Plan for Your Golden Years: Guaranteed Income & Life Cover with HDFC Life Sanchay Par Advantage
TABLE OF CONTENT
KEY FEATURES OF HDFCLIFE SANCHAY PAR ADVANTAGE
- Life cover with protection upto as high as age 100 years
- Choose between Immediate Income or Deferred Income options as per your needs
- Flexibilty to accure the survival benefit payouts
ELIGIBILITY for HDFCLIFE SANCHAY PAR ADVANTAGE:
| Eligibility Criteria | Minimum | Maximum |
|
Age at Entry (years) |
0 years (30 days)^ | Immediate Income-
Deferred Income –
|
| Age at Maturity (years) | 100 years (maximum) | |
| Premium Payment Term (years) |
| |
| Policy Term (years) |
| |
| Minimum Sum Assured on Maturity | ₹3,00,000 | |
| Maximum Sum Assured on Maturity | No limit, subject to Board Approved Underwriting Policy (BAUP) | |
PLANOPTIONS for HDFCLIFE SANCHAY PAR ADVANTAGE:
- Immediate Income – 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.
- Deferred Income – An option that provides Guaranteed Income for a guarantee period1, 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.
PREMIUMS:
You can choose your premium as per your needs. You can choose to pay your premiums either annually, half yearly, quarterly or monthly.
| Frequency | Minimum Premium per Instalment |
| Annual | ₹25,000 |
| Half-Yearly | ₹12,750 |
| Quarterly | ₹6,500 |
| Monthly | ₹2,188 |
BENEFITS INDETAIL of HDFCLIFE SANCHAY PAR ADVANTAGE:
IMMEDIATE INCOME OPTION
Note- 4% p.a. and 8% p.a. are only assumed investment returns and are not guaranteed.
Survival benefits
- 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 (if declared) would be expressed as:
- Cash Bonus payable = Cash Bonus Rate2 x Annualized Premium3
Maturity benefits (For a policy where all due premiums have been paid. Maturity benefits paid at the end of policy period)
- Sum Assured on Maturity plus
- Accrued Cash Bonuses, if not paid earlier plus
- Interim survival benefits if any plus
- Terminal Bonus, (if declared)
Sum Assured on Maturity is total Annualized Premium payable under the policy during the premium payment term.
Where Interim survival benefits =Interim cash bonus rate * Annualized premium *Months elapsed since last survival benefit payout date /12
Death Benefits
- On death of the life assured during the policy term, provided all due premiums are paid, death benefits equal to the following shall be payable as lump sum to the nominee:
- Sum Assured on Death plus
- Accrued Cash Bonuses, if not paid earlier plus
- Interim survival benefits if any plus
- Terminal Bonus (if declared)
The minimum death benefit is equal to 105% of total premiums paid as of date of death
Where , the Sum Assured on Death is the absolute amount of benefit which is guaranteed to become payable or death of the life assured. It shall be the highest of
- 10 times the Annualized Premium
- Sum Assured on Maturity
- Death Multiple x Annualized Premium
Where Interim survival benefits =Interim cash bonus rate * Annualized premium *Months elapsed since last survival benefit payout date /12
Illustration for a Male aged 30 years, Annualized Premium: INR 1 lac, Premium Payment Term: 8 years, Sum Assured on Maturity: INR 8,00,000.
| End of Policy Year | Age | Cash Bonus Payout/ Terminal Bonus (if declared) |
Sum Assured on Death | |||
| Assumed Investment Return | Assumed Investment Return | |||||
@ 4% p.a. | @ 8% p.a. | @ 4% p.a. | @ 8% p.a. | |||
| 1 | 31 | 14,500 | 30,000 | 14,500 | 30,000 | 1,250,000 |
| 2 | 32 | 14,500 | 30,000 | 14,500 | 30,000 | 1,250,000 |
| 3 | 33 | 14,500 | 30,000 | 14,500 | 30,000 | 1,250,000 |
| 4 | 34 | 14,500 | 30,000 | 14,500 | 30,000 | 1,250,000 |
| 5 | 35 | 14,500 | 30,000 | 14,500 | 30,000 | 1,250,000 |
| 10 | 40 | 14,500 | 30,000 | 14,500 | 30,000 | 1,250,000 |
| 20 | 50 | 14,500 | 30,000 | 14,500 | 30,000 | 1,250,000 |
| 30 | 60 | 14,500 | 30,000 | 14,500 | 30,000 | 1,250,000 |
| 40 | 70 | 14,500 | 30,000 | 14,500 | 30,000 | 1,250,000 |
| 50 | 80 | 14,500 | 30,000 | 14,500 | 30,000 | 1,250,000 |
| 60 | 90 | 14,500 | 30,000 | 14,500 | 30,000 | 1,250,000 |
| 70* | 100 | 1,031,000 | 15,934,000 | 1,831,000 | 16,734,000 | 1,250,000 |
Maturity benefit is payable at the end of policy term(70 years) = sum assured on maturity + terminal bonus (if any)
Sum Assured on Maturity: ₹ 8,00,000
Terminal Bonus @ 4% p.a. = ₹ 10,31,000 & Terminal Bonus @ 8% p.a. = ₹1,59,34,000
The values show an illustrative purpose only. Please refer benefit illustration for details on benefits
Note- 4% p.a. and 8% p.a. are only assumed investment returns and are not guaranteed
DEFERRED INCOME OPTION
Note- 4% p.a. and 8% p.a. are only assumed investment returns and are not guaranteed.
Survival benefits
- 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 is expressed as Cash Bonus Rate2 x Annualized Premium
- Guaranteed Income:
- Guaranteed Income is expressed as Guaranteed Income Rate x Annualized Premium.
- Guaranteed Income Rate:
- Guaranteed Income Rate will depend on Age and Premium Payment Term.
Maturity benefits
For a policy where all due premiums have been paid. Maturity benefits paid at the end of policy period
- Sum Assured on Maturity plus
- Accrued Cash Bonuses, if not paid earlier plus
- Interim survival benefits if any plus
- Terminal Bonus, (if declared)
Sum Assured on Maturity is total Annualized Premium payable under the policy during the premium payment term.
Where Interim survival benefits =Interim cash bonus rate * Annualized premium *Months elapsed since last survival benefit payout date /12
Death Benefits
On death of the life assured during the policy term, provided all due premiums are paid, death benefits equal to the following shall be payable as lump sum to the nominee:
- Sum Assured on Death plus
- Accrued Cash Bonuses, if not paid earlier plus
- Interim survival benefits if any plus
- Terminal Bonus (if declared)
The minimum death benefit is equal to 105% of total premiums paid as of date of death
Where , the Sum Assured on Death is the absolute amount of benefit which is guaranteed to become payable or death of the life assured. It shall be the highest of
- 10 times the Annualized Premium
- Sum Assured on Maturity
- Death Multiple x Annualized Premium
Where Interim survival benefits =Interim cash bonus rate * Annualized premium *Months elapsed since last survival benefit payout date /12
Illustration for a Male aged 30 years, Annualized Premium: INR 1 lacs, Premium Payment Term: 8 years, Sum Assured on Maturity: INR 8,00,000.
| End of Policy Year | Age | Guaranteed Payout | Cash Bonus Payout/ Terminal Bonus (if declared) | Sum Assured on Death | |||
| Assumed Investment Return | Assumed Investment Return | ||||||
| @ 4% p.a. | @ 8% p.a. | @ 4% p.a. | @ 8% p.a. | ||||
| 1 | 31 | 0 | 0 | 0 | 0 | 0 | 1,250,000 |
| 2 | 32 | 0 | 0 | 0 | 0 | 0 | 1,250,000 |
| 3 | 33 | 0 | 0 | 0 | 0 | 0 | 1,250,000 |
| 4 | 34 | 0 | 0 | 0 | 0 | 0 | 1,250,000 |
| 5 | 35 | 0 | 0 | 0 | 0 | 0 | 1,250,000 |
| 10 | 40 | 28,400 | 1,100 | 42,600 | 29,500 | 71,000 | 1,250,000 |
| 20 | 50 | 28,400 | 1,100 | 42,600 | 29,500 | 71,000 | 1,250,000 |
| 30 | 60 | 28,400 | 1,100 | 42,600 | 29,500 | 71,000 | 1,250,000 |
| 40 | 70 | 0 | 2,500 | 71,000 | 2,500 | 71,000 | 1,250,000 |
| 50 | 80 | 0 | 2,500 | 71,000 | 2,500 | 71,000 | 1,250,000 |
| 60 | 90 | 0 | 2,500 | 71,000 | 2,500 | 71,000 | 1,250,000 |
| 70* | 100 | 800,000 | 1,522,000 | 5,360,000 | 2,322,000 | 6,160,000 | 1,250,000 |
Maturity benefit is payable at the end of policy term(70 years) = sum assured on maturity + terminal bonus (if any)
Sum Assured on Maturity: ₹8,00,000
Terminal Bonus @ 4% p.a. = ₹15,22,000 & Terminal Bonus @ 8% p.a. = ₹53,60,000
Note- 4% p.a. and 8% p.a. are only assumed investment returns and are not guaranteed.
DEATH MULTIPLE(Applicable For Both The Plan Options)
| Age at Entry | Death Multiple | Age at Entry | Death Multiple | Age at Entry | Death Multiple | Age at Entry | Death Multiple |
| <=5 | 15 | 19 | 13.6 | 33 | 12.2 | 47 | 10.8 |
| 6 | 14.9 | 20 | 13.5 | 34 | 12.1 | 48 | 10.7 |
| 7 | 14.8 | 21 | 13.4 | 35 | 12 | 49 | 10.6 |
| 8 | 14.7 | 22 | 13.3 | 36 | 11.9 | 50 | 10.5 |
| 9 | 14.6 | 23 | 13.2 | 37 | 11.8 | 51 | 10.45 |
| 10 | 14.5 | 24 | 13.1 | 38 | 11.7 | 52 | 10.4 |
| 11 | 14.4 | 25 | 13 | 39 | 11.6 | 53 | 10.35 |
| 12 | 14.3 | 26 | 12.9 | 40 | 11.5 | 54 | 10.3 |
| 13 | 14.2 | 27 | 12.8 | 41 | 11.4 | 55 | 10.25 |
| 14 | 14.1 | 28 | 12.7 | 42 | 11.3 | 56 | 10.2 |
| 15 | 14 | 29 | 12.6 | 43 | 11.2 | 57 | 10.15 |
| 16 | 13.9 | 30 | 12.5 | 44 | 11.1 | 58 | 10.1 |
| 17 | 13.8 | 31 | 12.4 | 45 | 11 | 59 | 10.05 |
| 18 | 13.7 | 32 | 12.3 | 46 | 10.9 | >=60 | 10 |
Entry age will be as of last birthday
BONUSES in HDFCLIFE SANCHAY PAR ADVANTAGE:
The profits will be distributed in the form of cash bonus & terminal bonus will be declared at the end of the financial year
If declared, all eligible policies shall receive the terminal bonus on maturity or on exit due to death or surrender based on the terminal bonus rates declared by the company. The cash bonus, interim cash bonus, if any and terminal bonus shall be payable to the eligible policies in the year following the declaration (for cash bonus) or the time of exit by surrender or maturity or death (for interim cash bonus and terminal bonus) in the year following the declaration.
Rider Options for HDFCLIFE SANCHAY PAR ADVANTAGE:
Rider | UIN | Scope of benefits |
| HDFC life income benefit on Accidental Disability Rider | 101B013V03 | A benefit equal to 1% of rider sum assured per month for the next 10 years, in case of an Accidental Total Permanent Disability. There |
| HDFC Life Critical Illness Plus Rider | 101B014V02 | A lump sum benefit equal to the rider sum assured shall be payable in case you are diagnosed with any of the 19 Critical Illnesses and survive for a period of 30 days following the diagnosis. There is no maturity benefit availble under this rider |
Grace period in HDFCLIFE SANCHAY PAR ADVANTAGE:
You get a grace period of 15 days for monthly frequency of premium payment and 30 days for other frequencies to pay the premium without any penalty. The policy is considered to be in-force with the risk cover during the grace period without any interruption. If premium is not received before the end of grace period, the policy will lapse or become paid-up.
In case of a valid claim during the grace period, before payment of due premium, the claim shall be payable after deducting the due modal premium.
Lapse, Paid-up and Surrender:
If a due premium is unpaid upon the expiry of the grace period, the policy shall:
- lapse if it has not acquired a Guaranteed Surrender Value
- become reduced paid-up if it has acquired a Guaranteed Surrender Value
Incasse of lapsed policy, all the benefits shall cease and nothing is payble on death, maturity & surrender
Surrender in HDFCLIFE SANCHAY PAR ADVANTAGE:
irrespective of premium paying term.
The Surrender Value shall be the higher of:
- Guaranteed Surrender Value (GSV); or
- Special Surrender Value (SSV)
Where
GSV = Max (applicable GSV factor* Total premium paid – survival benefits available till date)
SSV = Max (applicable SSV factor* Total premium paid – survival benefits available till date) + terminal bonus (if any)
Guaranteed Surrender Value Factors in HDFCLIFE SANCHAY PAR ADVANTAGE:
Guaranteed Surrender Value Factors as percentage of premiums paid
| Policy Year | Premium Paying Term | ||||||
| 5 years | 6 years | 7 years | 8 years | 9 years | 10 years | 12 years | |
| 0 | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 1 | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 2 | 30% | 30% | 30% | 30% | 30% | 30% | 30% |
| 3 | 35% | 35% | 35% | 35% | 35% | 35% | 35% |
| 4 | 50% | 50% | 50% | 50% | 50% | 50% | 50% |
| 5 | 50% | 50% | 50% | 50% | 50% | 50% | 50% |
| 6 | 60% | 60% | 50% | 50% | 50% | 50% | 50% |
| 7 | 70% | 65% | 60% | 50% | 50% | 50% | 50% |
| 8 | 80% | 75% | 65% | 60% | 60% | 65% | 58% |
| 9 | 80% | 80% | 75% | 65% | 70% | 70% | 65% |
| 10 | 80% | 80% | 80% | 75% | 75% | 75% | 73% |
| 11 | 90% | 80% | 80% | 80% | 80% | 80% | 80% |
| 12+ | 90% | 90% | 90% | 90% | 90% | 90% | 90% |
Note: Please contact if any one invest in this policy, we are authorised HDFC LIFE INSURANCE AGENT
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