HDFC Life New Immediate Annuity Plan is a traditional pension plan where annuity starts immediately. The annuity payouts occur from the next chosen frequency immediately after payment of lump sum premium and the payouts are available under various options
Get Guaranteed Lifelong Pension
For You And Your Spouse
Invested amount returned to your nominee
Invest 20k monthly & Get yearly pension of 4.2 Lacs for Life
Guaranteed Return For Life
Multiple Annuity Options
*All savings are provided by the insurer as per the IRDAI approved insurance
plan. Standard T&C Apply
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It is an immediate annuity plan and a traditional pension plan with single premium option where the annuity starts immediately after premium payment from the next chosen date
The Purchase Price is returned on death or on Critical Illness
The annuity options can be chosen for a single life (policyholder) or for joint life (policyholder and spouse)
The annuity options are:
Life Annuity
Lifetime Annuity with Return of 100% of Purchase Price
Lifetime Annuity with Return of Balance of Purchase Price
Life Annuity guaranteed for 5/10/15 or 20 years and thereafter payable for life
Life Annuity increasing at a simple rate of 5% p.a.
Lifetime Annuity with 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
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Annuity payouts will be paid as per the frequency chosen immediately after the premium paid
Under the option of Life Annuity with Return of Purchase price in parts, if the annuitant survives 7 years, 30% of the purchase price is paid and the annuity continues. On death anytime beyond 7 years, 70% of the Purchase Price is paid to the nominee
Under the Lifetime Annuity with Return of 100% of Purchase Price on diagnosis of Critical Illness or death, the annuity payouts cease and 100% of the purchase price is returned if the policyholder dies or is diagnosed with a critical illness before the age of 85 years
Income tax benefit on the premium paid as per Section 80CCC of the Income Tax Act.
Minimum | Maximum | |
Entry Age (Last Birthday) | 30 years | 85 years |
Purchase Price | Depends on age and the annuity chosen | |
Yearly Annuity Payout | 10,000 | No limit |
Annuity payout Frequency | Monthly, quarterly, half-yearly, yearly |
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Grace Period: Grace period is not applicable.
Policy Termination or Surrender Benefit: the policy can be surrendered only in case of 3 options. The options and the respective Surrender Values are:
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.
Loan is not available under the plan
The annuity rates are higher for higher Purchase Price of 250,000 and above
Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents.