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HDFC Life Pension Super Plus Plan

What is the Plan all About?

HDFC Life Pension Super Plus Plan,is  a unit-linked pension plan designed to build an audacious corpus over the policy term so that you can enjoy post-retirement life.It helps you get great returns to  enjoy the post retirement life with ease and pride.The plan safeguards your investments after your retirement.

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What are the Key Features?

  • Hassle free online Pension Plan
  • Flexibility to plan your retirement date Benefit of Assured Maturity (Vesting) Value
  •  Opportunity to build corpus for post retirement income
  • Additional allocation of premium from 11 year onwards
  • Tax Benefits under Section 80C and Sec 10(10A) of Income Tax Act 1961

What are the Fund Investment Options?

The plan offers Pension Super Plus 2012 for investment under this plan.

What are the Plan Benefits?

Death Benefit

    On death of the life assured, the nominee will receive the higher of the following:

    • Fund Value or
    • Total premiums paid (i.e. Regular Premiums Paid plus Top-Up Premiums paid) to date accumulated at a guaranteed rate of 6% per annum from the each of the premium due dates to the date of death.

    The minimum death benefit will be at least 105% of the total premiums paid including top-ups premiums.The nominee has an option to take this amount as annuity from the company or to withdraw the proceeds.

Vesting Benefit

    Plan matures at the end of the policy term, and your Maturity (Vesting) Benefit will be the higher of the Fund Value or Assured benefit of 101% of all premiums plus top-up premiums paid till date.

Commutation Benefit

    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 Redirection

    Switching & premium re-direction is not available under this plan.

Bonus

    No bonus is available under this plan.

Loan Benefit

    No loan benefit can be availed under this plan.

Surrender Value

    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.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 35 Years 65 Years
Age at Vesting 55 Years 75 Years
Policy Tenure* 10/15 Years 20 Years
Premium Paying Term (PPT) Same As Policy Term -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Regular Premium Amount Rs 24,000 Annually No Limit
Top up Premium Rs 10,000 (annually) 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) -
Plan Type Online -

Is any Rider Available with this Plan?

No rider can be opted under this plan.

What are the Plan Charges?

Premium Allocation Charges: Premium allocation rate is for Annual policies: 97.5%; Non-Annual policies: 98.75%.11th year onwards 102.5%

Policy Administration Charge: Year 1-5: 0.40% per month of the Annualised Premium Year 6 till the end of policy term: 0.47% per month of the Original Annualised Premium.

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: The daily unit price already includes our Investment Guarantee Charge of 0.40% per annum charged daily, of the fund's value.

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.

Is the Plan, eligible for Tax Benefit?

Premiums paid are eligible for tax benefits under Section 80CCC of the Income Tax Act, 1961, subject to the provisions contained therein.