on a voluntary basis. The contract of Insurance is between HDFC Life and the Insured and not between HDFC Bank and the Insured.This policy is underwritten by HDFC Life Insurance Company. Registered Office: 13th Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai - 400 011. The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited.HDFC Life YoungStar Udaan (101N099V04) is a Non-Linked, Participating, Life Insurance Plan. Life Insurance Coverage is available in this product. This version of the Product brochure invalidates all previous printed versions for this particular plan. This Product brochure is indicative of the terms, warranties, conditions and exclusions contained in the insurance policy. Please know the associated risk and applicable charges from your insurance agent or the intermediary or policy document of the insurer. ARN: PP/07/20/19873
- “As per recent changes in section 10(10D) of Income Tax Act, where the amount of aggregate annual premium payable in the financial year in case of Traditional plans (all non-unit linked plans except Annuity, Pension and Pure Risk Plans) issued on or after 1st April 2023 exceeding INR 5,00,000 the benefits of the policy/policies shall not be eligible for exemption under section 10(10D) except in case of death”. The customer is requested to seek advice of a tax advisor with respect to his/her personal tax liabilities under the Indian Income-tax law."