HDFC Life Annuity Rates

Every individual should plan well for the retirement days. Retirement planning is of prime importance to lead a stress-free life. A smart way to do this is to buy an annuity plan for the regular source of income during the golden period. Start planning for your retirement with the HDFC Life annuity plan.

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An Overview

HDFC Life annuity rates provide ample scope to plan your retirement finances despite the rising living expenses and inflation. After retirement, a regular income stream is the critical feature of an annuity that secures your family’s finances. It absorbs unforeseen expenses comfortably. 

HDFC Life offers two annuity plans to match your specific needs when the regular professional income has dried up with retirement, an essential milestone in your life. 

The following are the plans where the HDFC Life annuity rates apply:

HDFC Life New Immediate Annuity Plan

The HDFC Life new immediate annuity plan is also a single premium insurance product designed to provide various tailored annuity options. The plan offers the following features:

  • A wide range of annuity options to meet diverse needs.

  • Guaranteed income for you and your partner’s lifetime. 

  • Option to choose timely monthly, quarterly, half-yearly or annual annuity payouts. 

  • Option to choose Return of Purchase Price upon the annuitant’s demise and critical illness.

Eligibility Criteria of HDFC Life New Immediate Annuity Plan

The table below shows the eligibility criteria of HDFC Life new immediate annuity plan:

Parameters Details
Minimum Entry Age 30 years
Maximum Entry Age 85 Years
Minimum Annuity Pension Monthly: Rs 1000
Quarterly: Rs 3000
Semi-annually: Rs 5000
Annually: Rs 10000
Maximum Annuity Pension No Limit
Purchase Price Bands The Annuity Payout is based on the Purchase Price Bands described below: The higher the purchase price, the higher the Annuity Pension. 
Band I: Less than Rs 2.5 lakh
Band II: Rs 2.5 lakh to less than Rs 4.9 lakh
>Band III: Rs 5 lakh to less than Rs 9.9 lakh
Band IV: Rs 10 lakh to less than Rs 40.9 lakh
Band V: Rs 50 lakh and above
Maximum Annuity Purchase Price No Limit

Annuity Installment Payout Based on HDFC Life Annuity Rates

The HDFC Life annuity plan subscribers are free to choose the annuity pension frequency based on individual financial projections. The formula for calculating the instalment amount is uniform for the plans, as described below:

Frequency Annuity Pension per Frequency
Semi-Annual  98% (Annual Annuity) X 1/2
Quarterly  97% (Annual Annuity) X 1/4
Monthly  96% (Annual Annuity) X 1/12

HDFC Life Pension Guaranteed Plan

The HDFC Life pension guaranteed plan is a single pay annuity designed to provide regular guaranteed income over your lifetime. The plan offers the following features:

A wide range of annuity options for individual customization:

  1. Immediate Life Annuity

    The pension payout commences immediately upon the single premium payment without any time lag.

  2. Immediate Life Annuity with Return of Purchase Price

    The payout commences immediately, and the purchase price is returned to the dependent on leaving a legacy.

  3. Deferred Life Annuity with Return of Purchase Price

    The Pension payout commences after a defined period, and the dependent receives the purchase price as a legacy. 

    • Single or Joint Life option available.

    • Receive payout in monthly, quarterly, half-yearly or annual frequency. 

    • Option to choose Return of Purchase Price upon the annuitant’s demise.

    • The top-up option increases annuity payout. 

Eligibility Criteria HDFC Life Pension Guaranteed Plan

The table below shows the eligibility criteria of the HDFC Life pension guaranteed plan:

Parameters Minimum Maximum
Entry Age Immediate Life Annuity 30 years

85 years

Immediate Life Annuity with Return of Purchase Price 30 years
Deferred Life Annuity with Return of Purchase Price 45 years
Annuity Payout Monthly  Rs 1000 No Limit
Quarterly Rs 3000
Semi-yearly Rs 6000
Yearly Rs 1200
Purchase Price Immediate Life Annuity Rs 42076 No Limit
Immediate Life Annuity with Return of Purchase Price Rs 160261
Deferred Life Annuity with Return of Purchase Price Rs 76046
Premium Payment Term Single Pay

Wrapping it Up

Financial independence after retirement is in jeopardy as the regular income is on the ebb as professional life comes to an end. The void is filled by HDFC Life Annuity Plans shouldering the mantle to provide a regular income stream tailored to individual preferences. 

The various options and the HDFC Life annuity rates are ideal for supplementing the income resources after you retire. Thus, the rate varies upon the price band of your annuity purchase.

FAQ's

  • Q. How much is the Death Benefit based on HDFC Life Annuity Rates?

    A. The Death Benefit is payable only in annuity options where the ROPP is the chosen option. In the HDFC Life New Immediate Annuity Plan, the death benefit is also payable on the diagnosis of Critical Illness.
  • Q. Is the GST payable for the Annuity purchased from the NPS corpus?

    A. GST is not applied to an annuity purchased from the NPS corpus.
  • Q. Is the Annuity Pension subject to taxation under the extant Income Tax laws?

    A. Annuity Pension is classified as “salaries” under the extant Income Tax laws and therefore taxed in the subscriber’s hands.
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