Quote Form

Our representative will call you within few minutes
Investment Plans 26847 views April 8, 2020
HDFC Life Sanchay Par Advantage Plan is a non-linked life insurance policy with participation benefits. It ensures lifelong regular income to the policyholder along with the flexibility of payout option and cover for a whole life. It also offers the flexibility to accrue the payouts of survival benefits. The option of deferred income is also offered along with guaranteed benefits. Tax benefits are also available under this plan under the prescribed sections of the Income Tax Act, 1961. Sanchay Par Advantage plan provides an option to receive cover for the entire life of the insured (till 100 years of age). It helps build a huge corpus for achieving the goals that you have planned and secure your family’s future without any compromises.
Table of Contents
The key features offered by HDFC Sanchay Par Advantage plan are as follows:
The eligibility conditions required to purchase the HDFC Life Sanchay Par Advantage are stated as follows:
Parameters | Minimum | Maximum |
---|---|---|
Entry age | Immediate Income option- 0 years ( 30days) Deferred Income Option- 0 years ( 30 days) | Immediate Income Option- 65 years Deferred Income Option- 55 years ( for PPT 8 years) 60 years ( for PPT 10, 12 years) |
Age at Maturity | 100 years | |
Term of Premium Payment | Immediate Income Option- 6 years, 8 years, 10 years and 12 years Deferred Income Option- 8 years, 10 years and 12 years |
|
Sum assured on Maturity | Rs 3,00,000 | No Limit |
Policy Term | 100 years minus the age at entry A fixed term of 30 years – 40 years can be selected |
|
Premium Amount | Annually- Rs 25,000 Half Yearly- Rs 12,750 Quarterly- Rs 6,500 Monthly- Rs 2,188 | No Limit |
The benefits offered by Sanchay Par Advantage plan of HDFC Life Insurance are as follows:
It offers two options of income – Immediate Income and Deferred Income.
Policyholders at any time during the term of the plan can defer the survival benefit that arises to him/her out of the declared cash bonuses or guaranteed income. They can accrue the benefit and receive it in a lump sum at a later stage. The policyholder also has the option to opt-in or opt-out of this facility during the policy term.
Additional benefit up to 1.2 % of the annualized premium is offered for those policies that have annualized premium of more than INR 1 Lakh.
A 30-day grace period is allowed to the policyholders to pay all the due amount of premiums to ensure that the policy does not lapse. For a monthly premium payment option, a 15-day grace period is allowed.
A period of 15 days is allowed from the date of inception of the policy within which the policyholder, if not satisfied with the plan, can return it to the insurance company. The premiums paid are refunded subject to certain deductions as may be provided.
HDFC Life Sanchay Par Advantage premiums are based on the payment frequency – monthly, quarterly, half-yearly and yearly- chosen by us. Check the minimum premium payable across each of the frequencies and choose the one you feel comfortable with.
Premium Frequency | Minimum Premium Amount (In INR) |
---|---|
Monthly | 2,188 |
Quarterly | 6,500 |
Half-yearly | 12,750 |
Yearly | 25,000 |
The non-payment of the premium even during the grace period could lead to a policy lapse or make it attain the paid-up status. In case the policy has not acquired a surrender value, the non-payment would result in a lapsed policy, bringing an end to all the benefits. In case of surrender value, the policy will attain the paid-up status, resulting in reduced death and maturity benefits.
In such a case, guaranteed benefits, as specified in the policy, will multiply with the ratio of the number of premiums paid to the number of premiums payable to calculate the guaranteed benefits, including the guaranteed income under the Deferred Income Option.
Under Immediate Income Option, cash bonus payment will stop immediately till the end of the premium payment term once the policy attains a reduced paid-up status. The payment will begin after the end of the premium payment term only. However, the payment will come down by the ratio of the number of premiums paid to the number of premiums payable under the policy. You can calculate the same using the below formula
Cash bonus rate x annualized premium x (Number of premiums paid/number of premiums payable)
Note – The policy acquires a surrender value if you pay the premium of the first two years as told above.
Surrendering the HDFC Life Sanchay Par Advantage Plan will have a guaranteed surrender value in case the first two years’ premium is paid, irrespective of the premium paying term. But the question remains – how much will that be? Well, the higher of Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV) is payable to you. In addition, survival benefits, if not paid earlier, and interim survival benefit.
GSV = Max (Applicable GSV Factor x Total Premiums Paid – Survival Benefits Applicable Till Date, O)
SSV = Max (Applicable SSV Factor x Total Premiums Paid – Survival Benefits Applicable Till Date, O) + Terminal Bonus, if Declared by the insurance company
Yes, you can revive a lapsed or paid-up plan subject to fulfilling the terms and conditions specified by HDFC Life Insurance from time to time. The revival will require the payment of all the outstanding premiums along with the interest on the same, taxes and levies as may be the case. The interest rate, which currently stands at 9.5% per annum, can change from time to time. Please note that the revival can be allowed within five years of the due date of the first unpaid premium and before the completion of the policy term. All the contractual benefits of the policy will come back once you revive your policy.
Conclusion
HDFC Life Sanchay Par Advantage is an ideal insurance plan for those who are looking for wider coverage and benefits along with participation in the bonuses declared by the insurance company. This plan helps the policyholder accumulate a corpus for their family’s future. The rider options enhance its benefits and provide wider assurance and coverage. You can choose to add them as per your needs. With whole life cover, survival benefits and guaranteed income, Sanchay Par Advantage plan of HDFC Life Insurance is worth buying!