§ A non-linked, participating life insurance plan
§ Lifelong regular income with flexibility of payouts and whole life cover1
§ A holistic solution to build a corpus to address financial uncertainties of life
§ Provides a source of supplementary income that can be planned for withdrawal at key life milestones by accrual of bonus.
Mumbai, December 9, 2019: HDFC Life Insurance Company, one of India’s leading life insurers has announced the launch of its latest product HDFC Life Sanchay Par Advantage, a non-linked, participating life insurance plan that provides a holistic solution to customers’ needs by generating a regular lifelong income and also providing protection for whole of life.
HDFC Life Sanchay Par Advantage offers two income options:
§ Immediate Income Option – Provides regular income in form of cash bonuses (if declared), from the 1st policy year and provides lump sum at maturity, thereby creating a legacy for loved ones
§ Deferred Income Option – Where part of the income is guaranteed for 25 years as well as regular income in form of cash bonuses (if declared) throughout the policy term. It also provides a lump sum amount at maturity, to ensure dreams are fulfilled
Key Features of HDFC Life Sanchay Par Advantage:
§ Flexibility to accrue or withdraw Survival Benefit payouts
§ Whole life cover + lifelong income1
§ Deferred income option with guaranteed benefits2
§ Tax Benefits3
HDFC Life Sanchay Par Advantage offers limited premium payment options. A customer can choose their premium amount, premium payment term, and the income option based on their current needs and financial goals. The product also offers the option to defer survival benefits.
Customers can avail immediate income option that provides payouts from the first policy month onwards, if the monthly mode is chosen. Those who choose payouts after a few years can reap in greater returns with the deferred income option, where part of the income is guaranteed for 25 years.
Speaking on the product launch, Srinivasan Parthasarathy, Senior EVP – Chief Actuary & Appointed Actuary, HDFC Life said, ‘At HDFC Life, we have built a culture of innovation. A product like HDFC Life Sanchay Par Advantage is an example of innovative design-thinking, customer centricity and value creation. We are happy to announce that this latest product offers a unique combination of immediate income along with financial protection. It safeguards one’s future plans from life’s uncertainties.”
Each stage in life includes its own set of dreams and aspirations, which are sometimes sacrificed for some responsibilities like taking care of the needs of a family, paying for health expenses, children’s college fees, etc. It is important to have a source of income to take care of such expenses, especially in case of the unfortunate demise of the bread earner.
With the power of HDFC Life Sanchay Par Advantage, HDFC Life enables customers to address their financial needs arising over the long term without having to worry about the impact of inflation or falling interest rates. Furthermore, it offers potentially higher benefits through investment in equities4.
HDFC Life has designed industry first products such as Click 2 Protect 3D Plus (a comprehensive term plan), Cancer Care (an industry first critical illness plan) and Pension Guaranteed Plan (a deferred annuity product), amongst its numerous offerings.