- About Coverfox
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.
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:
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.
|Vesting Age||45 years||75 years|
|Entry Age||18 years||65 years|
|Premium Payment Frequency||Regular Limited Pay||Single Pay||Maximum|
|Annual||Rs. 24,000||NA||No limit|
|Half-yearly||Rs. 12,000||NA||No limit|
|Quarterly||Rs. 6,000||NA||No limit|
|Monthly||Rs. 2,000||NA||No limit|
|Single Pay||NA||Rs. 50,000||No limit|
|Premium Payment Terms||Policy Terms|
|Single Pay||10, 15 to 35|
|8 Pay||10, 15 to 35|
|10 Pay||10, 15 to 35|
|15 Pay||10, 15 to 35|
The following are some other benefits of HDFC Life - Click 2 Retire:
Below are documents that applicants have to submit while applying for HDFC Life - Click 2 Retire:
“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
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:
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.
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 SFIN||0.50% p.a.|
|Pension Income Fund SFIN||0.50% p.a.|
|Pension Conservative Fund||0.10% p.a.|