HDFC Life Pension Guaranteed Plan

During the working life of the individual, disciplined planning ensures financial independence to meet short-term life goals and save to build a corpus in the long term, to enjoy the kind of freedom and lifestyle post-retirement one is accustomed to. Among the smart options for a comfortable retired life with guaranteed lifelong income is HDFC Life Pension Guaranteed Plan. 

A single premium Non-Linked and Non-Participating Annuity Plan, HDFC Life Pension Guaranteed Plan, apart from the guaranteed income for the lifetime, also offers several redeeming features to customize the Policy in harmony with individual preference. Thus, one can opt for Single or Joint Life, Deferred Annuity, receive Annuity in periods of choice, Return of Purchase Price on death, and, finally, enhance Annuity Payouts through Top-Up.

HDFC Life Pension Guaranteed Plan

Parameters Particulars
Policy Tenure Lifetime
Premium Paying Term  Single Pay
Premium Paying Mode Single Pay
Entry Age  Minimum: 
  • Immediate Life Annuity: 30 years
  • Immediate Life Annuity with *ROPP: 30 years
  • Deferred Life Annuity with *ROPP: 45 years
Maximum: 85 years for all the above 
*ROPP: Return of Purchase Price
Maturity Age  NA
Grace Period  NA
Sum Assured  Minimum Purchase Price :
  • Immediate life Annuity-Rs. 42, 076
  • Immediate Life Annuity with ROPP-Rs. 1,60,261
  • Deferred Life Annuity with ROPP-Rs. 76,046
Maximum Purchase Price: No limit
Liquidity The loan is provided only under the Deferred Annuity Plan, subject to specified terms and conditions. 

Benefits of HDFC Life Pension Guaranteed Plan

The following is the list of key benefits offered by HDFC Life Pension Guaranteed Plan:

Annuity Options: The policyholder can choose any of the three options to match individual preference. In all the annuity options, the cover can be for either Single Life or Joint Life.  

  • Immediate Life Annuity: 
  • Immediate Life Annuity with ROPP
  • Deferred Life Annuity with ROPP: 

Death Benefit: It varies according to the annuity option chosen by the policyholder. The payout is described below:

  • Immediate Life Annuity: Nil
  • Immediate Life Annuity with ROPP: 100% of Purchase Price of Annuity
  • Deferred Life Annuity with ROPP: Purchase Price plus Guaranteed Additions minus total Annuity paid till the date of death.  

Annuity Payout Frequency:  The policyholder has the flexibility to choose from the following, as the single premium is paid in advance at the inception of the contract. :

  • Annual
  • Semi-Annual
  • Quarterly
  • Monthly

Top-Up Option: The policyholder has the choice to augment the Annuity Payout, the amount of which will be based on age and prevailing Annuity Rates. 

Surrender Benefit: It is only under mitigating circumstances that the policy is surrendered. However, there are certain conditions applicable to the benefit. 

  • Immediate Annuity (Single and Joint): Not allowed
  • Immediate and Deferred Annuity with ROPP (Single and Joint): It is allowed and the Surrender value is dependent on the Present Value of future expected benefits and discounted at defined rates.  

Tax Benefit: As per the extant laws, all Annuity Payouts may be subjected to Income Tax. 

*Tax benefit is subject to changes in tax laws

The premium for HDFC Life Pension Guaranteed Plan

In this plan, the contract is executed by means of a single payment. , the HDFC Life Pension Guaranteed Plan premium is linked to the purchase price. Accordingly, the list below provides indicative amounts:

Minimum Purchase Price

  • Immediate Life Annuity: Rs.42,076
  • Immediate Life Annuity with ROPP: Rs.1,60,261
  • Deferred Life Annuity with ROPP: Rs.76,046

Maximum Purchase Price: No limit

Here are the Annuity Payouts for various frequencies in HDFC Life Pension Guaranteed Plan Policy:

Minimum Annuity Payout

  • Annual: Rs.12000
  • Semi-Annual: Rs.6000
  • Quarterly: Rs.3000
  • Monthly: Rs.1000

Maximum Annuity Payout: No limit

*Standard T&C Apply

Additional Riders for HDFC Life Pension Guaranteed Plan

There is no rider offered under this plan.  

Eligibility for HDFC Life Pension Guaranteed Plan  

Entry Age:

Minimum: 

  • Immediate Life Annuity: 30 years
  • Immediate Life Annuity with *ROPP: 30 years
  • Deferred Life Annuity with *ROPP: 45 years

Maximum: 85 years for all the above 

*ROPP: Return of Purchase Price

Maturity Age: It is not defined as the cover provides lifelong income. 

What are the Documents Required to Buy this Policy?

Like any other insurance plan, to buy   HDFC Life Pension Guaranteed Plan, only copies of Official Valid Documents as under are accepted:

  • ID proof
  • Age Proof
  • Address Proof
  • Income Proof
  • Bank Account documents
  • Recent Photograph

How to Buy this Plan Online?

The policyholder has the option to buy online HDFC Life Pension Guaranteed Plan at the insurer portal by invoking the “Buy Now” Button. However, in the strict sense, the HDFC Life Pension Guaranteed Plan calculator may only indicate the amount involved. The process is accomplished in a few simple steps described below:

Step 1: Choose the purchase price or the desired annuity amount to receive

Step 2: Choose the annuity option

Step 3: Choose the Annuity Payout Frequency

Step 4: Pay the purchase amount and check the HDFC Life Pension Guaranteed Plan Policy status.

Step 5: Start receiving Annuity Payouts through direct credit to the Bank Account. 

Exclusions of HDFC Life Pension Guaranteed Plan

After a thorough scan of the HDFC Life Pension Guaranteed Plan Reviews, no mention of exclusions has been found. 

FAQ's

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