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.
Peaceful Post-Retirement Life
Tax Free Regular Income
Wealth Generation to beat Inflation
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.
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. |
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.
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.
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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 |
†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. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^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.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
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