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Articles December 26, 2020
At different stages of life, people can face different uncertainties of which death is something that can hurt your family in case you are not around. To prevent financial losses during such adversities, individuals choose a Life Insurance Plan that can help their dependents financially in their absence. Several life insurance policies also help individuals secure a source of income for various milestones in their life and at the time of retirement along with protection of life. Two such popular plans are HDFC Life Click 2 Wealth and HDFC Life Sanchay Par Advantage Comparison plan that can ensure the same.
If you are someone who is looking for a life insurance plan that can also help you achieve your goals in a planned manner, one of these two plans from HDFC Life can be apt for you. In this article, we are making a thorough comparison of HDFC Life Click 2 Wealth and HDFC Life Sanchay Par Advantage Comparison so that you can understand better. So, keep reading!
Table of Contents
Before comparing both plans from HDFC Life, you should have a basic understanding. HDFC Life Click 2 Wealth is a Unit-linked Life Insurance Plan (ULIP) with which policyholders can get market-linked returns along with protection for their families. On the other hand, as the name suggests, HDFC Life Sanchay Par Advantage Comparison Plan is a participating life insurance plan that gives an option to policyholders to avail cover until the age of 100 years.
We will be comparing both these life insurance plans from HDFC Life, which is one of the leading life insurers of India, on several factors such as Policy Term, Plan Options, Premium Amount, Premium Payment Term, Benefits, etc. Let’s compare them on their plan options first!
Every individual wants to have multiple options when choosing something. HDFC Life understands its customers’ needs perfectly, and that’s why both Life Insurance Policies come with several plan options. When we talk about HDFC Life Click 2 Wealth Life Insurance Plan, policyholders can choose from three options to maximize their benefits — Invest Plus Option, Premium Waiver Option and Golden Years Benefit Option.
On the other hand, HDFC Life Sanchay Par Advantage Comparison offers a total of two plan options – Immediate Income and Deferred Income. A policyholder can choose between any of these plans according to his or her convenience and future goals.
One of the common questions that individuals ask is — “For how long will a policy cover?” Well, this is known as the Policy Term. In the case of the HDFC Life Click 2 Wealth Plan, the policy term varies according to the chosen plan option. For Invest Plus Option and Premium Waiver Option, the policy term can range from 10 to 40 years. However, for the Golden Years benefit option, this term will be 99 minus the age of an individual at the time of entry.
For the HDFC Life Sanchay Par Advantage Plan, you can choose from two policy term options of 100 minus the Age of Individual at Entry or A Fixed Policy Term that ranges from 30 to 40 years.
Similar to the Policy term, the premium payment term can also vary according to the plan option chosen at the time of entering into the policy. If you are choosing the Invest Plus Option of HDFC Life Click 2 Wealth Plan, there are three premium payment options of Single Pay, Limited Payment ( 5, 7, and 10 years), and Regular Payment Options ( 10 to 40 years). However, if you are choosing the Premium Waiver Option, you will get the same payment option except for the Single Payment option. For the Golden Years Benefit option, you will get a Limited Pay Option ranging from 10 years to 70 minus the Age at Entry.
In the case of the HDFC Life Sanchay Par Advantage Plan, the premium payment term will differ according to the chosen plan option. For Immediate Income Option, this can be 6, 8, 10 or 12 years while for Deferred Income Option, this can be 8, 10 or 12 years.
One of the most crucial factors while choosing a Life Insurance Plan is the Sum Assured provided by the plan. We are showing a sum assured amount for both HDFC Life Click 2 Wealth and HDFC Life Sanchay Par Advantage Plan below. Please check!
For HDFC Life Click 2 Wealth Plan, the minimum premium amount will depend on the premium payment frequency option. For the Monthly Option, it can be as low as INR 1,000. If you are making a single payment, the minimum premium amount will be INR 24,000. For HDFC Life Sanchay Par Advantage Plan, the minimum premium amount can be INR 25,000 for the Annual Option.
To choose HDFC Life Click 2 Wealth Plan, the age at entry can be an important factor. For all the Plan Options, the minimum age of Life Assured can range from 30 days to 60 years. In the Premium Waiver option, the proposer’s age can be 18 years to 65 years.
For HDFC Life Sanchay Par Advantage Plan, the minimum age at entry for an individual can be 30 days, while the maximum entry age can be 65 years for the Immediate Income Option. The maximum age for the Deferred Income can be 55 years or 60 years based on the premium payment term.
Both HDFC Life Click 2 Wealth and HDFC Life Sanchay Par Advantage Insurance Plan give you an option to choose from two rider options that can enhance your protection. We are showing these Rider Options below.
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