There are two plan options available under HDFC Life Sanchay Par Advantage:

Immediate Income: This option provides regular income by way of cash bonuses (if declared), from 1st policy year and provides lump sum at maturity.

Deferred Income: This option provides Guaranteed Income for a guarantee period, and also provides regular income by way of cash bonuses (if declared) throughout the policy term.

Cash bonus is declared at the end of every financial year and payable every year basis the frequency chosen (annual, half-yearly, quarterly or monthly) rather than at the time of a claim and hence acts as a source of regular income.

Guaranteed Income is expressed as Guaranteed Income Rate x Annualized Premium. Guaranteed Income Rate will depend on Age and Premium Payment Term. This guaranteed amount will be known to you at inception and 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.Guaranteed Income starts after Premium Payment Term + 1 year, provided all due premiums have been paid and the policy is in force.

This is applicable only for Deferred Income Option

Guarantee period is a period which is lower of [25 years, Policy Term less (Premium Payment Term + 1 year)] starting after Premium Payment Term + 1 years.

This is applicable only for Deferred Income Option.

The premiums can be paid annually, half-yearly, quarterly and monthly.

The Survival Benefit can be paid out on an annual, half-yearly, quarterly or monthly basis.

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 Rate x Annualized Premium

Annualized 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

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.

Yes, the Survival Benefit payouts can be deferred. The accrued Survival Benefit payouts will be accumulated monthly at a Reverse Repo rate and this rate will be reviewed at the beginning of every month.

Yes, the accrued Survival Benefit can be withdrawn partly/ fully at any point during the Policy Term.

The option to defer Survival Benefit payouts can be chosen any number of times.

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.