HDFC Life Single Premium Pension Super Plan

HDFC Single Premium Pension Super is a Unit Linked Deferred Pension Plan offered by HDFC Life. It combines features of life insurance and investment to help you build a retirement corpus.

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  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

  • Wealth Generation to beat Inflation

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Features of HDFC Life Single Premium Pension Super Plan

The features of HDFC Life Single Premium Pension Super Plan are:

  • Single Premium: You pay a lump sum amount upfront as the premium.

  • Life Cover: The plan provides life insurance coverage, offering a payout to your nominee in case of your unfortunate demise during the policy term.

  • Market Linked Returns: Since it's a ULIP, the returns are linked to the market performance of the chosen fund. This means the potential for higher returns but also carries some investment risk.

  • Guaranteed Minimum Maturity Benefit: This plan offers a guaranteed benefit at maturity. It's the higher of 101% of the total premiums paid (including any top-ups) or the fund value at maturity.

  • Annuity Option: Upon maturity, you can opt to receive the accumulated amount as a lump sum or convert it into a regular income stream through an annuity plan.

  • Top-Ups: You can increase the corpus by making additional single premium payments throughout the policy term.

  • Limited Flexibility: This plan offers a single investment fund and doesn't allow fund switching or partial withdrawals.

Eligibility Criteria of HDFC Life Single Premium Pension Super Plan

Parameter Minimum Maximum
Policy Term (Years) 10 10
Entry Age 40 years 75 years
Maturity Age 50 years 85 years
Top up Premiums Rs. 100 No Limit 
Premium Paying Term (PPT) One time only
Premium Paying Frequency Base Policy Premium is paid once, and top-up premiums can be paid as and when needed.

What are the Benefits of HDFC Life Single Premium Pension Super Plan?

Here are the key benefits of the HDFC Life Single Premium Pension Super Plan:

  • Maturity Benefit or Vesting Benefit: Upon surviving the policy term, you'll receive the higher of:

    • 101% of Total Premiums Paid: This includes the initial single premium and any top-up premiums you make.

    • Unit Fund Value: The accumulated value of your invested funds.

  • Death Benefit: In case of your unfortunate demise during the policy term, your nominee will receive the higher of:

    • 105% of Total Premiums Paid: This ensures your loved ones receive a guaranteed amount.

    • Unit Fund Value: The market value of your accumulated units.

  • Life Cover: The plan provides life cover throughout the policy term, offering financial security to your family in case of your demise.

  • Tax Benefits:

    • You can avail tax deductions under Section 80CCC of the Income Tax Act for premiums paid.

    • A portion of the maturity benefit may be tax-free under Section 10(10A).

    • The death benefit is generally exempt from tax under Section 10(10D).

  • Single Premium Payment: Invest a lump sum amount at the beginning and avoid the hassle of regular premium payments.

Policy Details of HDFC Life Single Premium Pension Super Plan

  • Fund Switches: This plan doesn't allow switching between investment funds since it offers only one fund option.

  • Partial Withdrawals: Partial withdrawals are not permitted under this plan.

  • Top-Ups: You can make additional single premium payments (Top-Ups) throughout the policy term, with a minimum amount specified in the policy schedule. There's no maximum limit on these Top-Ups. However, any Top-Up amount is subject to a five-year lock-in period, except in case of complete policy surrender.

  • Premium Redirection: This option is unavailable as there's only one investment fund.

  • Surrender Option: You have the right to surrender the policy at any time. The surrender value will be the unit fund value minus the discontinuance charge mentioned in the policy schedule.

  • Early Surrender (within 5 years): If you surrender the policy before completing five years, the fund value will be shifted to a "Discontinued Policy Fund'' withx a minimum guaranteed interest rate set by IRDAI (currently 4% p.a.). An annual fund management charge of 0.50% will also be applied. This interest rate and charge may change as per IRDAI updates. The accumulated value in this Discontinued Policy Fund will be paid out after the five-year lock-in period is complete.

  • Surrender after 5 Years: If you surrender after five policy years, the surrender value will be paid immediately.

  • Death Before Surrender Payout: If the policyholder dies before receiving the surrender payout, the company will process the surrender payment upon receiving the necessary claim documents.

  • Termination on Surrender: Once the surrender amount is paid, the policy terminates, and no further benefits are available.

People also read: HDFC Life Midcap Momentum Fund 2024

Charges Under the HDFC Single Premium Pension Super Plan

Charges Particulars
Premium Allocation Charge On Premium paid - 2.5%, on top up premium paid - 1%
Fund Management Charge 1.35% per annum of fund value, chargeable daily
Policy Administration Charge Subject to Rs. 500 per month, 0.13% per month of the total premiums paid
Mortality Charge Dependent on the policyholder’s age and level of cover
Miscellaneous Charges Rs. 250 for policy alteration
Investment Guarantee Charge 0.40% per annum of the fund’s value charged daily in case of active policies

FAQs

  • Are there any discontinuation charges for the Premium Discontinuation Scenario for Single Premium Pension Super Plan?

    There are no discontinuation charges for this plan since it is a single premium policy.
  • What happens if I surrender the policy within the first five years?

    If you surrender the policy within the first five years, the fund value as of the date of surrender will be shifted to a Discontinued Policy Fund. This fund has an interest rate of 4% per annum (as of September 2015) and attracts an FMC (Fund Management Charge) of 0.50% per annum. The funds will be paid out at the end of the lock-in period of five years.
  • What happens if I surrender the policy after 5 policy years?

    If you surrender the policy after completing 5 policy years, the fund value will be paid out immediately.
  • Is GST applicable to this plan?

    Yes, GST (Goods and Services Tax) of 18% is applicable to life insurance effective from the 1st of July, 2017.

*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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