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All you need to know

Features

A Non-Linked, Participating, Life Insurance Plan that customizes your savings plan to match your expenses and financial needs.

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 “Sanchay Par Advantage special”, 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
  • 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 of Sanchay Par Advantage (Special)

  • Whole life cover + life long cover1 option

  • Immediate income option for your various needs

  • Enjoy enhanced benefits for policies with Annual Premium of ₹ 1 lakh and above2

  • Accumulate survival benefits

  • Choose Payout Period based on your various milestones and financial goals.

1Applicable on choosing a policy term as (100-age as entry) years

2Applicable only to Deferred income plan option

 

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 period, 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 in Detail.

  • A. Immediate Income option

Note- 4% p.a. and 8% p.a. are only assumed investment returns and are not guaranteed.

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.

  • Survival Benefits.

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 (if declared) would be expressed as:

Cash Bonus payable = Cash Bonus Rate X Annualized Premium

  • Maturity Benefits. For a Policy where all due premiums have been paid, the maturity benefits payable at the end of policy term is defined as:

1. Sum Assured on Maturity plus

2. Accrued Cash Bonuses, if not paid earlier plus

3. Interim Survival benefits, if any plus

4. Terminal Bonus, (if declared)

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

  • Death Benefits.

On the death of the life assured during the policy term, provided all due premiums are paid, death benefit equal to the following shall be payable as lump sum to the nominee:

• Sum Assured on Death plus

• Accrued Cash Bonuses, if not paid earlier plus

. Interim Survival benefits (if any) plus

• Terminal Bonus (if declared)

  • B. Deferred Income option.

Note- 4% p.a. and 8% p.a. are only assumed investment returns and are not guaranteed.

  • Survival benefits.

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 is expressed as Cash Bonus Rate x Annualized Premium

Guaranteed* Income: Guaranteed Income is expressed as Guaranteed Income Rate Annualized Premium.

Guaranteed* Income Rate: 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.

  • Maturity Benefits. For a Policy where all due premiums have been paid, the maturity benefits payable at the end of policy term is defined as:

1. Sum Assured on Maturity plus

2. Accrued Cash Bonuses, if not paid earlier plus

3. Interim Survival benefits, if any plus

4. Terminal Bonus, (if declared)

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

  • Death Benefits.

On the death of the life assured during the policy term, provided all due premiums are paid, death benefit equal to the following shall be payable as lump sum to the nominee:

• Sum Assured on Death plus

• Accrued Cash Bonuses, if not paid earlier plus

• Interim Survival benefits (if any) plus

• Terminal Bonus (if declared)

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FAQs

The Premium(s) can be paid annually, half-yearly, quarterly and monthly.

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.

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.

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

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 year.
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) 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

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 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.

 

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

 

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 Premium(s) have been paid and the policy is in force.
This is applicable only for Deferred Income Option

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 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

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.

There are two plan options available under 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.

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.

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

Disclaimer

*Provided all due premiums are paid & the policy is in force
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 Insurance Company Limited (“HDFC Life”). CIN: L65110MH2000PLC128245. IRDAI Registration No. 101. Registered Office: 13th Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai - 400 011. Email: service@hdfclife.com, Help line: 1860-267-9999 (Local charges apply ) |.022-68446530 (STD charges apply) Available Mon-Sat 10 am to 7 pm IST . DO NOT prefix any country code e.g. +91 or 00. | Website: www.hdfclife.com.
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 Sanchay Par Advantage (101N136V03) is a non-participating, non-linked savings insurance plan. This version of the product information invalidates all previous printed versions for this particular plan. This Product circular 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/12/22/30999.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.
Public receiving such phone calls are requested to lodge a police complaint.

​​​​​​​“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."

Terms and Conditions

  • Suicide. In case of death of the Life Assured due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force.
  • Tax Benefits. Tax benefits may be available under this plan. Premiums paid by an Individual or HUF under this plan and the benefits received from the policy may be eligible for tax benefits as per the applicable sections of the income tax Act,1961, as amended from time to time.
  • You are requested to consult your tax advisor for advice on tax benefits.
  • Free Look Period: You have a period of 15 days (30 days if the Policy is sourced through Distance Marketing.
  • Alterations: Change in Premium Payment Frequency is allowed.
  • Anunder writing extra premium may be charged in case of Sub-standard lives and Smokers as per our prevalent Underwriting policy.
  • Policy Loan: Once your policy has acquired the surrender value, you may avail of a policy loan subject to the following. The loan amount will be subject to a maximum 80% of the surrender value of your policy.
  • Taxes:
  • Indirect Taxes:
    Taxes and levies as applicable shall be levied. Any taxes, statutory levy becoming applicable in future may become payable by you by any method including by levy of an additional monetary amount in addition to premium and or charges.
  • Direct Taxes:
    Tax will be deducted at the applicable rate from the payments made under the policy, as per the provisions of the Income Tax Act, 1961, as amended from time to time.
     
  • Risk factor
  • Sanchay PAR advantage Plan is a Non-Linked, participating Life Insurance Product.
  • After your retirement or in case of an unfortunate demise. A Life Insurance plan offers financial protection against such unforeseen events.
  • The purpose of this description is to provide a general overview about this policy. The information herein is indicative of the terms, conditions, warranties and exceptions contained in the policy terms and conditions of Sanchay Par advantage. Please refer to the policy terms and conditions to understand in detail the associated risks, benefits, etc.
  • In the event of any inconsistency/ambiguity between the terms contained herein and the policy terms and conditions, the policy terms and conditions will prevail.