HDFC Life Sanchay Aajeevan Guaranteed Advantage

In case the Policyholder is not agreeable to any Policy Terms and conditions under this Policy, the Policyholder shall have the option of returning the Policy to us stating the reasons thereof, within 30 days from the date of receipt of the Policy whether received electronically or otherwise., as per IRDAI (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024, as modified from time to time. On receipt of the letter along with the original Policy Document (original policy document is not required for policies in dematerialized or where policy is issued only in electronic form), we shall refund the premium, subject to deduction of the proportionate risk premium for the period on cover, expenses incurred by us for stamp duty and medical examination, if any.

Lookin rates for joint life clarification

• The lookin rates remain the same as Single Life.
• The calculation for Joint Life will be as follows:
• Lookin Rate for Primary Life * Death Benefit at policy inception + Lookin Rate for Secondary Life * Death Benefit at policy inception

Grace Period:

The grace period shall be 30 days for yearly, half-yearly and quarterly modes of premium payment and 15 days for monthly mode of premium payment.

If the due premium remains unpaid upon the expiry of the grace period, the policy shall:

• lapse if the policyholder has not paid premiums for one full year
• become reduced Paid-Up if the policyholder has paid premiums for one full year

During grace period the policy is considered to be inforce with the risk cover without any interruption, as per the terms & conditions of the policy.

Nomination & Assignment:

• Nomination
  The Policyholder can nominate a person/person in accordance with Section 39 of the Insurance Act, 1938 as amended from time to time.
• Assignment
  The Policyholder can assign or transfer of a Policy in accordance with Section 38 of the Insurance Act, 1938 as amended from time to time.
  
  

Enhanced Terms:

Enhanced terms would be applicable for the following:

• Policies sold through worksite-marketing, branch-walk-ins, ISNP and distance marketing including tele-assisted marketing, online sales, web aggregator sales and business sourced through intermediaries belonging to any other channel through an Insurance Self-Network Platform (ISNP) as defined in Guidelines on Insurance e-commerce (IRDA/INT/GDL/ECM/055/03/2017)
• Certain class of lives as defined in the Board Approved Underwriting policy (BAUP).

For policies eligible for enhanced terms as described above, the policyholder gets a discount of 2% for Single Pay policies and 3% for Regular/Limited Pay policies on all the premiums.

Example: 1 lakh Premium, 5 PPT, 10 PT, Age 50, SL, Gender: Male, 0 Deferment, With Gtd 60%, Death IR 5%.

Because we have taken enhanced terms, there is 3% discount for LP policies on all premiums, therefore premium has become 1Lakh * (1-0.03) = 97,000 premium for all 5 years.

Policy Loan:
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• The loan amount will be subject to a maximum of 80% of the surrender value.
• The current compounding interest rate is 9.5% p.a. The interest rate on loan shall be calculated as the Average Annualized 10-year benchmark G-Sec Yield (over last 6 months & rounded up to the nearest 50 bps) + 2%. The interest rate shall be reviewed half-yearly and any change in the interest rate shall be effective from 25th February and 25th August each year.
• In case upon review the interest, rate is revised, the same shall apply until next revision. The source of 10-year benchmark G-Sec yield shall be RBI Negotiated Dealing System-Order Matching segment (NDS-OM). Any change in the methodology of calculating the loan interest shall be subject to prior approval of the Authority.
• For other than in-force and fully paid-up policies, in case the outstanding loan amount including interest exceeds 90% of the surrender value, the policy shall be foreclosed after giving intimation and reasonable opportunity to the policyholder to continue the policy.
• For an in-force and fully paid-up policy, the policy shall not be foreclosed on the ground of outstanding loan amount including interest exceeding the surrender value.

What is guaranteed surrender value?

• GSV shall be applicable only for policies where annuity deferment option is selected and the surrender is during the annuity deferment period.
• For all other cases, there won’t be any GSV applicable
• The GSV shall be calculated as:
• GSV = GSV Factor * Annuity purchase price
• GSV factors are provided in Appendix
  
  

What is Termination clause?

The policy will terminate on earlier of:

• On payment of death benefit on death of life assured during PT; or
• On payment of vesting benefit; or
• On payment of Surrender value (if opted).

What are taxes?

Indirect Taxes

Taxes and levies shall be levied as applicable. Any taxes and levies becoming applicable in future may become payable by the policyholder by any method including by levy of an additional monetary amount in addition to premium and or charges.

Direct Taxes
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Tax, if any will be deducted at the applicable rate from the payments made under the Policy, as per the provisions of the Income Tax Act, 1961 as amended from time to time.

HDFC Life Insurance Company Limited. CIN No. L65110MH2000PLC128245. IRDAI Regn. No. 101 Registered Offi ce: 13th Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai - 400 011. Email: service@hdfclife.com| nriservice@hdfclife.com (For NRI customers only). Tel. No: 022- 68446530 (Call Charges apply) | NRI Helpline number +91 89166 94100 (Call charges apply) Do NOT prefi x any country code. e.g. +91 or 00. Website: www.hdfclife.com The name /letter “HDFC” in the name/logo of HDFC Life Insurance Company Limited (HDFC Life) belongs to HDFC Bank Limited and is used by HDFC Life under license from HDFC Bank Limited. HDFC Life Sanchay Aajeevan Guaranteed Advantage is a non-linked non-participating individual savings pension plan (UIN: 101N208V01). Life Insurance coverage is available in this product. This Product brochure is indicative of the terms, warranties, conditions and exclusions contained in the insurance policy. Please know the associated risk and applicable charges from your insurance agent or the intermediary or policy document of the insurer. ARN: MC/02/25/21417.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS
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• • IRDAI or its officials do not involve in any activities of insurance business like selling insurance policies, announcing bonus or investment of premiums, refund of amounts. • Policyholders or the prospects receiving such phone calls are requested to lodge police complaint.