HDFC Standard Life Insurance Company was formed through a collaboration between India's Housing Development Finance Corporation Limited (HDFC) and UK-based Standard Life PLC. HDFC holds 74.60% shares in the insurance company while Standard Life (Mauritius Holding) Limited owns the remaining.
Peaceful Post-Retirement Life
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With the combined knowledge and experience, HDFC Standard Life Insurance has emerged as a dominant player in the insurance industry. It offers a full range of products at competitive rates such as pension plans, FDs, and market-linked instruments.
HDFC pension plans come in both Traditional and Unit-linked type. The HDFC Pension Plans are given below:
A traditional plan with the features mentioned below:
The plan guarantees payment of the higher of Sum Assured with bonuses or 101% of total premiums paid on vesting.
In the HDFC pension plan, policyholders can choose to commute 1/3rd of corpus and get annuity on the remaining amount or take immediate annuity or buy a Single Premium Deferred Annuity plan with the remaining amount.
In case of death, the nominee will receive a higher of 101% of premiums paid with bonus or 105% of premiums paid until death and can choose to receive annuity or take the entire benefit.
The plan accrues reversionary bonus, interim bonus, and terminal bonus.
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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 |
It is an online pension plan in a unit linked format. The features of the plan are as follows:
This HDFC pension plan promises an assured Vesting Benefit equal to {101% + 1% * (policy Term – premium paying term)}*total premiums paid
The death benefit which is payable under this HDFC pension plan will be the amount which will be higher among the fund value on the date of death or 105% of premiums paid till death
Under this HDFC pension plan, the vesting age can be postponed if the policyholder’s age is below 55 years
Three types of funds are available under this HDFC pension plan which are Pension Equity Plus Fund, Pension Income Fund and Pension Conservative Fund
Income Tax Benefit on the premiums paid under Section 80C, on the commuted part of the fund value under Section 10(10A). Death benefit is exempt under Section 10(10D).
Under this HDFC pension plan, on maturity, 1/3rd of the fund value can be commuted, i.e. withdrawn as cash and the remaining 2/3rd should be used to draw a pension or the policyholder can also use the entire proceeds to purchase an annuity with the fund value. Alternatively, a single premium deferred annuity plan can be purchased from the proceeds.
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 Single Pay – Rs.50, 000 |
No limit |
Premium Payment Term | Equal to the policy term or Single Pay or Limited Pay |
A pension plan with the following features:
The plan pays higher of the fund value or an assured benefit of 101% of the sum of premiums paid on vesting.
In the HDFC pension plan, policyholders can purchase a joint life annuity from the company on vesting, guaranteeing regular income till the policyholder or their spouse is alive.
In the HDFC Retirement Plan, policyholders can commute 1/3rd of the fund and receive annuity from the remaining portion on vesting.
From the 11th year onwards, 102.5% of the premiums paid are allocated to the fund under this plan.
On death, the company pays higher of the fund value or total premiums paid accumulated at a rate of 6% per annum or 105% of the total premiums paid till death under this plan.
Income Tax benefits under Sections 80C, 10(10A), and Section 10(10D). People looking to reduce their tax liability will find this HDFC Retirement Plan well suited for their needs
People Also Read: HDFC Life Flexi Cap Fund
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:
This HDFC pension plan offers an assured benefit of 101% of the single premium paid or the fund value, whichever is higher, upon vesting.
In the HDFC Retirement Plan, if the policyholder is below 55 years of age, the vesting age can be extended.
Upon vesting, the policyholder can choose to purchase an annuity from the company with options such as joint life annuity or commute 1/3rd of the fund and receive annuity from the remaining portion, or purchase another Single Premium deferred annuity from the company.
In the event of the insured's death, the nominee can receive the higher of the fund value or 105% of the premium, and may choose to receive annuities or withdraw the entire amount.
Income Tax Benefit on the premiums paid and fund value under Section 80C and Section 10(10A) respectively. Death benefit is exempt under Section 10(10D). This is another HDFC pension plan that is suitable for people trying to reduce their taxable income.
Minimum | Maximum | |
Entry Age | 40 years | 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:
HDFC pension plan guarantees an addition of 3% of Sum Assured to the corpus every year.
In HDFC Retirement Plan, vesting benefits are also added upon vesting that depend on the plan tenure.
In HDFC Pension Plan, death benefit is guaranteed and calculated as total premiums paid with 6% interest per annum.
Premiums need to be paid for a limited term only.
Death benefit is payable to the nominee who can choose to receive annuities or withdraw the proceeds entirely.
Under this HDFC pension plan, on vesting, the proceeds are payable to the policyholder who can either choose to receive annuity payouts from the entire corpus or withdraw 1/3rd of the corpus as cash and receive annuity payouts from the remainder 2/3rd of the corpus which shall be taxable. The policyholder may also choose to buy a Single Premium Deferred Annuity plan from the company using the entire corpus
Tax benefits under Section 80C for the premiums paid and Section 10(10A) for the commuted fund value. Under section 10 (10D), individuals can claim death benefits.
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 |
An annuity plan with the following features:
This HDFC pension plan will pay annuity without delay from the period chosen by the annuitant after the premium is paid
There are multiple annuity options under this HDFC Retirement Plan, such as:
Annuity payouts for life
Annuity for life and then return of purchase price on death
Lifetime Annuity with Return of Balance of Purchase Price
Life Annuity which is guaranteed for 5/10/15 or 20 years and then payable for life
Life Annuity increasing at a simple rate of 5% p.a.
Lifetime Annuity plus 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
Moreover, the Purchase Price, i.e. the single premium paid for availing the annuity is returned on death or in case of a Critical Illness under the relevant annuity options under this HDFC pension plan
The premium paid to buy this HDFC pension plan is exempt from taxation under Section 80CCC of the Income Tax Act.
Under this HDFC pension plan, higher rates of annuity are available for higher Purchase Price of Rs.2.5 lakhs and above.
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 |
The company provides exclusive HDFC pension plans that can be accessed through its website. To purchase, the customer simply has to log in and select the desired plan and coverage. Enter the necessary information to know the premium amount.
The premium will be calculated based on the provided details. After that, the customer can pay the premium online using a credit card, debit card, or net banking options. Once the payment is complete, policy documents for the HDFC pension plan will be generated.
If HDFC pension plans are not accessible online, they can be obtained through intermediaries such as agents, brokers, and banks. These intermediaries can help with the application process.
HDFC Life Pension Plan offer a comprehensive range of retirement solutions to meet the diverse needs of individuals. With various options for premium payment, vesting, and death benefits, these plans provide flexibility and assurance for a secure retirement. Policyholders can also opt for a joint life annuity to ensure a regular income for themselves and their spouses.
Overall, HDFC Retirement Plan is a reliable choice for those planning for a financially stable retirement.
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
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
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