HDFC Life Sanchay Par Advantage

HDFC Life Sanchay Par Advantage

As you approach different stages in life, there are dreams and aspirations that you set out for yourself and your family. More often than not, you make tough choices, sacrificing one dream for the other. You also have to take care of day to day responsibilities like running the family, paying for health expenses, children's school fees etc. With rising life uncertainties, it is important to secure a source of income to that takes care of these expenses, more so after your retirement or in case of unfortunate demise. A Life Insurance plan offers financial protection against such unforeseen events.

To help you achieve your goals, we present to you "HDFC Life Sanchay Par Advantage", a life insurance solution which allows you to live an uncompromised life, whilst securing the future of your family and, ensuring you leave behind a legacy for them.

Why you need this Plan ?
1. Survival Benefit Payouts from as early as 1st Policy year*
2. Life cover to protect the family's future
3. Tax Benefits**
*Cash Bonus (if any) payouts from as early as 1st policy year. Applicable for Immediate Income option only.
**As per Income Tax, 1961. Tax benefits are subject to changes in tax laws

Features
1. Life cover with protection up to age 100 years
2. Choose between Immediate Income or Deferred Income options as per your needs
3. Flexibility to accrue* the survival benefit payouts
4. Flexibility to choose survival benefit payout date
5. Enhanced benefit for policies with Annual Premium more than or equal to INR 100,0001
6. Tax benefits^ - You may be eligible for tax benefits as per prevailing tax laws
* You have an option to defer the Survival Benefit(s), arising out of declared Cash Bonuses and/ or Guaranteed Income and accrue them instead. The accrued payouts will be accumulated monthly at Reverse Repo Rate published by RBI and will be reviewed at the beginning of every month.

^As per Income Tax, 1961. Tax benefits are subject to changes in tax laws.

Plan Variants

1. Immediate Income Option

An option that provides regular income by way of cash bonuses (if declared), from 1st policy year and provides lump sum at maturity thereby creating a legacy for your loved one.

2. Deferred Income option

An option that provides Guaranteed Income for a guarantee period2, and also provides regular income by way of cash bonuses (if declared) throughout the policy term. It helps create a legacy for your loved ones by providing a lump sum at maturity.

2 Guaranteed Income starts after Premium Payment Term + 1 year, provided all due premiums have been paid and the policy is in force. Guaranteed Income and Cash Bonus payouts, if declared, start one year after the end of Premium Payment Term. Guarantee Period is a period which is lower of 25 years, or Policy Term minus (Premium Payment Term + 1) years.

Benefits

Survival Benefit
Immediate Income option:

The policyholder would be eligible to receive Cash Bonus (if declared) at the end of each Policy Year and payable from the 1st policy year until death or end of policy term, whichever is earlier.

Cash Bonus payable = Cash Bonus Ratex Annualized Premium3.

3Annualized Premium is the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

Deferred Income option:

The policyholder will start receiving Guaranteed Income plus discretionary Cash Bonuses (if declared) in arrears one year after the end of Premium Payment Term.

Cash Bonus payable = Cash Bonus Rate x Annualized Premium

Guaranteed Income is expressed as Guaranteed Income Rate x Annualized Premium

Guaranteed Income Rate will be known to you at inception. Guaranteed Income would be payable for 25 years or Policy Term minus (Premium Payment Term + 1) years, whichever is lower, subject to your survival during this period.

2. Maturity Benefit
Immediate Income option:

The maturity benefit is equal to Sum Assured on Maturity plus accrued Cash Bonuses (if not paid earlier), plus interim Survival Benefit (if any), plus Terminal Bonus (if declared)

Where, Sum Assured on Maturity is total Annualized Premium payable under the policy during the premium payment term.

Deferred Income option:

The maturity benefit is equal to Sum Assured on Maturity plus accrued Guaranteed Income and Cash Bonuses (if not paid earlier), plus interim Survival Benefit (if any), plus Terminal Bonus (if declared)

Where, Sum Assured on Maturity is total Annualized Premium payable under the policy during the premium payment term.

3. Death Benefit
Immediate Income option:

In case of death of Life Assured during the policy term, the death benefit shall be equal to Sum Assured on Death plus Accrued Cash Bonuses (if not paid earlier), plus Interim Survival Benefit (if any), plus Terminal Bonus (if declared).

The minimum Death Benefit shall be 105% of Total Premiums Paid4 as on date of death.

Sum Assured on Death is the highest of:

1. 10 times the Annualized Premium, or
2. Sum Assured on Maturity, or
3. Death Multiple x Annualized Premium

4 Total Premiums Paid is the total of all the premiums received, excluding any extra premium, any rider premium and taxes.

Deferred Income option:

In case of death of Life Assured during the policy term, the death benefit shall be equal to Sum Assured on Death plus Accrued Cash Bonuses and Guaranteed Income (if not paid earlier), plus Interim Survival Benefit (if any), plus Terminal Bonus (if declared).

The minimum Death Benefit shall be 105% of Total Premiums Paid as on date of death

Sum Assured on Death is the highest of:

1. 10 times the Annualized Premium , or
2. Sum Assured on Maturity, or
3. Death Multiple x Annualized Premium

Under both options, upon the payment of the death benefit, the policy terminates and no further benefits are payable