Insurance Plans 950 views April 16, 2020

HDFC Life New Immediate Annuity Plan

The HDFC Life New Immediate Annuity Plan is one of the best retirement plans available in India these days. It has a wide range of covers and benefits that make it an effective life insurance plan that also doubles as an excellent retirement cover. If you are looking to make provisions for your upcoming retirement, this is an excellent choice for you. Read on to know more about the HDFC Life New Immediate Annuity Plan and how you can benefit from it.

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How does the HDFC Life New Immediate Annuity Plan work?

The HDFC Life New Immediate Annuity Plan is an immediate annuity plan, as the name suggests. Here, you pay a lump sum amount of money and your payouts begin right away. You can choose a payout period of as low as five years or as long as your entire lifetime. You can have it as an individual cover or a joint cover along with your spouse.

If you have some money lying in the bank or you receive a large retirement bonus, make good use of it by investing in the HDFC Life New Immediate Annuity Plan. if left on its own, the money will quickly get over and you will be left with very little in the years to come.

Reasons why you should invest in the HDFC Life New Immediate Annuity Plan

Listed below are some very logical reasons as to why you should get the HDFC Life New Immediate Annuity Plan:

Proper utilisation of your savings

Let us assume you have saved up some money over the years but haven’t really made any investments with it. It is simply lying in your bank. Now that you are about to retire, you will have to fall back on this money to support yourself, pay your bills, take care of your spouse, etc. You may feel the money is enough, but without discipline and a proper plan, you will end up exhausting all the money you have in just a few years. Can you imagine how it will be after that?  Where your source of livelihood will come from thereafter? If you do not want to find yourself in such a situation, lock in the money lying in your bank in the HDFC Life New Immediate Annuity Plan. You will receive small payouts with which you can comfortably live the remaining years of your life. The same applies to any lump sum amount that you receive at the time of retirement.

Income replacement

Many people do not realise the problems that accompany the sudden stoppage of their regular salaries after they retire. It is a huge shift and people often struggle to adjust to the new income patterns. If you want to make a smooth transition and not have to worry about your new earning patterns post-retirement, you can consider investing in the HDFC Life New Immediate Annuity Plan. Once you do so, you will continue to receive a monthly payout. You can decide upon the value of the payout and choose a figure which you feel can help you maintain your pre-retirement lifestyle. You just need to invest wisely and choose the correct payouts. Using the HDFC New Immediate Annuity Plan for this purpose proves to be very handy and useful for sure.

Life cover

Another huge benefit you get when you buy the HDFC New Immediate Annuity Plan is the life insurance cover. The plan is essentially a life insurance plan which offers to pay a sum assured to your nominee if you die within the tenure of the policy. Most retirement plans, including this one, ask you to nominate your spouse as the nominee, but you can nominate anyone you please. This is a good way to ensure your dependents never face any problems, even if you die. And since it is a life cover, you also end up getting all the benefits of a regular life insurance plan. For example, you get a tax benefit for the premium you pay. These factors make the HDFC Life New Immediate Annuity Plan an effective life insurance plan that helps you, as well as your dependent family members, in not one, but multiple ways.

To take care of your bills

As stated above, you see an alteration in your earning patterns once you retire. The pension you stand to earn may be considerably lower than the salary at which you retired. However, your expenses such as your rent, your EMIs, your utility bills, etc do not change in volume. In fact, with inflation, they just keep rising. To take care of all these expenses, you need the assistance of the HDFC New Immediate Annuity Plan. When you receive the regular payouts from this plan, you can smoothly pay your bills and also maintain the lifestyle that you are used to. You do not have to make any financial compromises because your pension is low. You can effectively use the money from this plan and stay in charge of your own life. This is another very important and useful reason as to why you should consider investing in the New Immediate Annuity Plan of HDFC Life.

To pay for your medical costs

With age, you may find your health and also the health of your spouse, failing. As senior citizens, you may notice you need to visit the doctor more frequently. This will sharply push up your medical expenses. And given how expensive healthcare is these days, you need a solid financial back up to take care of all the costs. When you invest in the New Immediate Annuity Plan from HDFC Life and receive regular payouts, you can manage the medical expenses very well. It will allow you to get the best treatment when needed without having to go to free hospitals and make other such unnecessary changes in order to be able to afford treatment.

To keep yourself financially independent

And finally, the plan will allow you to remain financially independent. After leading your own life on your own terms for so many years, it will become terribly difficult for you to live your life on someone else’s terms. But sadly, that will happen if you become dependent on that person and even move in with them. To avoid having to do this, you can start planning for your retirement years now itself and invest in the New Immediate Annuity Plan  of HDFC Life. You will continue to receive the financial payouts with which you can live independently and lead your own life on your own terms, without anyone telling you what to do and how to do it. You do not have to depend on the pension alone as this will be an added income to help you stay economically free.

As you may have guessed by now, the New Immediate Annuity Plan is an excellent retirement plan that helps you in many ways. Consider getting this cover if you are looking for a good and affordable immediate annuity plan.

The final word

Planning for your retirement is very important. Unless you have a corpus to fall back upon, it will become very difficult for you to get the financial independence you seek at this phase of your life. So be wise and choose a good retirement plan like the HDFC Life New Immediate Annuity Plan. you will get all the features you need and along with that, you will get an effective life cover as well. These are important and well combined in this plan.

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