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HDFC Life Guaranteed Pension Plan

What is the Plan all About?

HDFC Life Guaranteed pension plan  is a traditional non participating pension plan which will offer you guaranteed returns and help you to build a robust corpus fulfilling  your retirement needs.This plan safeguards you from the market fluctuations affecting your retirement corpus.

What are the Key Features?

  • Guaranteed Additions of 3% of sum assured on vesting
  • A lump sum Vesting Addition payable at vesting
  •  Choice of premium paying terms of 5, 7 and 10 years
  •  Guaranteed death benefit payable
  • Get a tax exemption under prevailing tax laws

What are the Plan Benefits?

Death Benefit

    On the death of the life assured, the nominee will receive the death benefit which is the assured Death Benefit of total premiums paid to date accumulated at a guaranteed rate of 6% per annum compounded annually. The minimum level of death benefit at all times will be 105% of the premiums paid.The nominee has the option to use the death benefits, fully or partly, for purchasing an immediate annuity from the HDFC Life.

Guaranteed Addition

    The policyholder will receive the Guaranteed Additions at the rate of 3% of Sum Assured on vesting for each completed policy year.

Vesting Addition

    Vesting additions are the extra amount pumped into the total retirement fund.It begins from the 10th policy year and continues till the 20th policy year as a percentage of sum assured.It is 30% of sum assured for 10th policy year and increases every year and will vary as per the policy term.

Vesting Benefits

    On survival till the vesting date and on full payment of premiums due throughout the policy term, the policyholder will get the accumulated benefit combining Sum Assured on vesting Guaranteed Additions Vesting Addition.

Commutation Benefit

    Take up to 1/3 of the benefit as tax-free cash lump sum as per the current tax regulations. The residual of the amount must be converted to an annuity. You have to buy the annuity from us as per the prevailing regulation

Bonus

    No bonus is applicable as it is a non participating pension plan.

Loan Benefit

    No loan can be availed under this policy.

Surrender Value

    The Surrender value is the higher of guaranteed surrender value or special surrender value.Surrender value is payable on payment of all due premiums for at least 3 full policy years.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 35 Years 65 Years
Vesting Age 55 Years 75 Years
Policy Tenure 10 Years 20 Years
Premium Paying Term 5,7 And 10 Pay -
Premium Paying Mode Annually, Semi Annually, Quarterly, Monthly -
Annualized Premium Rs 24,000 No Limit
Sum Assured on vesting Rs 81,145 No Limit (subject To Underwriting)
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) -
Plan Type Online -

Is any Rider Available with this Plan?

No rider can be attached under this plan.

Is the Plan, eligible for Tax Benefit?

The premiums paid are eligible for tax benefits under Section 80CCC of the Income Tax Act, 1961. Up to 1/3rd of the benefit can be taken as tax-free commuted value, as prescribed under section 10(10A) of the Income Tax Act, 1961.