Investment Plans 200 views August 25, 2020

HDFC Life Single Premium Pension Super Plan

Most of the individuals look for an investment for their future when they enter in the forties. The retirement age for most of the individuals is between 55 years to 60 years. So, if you make an investment in the forties then you can accumulate a large amount of funds when you reach your retirement age. Therefore you can explore the HDFC Life Single Premium Pension Super Plan that is a unit-linked plan. It includes the payment of only a single premium amount and you will not have to compromise your lifestyle even after your retirement. The minimum age of entry in this plan is 40 years that is a good age to start an investment. Let’s explore all the details of this plan.

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Key Features of Single Premium Pension Super Plan

  1. It is a Single-Premium Plan in which you will have to pay the premium amount only once.
  2. This plan is a unit-linked plan in which the investment risk is borne by the policyholder.
  3. This plan includes both death and maturity benefits.
  4. You can surrender the policy in case of an emergency.
  5. The company will give you a free-look period during which you can return the policy.
  6. Enjoy Tax Deductions as per the Income Tax Laws while computing your Income.

Benefits of Single Premium Pension Super Plan

Here are some of the exclusive benefits of this plan that might amaze you. You can explore all the benefits in detail and see how it will help you to live your life happily after retirement.

Maturity Benefits

If the insured survives the policy term successfully then he is entitled to receive the Maturity Benefit and it will be highest of the following:-

Value of the Fund

Assured Benefits of 101% of the Single Premium that was paid at the time of inception of the policy.

Death Benefits

In case of unfortunate death of the insured the nominee is entitled to receive the highest of the following:-

  1. Value of the Fund
  2. 105% of the Single Premium Paid at the time of inception of the Policy.

The nominee is allowed to take the benefits as an annuity or he can also take the entire sum of money at once.

Surrender Benefits

The company allows you to surrender the policy in case of an emergency. There are two conditions for surrendering the HDFC Life Single Premium Pension Super Plan.

  1. If you surrender the policy before the end of 5 years from the date of inception of the policy then the fund value will be moved to the Discontinued Policy Fund and the returns will be given as guided by IRDA.
  2. If you surrender the policy after 5 years from the date of inception of the policy then you will receive the fund value that will be on the date of surrender.

Tax Benefits

You will also get tax benefits while you are computing your income. The Tax Benefit will as per the existing tax laws in India. You will enjoy deductions by showing the premium amount that you have invested in the plan.

Free-Look Period

The company will give you a free-look period of 15 days if you have purchased the policy from the company. Your free-look period will increase to 30 days if you have purchased the policy through distance marketing. In the free-look period, you are allowed to return the policy if you don’t find it interesting.

Details of the Fund

You can see the details of the fund in which your single-premium amount will be invested.

  1. Name of the Fund- Pension Super Plus 2012
  2. Cash, Money Market Instruments, Deposits Investment- 0% to 40%
  3. Liquid Mutual Fund Investment- 0% to 40%
  4. Government Securities, Fixed Income Instruments- 40% to 100%
  5. Equity Investment- 0% to 60%
  6. Type of Risk and Return- Medium

Eligibility Criteria of HDFC Life Single Premium Pension Super Plan

ParticularsDetails
Policy Term10 Years
Minimum Age of Entry40 Years
Maximum Age of Entry75 Years
Minimum Age at Maturity50 Years
Maximum Age Maturity85 Years
Minimum Single-Premium AmountRs.25000
Maximum Single-Premium AmountNo Limit
Minimum Top-Up Premium AmountRs.10000
Maximum Top-Up Premium AmountNo Limit

Charges of the Plan

  1. Premium Allocation Charges
  2. Fund Management Charges
  3. Policy Administration Charges
  4. Mortality Charges
  5. Investment Guarantee Charges
  6. Alteration Charges

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