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POSTED BY ON February 6, 2011 11:47 pm ONE COMMENT
Hi everybody,
I have HDFC Unit linked pension plan started in 2008 with a annual premium of Rs 99900. I have committed due to some obligation, even now i dont know much about this scheme. i have paid for 3 premiums sofar and the present fund value is Rs 330000.Policy term is 20 years, maturity date 27-02-2028 and there is no sum assured in this policy. I dont have any other pension plans shall i continue with this or switch to any other plan? I am Gulf based NRI aged 36 years.also can any one plese simplify this policy, i tried but could not understand much as i am not familiar with this terms . I am confused with the term buying annuity . What i thought is after the maturity date i will be getting monthly pension based on the final maturity amount.my goal is to get a monthly pension of Rs 40000 per month, when i retire probably at the age of 55.I is it possible to achieve this if i continue with this policy till the policy term of 20 years with growth fund option? Plese suggest me if any better alternative availble to me?
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I am unable to find the exact plan but if your investment has grown to 330,000 in 3 years = 9% CAGR [after all the mammoth ULIP charges] I think the fund is doing fine.
In the next 17 years if we assume your corpus grows at 12% CAGR (and you contribute 99900 each year] the corpus at the end of policy [2028] must be ~ 77.4 lacs. 1/3 of this amount is tax free – you get 25.8 lacs in hand. You need to buy an annuity from HDFC or other firm. Assuming the left over corpus itself grows by 8% and you withdraw 40,000 every month the corpus will last for ~ 20 years.[You have the 25.8 lacs intact already].
BUT BUT BUT-Rs. 40,000 per month pension may not be sufficient 17 to 20 years from now. That is a separate financial planning need in itself. Try this website for several of your answers. Feel free to visit my page as well.