HDFC Life Sanchay Par Advantage

life insurance
Protect your loved ones against death, disability and Illness
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HDFC Life Sanchay Par Advantage is a savings plan which provides regular income along with life cover till the age of  100 to secure the future for you and your family. The plan offers 2 benefit payout options namely Immediate Income and Deferred Income. The Income Option provides you a regular income throughout the policy term along with a lump sum on maturity, whereas the Deferred Income option offers you a guaranteed income for a fixed period of time in addition to the regular income and lump sum payment on maturity.

One of the unique features of this plan is its Survival Benefit which is payable on policy anniversaries by default, however, you can choose to defer the survival benefit payment and receive it anytime during the policy term. Moreover, the plan offers 2 optional rider benefits namely Accidental Disability Rider and Critical Illness Plus Rider (covering 19 terminal illnesses) to keep you guarded in case of any unfortunate event. 

Best Features of HDFC Life Sanchay Par Advantage 

Following are the key features of the HDFC Life Sanchay Par Advantage plan - 

  1. Benefit Payout Options- You can choose to receive the plan benefits in the form of either of the 2 options namely Immediate Income and Deferred Income.
  2. Whole Life Cover- Under both plan options, you can choose to get life protection up to the age of 100 years.
  3. Regular Income- The regular income benefit under both the benefit payout options is payable by way of cash bonus, if declared, from the first policy year till the end of the term. 
  4. Bonus- In addition to the cash bonus and interim cash bonus, the plan pays out a terminal cash bonus on the plan maturity or on the death of the life assured or if the policy is surrendered based on the terminal bonus rates declared by HDFC Life Insurance.
  5. Additional Benefit-  Under Deferred Income plan option, an additional benefit equivalent to 0.4%-1.2% of the annualised premium is paid for the policies with premium of INR 1 Lakh or more.
  6. Policy Loan- If the plan has acquired the surrender value, you can avail a policy loan of up to 80% of the surrender value of your policy with an interest of 9.5% p.a.
  7. Rider Options- There are 2 optional riders available with HDFC Life Income Benefit plan, Accidental Disability Rider and Critical Illness Plus Rider.
  8. Policy Revival - A lapsed or paid-up policy can be revived within 5 years starting from the date of the first unpaid premium.

Benefits of HDFC Life Sanchay Par Advantage

Following benefits are available to the policyholders of HDFC Life Sanchay Par Advantage plan - 

  1. Death Benefit

In case of untimely demise of the life assured, the highest of the following is payable in lump sum as the death benefit to the nominee - 

  1. 10 times of the annualised premium 
  2. Sum assured on maturity 
  3. Death multiple x annualised premium 

In addition to the above benefit, accrued cash bonuses, interim survival benefit, and terminal bonus are also payable to the nominee. The calculation of the interim survival benefit for the 2 payout options is as follows - 

For Immediate Income Option: Interim Survival Benefit =  Interim Cash Bonus Rate x Annualised Premium x Months elapsed since last Survival Benefit payout date / 12

For Deferred Income Option: Interim Survival Benefit =  (Interim Cash Bonus Rate x Annualised Premium + Guaranteed Income) x Months elapsed since last Survival Benefit payout date / 12

The death benefit is subject to a minimum of 105% of the total premiums paid till the date of the death.

  1. Maturity Benefit

In case the life assured survives till the end of the life insurance policy term, a maturity benefit is payable on the basis of the benefit payout option chosen:

  1. Immediate Income Option

The following is paid to the life assured as the maturity benefit at the end of the policy term:

  • Sum assured on maturity plus 
  • Accrued cash bonuses plus 
  • Interim survival benefit plus
  • Terminal bonus
  1. Deferred Income Option

Under this option, the aggregate of the following is payable as the maturity benefit to the life assured - 

  • Sum assured on maturity plus 
  • Accrued guaranteed income and cash bonuses plus
  • Interim survival benefit plus 
  • Terminal bonus

The policy stands terminated after the payment of the maturity benefit.

  1. Survival Benefit

In case the life assured survive the entire policy tenure, the following payable as the Survival Benefit - 

  1. Immediate Income Option

The life assured is entitled to receive a cash bonus at the end of every policy year starting from the 1st policy year till life assured’s demise or maturity of the policy term. 

Cash Bonus = Cash Bonus Rate x Annualised Premium.

  1. Deferred Income Option

Under this option, the survival benefit is payable as guaranteed income plus cash bonuses in arrears 1 after the end of Premium Payment Term. 

 Guaranteed Income = Guaranteed Income Rate x Annualised Premium

Guaranteed Income Rate (as a % of Annualised Premium)

Age at Entry

Premium Payment Term (PPT)

 


 

                     8                                          10                                            12

Up to 25 years

28%

40%

50.8%

26 to 35 years

28%

40%

50%

36 to 40 years

28%

40%

50%

41 to 45 years

28%

40%

50%

46 to 50 years

28%

40%

50%

51 to 55 years

27.6%

40%

50%

56 years and above

-

40%

50%

HDFC Life Sanchay Par Advantage Eligibility 

HDFC Life Sanchay Par Advantage comes with the following eligibility conditions -

Eligibility Criteria

Immediate Income Option

Deferred Income Option

Minimum Age at Entry

30 days 

Maximum Age at Entry

65 years

  • For PPT 8 years- 55 years
  •  For PPT 10, 12 years- 60 years 

Age at Maturity

100 years (maximum)

Premium Paying Term (PPT)

6, 8, 10, 12 years

8, 10, 12 years

Policy Term

100 minus age at entry or a fixed term of 30-40 years

Minimum Sum Assured

INR 3 Lakh

Maximum Sum Assured

No limit, subject to underwriting 

Minimum Premium Instalment 

Yearly- INR 25,000

Half-Yearly- INR 12,750

 Quarterly- INR 6,500

 Monthly- INR 2,188

HDFC Life Sanchay Par Advantage Review

HDFC Life Sanchay Plus is a savings plan which offers you 2 benefit payout options namely Immediate Income and Deferred Income along with a life cover till the age of 100 years. Under both the options, the plan helps you to maintain a regular stream of income throughout the policy term. Moreover, there are 3 kinds of benefits available under this plan namely Death Benefit, Maturity Benefit, and Survival Benefit.

Terminal Bonus and Additional Benefit (available under Deferred Income Option) are 2 of the noteworthy features of this plan which help it stand out among its peers. You can enhance the coverage of the plan with its 2 optional rider benefits which aim at providing financial aid in case of accidents and diagnosis of as many as 19 critical illnesses. The plan also offers a loan facility to cover your debts. HDFC Life Sanchay Par Advantage can be shortlisted by individuals who are looking for a source of regular income along with a whole life cover.

HDFC Life Sanchay Par Advantage FAQs
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