Insurance Plans 265 views January 31, 2020

HDFC Life Pension Plan

Pension plans are efficient investment plans which help you to allocate your savings to accumulate over a specified period of time and it provides you with a steady and regular income after you stop working or after your retirement. HDFC life pension plan provides financial security so that you will not have to compromise on your living standards. Pension Plans in HDFC Life helps in retirement planning which has become all the more important. There are two types of HDFC life pension plans.

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Deferred annuity plans- Deferred plans help you to accumulate your retirement corpus over a certain period of time. The premiums paid by you accumulate into a corpus which is paid on the plan maturity.

Immediate annuity plans- Immediate annuity plans offer you a non-stop source of income in the form of lifelong annuities at a fixed rate. Immediate Annuity plans are for those individuals who have a lump sum amount in cash in hand and want to receive periodic incomes from such amount.

HDFC Life Pension Plans

There are seven different types of Pension Plans in HDFC Life. They are discussed below.

1. HDFC Life Pension Guaranteed Plan

HDFC Life Pension Guaranteed Plan is an annuity product plan which has a single premium amount. It provides a regular and guaranteed income for a lifetime. It is a smart way to ensure regular and steady incomes after your retirement. Features of HDFC Life Pension Guaranteed Plan are as follows:

  1. It offers you to take the plan on a single or joint life basis
  2. It offers the option to receive a deferred annuity or immediate annuity.
  3. It offers you to return your purchase price on death.

2. HDFC Life New Immediate Annuity Plan

HDFC Life New Immediate Annuity Plan is a non-linked traditional annuity plan which offers you various options for annuity options and also provides financial security after your retirement. Features of HDFC Life New Immediate Annuity Plan are as follows:

  1. It provides guaranteed income as long as you or your partner lives
  2. Flexibility to choose annuity frequency from monthly or half-yearly or quarterly or annually options.
  3. It offers a wide range of annuity options to fulfil your diverse needs.

3. HDFC Life Pension Super Plus

HDFC Life Pension Super Plus is a Unit Linked plan which offers annuity pay-outs and high growth potential through market participation. Key Features of HDFC Life Pension Super Plus are as follows:

  1. It is a non-participating Unit Linked plan which offers the option of regular premium payment
  2. 101% of premiums amount paid including the top-up premiums paid by you is guaranteed on maturity and hence reduce the impact of risk of market
  3. The premiums paid by you net of charges is invested in the Pension Super Plus 2012 Fund

4. HDFC Life Single Premium Pension Super Plan

HDFC Life Single Premium Pension Super Plan is a unit-linked plan which creates a financial corpus by the payment of premium through the term of the policy and provides post-retirement income to the individual. It is a single premium paying plan and also accepts top-up premiums. The features of HDFC Life Single Premium Super Plan are as follows:

  1. This plan provides gives the flexibility of paying a single premium as well as additional top-up premiums.
  2. It also provides you with an assured value of 101% of your single premium and top-up premiums as benefits on maturity
  3. The plan can be taken only on a single life basis

5. HDFC Life Assured Pension Plan – ULIP

HDFC Life Assured Pension Plan is a Unit Linked Plan which offers market-linked returns along with Loyalty additions. This plan helps you achieve your retirement objectives by planning well in advance. The features of HDFC Life Assured Pension Plan are as follows:

  1. It has an option to start as early as 18 years
  2. It has a lower maturity age of 45 years
  3. It offers loyal additions in the form of multipliers in every alternate year which starts from 11th year

6. HDFC Life Personal Pension Plus

HDFC Life Personal Pension Plus is a traditional pension. It is a participating pension plan which is ideal for individuals who plan for their retirement and receive stable and secure returns on the invested corpus for income after retirement. Features of HDFC Life Personal Pension Plus are as follows:

  1. The plan has the flexibility to choose the investment horizon from 10- 40 years.
  2. It provides assured benefits equal to 101% of the total premiums paid on death or on the maturity of the plan
  3. The plan can be taken only on a single life basis

Conclusion

Pension Plans by HDFC Life are of seven different types and each has its unique features and benefits. Hence you can plan your retirement easily with the help of these HDFC Life pension plans. You can choose from the different types of pension plans by HDFC Life insurance company according to your needs and requirements and make an informed decision to secure your future after your retirement.

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