HDFC Life Pension Plans

HDFC Standard Life Insurance Company was formed through a collaboration between India's Housing Development Finance Corporation Limited (HDFC) and UK-based Standard Life PLC. HDFC holds 74.60% shares in the insurance company while Standard Life (Mauritius Holding) Limited owns the remaining.

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With the combined knowledge and experience, HDFC Standard Life Insurance has emerged as a dominant player in the insurance industry. It offers a full range of products at competitive rates such as pension plans, FDs, and market-linked instruments.

HDFC Pension Plans in Detail

HDFC pension plans come in both Traditional and Unit-linked type. The HDFC Pension Plans are given below:

  1. HDFC Pension Plan – HDFC Life Personal Pension Plus Plan

    A traditional plan with the features mentioned below:

    • The plan guarantees payment of the higher of Sum Assured with bonuses or 101% of total premiums paid on vesting.

    • In the HDFC pension plan, policyholders can choose to commute 1/3rd of corpus and get annuity on the remaining amount or take immediate annuity or buy a Single Premium Deferred Annuity plan with the remaining amount.

    • In case of death, the nominee will receive a higher of 101% of premiums paid with bonus or 105% of premiums paid until death and can choose to receive annuity or take the entire benefit.

    • The plan accrues reversionary bonus, interim bonus, and terminal bonus.

    People also read: HDFC Life NFO

    Eligibility Details

    Minimum Maximum
    Entry Age 18 years 65 years
    Vesting Age 55 years 75 years
    Policy Term 10 years 40 years
    Annual Premium amount Rs.24, 000 No limit
    Sum Assured 204, 841 Depends on term, age and premium
    Premium Payment Term Equal to the policy term
  2. HDFC Pension Plan– HDFC Life Click 2 Retire Plan

    It is an online pension plan in a unit linked format. The features of the plan are as follows:

    • This HDFC pension plan promises an assured Vesting Benefit equal to {101% + 1% * (policy Term – premium paying term)}*total premiums paid

    • The death benefit which is payable under this HDFC pension plan will be the amount which will be higher among the fund value on the date of death or 105% of premiums paid till death

    • Under this HDFC pension plan, the vesting age can be postponed if the policyholder’s age is below 55 years

    • Three types of funds are available under this HDFC pension plan which are Pension Equity Plus Fund, Pension Income Fund and Pension Conservative Fund

    • Income Tax Benefit on the premiums paid under Section 80C, on the commuted part of the fund value under Section 10(10A). Death benefit is exempt under Section 10(10D).

    • Under this HDFC pension plan, on maturity, 1/3rd of the fund value can be commuted, i.e. withdrawn as cash and the remaining 2/3rd should be used to draw a pension or the policyholder can also use the entire proceeds to purchase an annuity with the fund value. Alternatively, a single premium deferred annuity plan can be purchased from the proceeds.

    Eligibility Details

    Minimum Maximum
    Entry Age 18 years 65 years
    Vesting Age 45 years 75 years
    Policy Term 10 years 35 years
    Annual Premium amount Regular pay – Rs.24, 000
    Single Pay – Rs.50, 000
    No limit
    Premium Payment Term Equal to the policy term or Single Pay or Limited Pay
  3. HDFC Pension Plan – HDFC Life Pension Super Plus

    A pension plan with the following features:

    • The plan pays higher of the fund value or an assured benefit of 101% of the sum of premiums paid on vesting.

    • In the HDFC pension plan, policyholders can purchase a joint life annuity from the company on vesting, guaranteeing regular income till the policyholder or their spouse is alive.

    • In the HDFC Retirement Plan, policyholders can commute 1/3rd of the fund and receive annuity from the remaining portion on vesting.

    • From the 11th year onwards, 102.5% of the premiums paid are allocated to the fund under this plan.

    • On death, the company pays higher of the fund value or total premiums paid accumulated at a rate of 6% per annum or 105% of the total premiums paid till death under this plan.

    • Income Tax benefits under Sections 80C, 10(10A), and Section 10(10D). People looking to reduce their tax liability will find this HDFC Retirement Plan well suited for their needs

      People Also Read: HDFC Life Flexi Cap Fund

    Eligibility Details

    Minimum Maximum
    Entry Age 35 years 65 years
    Vesting Age 55 years 75 years
    Policy Term 10 years 20 years
    Annual Premium amount Rs.24, 000 No limit
    Premium Payment Term Equal to the policy term
  4. HDFC Pension Plan – HDFC Life Single Premium Pension Super Plan

    A single premium ULIP plan with the following features:

    • This HDFC pension plan offers an assured benefit of 101% of the single premium paid or the fund value, whichever is higher, upon vesting.

    • In the HDFC Retirement Plan, if the policyholder is below 55 years of age, the vesting age can be extended.

    • Upon vesting, the policyholder can choose to purchase an annuity from the company with options such as joint life annuity or commute 1/3rd of the fund and receive annuity from the remaining portion, or purchase another Single Premium deferred annuity from the company.

    • In the event of the insured's death, the nominee can receive the higher of the fund value or 105% of the premium, and may choose to receive annuities or withdraw the entire amount.

    • Income Tax Benefit on the premiums paid and fund value under Section 80C and Section 10(10A) respectively. Death benefit is exempt under Section 10(10D). This is another HDFC pension plan that is suitable for people trying to reduce their taxable income.

    Eligibility Details

    Minimum Maximum
    Entry Age 40 years 75 years
    Vesting Age 50 years 85 years
    Policy Term 10 years
    Annual Premium amount Rs. 25, 000 No limit
    Premium Payment Term Equal to the policy term
  5. HDFC Pension Plan – HDFC Life Guaranteed Pension Plan

    A deferred annuity plan with the following features:

    • HDFC pension plan guarantees an addition of 3% of Sum Assured to the corpus every year.

    • In HDFC Retirement Plan, vesting benefits are also added upon vesting that depend on the plan tenure.

    • In HDFC Pension Plan, death benefit is guaranteed and calculated as total premiums paid with 6% interest per annum.

    • Premiums need to be paid for a limited term only.

    • Death benefit is payable to the nominee who can choose to receive annuities or withdraw the proceeds entirely.

    • Under this HDFC pension plan, on vesting, the proceeds are payable to the policyholder who can either choose to receive annuity payouts from the entire corpus or withdraw 1/3rd of the corpus as cash and receive annuity payouts from the remainder 2/3rd of the corpus which shall be taxable. The policyholder may also choose to buy a Single Premium Deferred Annuity plan from the company using the entire corpus

    • Tax benefits under Section 80C for the premiums paid and Section 10(10A) for the commuted fund value. Under section 10 (10D), individuals can claim death benefits.

    Eligibility Details

    Minimum Maximum
    Entry Age 35 years 65 years
    Vesting Age 55 years 75 years
    Policy Term 10 years 20 years
    Premium Payment Term 5, 7, 10 years
    Annual Premium amount Rs.24, 000 No limit
    Sum Assured Rs.  81, 145 No limit
    Premium Payment Term Equal to the policy term
  6. HDFC Pension Plan– HDFC Life New Immediate Annuity Plan

    An annuity plan with the following features:

    • This HDFC pension plan will pay annuity without delay from the period chosen by the annuitant after the premium is paid

    • There are multiple annuity options under this HDFC Retirement Plan, such as:

      • Annuity payouts for life

      • Annuity for life and then return of purchase price on death

      • Lifetime Annuity with Return of Balance of Purchase Price

      • Life Annuity which is guaranteed for 5/10/15 or 20 years and then payable for life

      • Life Annuity increasing at a simple rate of 5% p.a.

      • Lifetime Annuity plus Return of Purchase Price in parts

      • Lifetime Annuity with Return of 100% of Purchase Price on diagnosis of Critical Illness or death

      • Joint Life Last Survivor with 100% annuity to the secondary annuitant

      • Joint Life Last Survivor with 50% annuity to the secondary annuitant

      • Joint Life Last Survivor with 100% annuity to the secondary annuitant and Return of 100% of Purchase Price

      • Joint Life Last Survivor with 50% annuity to the secondary annuitant and Return of 100% of Purchase Price

      • Moreover, the Purchase Price, i.e. the single premium paid for availing the annuity is returned on death or in case of a Critical Illness under the relevant annuity options under this HDFC pension plan

      • The premium paid to buy this HDFC pension plan is exempt from taxation under Section 80CCC of the Income Tax Act.

      • Under this HDFC pension plan, higher rates of annuity are available for higher Purchase Price of Rs.2.5 lakhs and above.

    Eligibility Details

    Minimum Maximum
    Entry Age 30 years 85 years
    Annual Annuity amount Rs. 10, 000 No limit
    Purchase Price Depends on the policyholder’s age and the annuity amount chosen

HDFC Pension Plan – Applying for a Pension Plan from the company:

  1. Through Website 

    The company provides exclusive HDFC pension plans that can be accessed through its website. To purchase, the customer simply has to log in and select the desired plan and coverage. Enter the necessary information to know the premium amount. 

    The premium will be calculated based on the provided details. After that, the customer can pay the premium online using a credit card, debit card, or net banking options. Once the payment is complete, policy documents for the HDFC pension plan will be generated.

  2. Through Intermediaries

    If HDFC pension plans are not accessible online, they can be obtained through intermediaries such as agents, brokers, and banks. These intermediaries can help with the application process.

Wrapping It Up!

HDFC Life Pension Plan offer a comprehensive range of retirement solutions to meet the diverse needs of individuals. With various options for premium payment, vesting, and death benefits, these plans provide flexibility and assurance for a secure retirement. Policyholders can also opt for a joint life annuity to ensure a regular income for themselves and their spouses. 

Overall, HDFC Retirement Plan is a reliable choice for those planning for a financially stable retirement.

FAQ's

  • How does an annuity plan help?

    To understand this concept, let's consider an example. 
    At age 40, Mr. Batra decides to purchase an annuity plan from one of HDFC's pension plans, allowing him 20 years to add funds. During the next 20 years (accumulation phase), he makes regular premium payments. Once he reaches the age of 60 and retires, the annuity phase begins wherein he starts receiving monthly payments. 
    Since he bought a life annuity plan, he will receive payments for the remainder of his life, ensuring that all of his financial requirements are met.
  • When should I buy an annuity plan?

    It's advisable to get an annuity plan well in advance of retirement, as shown in the example of Mr. Batra who purchased a plan from HDFC Retirement Plan at age 40. This allowed him a comfortable span of 20 years to collect funds for his annuity. 
    There are two main advantages of starting early. One, you can invest a larger sum of money. Two, you can do it gradually without the pressure of having to pay too much too soon.
  • Should I opt for an immediate or deferred annuity plan?

    The decision to select an immediate or deferred annuity plan is based on when you purchase the plan. If you buy the plan near or after retirement, you must choose an immediate annuity plan. On the other hand, if you purchase the plan in younger years, you can choose a deferred annuity plan from the HDFC pension plan.
  • How can I provide for my spouse if I buy an annuity plan?

    Certain types of HDFC annuity plans provide benefits for spouses as well. The joint annuity plan is the most common kind where you and your spouse can buy the plan together. In the event of your death, your spouse will continue to receive the annuity for the remainder of their life. 
    Alternatively, you can choose a guaranteed period annuity and receive the annuity for a specific number of years. By keeping your spouse as the nominee, they will continue to receive the annuity until the end of the designated period even after your demise.
  • How to pay premium? What are the modes of payment available?

    You can pay your HDFC pension plan premium through ANY these following methods:
    • ECS SYSTEM
    • Bill Pay – EBPP (Electronic Bill Presentment and Payment)
    • Drop box
    • YES /AXIS Bank debit card
    • Bill pay-EBPP(Electronic bill presentment and payment)
    • Cash/Cheque Payments
    • NEFT
    For paying premium online for any HDFC pension plan, please visit e-portal.
    Step 1: Enter your policy details – policy number and policyholders date of birth
    Step 2: Pay from your debit/ credit card or select your online bank account to make the payment
    Step 3: Authenticate and confirm your payment details and receive online premium payment receipt for your HDFC pension plan
  • How can I check policy status for HDFC Life pension plans?

    You can check policy status of your HDFC pension plan online, if you are a registered user. Simply log into the e-portal with your Client ID and password to check the policy status of your HDFC pension plan.
  • What is the policy renewal process for HDFC Life pension plans?

    Renew your HDFC pension plan policy online. Here are the steps;
    Step 1: Login with your customer ID and password on
    Step 2: Select the HDFC pension plan policy due for renewal payment. Click Pay Renewal Premium Now
    Step 3: Choose payment option- Credit/Debit Card or NEFT
    Step 4: Authenticate and confirm your payment details and print the payment receipt of your HDFC pension plan

  • What is the company’s process to settle claim for HDFC Life pension plans?

    For HDFC pension plan policyholders, Cashless facility is permitted in case of hospitalization or surgery. For others the process is as follows;

    Step 1: Duly fill the claims form for your HDFC pension plan
    Step 2: Attach the relevant documents- medical bills, reports, accident report- with your claims form
    Step 3: Submit the documents at the Claims Office at any of your nearest HDFC branch in your city
    Alternatively, you can post it at their registered headquarter:
    HDFC Standard Life Insurance Company Ltd.Lodha Excelus, 13th Floor Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India.

  • What is the policy cancellation process for HDFC Life pension plans?

    HDFC pension plan policyholders must attach all the relevant policy documents along with a duly filled surrender form at any of the branch locations in their city. Within 72 hours, the refund will be made into your bank account, post deducting cancellation charges, stamp duty (if any), and medical tests.

    You can also check National Pension Scheme Benefits

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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HDFC Life Pension Plans Reviews & Ratings

4.3 / 5 (Based on 25 Reviews)
(Showing Newest 10 reviews)
Manjeet
Rajgarh, October 10, 2016
HDFC Insurance Plan
Benefits of the hdfc standard life insurance company is well known by everyone. I got pension plan in less investments but after the policy get matured the payback amount big and very much satisfactory. Policy coverage and claims are high. Online policy renewal option is very good option.
Lakshay
Chabhal, August 24, 2016
Nice Insurance Plan
Recently i bought pension plan for my parents from hdfc life insurance company. The insurers are well known from very long time for there services. Premium is less and returns are excellent. Coverage is high and claiming is very easy.
Anuj
Bilaspur, August 22, 2016
Retirement policy
Good retirement insurance policy in just very less investment. The policy coverage is good ~89% and the claims are high which can be easily sanctioned because of fast service provided by the company members.
Surjeet
Deoli, July 20, 2016
Good Coverage
The hdfc pension plan has good policy coverage around 91% and claims are high which can be easily sanctioned due to fast service facilitate by the executives of the company. Updates are mailed to my email address or it can be visit on the website.
Ratiket
Akbarpur, July 20, 2016
Pension Policy
My hdfc pension plan is the best insurance policy which facilitate me maximum benefits in low premiums. The service is fantastic and it gives the option to online renewal of the plan and updates regarding it. Policy coverage is high and claims are simple to sanctioned due to fast response.
Chirag
Howrah, April 15, 2016
Awesome Policy
I have a pension policy plan like every one does. The policy is great with high returns and low premiums. Policy coverage is also nice ~ 94% and service is fast. Really good job guys, you provide best pension plans. Thank you hdfc standard life insuranceI like it.
Tarun
Kanpur, April 15, 2016
Wonderful
I found the best pension plan for old age with hdfc standard life insurance . The plan is for my mom and she like the policy very much. The policy coverage is 91% and return is ~Rs.41 K per month. The service is good and the amount is directly transfer to mom bank account. I so stress free now. Great work.
Omesh
Malegaon, April 15, 2016
Really Good
I got a very fine policy from hdfc standard life insurance. Now, I'm tension free for future because of great pension policy plan. The coverage is good around 91%, service is great and fast too, even the claims are fantastic. Great policy, i like it.
Ishant
Jorhat, April 15, 2016
Future Security
Recently took life insurance with hdfc standard life insurance. Great retirement plans with low premiums and nice policy coverage. The service providers are cooperative and doing there jobs very nicely. Claims easy to get and time period is less. Nice deal, satisfied.
Gautam
Mumbai, April 15, 2016
Fine Policy
I got pension plan from hdfc standard life insurance from last few year. The policy coverage is ~94%. No doubt the service is good. The claiming experience i don't have yet. Good future investment with low premiums. The behaviour of executives and staff members are really very nice. Good work.
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