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HDFC Life Click 2 Retire is an online unit linked pension plan which offers you great market linked returns.This ULIP pension plan enables you to accommodate your changing needs post retirement, when you don’t have a regular source of income.
Following fund options are available:
With the unfortunate demise of the life insured before the vesting date, the death benefit payable to the nominee is the higher of the Fund Value or 105% of the total premiums paid till date.The nominee has the option to take this amount as annuity from us or to withdraw the proceeds.
The policy vests at the end of the policy term, and your Maturity (Vesting) Benefit will be the higher of the Fund Value or Assured Vesting Benefit.
Loyalty Additions added to your Fund Value on the original vesting date of your policy. Loyalty Additions are expressed as a percentage of annualized/single premium. For regular/limited premium, it may vary from 8.5% to 33% of annualized premium. For single premium, it may vary from 3% to 4.5% of single premiums.
Deferment of Vesting Benefits
The deferment of vesting date (retirement date) can be intimated any time before annuitisation :
Take up to 1/3 of the benefit as tax-free cash lump sum as per the current tax regulations. The rest of the amount must be converted to an annuity at the then prevailing annuity rates. You have to buy the annuity from us as per the prevailing regulation.
Switching & premium re-direction is not available under this plan.
No bonus is available under this plan.
No loan benefit can be availed under this plan.
Upon surrendering the policy with-in the lock-in period of 5 years, the Fund Value (including top-up fund value) less applicable discontinuance charges is credited to the ‘Discontinued Pension Policy Fund’ and it is refunded upon completion of the lock-in period.Upon surrendering the policy after the lock-in period of 5 years, Your fund value will be paid out.
|Age (as on last birthday)||18 Years||65 Years|
|Age at Vesting||45 Years||75 Years|
|Policy Tenure*||10 Years||35 Years|
|Premium Paying Term (PPT)||Single, 8,10,15 Pay||-|
|Premium Paying Mode||Single Pay,Annually, Semi Annually, Quarterly & Monthly||-|
|Regular Premium Amount||For Regular Premium Payment: Rs 24,000 (annually), For Single Premium Payment: Rs 50,000||No Limit|
|Freelook Period||15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy||-|
|Grace Period||30 Days (15 Days For Monthly Mode)||-|
No rider can be opted under this plan.
Premium Allocation Charges: Nil. This charge is guaranteed for the term of the policy.
Policy Administration Charge: Nil. This charge may be increased to a maximum of ` 500 per month subject to prior approval from IRDAI.
Mortality Charges: Mortality Charge is deducted at each monthly anniversary by cancellation of units. It is applied on Sum at Risk based on the age of the life insured.
Fund Management Charges: The Fund Management Charge is 1.35 % p.a. of fund value.
Investment Guarantee Charge: It is 0.25% per annum of the fund value & top-up premium fund value. It is adjusted in the unit price. Guarantee charge up to a maximum of 0.50% per annum of the NAV.
Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.
Miscellaneous Charge: Any Policy alteration request initiated by policyholder will attract a charge of Rs 250 per request. However, if the request is executed through the company’s web portal the policyholder will be charged Rs 25 per request.
Service Tax: Any service tax/cess on charges will be debited by cancellation of units.
Premiums paid are eligible for tax benefits under Section 80CCC of the Income Tax Act, 1961, subject to the provisions contained therein.
Mr Verma, aged 35 years works in an MNC and has just completed his retirement planning. To his surprise, he has realized that out of a total of Rs. 30 Lakhs that he would need, his current investments and superannuation funds would earn him a total of approximately Rs 10,50,000 i.e. only 35% of total money required. He needs to quickly start provisioning for additional 65% amount that he would need once he retires. Lets see how HDFC Life Click 2 Retire will help him achieve his retirement goal. Requirement of Mr. Verma: Ensure that his Pension Plan gives him an additional Rs. 20 Lakhs, when he retires. Suppose Mr. Verma purchases HDFC Life Click 2 Retire with 10 year premium paying term and 20 year policy term for Rs 1 Lakh premium. Below the chart depicts working of the plan over the entire policy term.
Below table depicts working of the plan over the entire policy term. The purchase price is exclusive of Service tax. The annuity amount is illustrated as per mandate by IRDAI at assumed rate of return of 8% and 4%. The annuity amount will depend on the then prevailing annuity rates and options at the time of purchase of the then available Annuity Plan. It is assumed that the entire purchase price has been used to purchase annuity from us.