ET Sample Prod Assmnt

Mr. Vinay Kulkarni, aged 45 years, works in a multinational bank. He has invested in property, fixed deposits and pension schemes. He is concerned about his income being sufficient for the old age needs as he doesn't want to depend on his children in his golden years. Is HDFC Life Sanchay Par Advantage the right product for him? Select the correct answer from the list below. 

• Yes, HDFC Life Sanchay Par Advantage will provide him insurance cover and lifelong regular income till the age of 100 years.

• No. He should not look at other instruments. He has already invested in other instruments. There is no need of making any further investment.

Mr. Akshay Panda, aged 43 years, is a government employee. He stays in Nagpur with his wife and a daughter who has just entered college. He wants to save for his daughter's marriage. He is interested to invest in HDFC Life Sanchay Par Advantage plan but wants to know whether the plan will allow him to accumulate his benefits and receive it at the time of his daughter's marriage. What will you tell him? Select the correct answer from the list below. 

• Yes. This plan will allow him to accrue his survival benefit payouts and receive the accumulated payouts just before his daughter's wedding.

• No. He will not be able to withdraw the accumulated survival benefit payouts till the age of 100 years.

Mr. Sreenath Nagarajan, aged 60, has purchased HDFC Life Sanchay Par Advantage with the Deferred Income Plan Option for a premium payment term of 12 years. What Maturity Benefit will be payable if Mr. Sreenath survives till the age of 100 years?  Select the correct answer from the list below. 

• 1) Sum Assured on Maturity, 2) Accrued Survival Benefits, if not paid earlier, 3) Interim Survival Benefit, if any, 4) Terminal Bonus, (if declared)

• The customer is unlikely to live up to 100 years and no Maturity Benefit will be payable to his nominee

Mrs. Ashima Bajaj, aged 49 years, is a librarian in a government school. She has purchased HDFC Life Sanchay Par Advantage with the Immediate Income option for a premium payment term of 6 years so that her post retirement needs are taken care of. What Maturity Benefit will be payable to her, if she completes the policy term? Select the correct answer from the list below. 

• 1) Sum Assured on Maturity, 2) Accrued Cash Bonuses, if not paid earlier, 3) Interim Cash Bonus, if any, 4) Terminal Bonus, (if declared)

• She is unlikely to survive the policy term and hence no Maturity Benefit will be payable to her.

Mrs. Ameena Bano, aged 45 years, is a government school teacher. She purchases HDFC Life Sanchay Par Advantage for a premium payment term of 6 years so that she has a supplementary source of income to meet her post retirement requirements. She opts for accruing the survival benefits. In the 9th policy year, she needs money for a medical emergency. Will she be allowed to take the accumulated sum? Select the correct answer from the list below. 

• Yes. She can receive the accumulated survival benefit payouts to meet the medical emergency.

• No. Survival Benefits can be paid only on policy anniversaries. She cannot take this amount randomly.

• No. Survival benefits can be paid on the life assured's birthday or marriage anniversary loan. She cannot take this amount randomly.

Mrs. Chandana Sahni purchases HDFC Life Sanchay Par Advantage plan with the Deferred Income option for a premium payment term of 10 years. During the 8th policy year her son meets with an accident and she needs funds for his treatment. She does not want to surrender the policy and wants to take a loan against it. Which of the following statements is applicable here? Select the correct answer from the list below. 

• She can take a loan subject to the specified terms and conditions of the policy.

• She can take a policy loan up to 50% of the surrender value subject to applicable terms and conditions.

• She cannot take a policy loan as her policy has not acquired the surrender value yet.

• She cannot take a policy loan as policy loans are not available under this plan.

Mr. Dandekar has compared several plans and has decided that he will buy Sanchay Par Advantage. He wants to understand the major difference between the immediate income and deferred income options of the plan so that he can make a decision on the option. What should you tell him? Select the correct answer from the list below. 

• In addition to the cash bonuses as regular income which both immediate income option and  deferred income option provide, a lump sum amount at maturity is payable only in deferred income option

• The deferred income option provides a guaranteed income for a guaranteed period along with the cash bonuses from one year after the premium payment term while immediate income option gives income from 1st policy year and both provide lump sum at maturity

• While both options provide cash bonuses and regular income deferred income option provides accidental death benefit which is not available in immediate income option

Mr. Vidyadhar Kulkarni, aged 50 years, is a government employee. He is risk averse and has invested in bank deposits and savings schemes. He will receive a pension after he retires. He is concerned about whether this income will be sufficient for his later years, as he does not want to depend on his children financially. Would you recommend Sanchay Plus to him? Select the correct answer from the list below. 

• Yes, as this plan is not market linked and  can give him a regular guaranteed income depending on the option chosen by him, which will supplement his post retirement income.

• No, as he has already invested in various financial instruments and will get a pension also, additional investments are not required for his post retirement expenses.

Mr. Amey Budhia, aged 45 years, works in an engineering company. He is married and has two children who are studying in primary school. He purchased Sanchay Plus with the Guaranteed Income Option for an 11 year term to have an additional income to fund his children's college education. How will he receive the maturity payout? Select the correct answer from the list below. 

• He will receive a guaranteed income for 15 years, from the 11th year to the 25th year in arrears, with the option to take the future payouts as a lump sum

• He will receive a guaranteed income for 10 years, from the 12th year to the 21st year in arrears, with the option to take the future payouts as a lump sum

• He will receive a guaranteed income for 15 years, from the 11th year to the 25th year in arrears

• He will receive a lump sum payout at the end of the 11th year

Mr. Shravan Sardesai, aged 50 years, works in a public sector company and will retire in the next 10 years. He purchased Sanchay Plus with the Life Long Income Option for an 11 year term to supplement his post retirement income. How will he receive the maturity payout? Select the correct answer from the list below. 

• He will receive a guaranteed income in arrears from the 12th year  till he attains 99 years and a return of premium at the end of the payout period, with the option to take the future payouts as a lump sum.

• He will receive a guaranteed income for 25 years, from the 11th year to the 35th year in arrears and a   return of premium at the end of the payout period, with the option to take the future payouts as a lump sum.

• He will receive a guaranteed income from the 12th year onwards in arrears, for the duration of his whole life.

• He will receive a guaranteed income for 30 years, from the 11th year to the 40th year in arrears, with the option to take the future payouts as a lump sum.