Everyone acknowledges the need to have financial backing for any eventuality. Disease and accidents don’t warn you before they arrive. Worse still, you cannot predict the demise of any family member. In case an individual is the only person who is the family earning member, they must think of their dependents from a financial perspective, should any unforeseen incident befall them. This is the least that a breadwinner can do to ensure the financial safety of beneficiaries when they are no longer present to meet financial obligations. Furthermore, if a life insurance plan that offered a steady income and life cover were available, wouldn’t it be the ideal plan?

What is the solution for financial security?

If you wish to leave behind a corpus so your family’s financial requirements can be met, at least to a large extent, a solid life insurance plan comes into the picture. The plan that comes to mind is the HDFC Sanchay Par Advantage Plan. The HDFC Life Sanchay Par Advantage Plan is a plan that provides coverage for the entire life. This policy offers a holistic solution to generate a consistent and regular income flow, growing a robust corpus. Additionally, the policy secures the future of a policyholder and the family without compromises.

HDFC Life’s Sanchay Par Advantage Plan - What You Should Know

Before you think of a life insurance plan, you should know its features:

  • The Tenure - This policy has a maximum term of maturity up to the age of 100.
  • Premium Tenures - Policyholders can opt for two terms: immediate income or deferred income
  • Modes of Premium Payment - Monthly payments, quarterly, bi-yearly, or yearly payments may be made.
  • The Grace Period - One month for regular premiums, but 15 days for monthly premiums.
  • Assured Sums - The minimum you can assure is Rs. 3 lahks and there is no limit on the maximum amount (subject to underwriting).
  • The Liquidity - When the plan reaches a surrender value, loans against the plan can be availed.

A Plan with Benefits

The HDFC Life Sanchay Par Advantage policy gives you the benefits listed below:

  • A Benefit at Maturity

    A benefit is paid after your life insurance policy has reached its maturity date. This is paid to policyholders provided all the premiums have been paid towards maintaining the policy. The benefit paid upon maturity of the plan’s term is the sum assured by the policy and any bonuses. Additionally, the final maturity sum also includes any survival compensation (in case the policyholder has not received this in the interim of the policy term). Some variations of policies also include a terminal bonus. This is paid at the time of maturity of the policy as well.

  • A Benefit In Case of Death

    A unique and appealing draw for policyholders who wish to gain from the HDFC Life Sanchay Par Advantage plan is the benefit that beneficiaries receive upon the demise of the policyholder. Either the nominee or the beneficiary mentioned in the policy receives this. Ultimately, this is given to beneficiaries. The “death benefit”, as it is called, includes the sums mentioned below:
  • The assured sum upon death of a policyholder
  • Any cash bonuses that have been accrued
  • If applicable, a “survival benefit”
  • If applicable, a “terminal bonus”

It should be noted that a minimum amount equal to 105% of the complete sum of premiums paid is the amount of the death benefit that can be given by the insurance company. Once the policy ends, no future benefits are applicable.

  • A Loan Advantage

    Policyholders may avail of a loan against the policy only when the policy reaches a value for surrender. The offered amount of the loan would be a maximum amount of 80% of the value of the surrender of the policy. The interest rate which is charged on this loan is 9.5% annually. For loans against a policy, conditions and terms apply.

  • A Tax Advantage

    As per the Income Tax Act of 1961, all the premiums paid and the benefits incurred as part of the HDFC Life Sanchay Par Advantage plan enjoy tax exemption. This is a perk to save on taxes and protect yourself and your family. It should be noted that benefits availed from taxation may change with any changes in tax regulations.

  • A Surrender Benefit

    With this plan, policyholders get a benefit when opting to surrender the plan. The only condition for the surrender of the policy is that the initial two-year premiums must be paid in total.

An Ideal Plan for Unique Goals

In case you wish to broaden the scope of your policy’s benefits, you can avail riders of this plan. Riders are modified by insurers regularly, so it is best to check the details of these while signing up for the policy. The riders that enhance your protection include the benefit of income in the event of a disability and a critical illness rider. With either or both of these riders, policyholders are doubly secure, financially. The HDFC Life Sanchay Par Advantage policy can be availed online and application to the plan is seamless. With this plan, you can choose sums assured according to your specific requirements and get the financial boost you need to remain free from concerns about the future.

It should be noted that a minimum amount equal to 105% of the complete sum of premiums paid is the amount of the death benefit that can be given by the insurance company. Once the policy ends, no future benefits are applicable.

An Ideal Plan for Unique Goals

In case you wish to broaden the scope of your policy’s benefits, you can avail riders of this plan. Riders are modified by insurers regularly, so it is best to check the details of these while signing up for the policy. The riders that enhance your protection include the benefit of income in the event of a disability and a critical illness rider. With either or both of these riders, policyholders are doubly secure, financially. The HDFC Life Sanchay Par Advantage policy can be availed online and application to the plan is seamless. With this plan, you can choose sums assured according to your specific requirements and get the financial boost you need to remain free from concerns about the future.

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