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:
- Immediate Income:
Under this income option, the policyholder receives cash bonuses from the first policy year and further receives a lump sum amount at maturity.
- Deferred Income:
Under this income option, the policyholder receives guaranteed income for a guaranteed period. Moreover, this income option offers regular cash bonuses throughout the entire policy term.
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:
- Premium Paying Term: 8 years
- Policy Term 66 years
- Annual Premium: INR 1 lakh
Immediate Income Option:
- Payable from the first policy anniversary till his death, Suneel will receive Cash Bonus if declared as a Survival benefit till 100 years of age.
- If he outlives the policy term, at the age of 100 years, he will receive the maturity benefit PLUS the accrued cash bonus, if he hasn’t already received it PLUS interim Survival benefit PLUS a terminal bonus, if applicable.
- In case Suneel passes away during the policy term, Reena will receive the death benefit which includes the sum assured PLUS the accrued cash bonus, if he hasn’t already received it PLUS a terminal bonus, if applicable. The policy will then come to an end.
Deferred Income Option:
Let us now see the working of the Deferred Income Option with the same details.
- One year after the end of the Premium paying Term, which heer is 8 years, Suneel will receive the Guaranteed Income PLUS discretionary Cash Bonuses, if applicable as the Survival Benefit.
- As a Maturity Benefit, he will receive the maturity benefit PLUS the accrued cash bonus, if he hasn’t already received it PLUS interim Survival benefit PLUS a terminal bonus, if applicable.
- In case of Suneel’s death during the term of the policy, his nominee Reena will receive the death benefit which will be the total of the sum assured PLUS the acquired cash bonus, if he hasn’t already received it PLUS a terminal bonus, if applicable. The policy will then be terminated.
Benefits under HDFC Life Sanchay Par Advantage:
Following are the benefits that are offered under the HDFC Life Sanchay Par Advantage policy:
- Death benefit: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.
- Maturity benefit: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.
- Survival benefit: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.
- Loan benefit: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 YearsImmediate Income: 0 Years|
|Maximum Entry Age||Deferred Income: 55/ 60 yearsImmediate Income: 50/ 65 years|
Additional riders, features & benefits of HDFC Life Sanchay Par Advantage Plan:
- Option to choose between two variants of the plan, deferred income, and immediate income.
- Life coverage is available even up to 100 years of age.
- Flexibility to collect the survival benefits payout and build a corpus.
- No upper limit on the sum assured
- Flexibility to pay the premiums on a yearly, half-yearly, quarterly, or monthly basis
- A loan against the policy facility is available
- You can opt for Additional Riders
- HDFC Life Income Benefit on Accidental Disability RiderIn 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.
- HDFC Life Critical Illness Plus Rider
In a case when the policyholder gets diagnosed with one of the mentioned critical illnesses, a lump sum benefit equal to the rider sum assured is paid.
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:
- Identity Proof
Voter ID card, Aadhar card, Passport, PAN card, etc
- Proof of Income
Salary slips or a copy of income tax return files
- Proof of Address
Ration card, Driving Licence, or Aadhar card.
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:
- Step 1:
Visit Turtlemint’s official website and navigate to the life insurance section.
- Step 2:
Click on compare plans and enter the required details such as gender, date of birth, whether a smoker or non-smoker, etc. Enter your desired sum assured amount along with some other details and you will be shown the quotes of the relevant plan.
- Step 3:
Now you can compare, research, and analyze which plan is suitable for you and click on “Buy Now” to purchase it.
- Step 4:
Enter the details that are asked by the page and submit your application.
- Step 5:
Once done you will likely receive a call from the company representatives in a few days to move the process ahead.
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:
- Contact your insurer and intimate him about the claim you are about to file. You can do this by either calling the company or sending a mail.
- Next up, you will have to download the claim form from the official website. Fill it with all the required details.
- Attach all the necessary documents like death certificate, etc and submit them along with the claim form
- Wait for the company’s verification to be completed. Once done your claim will be accepted.
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:
- Immediate Income option
This option offers cash bonuses at the end of every policy year and provides a regular income.
- Deferred Income option
This option offers guaranteed income during a guaranteed period and also offers cash bonuses.
No, the plan options cannot be changed in between the policy term.
HDFC Life Sanchay Par Advantage plan offers a loan only if your policy has acquired a surrender value. The policyholder should also read the terms and conditions once before applying for a policy loan.