HDFC Life New Immediate Annuity Plan

• Wise range of annuity options as per your need
• Option to receive annuity as long as you or your partner is alive
• Option to get annuity as per the frequency chosen in a year
• Benefit of higher annuity rates for large purchase price.
• Get a tax exemption under prevailing tax laws
• Benefit of higher annuity rates for large purchase price.
• Return of Purchase Price option on death and critical illness

Annuity Payout

The annuity payout will vary as per the chosen annuity options at the inception which are:

Under Single Life Options:

• Life Annuity: The annuity will be payable at standard rate in arrears for the life of the annuitant.
• Life Annuity with Return of Purchase Price: The annuity will be payable at uniform rate in arrears for the life of the annuitant.
• Life Annuity with Return of Balance Purchase Price: The annuity will be payable at uniform rate in arrears for the life of the annuitant.
• Life Annuity with a Guarantee Period: The annuity will be payable in arrears for the life of the annuitant or until the end of guarantee period, whichever is later.
• Life Annuity with 5% escalation: The annuity will be payable in arrears for the life of the annuitant. The annuity will increase annually by 5% p.a. of the annuity amount at inception. The first escalated payment is made one year after the first payment.
• Life Annuity with Return of Purchase Price in Parts: The annuity will be payable at uniform rate in arrears for the life of the annuitant. At the end of 7 years, 30% of the purchase price is paid to the annuitant on survival.
• Life Annuity with Return of Purchase Price on Diagnosis of Critical Illness: The annuity will be payable at uniform rate in arrears for the life of the annuitant. Upon the annuitant being diagnosed with any of the 6 specified illnesses before age 85 or on death of the annuitant, whichever occurs earlier, the annuity payments will cease and 100% of the purchase price of the annuity will be payable.


Also, there are Joint Life Annuity options offered under this plan, for more details see the plan brochure.

Death Benefit

Death Benefit will vary as per the annuity option chosen.

• Life Annuity: No death benefit.
• Life Annuity with Return of Purchase Price: annuitant’s nominee  will receive 100% of the purchase price.
• Life Annuity with Return of Balance Purchase Price: The annuity payments will cease and the company will pay to the annuitant’s nominee the balance of the purchase price i.e. purchase price less all annuity instalments made prior to death. In case the annuity payments exceed the purchase price, no benefit will be paid on death.
• Life Annuity with a Guarantee Period: On the death of the annuitant or at the end of the guarantee period, whichever is later, the annuity payments will cease and no further amount will be payable. The annuitant has the option to choose a guarantee period of 5 or 10 or 15 or 20 years.
• Life Annuity with 5% escalation: On the death of the annuitant, the annuity payments will cease and no further amount will be payable.
• Life Annuity with Return of Purchase Price in Parts: On death of the annuitant beyond seven years, the annuity payment will cease and the company will pay to the annuitant’s nominee 70% of the purchase price. On death of the annuitant within 7 years, the annuity payment will cease and we will pay to the annuitant’s nominee the full purchase price.

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

Surrender benefits are available any time for the following three annuity options only.

No rider can be attached under this plan.

All annuity payouts may be subject to income tax as per the law prevailing on the date of payout.