HDFC Life Smart Pension Plan

The HDFC Life Smart Pension Plan is a Unit Linked, Non-Participating Individual Pension Plan designed for retirement planning. It merges life insurance with savings, allowing you to build a retirement fund over your working years. This is one of the most flexible pension plans and lets you adjust the vesting date, payment term, investment allocation, and encashment options to suit your changing needs as retirement approaches.

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What is the HDFC Life Smart Pension Plan?

HDFC Life Smart Pension Plan is a Unit Linked, Non-Participating Individual Pension Plan that helps you plan for your retirement. It’s a top HDFC Pension Plan and combines life insurance with a savings option, allowing you to build a retirement corpus throughout your working years. You'll choose a target vesting date, a premium payment term, and investment options (funds) based on your expected savings timeline and risk tolerance. Upon reaching your target vesting date, you can use your accumulated corpus to receive regular pension payments (annuity) or take a portion of it as a lump sum. The plan offers flexibility to adjust your target vesting date, premium payment term, investment allocation across funds, and even encashment options (under certain conditions) to adapt the plan to your evolving needs as you approach retirement.

Features of HDFC Life Smart Pension Plan

The features of Smart Pension Plan HDFC Life are:

  • This plan is designed to provide you with a steady stream of income after you retire so you can maintain your desired lifestyle without financial worries.

  • The plan offers life insurance coverage up to 105% of the total premiums you pay, including any top-up premiums. This provides financial security for your loved ones in case of your unfortunate demise.

  • The plan helps you accumulate a retirement corpus over the years through regular premium payments. This corpus can then be used to fund your retirement needs.

  • You have the flexibility to change your vesting date (when you start receiving payouts) and premium payment term as per your needs. This allows you to adjust the plan according to your changing circumstances.

  • The plan may offer loyalty additions, which can further boost your retirement income.

Eligibility Criteria for HDFC Life Smart Pension Plan

Premium payment term (PPT) Single Premium or Other than Single Premium: 5 to 30 years
Policy Term (PT in years which may be changed later) Minimum: 5 years or PPT, whichever is higher
Maximum: 55 years
Minimum Age at Entry (in years as on last birthday) 18 years
Maximum Age at Entry (in years as on last birthday) 70 years
Minimum Age at Vesting Date (in years as on last birthday) 40 years (55 years for QROPS)
Maximum Age at Vesting Date (in years as on last birthday) 80 years
Premium Payment Frequency Annual, Half-yearly, Monthly
Minimum Premium 5 Pay: Annual: Rs. 1,00,000
Half Yearly: Rs. 50,000
Monthly: Rs. 10,000
Others: Annual: Rs. 30,000
Half Yearly: Rs. 15,000
Monthly: Rs. 3,000
Single: Rs. 1,00,000
Maximum Premium
No Limit (subject to Board approved Underwriting policy)

Benefits of the HDFC Life Smart Pension Plan

The benefits of Smart Pension Plus HDFC Life are:

  1. Death Benefit:

    • Higher of fund value or 105% of total premiums paid (including top-up premiums).

    • Nominees can withdraw the entire benefit or use it to purchase an annuity (immediate or deferred) from HDFC Life or another insurer (up to 50%).

  2. Vesting Benefit:

    • Fund value available on the chosen vesting date.

    • Policyholders can use it to:

      • Purchase an immediate or deferred annuity (from HDFC Life or another insurer, up to 50%).

      • Commute up to 60% and use the remaining amount for an annuity (from HDFC Life).

    • Option to postpone the vesting date (until age 60).

  3. Loyalty Additions:

    • For premiums of ₹1,00,000 or more per year (or single premium policies).

    • Added as extra units to the fund value annually (starting from policy year 10).

    • Increases from 0.25% to 0.5% of the average fund value over policy years.

Policy Details of the HDFC Life Smart Pension Plan

Policy details of Smart Pension Plus HDFC Life are:

  1. Grace Period:

    HDFC Life Smart Pension Plan offers a grace period for premium payments. This period is 15 days for monthly premium payments and 30 days for other premium payment modes. During this time, policyholders can pay their premiums without incurring any interest or penalty. The policy remains in force during the grace period.

  2. Policy Discontinuance:

    Policy discontinuance occurs when a policy is surrendered or when the due premium is not paid within the grace period. It's essential for policyholders to pay their premiums within the grace period to maintain the policy's active status.

  3. Lock-in Period:

    Proceeds from a discontinued policy cannot be paid within the first five years from its inception, except in the event of the death of the life assured.

  4. Revival of a Discontinued Policy during the Lock-in Period:

    If a policyholder chooses to revive a discontinued policy during the lock-in period, the policy will be revived with restored risk cover and investments made in the segregated funds chosen by the policyholder. Charges applicable during the discontinuance period will be levied, but no interest or fee will be charged on due and unpaid premiums.

  5. Revival of a Discontinued Policy after Lock-in Period:

    After the lock-in period, reviving a discontinued policy will restore the original risk cover without any additional charges except for premium allocation charges.

  6. Surrender:

    Policyholders can opt to surrender their policy at any time during the policy term. If surrendered during the lock-in period, the fund value net of policy discontinuance charges will be credited to the Discontinued Policy Fund. If surrendered after the lock-in period, the policy stands terminated, and the fund value at the date of surrender must be utilized as a vesting benefit.

  7. Policy Loan:

    No loans are allowed under the HDFC Life Smart Pension Plan.

  8. Free Look Provisions:

    Policyholders have a 15-day period (30 days for policies sourced through distance marketing) from the receipt of the policy document to review its terms and conditions. If dissatisfied, they can return the policy within this period, and the company will refund at least the non-allocated premium, charges for cancellation of units, and fund value at the date of cancellation, less deductions for stamp duty and proportional mortality charges for the period of cover.

Exclusions Under the HDFC Life Smart Pension Plan

If a policyholder dies by suicide within 12 months of the policy's start or revival, the nominee will receive the fund value at the date of death notification. Any charges except for Fund Management Charges (FMC) collected after the death date will be refunded and added to the fund value.

FAQs

  • Can I delay my vesting date?

    Yes, you can extend the accumulation period or deferment period on your vesting date if you're under 60 years old.
  • How many funds can I choose from?

    You have 4 funds to direct your premiums, which can be adjusted later through premium redirection.
  • Can I change my fund mix?

    Yes, you can alter the fund mix with fund switches at your discretion.
  • What is the Automatic Asset Rebalancing Strategy?

    It reduces equity exposure as your policy nears the vesting date to minimize market risks. This strategy can be chosen instead of the Systematic Transfer Strategy.
  • What is the Systematic Transfer Strategy?

    It uses the rupee cost averaging method to manage market volatilities and safeguard your wealth.
  • How is the premium allocated?

    Premiums are first allocated to the Individual Preserver Pension Fund and then switched to equity funds monthly based on a predefined schedule until the vesting date.

*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 Smart 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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