HDFC Life New Immediate Annuity Plan

HDFC Life New Immediate Annuity Plan is a retirement savings plan that provides you with a guaranteed income stream for life, starting immediately after you make a single premium payment. You can choose from a variety of annuity options to suit your needs.

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For You And Your Spouse

Invested amount returned to your nominee

Best Pension Options
  • Invest 20k monthly & Get yearly pension of 4.2 Lacs for Life

  • Guaranteed Return For Life

  • Multiple Annuity Options

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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We are rated~
rating
6.7 Crore
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Insurance Partners
3.4 Crore
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What are the Features and Benefits of HDFC Life New Immediate Annuity Plan?

HDFC Life New Immediate Annuity Plan is a traditional pension plan. The key features of the Annuity Plan are:

  • Choose from a variety of annuity plans to match your financial goals.

  • Receive annuity payments as long as you or your partner are alive.

  • Enjoy elevated annuity rates for larger purchase amounts.

  • Benefit from a Return of Purchase Price option for added security.

  • Option to receive annuity monthly, quarterly, half-yearly or yearly

  • For banks and financial institutions involved in reverse mortgage schemes, HDFC Life New Immediate Annuity Plan offers specialised options to purchase immediate annuities.

  • Once purchased, your annuity ensures a guaranteed income for life.

  • The annuity options available are:

  1. Single Life Annuity Options:

    • Life Annuity

    • Life Annuity with Return of Purchase Price

    • Life Annuity with Return of Balance Purchase Price

    • Life Annuity with a Guarantee Period

    • Life Annuity with 5% escalation

    • Life Annuity with Return of Purchase Price in Parts

    • Life Annuity with Return of Purchase Price on diagnosis of Critical Illness

  2. Joint Life (two lives) Annuity Options:

    • Joint Life Annuity with 100% annuity to the secondary annuitant

    • Joint Life Annuity with 50% annuity to the secondary annuitant

    • Joint Life Annuity with 100% annuity to the secondary annuitant and return of purchase price

    • Joint Life Annuity with 50% annuity to the secondary annuitant and return of purchase price

What is the Eligibility Criteria to Buy HDFC Life New Immediate Annuity Plan?

Parameters Minimum  Maximum 
Entry Age  POSP Channel: 40 years Other Channels: 18 years POSP Channel: 70 years
Other Channels: 
Option  Age
Life Annuity with Return of Purchase Price on diagnosis of critical illness 85 years
Other Options  99 years
Annuity Payout per Frequency  Yearly ₹10,000 No Limit 
Half-Yearly ₹5,000
Quarterly ₹3,000
Monthly  ₹1,000

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How Does HDFC Life New Immediate Annuity Plan Work?

Here's how HDFC Life's New Immediate Annuity Plan works:

  1. Investment Options:

    • Individuals can choose to invest in the plan by paying either a lump sum amount or regular installments over a specified period.

    • The choice between a lump sum or periodic payments allows flexibility based on the individual's financial situation and preferences.

  2. Payouts:

    • In return for the invested amount, the policyholder receives regular payments or payouts.

    • These payouts continue for as long as the individual lives (life annuity) or for a predetermined fixed period (term certain annuity).

  3. Risk Coverage:

    • HDFC Life assumes the responsibility of managing the invested funds. The company invests these funds to generate income.

    • The annuity plan acts as a financial safety net by covering the risk of outliving one's savings.

  4. Income Generation:

    • The insurance company invests the pooled funds into various financial instruments, such as bonds and other income-generating assets.

    • The income generated from these investments is distributed to the policyholders in the form of regular payouts, providing a reliable source of income during retirement.

HDFC Life's New Immediate Annuity Plan is specifically designed to help individuals secure their financial future during retirement. By offering a consistent stream of income, the plan aims to provide policyholders with peace of mind and financial stability in their sunset years.

What are the Documents Required for HDFC Life New Immediate Annuity Plan?

The policyholder has to fill up an ‘Application form/proposal form’ with accurate medical history along with the address proof and other KYC documents.

Policy Details of HDFC Life New Immediate Annuity Plan

  1. Free Look Period

    You have 15 days (30 days for policies sourced through distance marketing) to review the policy. If dissatisfied, you can cancel it by giving written notice. You will receive the non-allocated premium, cancellation charges, fund value, minus proportionate risk premium, medical exam costs, stamp duty, Goods and Services Tax, and cess.

  2. Surrender Benefit

    Surrender benefits are accessible at any time but only for the specified five annuity options. The Guaranteed Surrender Values are detailed below:

    Annuity Options  Guaranteed Surrender Value 
    Life Annuity with Return of Purchase Price




    10% of the purchase price
    Life Annuity with Return of Purchase Price on diagnosis of critical illness
    Joint Life Annuity with 100% annuity to the Secondary Annuitant and return of Premium/Purchase Price
    Joint Life Annuity with 50% annuity to the Secondary Annuitant and return of Premium/Purchase Price
    Life Annuity with Return of Purchase Price in parts
    • Surrendered within 7 years: 10% of the purchase price
    • Surrendered thereafter: 7% of the purchase price
  3. Alterations

    Alterations can not be made after the annuity has been purchased.

  4. Loan

    Policy loan option is not available in this plan.

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

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  5. Illnesses covered under Life Annuity with a Return of 100% of the Purchase Price on Diagnosis of Critical Illness

    • Cancer of Specified Severity

    • Open Chest CABG

    • Myocardial Infarction

    • Kidney Failure requiring regular Dialysis

    • Major Organ Transplant (as a recipient)

    • Stroke resulting in permanent symptoms

  6. Illnesses that are excluded:

    • Myocardial Infarction

    • Kidney Failure Requiring Regular Dialysis
      Major Organ Transplant (as a recipient)
      Stroke Resulting In Permanent Symptoms

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