HDFC Life Pension Guaranteed Plan | Features & Benefits

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HDFC Life Pension Guaranteed Plan | Features & Benefits

HDFC Life, one of India’s leading private insurers, has launched HDFC Life Pension Guaranteed Plan. HDFC Life Pension Guaranteed Plan is claimed to be the only one of its kind immediate and deferred annuity plan. 

It offers guaranteed rates for a lifetime at the time of the purchase of the plan, on a deferred annuity plan. In this post, let us take a look at HDFC Life Pension Guaranteed Plan features and benefits.

HDFC Life Pension Guaranteed Plan

HDFC Life Pension Guaranteed Plan is a non-participating and a non linked annuity plan. It is a single premium annuity plan which provides a regular guaranteed annuity for lifetime. 

It assures a guaranteed return of pension for lifetime, the rate of which is decided at the time of the purchase itself.

Eligibility for HDFC Life Pension Guaranteed Plan

HDFC Life Pension Guaranteed Plan – Features

1. Various annuity options to cater your needs.

2. You can purchase the plan on a Single or Joint Life basis.

3. Choose from immediate or deferred annuity option.

4. Choose to receive it monthly, quarterly, half-yearly or yearly.

5. The option of Return of Purchase Price on death.

6. Banks or financial institutions can purchase immediate annuities for homeowners.

7. You can increase your annuity payouts through Top Up option.

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Annuity Options under HDFC Life Pension Guaranteed Plan

You can choose from the following annuity options under HDFC Life Pension Guaranteed Plan at the time of purchase of the plan. However, plan option once selected cannot be changed.

1. Immediate Life Annuity

2. Immediate Life Annuity with Return of Purchase Price

3. Deferred Life Annuity with Return of Purchase Price

HDFC Life Pension Guaranteed Plan – Benefits

Following benefits are available under different plan options

1. Immediate Life Annuity: This option is available on both single life and joint life basis.

a) Single Life: The annuity will be payable for as long as the annuitant is alive.

b) Joint Life: The annuity will be payable for as long as either of the primary or the secondary annuitant is alive.

2. Immediate Life Annuity with Return of Purchase Price: This option is available on both single life and joint life basis.

a) Single Life: The annuity will be payable for as long as the annuitant is alive. On the death of the annuitant, the death benefit is payable as a lump sum to the nominee.

b) Joint Life: The annuity will be payable for as long as either of the primary or the secondary annuitant is alive. The death benefit is payable as a lump sum to the nominee, on later of the deaths of the two annuitants.

3. Deferred Life Annuity with Return of Purchase Price: Deferment Period may be between 1 to 10 years, as chosen by you at the time of purchase. This option is also available on both single life and joint life basis.

a) Single Life: The annuity will be payable for as long as the annuitant is alive. On the death of the annuitant, the death benefit is payable as a lump sum to the nominee.

b) Joint Life: The annuity will be payable for as long as either of the primary or the secondary annuitant is alive. The death benefit is payable as a lump sum to the nominee, on later of the deaths of the two annuitants.

Death Benefit under HDFC Life Pension Guaranteed Plan

The Death Benefit will vary depending on the annuity option chosen by you. See the Death Benefits for different annuity options in the table below.

How to get your Annuity under HDFC Life Pension Guaranteed Plan?

There are the four steps to get your annuity under this plan

1. Choose the purchase price or choose your annuity amount.

2. Select your annuity option.

3. Choose to receive your annuity monthly, quarterly, half-yearly, or yearly.

4. Receive your annuity via direct credit to your bank account.

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HDFC Life Pension Guaranteed Plan | Benefits & Features