WorksheetsSanchay Par
Total questions: 20
Worksheet time: 40mins
Mr. Salman Sayyed has purchased HDFC Life SanchayPar 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 SanchayPar Advantage plan with Deferred Income option for a premium payment term of 8 years. On the 9thpolicy 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. AviWalia, 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 SanchayPar Advantage to him
Yes. This plan will provide him regular income from as early as 1stpolicy 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 SanchayPar 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 SanchayPar Advantage plan for a 12 yearpremium payment term & opts for accruing the survival benefits. In the 15thpolicy 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 SanchayPar 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 1stpolicy year and both provide lump sum at maturity.
While both options provide cas 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 SanchayPar 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. 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.
Mr. Patil looking for regular second income to supplement their retirement should consider which option in HDFC Life Sanchay Par Advantage?
Lump sum at maturity
Immediate Income option
Single premium plan
Market-linked investment
Which of the following would be suitable for a customer looking to invest in a plan with minimal market risk but with moderate growth potential?
High-risk ULIP
Stock market investments
HDFC Life Sanchay Par Advantage
Pure term insurance plan
For a 50-year-old planning for retirement in the next 15 years and looking for a post-retirement income, which payout option in HDFC Life Sanchay Par Advantage is ideal?
Lump sum payout only
Deferred Income option Benefit
One-time withdrawal option
No income payout
The ---------------------------- is accrued in a year will be paid in the form of cash at the end of the financial year.
Simple Reversionary Bonus
Cash Bonus
Terminal Bonus
Compound Reversionary Bonus
As per the IRDAI mandate, the defined asset class wise investment limits in equity and other approved investments are less than or equal to ------------- for Par Products.
50%
30%
35%
20%
HDFC life PAR Fund has grown consistently to reach Rs. ------------- in FY 24.
75000 CR
63000 CR
56000 CR
65819 CR
Our PAR fund net yield is at an average of approx. ------------
9%
10%
8%
7%
Sanchay Par Advantage has a guaranteed income for 25 years in which of the Option?
Immediate Income
Deferred Income
Marked Linked Income
Life Income
What is the Maximum Age at Maturity in Sanchay Par Advantage?
99 Years
90 years
85 years
100 Years
In which Option of Sanchay Par Advantage , Advance Option is available currently?
Deferred Income
Immediate Income
Market linked Income
Life Income
