HDFC Standard Life Insurance Company was established between Housing Development Finance Corporation Limited (HDFC) and Standard Life plc based out of UK. While HDFC holds 74.60% of the company’s stake, Standard Life (Mauritius Holding) Limited holds 26% while the remaining is held by others. With the expertise of HDFC and Standard Life together under one umbrella, HDFC Standard Life Insurance has become a market leader in the insurance sector offering a complete range of products at competitive rates. Moreover, the company boasts of a strong foundation of sales force which helps to increase the company’s market share in the insurance sector.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
HDFC Pension Plan |
Features and Benefits |
Eligibility Criteria |
HDFC Life Personal Pension Plus Plan |
|
65 yrs (max)
75 yrs (max)
40 yrs (max)
Rs. 24,000 (min); No limit (max)
Premium Payment Term: Equal to the policy term |
HDFC Life Click 2 Retire Plan |
|
65 yrs (max)
75 yrs (max)
35 yrs (max)
Premium Payment Term: Equal to the policy term or Single Pay or Limited Pay |
HDFC Life Pension Super Plus |
|
65 yrs (max)
75 yrs (max)
20 yrs (max)
Rs. 24,000 (min); No limit (max)
|
HDFC Life Single Premium Pension Super Plan |
|
75 yrs (max)
85 yrs (max)
Rs. 25,000; No limit (max)
|
HDFC Life Guaranteed Pension Plan |
|
65 yrs (max)
75 yrs (max)
20 yrs (max)
5, 7 or 10 yrs
|
HDFC Life New Immediate Annuity Plan |
|
The company offers pension plans in both traditional format and Unit-linked format. The pension plans which HDFC Life has can be highlighted below:
Is a traditional plan with the under-mentioned features:
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 |
An online pension plan in a unknit linked format. The features of the plan are as follows:
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 |
No limit |
Premium Payment Term |
Equal to the policy term or Single Pay or Limited Pay |
A pension plan with the following features:
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 |
A single premium ULIP plan with the following features:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
40years |
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 |
A deferred annuity plan with the following features:
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 |
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
An annuity plan with the following features:
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 |
How does an annuity plan help?
Let us understand this with an example. Mr. Batra decides to buy an annuity plan from one of the HDFC pension plans when he is 40 years old. This gives him 20 years time to build up an annuity fund. For the next 20 years (which is called the accumulation phase), he regularly pays his premiums. At the end of the 20th year, when Mr. Batra is 60 years old and recently retired, the annuity phase begins and he starts to receive his monthly payments. He had opted for a life annuity plan, so the annuity plan pays till the last day of his life and that helps him to take care of all his financial needs.
When should an annuity plan be taken?
An annuity plan should ideally be taken much before the actual retirement time. Like we saw in the above example, Mr. Batra bought the plan from one of the HDFC pension plans at the age of 40 and that gave him a solid period of 20 years to build up the annuity fund. Taking a plan early has two benefits. First and foremost you can invest more money and secondly you can do it at a relaxed pace, without having to worry about paying too much too soon.
Should I opt for an immediate or a deferred annuity plan?
Whether you opt for an immediate or a deferred annuity plan would depend on how early you took the plan. If you chose to buy the plan after your retirement or very close to the retirement date, you have to opt for an immediate annuity plan. If however, you did so much earlier, like Mr. Batra, you can opt for a deferred annuity plan from one of the HDFC pension plans.
How can I provide for my spouse if I buy an annuity plan?
There are certain kinds of annuity plans that have provisions for partners as well. The most common type is the joint annuity where you can jointly take the plan with your spouse. So even if you die, your spouse will continue to receive the annuity till the time he or she lives. Then, you can opt for a guaranteed period annuity and opt to receive the annuity for a fixed number of years. You just have to name your spouse as the nominee and so even after you die, he or she will continue to receive the annuity till the time the period ends.
Helpful Resources: What is an Annuity
HDFC Pension Plans – Applying for a Pension Plan from the company:
Online
The company offers specific HDFC pension plans which are available online only. The customer only needs to log into the company’s website, choose the required HDFC pension plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the HDFC pension plan policy will be issued
Intermediaries
HDFC pension plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
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
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
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.
You can also check National Pension Scheme Benefits