HDFC Life Sanchay Par Advantage Plan

What is the HDFC Life Sanchay Par Advantage Plan?

HDFC Life Sanchay Par Advantage Plan is a life insurance plan that offers you life coverage for entire life along with building a corpus for your future needs. 

This investment plan is designed to meet your diverse financial goals, such as funding education, planning for retirement, or ensuring family well-being while offering flexibility in premium payment and policy terms.

The HDFC Life Sanchay Par Advantage Plan also includes options for regular income payouts and life cover, making it a versatile choice for long-term financial planning.

Features of HDFC Life Sanchay Par Advantage Plan:

• Survival Benefits: Get guaranteed payouts throughout the policy term. You can choose to accumulate these benefits or receive them at chosen intervals.

• Life Cover: Provides coverage throughout your life (up to age 100).

• Income Options: Choose between immediate income or deferred income to suit your needs.

Comparison Between

Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund

Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund

Guaranteed Return Plans

Returns Before Tax

7.5% ^(TAX-FREE)

Returns After Tax

7.5%

Guaranteed Returns

Yes

Life Cover

Yes

Tax on Profit

Tax Free*

Risk

No Risk

Still Better than FD’s and Debt Mutual Fund

Fixed Deposits

Returns Before Tax

7% ^(TAXABLE)

Returns After Tax

4.8%

Guaranteed Returns

Yes

Life Cover

No

Tax on Profit

Taxable

Risk

Low Risk

Debt Mutual Fund

Returns Before Tax

8% ^(TAXABLE)

Returns After Tax

5.5%

Guaranteed Returns

No

Life Cover

No

Tax on Profit

Taxable

Risk

High Risk

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*For annual premium upto ₹5 Lacs

Eligibility Criteria for HDFC Life Sanchay Par Advantage Plan

The following eligibility requirements are needed for you to buy the HDFC Life Sanchay Par Advantage Plan:

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Benefits of HDFC Life Sanchay Par Advantage Policy

HDFC Life Sanchay Par Advantage Policy offers two income options - Immediate Income and Deferred Income. Listed below are the core benefits of both:

Additional Benefits in HDFC Sanchay Par Advantage Plan:

Deferral of Survival Benefits: 

• You can opt to defer the payouts during the premium payment term. The accrued amounts will be accumulated monthly at the reverse repo rate published by RBI. This rate is reviewed monthly and adjusted based on the latest RBI rate.

Survival Benefit Payout Dates (Deferred Income Option):

• Guaranteed Income: Starts after the premium payment term ends + 1 year, provided premiums are paid and the policy is active.

• Cash Bonuses (if declared): Paid out along with guaranteed income, starting one year after the premium payment term ends.

Rider Benefits from the HDFC Life Sanchay Par Advantage Plan

Two rider options (modified from time to time) are offered to enhance one’s protection. These are:

1. HDFC Life Income Benefit on Accidental Disability Rider

   This rider provides a regular monthly income if you become totally and permanently disabled due to an accident. This income can help you manage your expenses if you are unable to work.

2. HDFC Life Critical Illness Plus Rider

   This rider pays a lump sum benefit if you are diagnosed with a critical illness covered by the rider. This money can help you cover the cost of treatment and other financial burdens.

3. HDFC Life Protect Plus Rider

   This rider provides an additional death benefit to your beneficiaries if you pass away during the policy term.

Policy Details of HDFC Life Sanchay Par Advantage Plan

The key policy details of the HDFC Life Sanchay Par Advantage Plan are mentioned below:

• Grace Period: The grace period is the leniency offered by HDFC Life to pay your premium after the due date without any penalty. The specific grace period for HDFC Life Sanchay Par Advantage Plan is 15 days for monthly premium payment frequency and 30 days for other frequencies.

• Lapse: If you fail to pay the premium within the grace period, your policy will lapse. This means the policy coverage will terminate, and you might lose some benefits.

• Surrender: You can surrender your policy before maturity. Upon surrender, you will receive a surrender value, which is a portion of the premiums paid minus any surrender charges. The surrender value will depend on the policy term and the number of premiums paid.

• Paid-up: If you face financial difficulty and can't afford to pay the full premium, you can convert your policy to a paid-up status. This reduces the sum assured and future premiums but keeps the policy in force with a reduced benefit amount.

• Revival: You can revive a lapsed policy within 5 years from the first unpaid premium by paying the due premiums along with any revival charges. This will reinstate the policy's full benefits.

How Does the HDFC Life Sanchay Par Advantage Plan Work?

The plan works in the following way for the chosen plan option: 

1. Immediate Income Option

   • You receive a Discretionary Cash Bonus every year. The payments start from the 1st policy year.

   • The bonus continues until the end of the policy term, your death, or surrender of the policy, whichever occurs first.

2. Deferred Income Option

   • Guaranteed Income payments start after the end of the Premium Paying Term plus one additional year. Payments are made annually for the Guaranteed Period.

   • You receive a Discretionary Cash Bonus every year. Payments start one year after the end of the Premium Paying Term. The bonus continues until the end of the policy term, your death, or surrender of the policy, whichever occurs first.

3. On Maturity

   • You receive the Sum Assured on maturity

   • You also get the accrued Cash Bonuses, if not already paid, accrued Guaranteed Income, if not already paid, any applicable Survival Benefit, and Terminal Bonus, if declared.

Steps to Buy this Plan Online

In order to buy HDFC Life Sanchay Par Advantage Plan, one has to follow the steps below:

• Step 1: Visit the official website and click on ‘Buy Now’.

• Step 2: Enter the details asked, like your name, Date of Birth, mobile number, and email address, and click on ‘Proceed.’

• Step 3: Select the plan variant option and go through the policy details in the following steps.

• Step 4: Finally, make the online payment, and your policy will be initiated. You will receive a confirmation email shortly. 

Suicide Exclusions of the HDFC Life Sanchay Par Advantage Plan

HDFC Life Sanchay Par Advantage reviews suggest that this plan does not have much exclusion. However, it does have a clause for suicidal death.  Suppose the insured person dies as a result of committing suicide within 12 months of the policy commencement or from the policy revival date. In that case, 80% of the premium amount shall be payable to the nominated person or the beneficiary.