HDFC Life - Click 2 Retire Plan

HDFC Life - Click 2 Retire is a ULIP (Unit Linked Investment Plan) Pension Plan that helps one get market linked returns at nominal charges. It is an online pension plan, with low entry age of 18 years and low vesting age of 45 years help investors to start planning their retirement very early in life, so that they have a secured and reliable source of income after retirement. The flexible premium payment options - Regular, Single Pay and Limited Pay, ensures that investors can plan their premium payments as per their preference.

Features of HDFC Life - Click 2 Retire Plan

  • HDFC Life Click 2 Retire is an Online ULIP (Unit Linked Investment Plan) Pension Plan
  • The minimum entry age of 18 years encourages individuals to start young
  • The comparatively lower vesting/maturity age of 45 years than other ULIP pension plans enable investors to build a corpus quite early in life
  • The Assured Vesting Benefit is an opportunity for investors to plan a robust retirement corpus well in advance
  • Offers the flexibility of three options for premium payment - Regular, Limited Pay and Single Pay
  • It offers tax benefits as per Section 80C and Section 10(10A) of the Income Tax Act, 1961

Benefits of HDFC Life Click 2 Retire Plan

The following are the benefits of HDFC Life - Click 2 Retire Pension Plan:

Vesting Benefit - This policy vests at the end of the policy term, and your Maturity (Vesting) Benefit will be the higher of the Fund Value or Assured Vesting Benefit. Assured Vesting Benefit can be calculated on the basis of the following formula:

[101% +1% (Policy Term - Premium Paying Term)] Total premiums paid

At the time of vesting, one can commute take up to one-third of the maturity benefit as tax free according to Section 10(10A) of the Income Tax Act, 1961. The remaining amount can be used towards receiving a life annuity from HDFC Life. After the completion of the vesting or maturity period, investors can select from a wide range of life annuity options.

Deferment of Vesting Date:

  • The deferment of the vesting or retirement date can be intimated any time before annuitisation.
  • There are no restrictions on the number of times the vesting date of this ULIP pension plan can be deferred, subject to the maximum vesting age of 75 years, as long as the policyholder is not aged below 55 years of age.
  • Assured Vesting Benefit and Death Benefit continues to apply despite any deferment of the vesting date. The Assured Vesting Benefit will remain the same as what had been decided at the policy’s inception.
  • In case of deferment, the accrued funds will move to Pension Conservative Fund and all applicable charges will continue to be deducted.

Death Benefit: This benefit makes the policy’s nominee eligible for a lump sum on the death of the policyholder. This benefit is either the Fund Value of the policy at the time of the death or 105% of the premium(s) paid till date – whichever is higher.

Charges: This plan does not charge anything for premium allocation, policy administration, mortality and discontinuance. It only includes 1.35% p.a. of the fund value charged daily towards fund management and nominal investment guarantee charges.

Eligibility Criteria

ParametersMinimumMaximum
Vesting Age 45 years75 years
Entry Age18 years65 years

Premium Details

Premium Payment FrequencyRegular Limited Pay Single PayMaximum
AnnualRs. 24,000NANo limit
Half-yearlyRs. 12,000NANo limit
QuarterlyRs. 6,000NANo limit
MonthlyRs. 2,000NANo limit
Single PayNARs. 50,000No limit

Premium Terms

Premium Payment TermsPolicy Terms
Single Pay10, 15 to 35
8 Pay10, 15 to 35
10 Pay10, 15 to 35
15 Pay10, 15 to 35

Other Benefits of HDFC Life - Click 2 Retire

The following are some other benefits of HDFC Life - Click 2 Retire:

  • Premium payments made towards HDFC Life Click 2 Retire Pension Plan are eligible for tax benefits, as per Section 80CCC of the Income Tax Act, 1961.
  • Up to a maximum of one-third of the maturity benefit can be commuted as tax free, as per Section 10(10A) of the Income Tax Act, 1961. The balance can be used towards buying a life annuity from HDFC Life.

Document Required for Applying to HDFC Life - Click 2 Retire

Below are documents that applicants have to submit while applying for HDFC Life - Click 2 Retire:

  • Proof of Identity (PoI): Aadhaar Card, PAN Card, Driving License, Voter ID, Passport, etc. are accepted documents
  • Proof of Address (PoA): Aadhaar Card, Passport, Voter ID, Driving License, electricity bill, telephone bill, water bill, gas bill, Ration Card, bank statement, copy of insurance policy, etc. are valid proofs
  • Proof of Age – Aadhaar Card, School Leaving Certificate, etc. are valid proofs

Reviews of HDFC Life - Click 2 Retire Pension Plan

“The early entry age of 18 years and vesting age of 45 years will enable me to have a robust corpus way before I reached my retirement age. It encouraged me to start young and get my finances in place for my later years.” – Josh D’Cunha

“The flexibility of HDFC Life – Click 2 Retire is what I was looking for in my retirement plan. The benefit of deferring the vesting age will prove to be helpful for me. I’m glad that I chose this plan.” – Rishita Saluja

“HDFC Life – Click 2 Retire Pension Plan offers the convenience of online purchase and premium payments. The flexible features like postponing of the vesting age, death benefit, early entry and vesting age, amongst several others convinced me to buy this pension plan. It is by far the best retirement plan that I have come across.” – Ahmed Kirmani

HDFC Life Click 2 retire Plan

What are the reasons that I should choose a HDFC Life – Click 2 Retire Pension Plan?

Below are the reasons that make HDFC Life – Click 2 Retire worth investing in:

  • Death Benefit: This benefit enables the plan’s nominee to be eligible for availing a lump sum in case of death of the policyholder. This lump sum is the existing Fund Value at the time of death or 105% of the premiums paid till date – the higher of the two.
  • Vesting Benefit: The Vesting or Maturity Benefit, payable after the completion of the maturity term, is the Fund Value or the Assured Vesting Benefit, whichever is higher.

  • Deferment of Vesting Age: This ULIP Pension Plan offers the flexibility to postpone the vesting or retirement date, as many times as required, if intimated before the date of annualisation. This is subject to the maximum vesting age of 75 years, provided the policyholder is at least 55 years of age. However, Assured Vesting Benefit and Death Benefit remains the same as decided at the inception of the policy, despite deferment.

  • Early retirement planning: The entry age of 18 years enables investors to plan their retirement early on, assuring themselves of a regular income source post-retirement.

What type of a plan is HDFC Life - Click 2 Retire? Is it a market linked or a traditional plan?

HDFC Life - Click 2 Retire is an online ULIP pension plan.

What are the charges applicable for HDFC Life - Click 2 Retire Pension Plan?

Premium allocation, policy administration, mortality and discontinuance charges are not applicable on HDFC Life - Click 2 Retire Pension Plan. It charges just 1.35% p.a. of the fund value charged daily towards fund management and nominal investment guarantee charges as under:

Pension Equity Plus Fund SFIN0.50% p.a.
Pension Income Fund SFIN0.50% p.a.
Pension Conservative Fund 0.10% p.a.
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