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RESUME APPLICATION PAY PREMIUM

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How HDFC Life Sanchay Par Advantage works to your advantage?

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

Why HDFC Life Sanchay Par Advatage

  • 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.

  • 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.

Why HDFC Life Sanchay Par Advatage
  1. Applicable on choosing a policy term as (100 - age at entry) years.
  2. Applicable only to Deferred Income plan option. For more details, please refer “Additional Benefit for High Premium Policies” section in the Sales brochure.

 
  1. Applicable on choosing a policy term as (100 - age at entry) years.
  2. Applicable only to Deferred Income plan option. For more details, please refer “Additional Benefit for High Premium Policies” section in the Sales brochure.

 

Your benefits can vary based on the Plan Option

Choose between the Immediate Income and Deferred Income options.

Know the benefits offered for each of the 2 options

  • Immediate Income Option
  • Deferred Income Option

Immediate Income Option

 (Payouts at various intervals)

Heart-Icon Immediate Income Option

  • Survival Benefit: Get Cash Bonus1 (if declared) as per the survival payout frequency chosen until death or end of policy term, whichever is earlier.

  • Maturity Benefit: Get sum assured on maturity2 + accrued cash bonus (if not paid earlier) + Interim Survival Benefit (if any)3 + Terminal Bonus (if declared). On payment of the Maturity Benefit, the policy will terminate and no more benefits will be payable.

  • Death Benefit: Get sum assured on death4 + accrued cash bonus (if not paid earlier) +Interim Survival Benefit (if any)3 + Terminal Bonus (if declared). On payment of Death Benefit during the policy term, the policy will terminate and no future payouts will be payable.

  • Minimum death benefit is 105% of total premiums paid as on date of death. Upon the payment of the death benefit, the policy terminates and no further benefits are payable.

  • Disclaimer:

    1. Cash Bonus payable = Cash Bonus Rate x Annualized Premium.
      Where,
      • Terminal bonus rates and cash bonus rates, if any, will be declared at the end of valuation period (currently end of financial year) and will be paid out to the eligible policyholders during the next year on policy termination date and as per the date chosen by the policyholder during the policy tenure respectively.
      • 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.
    2. Sum Assured on Maturity is total Annualized Premium payable under the policy during the premium payment term.
    3. Interim Survival Benefit = Interim Cash Bonus Rate x Annualized Premium x Months elapsed since last Survival Benefit payout date / 12.
    4. Sum Assured on Death is the absolute amount of benefit which is guaranteed to become payable on death of the life assured. It shall be the highest of:
    • 10 times the Annualized Premium
    • Sum Assured on Maturity
    • Death Multiple x Annualized Premium

    Please refer Product Brochure for details on Guaranteed Income Rate , Cash Bonus Rate, Cash Bonus & Interim Survival Benefit

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Check Eligibility Criteria

Before buying HDFC Life Sanchay Par Advantage

ELIGIBILITY CRITERIA

Eligibility Criteria

Plan Option

Mininum

Maximum

ENTRY AGE

Immediate Income

0 years*

50 years (For PPT 5 years)

65 years (For PPT 6, 7, 8, 9, 10, 12 years)

Deferred Income

55 years (for PPT 7, 8 years)

60 years (for PPT 9, 10, 12 years)

MATURITY AGE

 

100 years (maximum)

PREMIUM PAYMENT TERM

Immediate Income – 5/6/ 7/ 8/ 9/ 10/ 12 years
Deferred Income – 7/8/9/ 10/ 12 years

POLICY TERM

Whole of Life – Till age 100 years
(100 – Age at Entry)

Additionally, the policyholder can choose a fixed policy term in the range of 20-40 years.

MINIMUM PREMIUM
  • ₹ 25,000 (Annual Frequency)
  • ₹ 12,750 (Half-Yearly Frequency)
  • ₹ 6,500 (Quarterly Frequency)
  • ₹ 2,188 (Monthly Frequency)

SUM ASSURED ON MATURITY

₹ 3,00,000

No Limit, subject to Broad 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.

Sample Illustration

To understand benefits under this plan

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. where timing of payment of survival benefit is Advance.

 

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% p.a. ₹  30,000 NA Assumed Investment Return At assumed rate of 8% p.a. ₹ 1,67,34,000
At assumed rate of 4% p.a. ₹ 14,500 NA At assumed rate of 4% p.a. ₹ 18,31,000
Deferred Income~ ₹ 8,00,000 At assumed rate of 8% p.a. ₹ 42,600* ₹ 28,400 At assumed rate of 8% p.a. ₹ 61,60,000
At assumed rate of 4% p.a. ₹ 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

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

** Maturity Benefit comprises Sum Assured on Maturity (₹  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.

Customise your cover with these riders

Riders in insurance have an important part in contingency planning. Top up your Saving Plan with them.
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    HDFC Life Income Benefit on Accidental Disability Rider- Non Linked

    UIN: 101B041V01

    Get additional income benefits over and above your Sum Assured in the event of total permanent disability due to an accident.

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    HDFC Life Protect Plus Rider – Non Linked

    UIN: 101B040V01

    Get protected with a proportion of Rider Sum Assured in case of accidental death or partial/total disability due to accident or diagnosed with Cancer.

    DOWNLOAD
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    HDFC Life Health Plus Rider - Non Linked

    UIN: 101B031V02

    Get lump sum benefit equivalent to Rider Sum Assured on diagnosis of any of the covered 60 Critical Illnesses or benefit as a proportionate of the Rider Sum Assured on diagnosis of Early Stage Cancer / Major Cancer depending on the plan option chosen.

    DOWNLOAD
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    HDFC Life Waiver of Premium Rider – Non Linked

    UIN: 101B032V02

    Get Waiver of Premium for the base policy premium and premiums of any other additional riders, in case of death, disability or diagnosis of any listed critical illnesses of the Rider Life Assured. Enjoy continued policy benefits even in case of life's eventualities.

    DOWNLOAD
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The values shown here are only for illustration. The results are generated based on the information provided. It is not intended to be and must not alone be taken as the basis for an investment decision.

Frequently Asked Questions

We’ll tell you everything you need to know about HDFC Life Sanchay Par Advantage

1 What are the Plan Options available under HDFC Life Sanchay Par Advantage?

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), as per the survival payout frequency selected 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.

2 How does Cash Bonus work?

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.

3 What is Guaranteed 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.

4 What is Guarantee Period?

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.

5 What is the premium frequency available under policy?

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

6 What is the Survival Benefit payout frequency available under policy?

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

7 What is the Survival Benefit under Immediate Income option?

The policyholder would be eligible to receive Cash Bonus (if declared) as per the survival payout frequency selected 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.

  1. 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.

8 What is the Survival Benefit under Deferred Income option?

The policyholder will start receiving Guaranteed Income plus discretionary Cash Bonuses (if declared) as per survival payout frequency.

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.

9 Can the Survival Benefit be deferred?

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.

10 Can the accrued Survival Benefit be withdrawn?

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

11 How many times can the Survival Benefit be deferred?

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

12 What is the Maturity Benefit under 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.

13 What is the Maturity Benefit under 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.

14 What is the Death Benefit under 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 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.

15 What is the Death Benefit under 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.

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

16 Is there any benefit for High Premium Policies?

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.

17 Can I change the Plan Option once chosen?

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

18 Can the plan be offered under limited underwriting?

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

19 When does the plan acquire Guaranteed Surrender value?

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

 

20 Do I have option to avail loan under the policy?

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.

21 Is there any tax benefit available under this plan?

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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Disclaimer

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

2. Guaranteed Income is payable for a fixed period and starts after Premium Payment Term + 1 years, provided all due premiums have been paid and the policy is in force.

3. As per Income Tax  Act, 1961.  Tax benefits are subject to changes in tax laws.

ARN: PP/09/24/15746