HDFC Annuity Plans

HDFC Life Insurance Company is one of the leading insurance providers of the private sector in India. The company was founded in the year 2000 and just 20 years it has become one of the most reliable names in the banking sector. With banking services, this company also offers some of the best-in-class investment products like savings plans, unit-linked insurance plans, wealth plans, and annuity plans.

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  • Multiple Annuity Options

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Planning after retirement life in advance is always beneficial and experts suggest starting it as soon as you start earning. The reason for the same is to secure a financial future after retirement. For maintaining the same lifestyle and for safeguarding self and loved ones from any unforeseen event even after you stop working building sufficient corpus is needed. This can only be possible by investing your hard-earned money in a reliable and beneficial annuity plan.

Annuity plans are the investment plans that help you to build enough corpus by investing regularly so that you get regular income post-retirement. HDFC Life annuity plans offer a variety of benefits and features, which are:

Types of HDFC Annuity Plans

Name of the Plan Vesting Age Entry Age Term of the Policy Premium Payment Term
HDFC Life Pension Guarantee Plan - 30 years to 80 years - Single Pay
HDFC Life Guaranteed Pension Plan 55 years to 75 years 35 years to 65 years 10 years to 20 years 5 years, 7 years, and 10 years
HDFC Life Assured Pension Plan – ULIP 45 years to 75 years 18 years to 65 years 10, 15, and 35 years Limited/ Single pay in 8 years, 10 years, and 15 years
HDFC Life New Immediate Annuity Plan - 30 years to 85 years - -
HDFC Life Personal Pension Plus 55 years to 75 years 18 years to 65 years 10 years to 40 years Same as the term of the policy
HDFC Life Click 2 Retire 45 years to 75 years 18 years to 65 years 10 years to 35 years Limited or single pay same as that of the term of the policy
HDFC Life Click 2 Wealth 99 years 30 days to 60 years 99 minus entry age 10 years to 70 years minus entry age

1. HDFC Life Pension Guarantee Plan:

It is a single premium annuity plan to offer regular income after retirement. This plan has a wide range of annuity options as well as provides death benefits. The features and benefits of this plan are:

Feature and Benefits:

  • This plan provides a vast range of annuity options to cater to your requirement.

  • It gives the option to get a deferred or immediate annuity.

  • It gives the option to purchase the plan on a joint or single life basis.

  • It provides an option to get an annuity monthly, half-yearly, quarterly, or yearly basis.

  • You can increase your annuity pay-outs through the top-up option.

  • The banks and financial institutions can purchase an immediate annuity with regards to annuity payments for their various commitments to the homeowners in a reverse mortgage scheme.

Eligibility Criteria:

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
Pay-out of Annuity in Rs. / Instalment Monthly 1,000 No Limit
Quarterly 3,000
Half-Yearly 6,000
Yearly 12,000
Purchase Price Immediate Life Annuity Rs. 42,076 No Limit
Immediate Life Annuity with Return of Purchase Price Rs. 1, 60, 261
Deferred Life Annuity with Return of Purchase Price Rs. 76,046
Premium Payment Term Single Pay
Minimum Group Size (For group plans) Five

2. HDFC Life Guarantee Pension Plan:

This plan is designed to offer financial safety and stability post-retirement by providing a regular source of income with many other amazing features. This plan can be availed only on a single life basis.

Features and Benefits:

  • This HDFC annuity plan provides an additional 3% of the sum assured after each completed year of the policy.

  • A lump sum vesting benefit is paid upon vesting.

  • It provides an assured death benefit of total premium accumulated to date is paid at a guaranteed rate of 6% per year is compounded yearly.

  • The plan offers tax benefits under section 80CC of the IT Act, 1961.

  • Upon vesting, you can purchase an annuity and avail of lifetime income after retirement.

Eligibility Criteria:

Parameter Minimum Maximum
Entry Age 35 years 65 years
Term of the Policy 10 years 20 years
Vesting Age 55 years 75 years
Premium Payment Term 5, 7, and 10 years
Premium Rate Rs. 24,000 No Limit
Frequency of Premium Payment Monthly/ Quarterly/ Half-Yearly/ Yearly

3. HDFC Life Assured Pension Plan – ULIP:

This HDFC Life annuity plan is a unit-linked investment policy that provides returns that are market-linked with loyalty additions and hence offers a hassle-free post-retirement life. HDFC Life assured pension plan has the potential to provide higher returns and helps you to achieve your retirement goals.

Features and Benefits:

  • This plan offers a combination of assured benefits and market gains upon vesting.

  • Starting from the 11th year, get loyalty additions in the form of pension multipliers after every alternate year.

  • The plan provides three different investment funds to select from.

  • It offers flexibility to select between single pay and limited pay.

  • In case of death of the policyholder, the benefit that is payable to the nominee is higher the 105% of the total premium paid or fund value till the date of death.

  • The policy offers death benefits under section 10D and 80C of the Income Tax Act, 1961.

Eligibility Criteria:

Parameter Minimum Maximum
Entry Age 18 years 65 years
Term of Premium Payment Limited pay / Single pay (8, 10, and 15 years)
Vesting Age 45 years 75 years
Frequency of Premium Payment Monthly, quarterly, half-yearly, annually
Policy Term 10 years, 15 years, and 35 years

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

4. HDFC Life New Immediate Annuity Plan:

It is a non-linked traditional annuity plan that offers financial security for your golden period. HDFC Life new immediate annuity plan offers regular annuity pay-outs. It comes with various features to give financial independence after retirement.

Features and Benefits:

  • The plan offers guaranteed income until the primary policyholder or secondary policyholder (in case of the joint plan) lives.

  • You can choose the pay-out frequency of annuity as per your needs, which can be yearly, half-yearly, quarterly, or monthly basis.

  • It provides a vast range of annuity options to select from as per your needs.

  • Higher rates of annuity for investments that are Rs. 2,50,000 and more.

  • You can avail of the annuity on joint life and single life basis.

  • This plan offers death benefits for annuity options that offer a return of purchase price.

Eligibility Criteria:

Parameter Minimum Maximum
Entry Age 30 years 85 years
Annuity Payment Frequency Monthly/quarterly/half-yearly/yearly  
Annuity Pay-out per Instalment  
Monthly Rs. 1000 No Limit
Quarterly Rs. 3000
Half-Yearly Rs. 5000
Yearly Rs. 10000
Purchase Price Based on the chosen annuity option and age

5. HDFC Life Personal Pension Plus:

HDFC Life personal pension plus is a traditional participating pension plan that offers regular and stable income after retirement from the corpus amount that an investor has invested over years. You can avail of this plan only for self that means it is not available as a joint plan.

Features and Benefits:

  • This HDFC annuity plan provides flexibility to select the term of the policy as per your needs.

  • The policyholder can opt for annuity out of the whole lump sum advantage that is available on vesting or you can commute 1/3rd of the total advantage and you can purchase the annuity with the remaining 2/3rd of the benefits.

  • The plan offers assured benefits that are equal to 101% of the total premium that is paid on vesting or death.

  • It offers income tax benefits u/s 10D and 80C of the Income Tax Act,1961.

Eligibility Criteria:

Parameter Minimum Maximum
Entry Age 18 years 65 years
Policy Term 10 years 40 years
Vesting Term 55 years 75 years
Frequency of Premium Payment Single/monthly/quarterly/half-yearly/annually
Annual Premium Amount Rs. 24,000 No limit

6. HDFC Life Click 2 Retire Plan:

This is one of the most popular annuity plans offered by HDFC Life to investors who want a good investment option for retirement. It is a unit-linked policy that creates wealth by maximizing investment returns as per the performance of the market.

Features and Benefits:

  • The vesting age can easily be extended, if the age of the policyholder is less than 55 years.

  • You can purchase annuity out of the complete lump sum advantages available on the vesting or as a policyholder you can commute 1/3rd of the total advantage and annuity can easily be purchased with the remaining 2/3rd of the advantage or can buy another single premium deferred annuity plan from HDFC life insurance company.

  • The plan offers three different investment options to select from – pension income fund, pension equity plus fund, and pension conservative fund.

  • Upon vesting, payable benefit is = [101% + 1% X (term of the policy – term of premium payment)] X total paid premiums

  • The benefit that is payable to the designated nominee is higher than the value of the fund of the policy when the policyholder dies or 105% of the total premiums that are paid till the death date.

Eligibility Criteria:

Parameters Minimum Maximum
Entry Age 18 years 65 years
Term of the Policy 10 years 35 years
Vesting Age 45 years 75 years
Premium Payment Term
Annual Premium Amount ·         Single Pay ·         Regular Pay Rs. 50,000 Rs. 25,000 No Limit
Frequency of Premium Payment Single/ monthly/ quarterly/ half-yearly/ yearly

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

7. HDFC Life Click 2 Wealth:

HDFC Life Click 2 Wealth is a unit-linked non-participating life insurance policy that provides market-linked returns and provides useful financial protection for your family and you. This plan offers three options and Golden Years Benefit Option provides coverage for your entire life (maximum of 99 years). Upon maturity of the Golden Years plan you get accumulated fund value and the mortality charges are as well added to the fund value when the policy ends that coincides with or immediately follows the 70th birthday of the policyholder.

Features and Benefits:

  • The policy provides life cover till 99 years

  • This plan offers tax-free retirement income.

  • 101% of the premium is allocated to your investment fund for the first five years.

  • The policy as well provides the premium waiver benefit.

  • The plan offers maturity benefits and death benefits to its policyholders.

  • As a policyholder, you can avail the option for settlement for maturity benefits. The fund value is paid in periodic installments over time that can extend to five years.

Eligibility Criteria:

Parameter Minimum Maximum
Entry Age 30 days 60 years
Age at Maturity NA 99 years
Premium Payment Term 10 minus entry age 70 minus entry age
Premiums Half-Yearly Rs. 6000 No limit subject to board approved underwriting policy
Term of the Policy 99 minus entry age

The Final Words!

These are the annuity plans offered by HDFC Life insurance company. You can opt for a policy as per your requirement and suitability.

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