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HDFC Life Pension Plans

HDFC Life Pension Plans are a collaboration between HDFC and Standard Life for providing the people with a comfortable post-retirement life. Due to this successful agreement between two tycoons of the financial market, there are now various pension pensions which can cushion the golden period of your life at a reasonable price.

HDFC Life Pension Plans: Overview

HDFC Life has come up with distinctive pension plans including various annuity pension plans, deferred pension plans and immediate annuity pension plan. The pension plans make sure that you never run out of regular income after retiring. With the accumulated savings along with small investments, you do not have to compromise your future needs.

The plans are the perfect option for creating regular income and the absence of monthly salary never worries you. From securing the lifestyle of your family to fulfilling your own financial needs, HDFC can save you. The tax-benefits are other additions to the perks of the pension plan.

Under Section 80CCC, the yearly deduction is made from the whole income if it is up to Rs. 1.5 lakh. ⅓ of the retirement savings in (tax-exempted) lump sum amount can be provided under Section 10(10A).

Even if you have withdrawn a huge amount from the PF, you will still have HDFC pension policies to save you. Additionally, your children’s marriage or education is a matter of concern which you can take care of easily through the plans. Choose the premium paying terms and range according to your retirement horizon and lead a happy retirement life.

Types of HDFC Life Pension Plans

HDFC Life Pension Super Plus

In order to get financial assistance after your retirement, invest in HDFC Life Pension Plans. Tax Benefits under Section 80CCC of the Income Tax, 1961 are applicable.

Features and Benefits

  • Non-participating ULIP with regular premium
  • Assured maturity vesting value
  • Flexibility according to the retirement date
  • Assured benefit of 101% of entire premiums involving top-up premiums paid or
  • Fund value
  • Extra premium allocation from 11th year

Eligibility Criteria

Entry Age 35 years-65 years
Maturity Age 55 years-75 years
Policy Term 10,15 or 20 years
Premium Range Min. Rs. 24,000 p.a.
Premium Paying Term Same as the whole policy term
Premium Payment Frequency Quarterly, monthly, half-annually, annually

HDFC Life Guaranteed Pension Plan

HDFC Life Guaranteed Pension Plan is a non-participating deferred pension plan that offers assured benefit on death or at vesting. The product offers guaranteed additions that are added every year, and the lump sum vesting addition is payable at vesting. The plan is ideal for individuals who seek to plan for their retirement to get guaranteed returns on their invested corpus for their post retirement income.

Features and Benefits

  • Guaranteed Additions of 3% of sum assured on vesting that get accrued for each completed policy year
  • A lump sum Vesting Addition payable at vesting
  • Choice of premium paying terms of 5, 7 and 10 years
  • Guaranteed death benefit equal to total premiums paid to date accumulated at 6% per annum

Eligibility Criteria

Entry age 35 years-65 years
Vesting age 55 years-75 years
Premium payment term 5,7 or10 years
Premium paying frequency Annually, half-yearly, quarterly and monthly
Premium range Min Rs. 24,000 p.a. - no limit
Policy term 10 years-20 years

HDFC Life Single Premium Pension Super Plan

Among other HDFC Life Pension Plans, this deferred pension policy stands out with its one-time premium paying option.

Features and Benefits

  • Protecting against market securities along with annuity pay-outs
  • Buying option for a single premium deferred annuity from HDFC
  • Building corpus for retiring
  • Minimum assured benefit at maturity
  • Fund value or guaranteed vesting benefit

Eligibility Criteria

Entry age 40 years-75 years
Policy term 10 years
Premium paying Rs. 25,000-no limit
Premium payment term Same as the policy term
Vesting age 50 years-85 years

HDFC Life Personal Pension Plus

This is a flexible plan designed to keep in mind a person’s retirement horizon. If you wish to start planning for retirement earlier, HDFC Life Personal Pension Plus is an ideal choice to create a retirement corpus.

Features and Benefits

  • Ease of choosing investment horizon
  • Assured benefit is equal to 101% of all regular premiums paid till the date on death or vetsing
  • Reversionary bonus
  • Terminal bonus
  • Interim bonus

Eligibility Criteria

Age entry 18 years-65 years
Maturity age 55 years-75 years
Policy term 10 years-40 years
Premium payment term Same as the policy term
Premium payment frequency Monthly, quarterly, half-yearly, yearly
Premium range Min. Rs. 24,000 p.a. -no limit

HDFC Life New Immediate Annuity Plan

Accessing financial independence in life, this plan is a smart move to maintain a regular income stream after your retirement.

Features and Benefits

  • Guaranteed income till your or your partner is alive
  • Higher annuity rate at the investment of Rs. 2,50,000
  • Death benefit on specified annuity option which offers a return of purchase

Eligibility Criteria

Entry age 30 years-85 years
Min. and Max. Annuity payout
  • Monthly: Rs. Rs.1,000-no limit
  • Quarterly: Rs. 3,000-no limit
  • Half-annually: Rs. 5,000-no limit
  • Annually: Rs. 10,000-no limit
Purchase priceBased on age and annuity

HDFC Life Click2Retire - ULIP

This is an online ULIP which provides market-linked returns for helping you achieve retirement goals. HDFC Life Click2Retire helps get regular income.

Features and Benefits

  • No premium allocation, mortality, policy administration and discontinuation charges
  • Death benefit is higher of fund value or 105% of the entire premiums paid
  • Secure post-retirement life with assured vesting benefit
  • Single pay, limited pay and regular pay options
  • Helps achieve Early retirement for travelling or pursuing hobbies and interests

Eligibility Criteria

Entry age 18 years-65 years
Vesting age 45 years-75 years
Premium paying terms
  • Single pay: 10,15 to 35 years
  • 8 pay: 10,15 to 35 years
  • 10 pay: 10, 15 to 35 years
  • 15 pay: 15 to 35 years
    Payment frequency
    • Annually: Rs. 24,000-no limit
    • Half-yearly: Rs. 12,000-no limit
    • Quarterly: Rs. 6,000-no limit
    • Monthly: Rs. 2,000-no limit
    • Single pay: 50000

    Documents Required

    • Duly filled proposal form
    • Proof of a medical history
    • Address proof
    • KYC documents

    Why Choose HDFC Life Pension Plans?

    When you are in your 30s, you start to think about how to deal with the rising living cost after retirement. During the post-retirement life, without any solid retirement planning, it becomes hard to manage the previous lifestyle and tackle medical expenses. Therefore, choose non-participating ULIPs to build a retirement corpus in your 30s and stay worry-free.

    ULIPNAVAbsolute (%)Annualised (%)
    HDFC Life Click 2 Retire Pension Equity Plus Fund12.6503 years: 30.3 1 year: 0.8 3 months: -7.8 3 years: 9.2 1 year: 0.8
    HDFC Life Pension SuperPlus - Pension Super Plus Fund - 201216.0635 years: 57.8 1 year: 1.8 3 months: -4.2 5 years: 9.6 1 year: 1.8

    FAQs on HDFC Life Pension Plans

    Should I opt for an immediate or a deferred annuity plan?

    The choice is based on the policyholder’s time of retirement planning. You should invest in an annuity plan when you are close to retirement and a deferred plan should be taken as early as possible.

    When should an annuity plan be taken?

    At the time of time retirement, it is best to take the annuity plan. If you take one of the HDFC Life Pension Plans in your 40s, you can get two decades to create a retirement fund. The retirement plan will have two benefits.

    One, you can have a relaxed post-retirement life; two, you can put more money into the planning.

    Which is the best pension plan?

    The best among HDFC Life Pension Plan generally varies as per the policyholder’s needs. You can choose to invest in HDFC Life Click2Retire - ULIP. This plan aids you in pursuing hobbies and travelling the world without worrying too much. The invested money works when you can relax and enjoy a regular income stream.

    What is HDFC Life pension guaranteed plan?

    It is a non-participating deferred pension plan which has assured benefit on death at maturity. The plan provides guaranteed additions which are included per year and lump sum vesting inclusion is payable at the time of vesting. In order to get guaranteed returns, this plan is ideal.

    What should I do if I want to change my premium paying?

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    Why you should opt for HDFC Life New Immediate Annuity Plan?

    At the time of retirement, buying an HDFC Life New Immediate Annuity Plan helps get a source of regular income.

    How to pay a premium? What are the modes of payment available?

    Following are the modes of premium payment-

    • ECS system
    • Drop box
    • AXIS/YES Bank credit card
    • NEFT
    • Cash/cheque
    • Bill pay - EBPP

    How can I check policy status for HDFC Life Pension Plans?

    Following are the steps to check the policy status of HDFC Life Pension Plans-

    • Register in the official site of HDFC Pension Online
    • Log in with username and password
    • Check the status

    What is the policy renewal process for HDFC Life Pension Plans?

    On payment of the renewal premium, the plan gets automatically renewed. However, if the grace period is over and the premiums are still unpaid, the policyholder will have to contact the customer service team to get the policy renewed.

    What is the company’s process to settle a claim for HDFC Life Pension Plans?

    The company’s process to settle a claim are-

    • Fill up the claim form carefully
    • Attach the required documents like medical bills, accident report and other reports with the form
    • Submit the documents to the HDFC claim office at the nearest branch of your house

    What is the policy cancellation process for HDFC Life Pension Plans?

    The user is only allowed to go through the cancellation process after completing 5 policy years. There is no deduction from fund value if you surrender the policy after completing 5 years. Submit the cancellation request to the HDFC branch to proceed with the cancellation. The refund process starts within 72 hours.

    How does HDFC Life Pension Plans work?

    Mentioned above

    What is HDFC Life Pension Plans in India?

    There are various types of HDFC Life Pension Plans which can secure your post-retirement life. You can ensure a comfortable lifestyle with a regular pay cheque from your immediate annuity plan. The retirement plans also help in easily meeting contingencies without worrying too much.

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