HDFC Life Systematic Pension Plan

The HDFC Life Systematic Pension Plan is a Non-Linked, Participating, Individual, Savings, Pension Plan. It is a pension plan designed to help you build a retirement corpus. This plan allows you to accumulate savings throughout your working years to ensure a financially secure post-retirement life.

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Features of HDFC Life Systematic Pension Plan

Here are the key features of HDFC Life Systematic Retirement Plan:

  • Profit Sharing: Participate in the profits of the company's participating fund by way of bonuses declared by the company. This can potentially increase your retirement corpus.

  • Flexible Investment Term: Choose your investment horizon from 5 to 40 years to align the plan with your retirement goals.

  • Flexible Premium Payment: Pay your premium in one go or spread it out over a period of time at your convenience. This allows you to adjust your contributions based on your financial situation.

  • Enhanced Protection with Riders: Opt for additional riders to provide further protection against unforeseen events like death or disability. Riders are optional add-ons that come with an extra cost.

Eligibility Criteria for HDFC Life Systematic Pension Plan

Below are the eligibility criteria for the HDFC Life Systematic Retirement Plan:

Parameters Minimum Maximum
Age at Entry 18 years 75 years
Age at Vesting 40 years 80 years
Sum Assured Single Pay Rs.50,000 No Limit
Regular/ Limited Pay Rs.1,50,000
Instalment
Premium
Single Rs.50,000 No limit
Yearly Rs.30,000
Half-yearly Rs.15,300
Quarterly Rs.7,800
Monthly Rs.2,625
Policy Term 5 years 40 years
Premium Payment Term Single Pay
Regular Pay
Limited Pay (5 to 12 years)

Benefits of the HDFC Life Systematic Pension Plan

  1. Death Benefit:

    • Provides financial security for your loved ones in case of your unfortunate demise during the deferment period.

    • The benefit paid will be the higher of:

      • Total premiums paid accumulated at a guaranteed interest rate of 6% p.a. till the date of death.

      • 105% of the total premiums paid up to the date of death.

  2. Deferment Period:

    • This is the period between paying your premiums and starting to receive your pension benefits.

    • No survival benefits are paid during this time.

  3. Survival Benefits (Annuity):

    • Once the deferment period is over and you survive, you'll start receiving regular income payments called annuities.

    • The frequency of these payments depends on your chosen option - monthly, quarterly, half-yearly, or yearly.

    • The annual annuity amount is calculated by multiplying the annuity rate (fixed at policy inception) with your annualized premium.

    • You'll receive the annuity payments in arrears, meaning you get them at the end of your chosen frequency.

  4. Higher Premium Benefits:

    • Paying higher premiums allows you to earn additional benefits in the form of an increased annuity percentage. This means you'll receive a larger pension amount.

  5. Surrender Benefits:

    • If you need to surrender the plan before maturity, you'll receive a surrender value:

      • During the deferment period, you'll get a higher amount between the Guaranteed Surrender Value (GSV) and the Special Surrender Value (SSV).

      • After the deferment period, if you've chosen the "Life Annuity with Return of Premiums" option, you'll receive the SSV.

Riders Under the HDFC Life Systematic Pension Plan

The riders under the HDFC Life Systematic Pension Plan are: 

  • HDFC Life Income Benefit on Accidental Disability Rider (UIN: 101B013V03)

  • HDFC Life Critical Illness Plus Rider (UIN: 101B014V02)

  • HDFC Life Protect Plus Rider (UIN: 101B016V01)

Policy Details of the HDFC Life Systematic Pension Plan

  1. Revival:

    Revive lapsed/paid-up policies within 5 years from the first unpaid premium due date, subject to underwriting policies and payment of unpaid premiums with 8.5% interest. Revival rates are reviewed semi-annually.

  2. Surrender:

    Single premium policies get immediate Guaranteed Surrender Value; regular/limited premium policies need at least two years' premiums paid. Surrender value is higher than GSV or SSV, calculated based on premiums, bonuses, and terminal bonuses if declared.

  3. Loans:

    Policy loans are available during the term, with an 8.50% interest rate, reviewed half-yearly based on G-Sec (government security) Yield.

  4. Grace Period:

    30 days for yearly, half-yearly, and quarterly payments; 15 days for monthly. Unpaid premiums during the grace period are deducted from the Death Benefit if death occurs.

  5. Lapsation:

    Policy lapses if the premium remains unpaid within the grace period and no Guaranteed Surrender Value is acquired.

Exclusions Under the HDFC Life Systematic Pension Plan

The suicide exclusion clause stipulates that if the policyholder dies by suicide within 12 months from the start of risk under the policy or from the policy's revival date, the nominee or beneficiary will receive a minimum of 80% of the total premiums paid up to the date of death or the surrender value at the time of death, whichever amount is greater, as long as the policy remains active.

FAQs

  • Who is this plan suitable for?

    This plan is suitable for individuals who are looking for a secure and potentially rewarding way to save for their retirement. It caters to those who want a combination of guaranteed benefits, potential bonus growth, and flexibility in premium payment and investment terms.
  • How long does the policy term last?

    The policy term is determined by two factors:
    • Premium Payment Term: This is the period during which you pay your premiums. You can choose a term that suits your financial situation.

    • Vesting Age: This is the age at which you choose to start receiving your pension benefits. The policy term lasts until this chosen vesting age.

  • What happens at the vesting date?

    Upon reaching your chosen vesting date, you will receive the higher of the following benefits:
    • Sum assured on vesting

    • Accrued Reversionary Bonuses

    • Interim/Terminal Bonuses (if declared)

  • Can I withdraw money from the plan before the vesting date?

    Withdrawal before the vesting date is generally not allowed. However, you may want to check the specific plan document for any exceptions or loan provisions.

*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 Systematic 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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