Last time, I was halfway at the second bar/altitude when I was flying the Hydra, and I accidentally jumped off when I was trying to find out the button to lift up the landing gear (LOL), and I miraculously survived. I was surprised.
Also, you may have probably knew this already, but after you have jumped off a plane or a high building equipped with a parachute at the second bar/altitude, a second after you deploy the parachute, release it and you will survive with a flashing health bar with very little health.