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.
|Premium Paying Term||Single Pay|
|Premium Paying Mode||Single Pay|
*ROPP: Return of Purchase Price
|Sum Assured||Minimum Purchase Price :
|Liquidity||The loan is provided only under the Deferred Annuity Plan, subject to specified terms and conditions.|
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.
Death Benefit: It varies according to the annuity option chosen by the policyholder. The payout is described below:
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. :
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.
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
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
Maximum Purchase Price: No limit
Here are the Annuity Payouts for various frequencies in HDFC Life Pension Guaranteed Plan Policy:
Minimum Annuity Payout
Maximum Annuity Payout: No limit
*Standard T&C Apply
There is no rider offered under this plan.
Maximum: 85 years for all the above
*ROPP: Return of Purchase Price
Maturity Age: It is not defined as the cover provides lifelong income.
Like any other insurance plan, to buy HDFC Life Pension Guaranteed Plan, only copies of Official Valid Documents as under are accepted:
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.
After a thorough scan of the HDFC Life Pension Guaranteed Plan Reviews, no mention of exclusions has been found.