Investment Plans 149 views August 25, 2020

HDFC Life Personal Pension Plus Plan

Retirement is a part of the life of many individuals and everyone has to face retirement at a certain age. So, you might have a question in your mind that “Am I ready for the retirement?” If you are not ready then you must start investing your money in the retirement plans. Here is a plan for you, known as the HDFC Life Personal Pension Plus Plan that is a regular premium plan. It includes death and maturity benefits will be paid after the expiry of the policy term. The company will also add bonuses in this plan and you can enter into it once you reach the age of 18 years. Have a look at the key features of this retirement pension plan.

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Key Features of Personal Pension Plus Policy

  1. Flexibility of choosing the term of the policy.
  2. Enter into the policy from the age of 18 years.
  3. Flexibility of choosing the Premium paying Frequency.
  4. The company will give you bonuses and add it to the Sum Assured.
  5. This plan includes Maturity Benefits and Death Benefits.
  6. You are allowed to surrender the policy in case of an emergency.
  7. The Company will give you a grace period if you are unable to pay the premium on time.
  8. Enjoy tax deductions as per the tax laws in this policy.

Benefits of the Personal Pension Plus Plan

Now, you must explore the various benefits of this retirement plan how it will help you to live a happy life even after retiring from your job.

Death Benefits

In case of unfortunate of the insured during the policy term, the company will pay the Sum Assured on Death and to the nominee. The company will also pay all the bonuses accrued up to the time of the death and the Sum Assured on Death will be 105% of all the premiums paid.

Maturity Benefits

On a successful survival of the policy term, the insured is entitled to receive the highest of the following:-

  1. Sum Assured on Maturity plus Accrued Bonuses
  2. Assured Benefits that will be 101% of all the premiums paid up to the date.

Bonuses

The company will give you various types of bonuses that will increase your benefits. You will get those bonuses at the time of maturity and you will enjoy a high amount of sum assured. The bonuses are:-

  1. Revisionary Bonus
  2. Interim Bonus
  3. Terminal Bonus

Surrender Benefits

If you have paid all the premiums of the HDFC Life Personal Pension Plus Plan for 3 years then the company allows you to surrender the policy. Everyone knows that an emergency can occur anytime so you can surrender the policy and take the Guaranteed Surrender Value from the company.

Free-Look Period

The company also gives you a free-look period of 15 days during which you can return the policy if you don’t like it. If you have purchased this plan through distance marketing then you have a free-look period of 30 days.

Grace Period

If you are unable to pay the premium on the due date then your policy will not lapse. The company will give a grace period of 30 days if you are unable to pay the premium on time. If you are paying monthly premiums then you will get a grace period of only 15 days.

Your policy will be converted to a Paid-Up Policy if you are unable to pay the premium during the grace period and it has acquired a surrender value. The benefits of the paid-up value will also be customized by the company. It will be reduced depending upon the payment of premiums you have made up to the date.

Revival of the Lapsed Policy

The company will give you a chance to revive the lapsed policy if you haven’t made the payment of premiums during the grace period. You will only have a time of 2 years to revive a lapsed policy by paying all the outstanding premiums and interest. On the other hand, a charge of Rs.250 will be charged for processing the revival of the policy.

Details of the HDFC Life Personal Pension Plus Plan

ParticularsDetails
Minimum Term of the Policy10 Years
Maximum Term of the Policy40 Years
Premium Paying TermSame as the Policy Term
Minimum Age of Entry18 Years
Maximum Age of Entry65 Years
Minimum Age at Maturity55 Years
Maximum Age at Maturity75 Years
Minimum Premium AmountMonthly- Rs.2000
Quarterly- Rs.6000
Half-Yearly- Rs.12000
Yearly- Rs.24000
Maximum Premium AmountNo Limit
Policy Fee per InstalmentMonthly- Rs.25
Quarterly- Rs.60
Half-Yearly- Rs.110
Yearly- Rs.200
Conversion FactorMonthly- 0.0875
Quarterly- 0.26
Half-Yearly- 0.51
Yearly- 1.00

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