HDFC Life Sanchay Par Advantage Plan

HDFC Life Sanchay Par Advantage Plan is a non-linked, participating life insurance plan offered by HDFC Life. This investment option offers you both financial protection and wealth creation. HDFC Sanchay Par Advantage Plan provides guaranteed benefits along with the potential for bonuses, ensuring financial security and growth.

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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
awards
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:

Parameters Details
Policy Tenure (PT) -100 minus Entry Age; OR
-Choose a fixed PT of 20 - 40 years.
Premium Paying Term (PPT)
  • Immediate Income – 5/ 6/ 7/ 8/ 9/ 10/ 12 years
  • Deferred Income – 7/ 8/ 9/ 10/ 12 years
Premium Paying Mode Monthly, half-yearly, quarterly, and annually
Entry Age Immediate Income  Deferred Income
-5 Years PPT: 30 days – 50 years;
-6/ 7/ 8/ 9/ 10/ 12 Years PPT: 30 days to 65 years
-7/ 8 Years PPT: 30 days to 55 years;
-9/ 10/ 12 PPT: 30 days to 60 years.
Maturity Age 100 years (max)
Sum Assured
  • Minimum: Rs. 3,00,000 
  • Maximum: No limit (subject to Board approved underwriting guidelines)
Liquidity  Loans are available once the plan acquires a surrender value

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:

Feature Immediate Income Option Deferred Income Option
Survival Benefit - Receive Cash Bonus (if declared) at the end of each policy year from the 1st year until death or policy term-end.
- Cash Bonus = Cash Bonus Rate x Annualized Premium.
- Receive Guaranteed Income plus discretionary Cash Bonuses (if declared) one year after the end of the Premium Payment Term.
- Cash Bonus = Cash Bonus Rate x Annualized Premium.
- Guaranteed Income = Guaranteed Income Rate x Annualized Premium.
Maturity Benefit -Maturity benefit is provided as Sum Assured on Maturity + accrued Cash Bonuses (if not paid earlier) + interim Survival Benefit (if any) + Terminal Bonus (if declared).
- Sum Assured on Maturity = total Annualized Premium payable during the premium payment term.
-Maturity benefit is provided as Sum Assured on Maturity + accrued Guaranteed Income and Cash Bonuses (if not paid earlier) + interim Survival Benefit (if any) + Terminal Bonus (if declared).
- Sum Assured on Maturity = total Annualized Premium payable during the premium payment term.
Death Benefit - In case of death during the policy term, the benefit is Sum Assured on Death + Accrued Cash Bonuses (if not paid earlier) + Interim Survival Benefit (if any) + Terminal Bonus (if declared).
- Minimum Death Benefit = 105% of Total Premiums Paid as on date of death.
- Total Premiums Paid excludes extra premiums, rider premiums, and taxes.
- In case of death during the policy term, the benefit is Sum Assured on Death + Accrued Cash Bonuses (if not paid earlier) + Interim Survival Benefit (if any) + Terminal Bonus (if declared).
- Minimum Death Benefit = 105% of Total Premiums Paid as on date of death.
- Total Premiums Paid excludes extra premiums, rider premiums, and taxes.

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.

Frequently Asked Questions

  • Is HDFC Life Sanchay Par Advantage good or bad?

    Whether the HDFC Life Sanchay Par Advantage Plan is good or bad depends on your financial goals and needs. This monthly income plan is suitable for individuals looking for a balance of protection and returns. However, it might not be the best fit for those seeking high returns solely, as traditional insurance plans typically offer moderate returns compared to pure investment products. The decision should be based on your financial goals, risk appetite, and investment horizon.
  • What is the rate of interest for Sanchay Par?

    Sanchay Par Advantage doesn't offer a fixed interest rate. It offers a guaranteed income benefit and cash bonuses (declared interest), which can vary.
  • Can I cancel HDFC Life Sanchay Par Advantage after 1 year?

    You can cancel (surrender) the policy after 1 year, but you will receive less than the premiums paid.
  • Is HDFC Life better than LIC?

    Both HDFC Life and LIC are reputable insurers. Let us have a look at a quick comparison:
    • HDFC Life: May offer more modern plans with market-linked returns.

    • LIC: Established brand with a wider branch network, known for traditional plans.

    Consider factors like product features, claim settlement ratio, and your comfort level with the company before deciding.

  • Which is better, PPF or HDFC Sanchay Par Advantage?

    • PPF: Government-backed scheme, tax-exempt returns, long lock-in period (15 years).

    • HDFC Sanchay Par Advantage Plan: Guaranteed income, life cover, shorter policy terms, taxable returns.

    Choose PPF for long-term tax savings with guaranteed returns. Choose Sanchay Par Advantage Plan for guaranteed income and life cover with some flexibility.

  • What is the working process of the Cash Bonus?

    Cash bonus is a bonus that is provided at the ending of every financial year and paid every year based on the chosen premium-paying mode rather than at the claim filing time. This becomes a consistent flow of income.
  • What is the available Survival Benefit payout basis under this policy available?

    The Survival Benefit shall be payable on a monthly, quarterly, half-yearly, or annual basis.
  • What is the Survival Benefit for Immediate Income variant under this policy?

    The insured person shall be eligible for receiving a cash bonus (if declared earlier) at the ending of every policy year. This will be paid from the first policy year until the end of the policy term or the policyholder’s death, whichever is earlier.
  • Can I change the frequency for premium payment?

    Yes, HDFC Life Sanchay Par Advantage Plan offers you the flexibility of changing the premium payment frequency.
  • Can anyone defer the Survival Benefit?

    Yes, one is allowed to get a deferred Survival Benefit. The accumulated Survival Benefit amount will be collected every month at a Reverse Repo rate and that rate shall be reviewed at the starting of every month.
  • Can the policyholder withdraw the accrued Survival Benefit?

    Yes, the policyholder is allowed to withdraw the accrued Survival Benefit partially or fully at any time throughout the whole policy term.
  • Can I cancel the policy if I am not satisfied with the policy?

    In a case where you are not satisfied with the policy, have the option of cancelling and returning the insurance policy to the insurer declaring the reasons. The free-look period in such a case shall be 15 days (30 days for distance marketing).

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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