As a person approaches different stages of their life, one sets various goals for themselves and their loved ones. With the rising uncertainties of life, it is indispensable for generating a flow of income which will take care of all living expenses even after their retirement or unfortunate event of death. The right life insurance plan will offer financial security against such unpredicted events.
HDFC Life Sanchay Par Advantage Plan is a life insurance plan that offers coverage for entire life. The policy provides an all-round solution for generating a regular and consistent flow of income and building a corpus. It also secures the policyholder’s future without making any compromises.
|Policy Tenure||100 minus age during entry OR Fixed policy tenure for 30 -40 years can be chosen|
|Premium Paying Term||
|Premium Paying Mode||Monthly, half-yearly, quarterly, and annually|
|Entry Age||Minimum: 0 years (30 days) Maximum:
|Maturity Age||100 years (max)|
|Grace Period||30 days (15 days for monthly frequency)|
|Sum Assured||Minimum: Rs.3,00,000 Maximum: No limit, subject to underwriting guidelines|
|Liquidity||Loans are available once the plan acquires a surrender value|
Listed below are the core benefits HDFC Life Sanchay Par Advantage Policy offers:
Maturity Benefit- The maturity benefit is paid once the policy is matured after the policy term, and all the due policy premiums have been paid in full. This benefit will be equal to the Maturity Sum Assured plus accumulated Cash Bonuses (if it is not paid earlier), plus the interim Survival Benefit (if applicable), plus Terminal Bonus (if stated). It will depend on the type of income option.
Death Benefit- In a case of death of the insured person in the policy term, the death benefit is given to the nominee /beneficiary. The benefit amount shall be equal to the addition of the followings:
The minimum amount of Death Benefit will be 105% of the total amount of paid premiums up to the date of death. The policy thereafter will get terminated, and no other benefits shall be provided in the future.
Loan Benefit- The policyholder can avail of a loan once the policy has acquired a surrender value. The loan amount offered shall be subject to a maximum of 80% of the policy’s surrender value. The rate of interest on the loan shall be of 9.5% p.a.
*T & C Apply
Surrender Benefit- HDFC Life Sanchay Par Advantage Plan comes with an option for surrender benefit. This insurance plan can be surrendered only the first two-year’s premiums are paid in full, irrespective of the policy paying term.
Tax Benefit- All the paid premiums and the benefits received under HDFC Life Sanchay Par Advantage Plan can avail of tax exemption as per the Income Tax Act, 1961.
* Tax benefit is subject to changes in tax laws
HDFC Life Sanchay Par Advantage premium paying terms for the Immediate Income variant are 6, 8, 10, and 12 years. For the Deferred Income variant, it is 8, 10, and 12 years.
The minimum premium amounts are:
You can visit the official website of HDFC Life Insurance and get free premium quotes by using the HDFC Life Sanchay Par Advantage calculator online.
Two rider options (modified from time to time) are offered for enhancing one’s protection. These are:
These documents are needed for buying HDFC Life Sanchay Par Advantage policy:
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 get initiated. You will receive a confirmation email shortly.
HDFC Life Sanchay Par Advantage reviews suggest that this plan does not have much exclusion. However, it does have a clause for suicidal death. If the insured person dies as a result of committing suicide within 12 months of the policy commencement or from the policy revival date, 80% of the premium amount shall be payable to the nominated person or the beneficiary.