HDFC Life Sanchay Par Advantage is a life insurance plan that offers coverage for your family and beneficiaries in case of your sudden demise. This life insurance plan is designed in a way that it lifts the financial burden off your family in case you are not with them in the future. The best part of the plan is that you can buy the whole life cover that will provide coverage up to 100 years of age. There are a handful of benefits that are offered with the plan and that too at affordable rates which makes this policy worth buying.
HDFC Life Sanchay Par Advantage Plan Details:
HDFC Life Sanchay Par Advantage is a non-linked, participating life insurance plan that comes in two options:
How does HDFC Life Sanchay Par Advantage Plan work?
To understand the HDFC Life Sanchay Par Advantage Plan, let us take these examples.
Suneel Sharma is a 34-year old bank manager. His wife Reena Sharma is a school teacher. Suneel purchases the HDFC Life Sanchay Par Advantage Plan with his wife as the nominee. Let us see the working of HDFC Life Sanchay Par Advantage Plan, under both variants:
Suneel Sharma invests in the plan with the following details:
Immediate Income Option:
Deferred Income Option:
Let us now see the working of the Deferred Income Option with the same details.
Benefits under HDFC Life Sanchay Par Advantage:
Following are the benefits that are offered under the HDFC Life Sanchay Par Advantage policy:
The policy pays a death benefit to the beneficiaries of the policyholder in case of the latter’s sudden demise during the policy term. The lump-sum amount awarded to the nominee may be an addition to the sum assured, cash bonuses, interim survival benefits, and terminal bonuses.
The policy pays a lump sum amount to the policyholder at the end of the policy term which is referred to as the maturity benefit. This includes sum assured, cash benefits, survival benefits, and terminal benefits.
Under this benefit, the policyholder receives a cash bonus at the end of every policy year until the policy term or death of the insured.
Under this provision, the policyholder is eligible to take a loan against his policy provided that his policy has acquired a set surrender value. Moreover, the policyholder will even have to check his loan eligibility and the terms and conditions of the policy before applying for one.
Eligibility conditions & restrictions in HDFC Life Sanchay Par Advantage Plan:
Let us take a look at the eligibility criteria:
Minimum Entry Age
Deferred Income: 0 Years
Immediate Income: 0 Years
Maximum Entry Age
Deferred Income: 55/ 60 years
Immediate Income: 50/ 65 years
Additional riders, features & benefits of HDFC Life Sanchay Par Advantage Plan:
In a case of accidental total permanent disability, this rider when added to the policy will offer benefits equal to 1% of the rider sum assured. This benefit will be paid every month for the next 10 years.
Documents required to buy HDFC Life Sanchay Par Advantage Plan:
Once you have read about the policy and its features it is important that you also check out what are the necessary documents you would require while purchasing the same. Following are the most important ones:
How to buy HDFC Life Sanchay Par Advantage from Turtlemint?
At Turtlemint you get everything you would need while buying a life insurance plan. Not only does Turtlemint provide you with a platform wherein you can search, compare and read about plans but also eases your purchase journey. Following are the steps to buying HDFC Life Sanchay Par Advantage:
Exclusions under HDFC Life Sanchay Par Advantage
As per the policy if the insured person commits suicide within 12 months of the policy commencement or from the policy revival date, then an amount equal to 80% of the paid premium shall be payable to the beneficiaries.
How to file a claim against HDFC Life Sanchay Par Advantage?
Here are the steps to file a claim against your life insurance policy in the easiest way:
As we move towards the different phases of our lives, our requirements change. HDFC Life Sanchay Par Advantage is a plan that has been designed specifically for this purpose. This plan offers coverage for the entire life and is a solution to all monetary issues that may arise in your life. The plan has options that help you build a corpus for the future whereas on the other hand it even offers regular income through cash bonuses and guaranteed income that helps in the day-to-day expenses.
Survival benefits are monetary rewards offered by the company to the policyholder at the end of the policy term. Under this policy, survival benefits are paid on a monthly, quarterly, semi-annual and annual basis.
A cash bonus is a monetary benefit offered by the insurer at the end of every financial year. This is paid on a frequency chosen by the policyholder and also acts as a regular source of income.
There are two plan options available under the policy:
No, the plan options cannot be changed in between the policy term.