HDFC Life Pension Guaranteed Plan

HDFC Life Pension Guaranteed Plan is a traditional non-participating deferred annuity plan which promises guaranteed benefits to take care of post-retirement life by providing steady income

Best Pension Options
  • Get Tax Free Pension For Life

  • Flexibility to withdraw fund value any time

  • Guaranteed Tax Savings

    Under Sec 80 C & 10(10D)

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

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Features of HDFC Life Pension Guaranteed Plan

  • It is a non-participating Deferred Annuity Plan with Limited premium payment option
  • There are Guaranteed Additions accruing in every policy year which gets paid on maturity
  • Vesting Additions are also applicable on Vesting

Benefits of HDFC Life Pension Guaranteed Plan

  • Guaranteed Additions @ 3% of Sum Assured for each completed policy year is added to the corpus on vesting
  • Vesting Addition also expressed as a % of Sum Assured is added depending on the term chosen
  • On Vesting, Sum Assured on Vesting + Guaranteed Additions + Vesting Additions is payable to the policyholder
  • The benefit payable on vesting can be utilized in any of the following ways:
    • To commute 1/3rd of the corpus and avail annuity payouts form the remaining part
    • To use the entire corpus to buy an immediate annuity form the company
    • To use the entire proceed to buy a Single Premium Deferred Annuity from the company
  • On death, an Assured Death Benefit equal to sum of all premiums paid accumulated @ 6% p.a. is paid to the nominee
  • The nominee can choose either to receive annuity payouts from the death benefit partly or in full or withdraw the lump sum amount
  • Income tax benefit on the premium paid as per Section 80CCC and on the commuted part as per Section 10(10A) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

35 years

65 years

Vesting Age (Last Birthday)

55 years

75 years

Policy term (years)

10

20

Premium Payment Term (years)

5 / 7 / 10

Yearly Premium

24,000

No limit

Sum Assured

81,145

No limit

Premium Payment Frequency

Monthly, quarterly, half-yearly, yearly

Details about Premium

Premium in Rupees for a male aged 45 years

Sum Assured

Policy Term 10 years

Policy Term 15 years

Policy Term 20 years

5 Pay

7 Pay

5 Pay

7 Pay

5 Pay

7 Pay

200,000

52,042

38,344

49,034

37,154

45,592

35,554

500,000

130,105

95,860

122,585

92,885

113,980

88,885

750,000

195,158

143,790

183,877

139,328

170,970

133,328

You may also like: Present Values of Annuity | Future Value of Annuity

Policy Details

  • Grace Period: Grace period of 15 days is allowed for monthly mode and 30 days for other modes for the payment of premium.
  • Policy Termination or Surrender Benefit: the policy can be surrendered provided 2 / 3 full years’ premium has been paid. The policyholder will be entitled to the higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV)
  • GSV = GSV % of total Premiums paid + GSV of accrued Additions
  • Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

  • Loan is not available under the plan

Additional Features or Riders

  • Guaranteed Additions and Vesting Additions increase the effective corpus on Vesting

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents

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