HDFC Life Assured Pension Plan

The HDFC Life Assured Pension Plan is a Unit Linked Pension Plan customised for a secure and joyful retirement. It starts from age 18, allowing early investment for long-term growth. Unique in flexibility, it offers single or limited pay options. A standout feature is the assured vesting benefit, guaranteeing a minimum benefit at maturity for added security and growth potential. Features like this make it one of the most preferred pension plans.

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What is HDFC Life Assured Pension Plan?

HDFC Life Assured Pension Plan is a Unit Linked Pension Plan designed to help you achieve a joyful and financially secure retirement. It allows you to start investing as early as 18 years old, giving your retirement savings a head start and taking advantage of long-term growth. Unlike the traditional plans, this HDFC Pension Plan offers flexibility. You can choose to either pay a single premium upfront (single pay) or spread the payments over a chosen period (limited pay).

What truly sets this plan apart is the combination of security and growth potential. It provides a guaranteed minimum benefit (assured vesting benefit) at maturity, ensuring you have a safety net.

Features of HDFC Life Assured Pension Plan

The HDFC Life Assured Pension Plan features are:

  • Get guaranteed benefits and potential for market growth.

  • Earn bonus units (Pension Multipliers) every other year starting in year 11.

  • Invest from 18 and potentially vest your funds at 45.

  • Choose single pay or limited pay to fit your budget.

  • Death benefits to the nominee which will be higher of the fund value of your policy at the time of death or 105% of premiums paid till then

  • Save on taxes under prevailing tax laws.

Eligibility Criteria for HDFC Life-Assured Pension Plan

Below is the eligibility criteria for HDFC Life Assured Pension Plan: 

Eligibility Criteria Minimum Maximum
Entry Age 18 years 65 years
Vesting Age 45 years 75 years
Premium Payment Term Single Pay Policy Term: 10, 15 to 35 years
Premium Payment Terms 8 Pay
Premium Payment Term 10 Pay
Premium Payment Term 15 Pay Policy Term: 15 to 35 years

Premium/Payment Frequency Regular & Limited Options Single Pay Option
Minimum Premium Annual ₹ 24000 NA
Half Yearly ₹ 12000 NA
Quarterly ₹ 6000 NA
Monthly ₹ 2000 NA
Single Pay NA ₹ 50000
Maximum Premium No Limit

Benefits of the HDFC Life-Assured Pension Plan

Below are the benefits of HDFC Life Assured Pension Plan

  • Get bonus units (Pension Multipliers) every other year starting in year 11 for continued premium payments.

  • Receive at least 101% of your premiums paid + an additional bonus based on policy term upon maturity.

  • Defer your retirement income (vesting) up to age 75 (if below 55 years old). Benefits and charges continue to apply.

  • The nominee gets the higher of fund value or 105% of premiums paid in case of your unfortunate demise.

  • Access up to 1/3 of the maturity benefit as tax-free cash, with the remaining amount used to purchase an annuity.

  • Choose to receive your entire maturity benefit as a regular income stream through an annuity from HDFC Life.

  • Extend your accumulation phase within the same policy terms if you're below 55 years old at maturity.

Riders Under the HDFC Life Assured Pension Plan

HDFC Life Protect Plus Rider (UIN: 101B016V01)

Get protected with a proportion of Rider Sum Assured in case of Accidental Death or partial/total disability due to an accident or diagnosis of Cancer.

Policy Details of the HDFC Life-Assured Pension Plan

  1. Discontinuance Policy:

    • Discontinue before 5 years: Options are revival within 2 years or complete withdrawal.

    • Default if no action: Withdrawal.

    • Risk cover remains till discontinuance; charges continue.

    • Fund value moves to 'Discontinued Policy Fund' after deducting Discontinuance Charges.

    • Minimum guaranteed interest rate for the fund is 4% p.a.

    • Asset allocation for the Discontinued Policy Fund: Money Market Instruments (0-40%) and Government securities (60-100%).

    • A Fund Management Charge of 0.50% p.a. applies.

    • Proceeds are paid after a 5-year lock-in or revival period completion.

    • Death before revival/payment results in a payout to the nominee, terminating the policy.

  2. Cancellation in Free-Look Period:

    • Return within 15 days (30 days for distance marketing) if not agreeable to the terms.

    • Refund includes allocated units' value, unallocated premium part, minus risk premium, medical expenses, and stamp duty.

    • Returned policy can't be revived; a new proposal is needed for a new policy.

FAQs

  • Are there any exclusions under the HDFC Life Assured Pension Plan?

    No, there are no exclusions under the HDFC Life Assured Pension Plan.
  • What options do I have if my policy is discontinued after the 5-year lock-in period?

    You can choose to:
    • Revive the policy within 2 years from discontinuance.

    • Completely withdraw without risk cover.

    • Convert the policy into a paid-up policy, with charges continuing.

  • What happens if I surrender before completing 5 years?

    The fund value minus charges will be moved to the 'Discontinued Policy Fund' and paid out after the lock-in period.
  • What if the policyholder dies before receiving the surrender benefit?

    The amount in the Discontinued Policy Fund will be paid.
  • How are policy proceeds utilized for discontinuance/surrender?

    Proceeds can be taken as tax-free cash lump sum (up to 1/3), with the rest converted to an annuity or used entirely for annuity purchase or a single premium deferred pension plan.

*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
^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.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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HDFC Life Assured Pension Plan Reviews & Ratings

4.3 / 5 (Based on 25 Reviews)
(Showing Newest 10 reviews)
Manjeet
Rajgarh, October 10, 2016
HDFC Insurance Plan
Benefits of the hdfc standard life insurance company is well known by everyone. I got pension plan in less investments but after the policy get matured the payback amount big and very much satisfactory. Policy coverage and claims are high. Online policy renewal option is very good option.
Lakshay
Chabhal, August 24, 2016
Nice Insurance Plan
Recently i bought pension plan for my parents from hdfc life insurance company. The insurers are well known from very long time for there services. Premium is less and returns are excellent. Coverage is high and claiming is very easy.
Anuj
Bilaspur, August 22, 2016
Retirement policy
Good retirement insurance policy in just very less investment. The policy coverage is good ~89% and the claims are high which can be easily sanctioned because of fast service provided by the company members.
Surjeet
Deoli, July 20, 2016
Good Coverage
The hdfc pension plan has good policy coverage around 91% and claims are high which can be easily sanctioned due to fast service facilitate by the executives of the company. Updates are mailed to my email address or it can be visit on the website.
Ratiket
Akbarpur, July 20, 2016
Pension Policy
My hdfc pension plan is the best insurance policy which facilitate me maximum benefits in low premiums. The service is fantastic and it gives the option to online renewal of the plan and updates regarding it. Policy coverage is high and claims are simple to sanctioned due to fast response.
Chirag
Howrah, April 15, 2016
Awesome Policy
I have a pension policy plan like every one does. The policy is great with high returns and low premiums. Policy coverage is also nice ~ 94% and service is fast. Really good job guys, you provide best pension plans. Thank you hdfc standard life insuranceI like it.
Tarun
Kanpur, April 15, 2016
Wonderful
I found the best pension plan for old age with hdfc standard life insurance . The plan is for my mom and she like the policy very much. The policy coverage is 91% and return is ~Rs.41 K per month. The service is good and the amount is directly transfer to mom bank account. I so stress free now. Great work.
Omesh
Malegaon, April 15, 2016
Really Good
I got a very fine policy from hdfc standard life insurance. Now, I'm tension free for future because of great pension policy plan. The coverage is good around 91%, service is great and fast too, even the claims are fantastic. Great policy, i like it.
Ishant
Jorhat, April 15, 2016
Future Security
Recently took life insurance with hdfc standard life insurance. Great retirement plans with low premiums and nice policy coverage. The service providers are cooperative and doing there jobs very nicely. Claims easy to get and time period is less. Nice deal, satisfied.
Gautam
Mumbai, April 15, 2016
Fine Policy
I got pension plan from hdfc standard life insurance from last few year. The policy coverage is ~94%. No doubt the service is good. The claiming experience i don't have yet. Good future investment with low premiums. The behaviour of executives and staff members are really very nice. Good work.
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