HDFC Life has very recently announced the launch of two pension plans based
on the latest IRDA regulations. HDFC Life Pension Super Plus is a regular
premium unit linked plan whereas HDFC Life Single Premium Pension Super is a
single premium unit linked plan.
I would very much like to know if taking a plan like this alongside building a robust
SIP portfolio is a good way to try and secure long term financial stabiliy.
Both these plans offer assured benefit on death and vesting. HDFC Life Pension
Super Plus offers assured death benefit of total premiums paid to date
accumulated at a guaranteed rate of 6% per annum and an assured vesting
benefit of 101% of total premiums paid. HDFC Life Single Premium Pension
Super offers assured benefit of 101% of total premiums paid on death and
HDFC Life has also launched a traditional annuity plan, HDFC Life New
Immediate Annuity Plan. As per IRDA’s new guideline, customers need to
purchase immediate annuity from the proceeds of the Pension Plan from the
HDFC Life Pension Super Plus details:
Policy terms: 10/15/20 years
- Minimum is 35 years
- Maximum is 65 years
Age at vesting:
- Maximum is 75 years
Regular Premium: Annual: Rs. 24,000, Half-Yearly: Rs 12,000,
Quarterly: Rs 6,000 per quarter Monthly: Rs 2,000.
Top up Premium: Rs 10,000
Total top-up premiums paid into the policy can be up to a maximum of
the total regular premiums paid till date.
- Benefit of Assured Maturity (Vesting) Value – At the end of the
- policy term, you will receive higher of the following
- Fund Value or
- Assured benefit of 101% of all premiums including top-up
- premiums paid till date
- Your maturity (vesting) benefit will be used to provide you
- with guaranteed regular income i.e. an annuity, which you
- have to purchase from us.
- Opportunity to build corpus for post retirement income –
- Your premium will be invested in exclusive fund which
- will allocate assets dynamically between equities and fixed
- income assets.
- Benefits on maturity (vesting) – At vesting, you have to
- purchase an annuity from us. You can choose from a range of
- annuity options. You will get guaranteed income for life for
- yourself and your spouse. You also have the option to commute
- up to 1/3rd of the benefit at vesting tax free.
- Benefit on death – In the event of demise during the policy
- term, your nominee will receive the death benefit which will
- provide the much needed financial assistance.