Sanchay PAR Advantage Quiz

Mr. Salman Sayyed has purchased HDFC Life Sanchay Par Advantage plan with immediate Income option for a premium payment term of 6 years. He wants to confirm whether he will receive any tax benefit on the policy. What will you tell him

• He will be eligible for tax benefits as per the prevailing tax laws.

• He will not get tax benefits under this plan.

Mr. Ramanathan Murugan, aged 46 years, works with a bank. He is married & his son has completed his graduation. He plans to take voluntary retirement after 5 years but does not want to spend from his retirement income for too long to pay premiums. Mr. Murugan wants to buy HDFC Life SanchayPar Advantage. Which feature of this plan do you think will help Mr. Murugan

• With this plan, he will be able to get regular income which will enable him to pay his premium regularly.

• This plan offers choice of paying premiums for 5, 6, 7, 8, 9, 10 or 12 years. He may choose any of the premium payment terms and get income till the age of 100 years

Mr. Ritesh Gidwani purchases HDFC Life Sanchay Par Advantage plan with Deferred Income option for a premium payment term of 8 years. On the 9^thpolicy year, he meets with an accident and passes away. What would be the Death Benefit payable to the nominee. His wife

• Sum Assured on Death and Terminal Bonus (if Declared)

• 10 times the Annualized Premium, Sum Assured on Death and Death Multiple x Annualized Premium.

Mr. Avi Walia, aged 40 years, runs three coaching institutes. He has several financial investments such as Bank Deposits, Gold Bonds, Mutual Funds and the NPS in his Portfolio. He wants to further invest his money in an insurance plan to be financially secure. But he is worried about the liquidity aspect, and thinks that insurance plans will keep his money locked for a long period and he may not get funds when required. Would you recommend HDFC Life Sanchay Par Advantage to him

• Yes. This plan will provide him regular income from as early as 1^stpolicy year. It will also offer the flexibility to accrue the cash bonuses and withdraw the accrued amount whenever required to meet the unforeseen requirement.

• No. This plan doesn’t allow withdrawal before maturity.

• No. This plan allows withdrawal only in case of any unforeseen events.

Mr. Vikramaditya Ganatra, aged 45 years, runs a car spare parts business. The focus of his life to provide financial protection  to his family so that if something happens to him, he can rest in peace that his family will not have to compromise in their standard of living, Which benefit of HDFC Life Sanchay Par Advantage to him

• This plan provides insurance coverage to the life assured up to the age of 100 years. It also provides death benefit to the nominee in case of the unfortunate demise of the life assured

• In case of his unfortunate demise, his nominee can get the policy converted in their names and get regular income with which they will be able to live same living standard.

Mr. Abhimanyu Khandelwal, aged 35 years, runs a restaurant. He purchases HDFC Life Sanchay Par Advantage plan for a 12 year premium payment term & opts for accruing the survival benefits. In the 15^thpolicy year, he decides to buy a property. Will he be allowed to withdraw his survival benefit payouts

• Yes. He can receive the accumulated survival benefit payouts to fulfill his requirement.

• No. Survival Benefits can be paid only on policy anniversaries.

• No. Survival Benefits can be paid on the Life Assureds birthday or marriage anniversary. He can not take his amount randomly

Mr. Dandekar has compared several plans & has decided that he will buy Sanchay Par Advantage. He wants to understand the major difference between Immediate Income & Deferred Income options of the plan so that he can make a decision on the option. What should you tell him

• In addition to the cash bonuses as regular income which both Immediate Income & Deferred Income option provide, a lump sum amount at maturity is payable 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 1^stpolicy 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. Sheshan has purchased HDFC Life Sanchay Par Advantage plan with immediate Income option for a premium payment term of 8 years. He has the responsibility of 3 brothers & sisters and his ailing parents. How will this plan option help him

• This plan option will allow him to take survival benefit payouts right from the first policy year and provide life cover till the age of 100 years

• On completion of the premium payment term, he will be given 50% of the sum assured which he can use for the immediate financial needs of his family.

Mrs. Yasmeen Wahaab purchases HDFC Life Sanchay Par Advantage plan with the Deferred Income option for a premium payment term of 12 years. She pays premiums regularly for 3 years. In the 4th year, her father falls ill and for his treatment she requires funds. She wants to surrender her policy. Is this allowed?

Select the correct answer from the list below

• Yes. As this policy acquires a Guaranteed Surrender Value (GSV) upon the payment of the first two-year’s premium, irrespective of the premium payment term, she can surrender her policy and receive funds.

• No, this plan does not offer the facility of policy surrender.

• As this policy acquires a Guaranteed Surrender Value (GSV) upon the payment of the first three-year’s premium, irrespective of the premium payment term, she can surrender her policy and receive benefit.

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. As this policy acquires a Guaranteed Surrender Value (GSV) upon the payment of the first two-year’s premium, irrespective of the premium payment term, she can surrender her policy and receive funds.

• No, this plan does not offer the facility of policy surrender.

• As this policy acquires a Guaranteed Surrender Value (GSV) upon the payment of the first three-year’s premium, irrespective of the premium payment term, she can surrender her policy and receive benefit.