HDFC Life Pension Plans

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.

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   • Under this HDFC pension plan, on maturity, 1/3rd of the fund value can be commuted, i.e. withdrawn as cash and the remaining 2/3rd should be used to draw a pension or the policyholder can also use the entire proceeds to purchase an annuity with the fund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

   
   *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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

   *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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

Pension Plans Insurers

Aditya Birla Sun Life Pension Plans

Aegon Life Pension Plans

Ageas Federal Pension Plans

Aviva Pension Plans

Bajaj Allianz Pension Plans

Bharti AXA Life Pension Plans

Canara HSBC Pension Plans

Edelweiss Tokio Life Pension Plans

Future Generali Pension Plans

HDFC Life Pension Plans

ICICI Prudential Pension Plans

IndiaFirst Pension Plans

Kotak Life Pension Plans

Max Life Pension Plans

PNB MetLife Pension Plans

Pramerica Life Pension Plans

Reliance Life Pension Plans

Sahara Life Pension Plans

SBI Life Pension Plans

Shriram Life Pension Plans

Star Union Pension Plans

Tata AIA Pension Plans

View All Pension Plans

Expand

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