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HDFC Life Single Premium Pension Super Plan

What is the Plan all About?

HDFC Life Single Premium Pension Super Plan is a market linked a one time investment plan that creates a fund over the policy term to generate post-retirement income for life.

What are the Key Features?

  • Assured vesting benefit
  • Flexibility to choose single premium amount
  • Facility of top ups to enhance fund value
  • Guaranteed regular income from annuity purchased
  • Tax Benefits under Section 80C and Sec 10(10D)

What are the Fund Investment Options?

Single premium and top up premium will be invested in the Pension Super Plus 2012.

What are the Plan Benefits?

Death Benefit

    In the event of demise during the policy term, your nominee will receive the higher of Fund Value or 105% of total premiums paid i.e. single premium and top-up premium.

Vesting Benefit

    At vesting (on maturity), you have the opportunity to purchase an annuity plan from a range of options. You will get guaranteed income for life for yourself and your spouse. You also have the option to commute up to 1/3rd of the benefit at vesting tax-free as per prevailing tax laws.

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.


    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) 40 Years 75 Years
Age at Vesting 50 Years 85 Years
Policy Tenure* 10/15 Years 35 Years
Premium Paying Term (PPT) Single Pay -
Premium Paying Mode Single Pay -
Regular Premium Amount Rs 25,000 No Limit
Top up PRemium Rs 10,000 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) -
Plan Type Offline -

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 charge is 2.5% of the single premium.

Policy Administration Charge: 0.13% per month of the total premiums paid will be charged. This charge will be deducted monthly, subject to a maximum charge of 500 per month.

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.

Is the Plan, eligible for Tax Benefit?

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