Compare HDFC Standard Pension Plans

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HDFC Standard Life Insurance Company

HDFC Standard Life Insurance Co. Ltd., (HDFC Life) is one of the topmost players in the insurance market. Launched in the year 2000, HDFC Life is a partnership between HDFC Ltd., one of India’s biggest housing finance institution and Standard Life, a global long term investment savings player. They have joined hands to provide customers with a range of insurance and investment products covering categories such as Protection, Pension, Savings, Investments, Health, Children and Women! With such a diverse portfolio, the company strives to meet individual protection and wealth-enhancing needs and provide customized financial solutions for everyone.

HDFC Life Pension Plans

The company has launched a number of pension plans to cater to different individuals depending on their financial needs and strategies about living their life on their own terms post-retirement. The various plans come with different features to suit varying requirements and aim to provide maximum returns on least possible investment.

List of Pension Plans Offered By HDFC Standard Life Insurance Company, With Features, Benefits And Eligibility

HDFC Life Personal Pension Plus

Features:

  • Multiple maturity benefits being offered by the plan
  • Applicable bonuses added in the benefits
  • Income Tax benefits can be availed

Benefits:

  • Maturity Benefits: Following options are available:
    1. At the time of maturity, the insured can avail higher of the sum assured including bonuses or 101% of the total premiums is guaranteed to be paid
    2. The insured can commute 1/3rd of the corpus (tax-free) and avail annuity from the remaining part or avail immediate annuity form the entire corpus or use the funds to buy Single Premium Deferred Annuity plan from the company
  • Death Benefits: If the policyholder dies during the policy term, higher of 101% of             premiums paid or 105% of all premium paid till the date of death shall be paid to the nominee
  • Accrued reversionary bonus, interim bonus and terminal bonuses, if any, shall be paid
  • Income tax benefits can be availed under section 80C and section 10 (10) D of the Income Tax Act

Eligibility:

Entry Age Min: 18 years | Max: 65 years
Maximum Maturity Age Min: 55 years | Max: 75 years
Policy Term 10-40 years
Premium Payment Frequency Yearly, half-yearly or quarterly
Sum Assured Min: Rs. 2,04,841 | Max: Depends on term, age & premium
Annual Premium Amount Min: Rs. 24,000 | Max: No limit

HDFC Life Click 2 Retire

Features:

  • A unit linked plan that offers market-linked returns
  • Flexible options available for premium payment term
  •  Option to postpone vesting age any number of times
  • 3 funds to choose from to invest
  • Multiple maturity benefits available
  • Income Tax benefits applicable to the plan

Benefits:

  • Buyer can select premium payment term as single, regular or limited pay
  • Vesting Benefit: At the time of maturity of the policy, the policyholder shall receive the maturity benefit that will be the higher of fund value or assured vesting benefit
  • Assured Vesting Benefit is calculated as:
    [101% + 1% *(Policy Term – Premium Payment Term)] * Total Premiums Paid
    At the time of maturity, the plan offers you the option of purchasing an annuity from various options. 

    1. You can withdraw 1/3rd of the fund value as cash and remaining 2/3rd can be used to draw pension
    2. Use the entire fun value to buy an annuity
    3. Or use the fund value to buy a single premium deferred annuity plan
  • Deferment of vesting date: The buyer can defer the vesting date (retirement date) any time before annuitisation. You can defer it any number of times subject of maximum vesting age of 75 years, provided you’re below 55 years of age. Despite deferment the plan will still have assured vesting benefit and death benefit as active and per schedule.
  • Death Benefit: If in case the policyholder dies during the policy term, the nominee shall receive the higher of fund value or 105% of all premiums paid till the date of the death.
  • 3 fund available for investment are:
  • Pension Equity Plus Fund
    Pension Income Fund
    Pension Conservative Fund

  • Applicable charges: There will be no allocation or administration charges. Fund Management charges will be levied @ 1.35% p.a. of the fund value and investment guaranteed charges will be levied as per the fund chosen:
  • Pension Equity Plus Fund: 0.50% p.a.
    Pension Income Fund: 0.50% p.a.
    Pension Conservative Fund: 0.10% p.a.

  • Income Tax benefits can be availed under section 80C, section 10 (10) A and section 10 (10) D

Eligibility

Entry Age Min: 18 years | Max: 65 years
Maturity Age Min: 45 years | Max: 75 years
Policy Term Min: 10 years | Max: 35 years
Premium Payment Term Equal to policy term or single pay or limited pay
Annual Premium Min: Regular Pay: Rs. 24,000/ Single Pay: Rs. 50,000 | Max: No limit

HDFC Life Pension Super Plus

Features:

  • From 11th year onwards, additional premium will be allocated
  • Flexibility offered to plan retirement date and policy term
  • Guaranteed regular income
  • Multiple maturity benefits are also available

Benefits:

  • 11th year onwards, 102.5% of all premiums paid are allocated to the fund
  • Maturity Benefits: At the time of maturity, the policyholder shall be:
    1. Paid the higher of the fund value or an assured benefit of 101% of all premiums paid
    2. Able to purchase a joint life annuity guaranteeing regular income until the policyholder or spouse is alive
    3. Also, able to commute 1/3rd of the fund value (tax-free) and receive balance amount as annuity
  • Death Benefits: If the policyholder dies within the policy term, the nominee shall receive the higher of fund value or total premiums paid at an accumulated rate of 6% p.a. or 105% of total premiums paid till the date of death
  • Premium will be invested in funds that maintain a balance of debt and equity exposure so as to minimise the risk while enhancing the returns
  • Income tax benefits shall be availed under section 80C, section 10 (10) A and section 10 (10) D

Eligibility

Entry Age Min: 18 years | Max: 65 years
Maturity Age Min: 55 years | Max: 75 years
Policy Term 10, 15 or 20 years
Premium Payment Term Equal to policy term
Annual Premium Min: Rs. 24,000 | Max: No limit
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