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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.
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.
The policyholder will receive the Guaranteed Additions at the rate of 3% of Sum Assured on vesting for each completed policy year.
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.
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.
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
No bonus is applicable as it is a non participating pension plan.
No loan can be availed under this policy.
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.
|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)||-|
No rider can be attached under this plan.
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.