HDFC Standard Pension Plans

HDFC Standard Life Insurance Company

HDFC Standard Life Insurance Co. Ltd., (HDFC Life) is one of
the topmost players in the insurance market. Launched in
the year 2000, HDFC Life is a partnership between HDFC
Ltd., one of Indias biggest housing finance institution and
Standard Life, a global long term investment savings player.
They have joined hands to provide customers with a range
of insurance and investment products covering categories
such as Protection, Pension, Savings, Investments, Health,
Children and Women! With such a diverse portfolio, the
company strives to meet individual protection and wealth-
enhancing needs and provide customized financial solutions
for everyone.
 HDFC Life Pension Plans
The company has launched a number of pension plans to cater to different
individuals depending on their financial needs and strategies about living
their life on their own terms post-retirement. The various plans come with
different features to suit varying requirements and aim to provide
maximum returns on least possible investment.
List of Pension Plans Offered By HDFC Standard Life Insurance Company,
With Features, Benefits And Eligibility
HDFC Life Personal Pension Plus
Features:
Multiple maturity benefits being offered by the plan
Applicable bonuses added in the benefits
Income Tax benefits can be availed
 Benefits:
Maturity Benefits: Following options are available:
At the time of maturity, the insured can avail higher of the sum assured
including bonuses or 101% of the total premiums is guaranteed to be paid
The insured can commute 1/3rd of the corpus (tax-free) and avail annuity
from the remaining part or avail immediate annuity form the entire corpus or
use the funds to buy Single Premium Deferred Annuity plan from the company
Death Benefits: If the policyholder dies during the policy term, higher of
101% of premiums paid or 105% of all premium paid till the date of
death shall be paid to the nominee
Accrued reversionary bonus, interim bonus and terminal bonuses, if any,
shall be paid
Income tax benefits can be availed under section 80C and section 10 (10)
D of the Income Tax Act
 Eligibility:

Eligibility:
Entry Age Min: 18 years | Max: 65 years
Maximum Maturity Age Min: 55 years | Max: 75 years
Policy Term 10-40 years
Premium Payment Frequency Yearly, half-yearly or quarterly
Min: Rs. 2,04,841 | Max: Depends on
Sum Assured
term, age & premium
Annual Premium Amount Min: Rs. 24,000 | Max: No limit
 HDFC Life Click 2 Retire
Features:
A unit linked plan that offers market-linked returns
Flexible options available for premium payment term
Option to postpone vesting age any number of times
3 funds to choose from to invest
Multiple maturity benefits available
Income Tax benefits applicable to the plan
Benefits:
Buyer can select premium payment term as single, regular or limited pay
Vesting Benefit: At the time of maturity of the policy, the policyholder shall receive
the maturity benefit that will be the higher of fund value or assured vesting
benefit
Assured Vesting Benefit is calculated as:
[101% + 1% *(Policy Term Premium Payment Term)] * Total Premiums Paid
At the time of maturity, the plan offers you the option of purchasing an annuity
from various options.
You can withdraw 1/3rd of the fund value as cash and remaining 2/3rd can be used to draw
pension
Use the entire fun value to buy an annuity
Or use the fund value to buy a single premium deferred annuity plan
 Deferment of vesting date: The buyer can defer the vesting date
(retirement date) any time before annuitisation. You can defer it any
number of times subject of maximum vesting age of 75 years, provided
youre below 55 years of age. Despite deferment the plan will still have
assured vesting benefit and death benefit as active and per schedule.
Death Benefit: If in case the policyholder dies during the policy term, the
nominee shall receive the higher of fund value or 105% of all premiums
paid till the date of the death. 3 fund available for investment are:
Pension Equity Plus Fund
Pension Income Fund
Pension Conservative Fund
Applicable charges: There will be no allocation or administration charges.
Fund Management charges will be levied @ 1.35% p.a. of the fund value
and investment guaranteed charges will be levied as per the fund chosen:
Pension Equity Plus Fund: 0.50% p.a.
Pension Income Fund: 0.50% p.a.
Pension Conservative Fund: 0.10% p.a.
Income Tax benefits can be availed under section 80C, section 10 (10) A
and section 10 (10) D
 Eligibility

Entry Age Min: 18 years | Max: 65 years

Maturity Age Min: 45 years | Max: 75 years
Policy Term Min: 10 years | Max: 35 years
Equal to policy term or single pay or
Premium Payment Term
limited pay
Min: Regular Pay: Rs. 24,000/ Single Pay:
Annual Premium
Rs. 50,000 | Max: No limit
 HDFC Life Pension Super Plus
Features:
From 11th year onwards, additional premium will be allocated
Flexibility offered to plan retirement date and policy term
Guaranteed regular income
Multiple maturity benefits are also available
Benefits:
11th year onwards, 102.5% of all premiums paid are allocated to the fund
Maturity Benefits: At the time of maturity, the policyholder shall be:
Paid the higher of the fund value or an assured benefit of 101% of all
premiums paid
Able to purchase a joint life annuity guaranteeing regular income until the
policyholder or spouse is alive
Also, able to commute 1/3rd of the fund value (tax-free) and receive balance
amount as annuity
 Death Benefits: If the policyholder dies within the policy term, the nominee shall receive the
higher of fund value or total premiums paid at an accumulated rate of 6% p.a. or 105% of total
premiums paid till the date of death Premium will be invested in funds that maintain a balance
of debt and equity exposure so as to minimise the risk while enhancing the returns Income tax
benefits shall be availed under section 80C, section 10 (10) A and section 10 (10) D

Resource From: https://www.easypolicy.com/life-insurance/pension-plans/hdfc-pension-

plans.html