HDFC Life ClassicPension Plan Review
Plan Name: Pension Plan
Insurer: HDFC Life Insurance Company Limited
Category: Traditional Plan
Objective: Provides regular income post retirement
Major USP of HDFC Life ClassicPension Plan
Limited Premium paying term
Eligibility for HDFC Life ClassicPension Plan
Minimum Entry Age – 25 Years
Maximum Entry Age - 65 Years
Minimum Age at Vesting- 45 Years
Maximum Age at Vesting- 80 Years
Policy Term – 10 to 40 Years
Premium Payment Term: Single, 5 years to policy term
What benefits does HDFC Life ClassicPension Plan offer?
In case the Life Assured passes away during the policy term, the beneficiary will receive premiums paid with accumulated interest of 6% per annum.
Maturity amount will be equivalent to sum of Sum Assured and bonuses.
You can opt for
- One third of the maturity amount can be received as lump sum and the rest of amount through annuity
- Entire amount can be used to purchase annuity and the payouts will begin
With Profits Plan:
Bonus both reversionary which is based on performance of the participating fund and terminal bonus if any will be given by HDFC LIFE.
For Sum Assured above Rs 500,000, discount on premium shall be given/
Are there any tax benefits?
Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Paid up Policy: After three policy years if you are unable to continue policy, you can convert to paid up. The policy will not participate in future performance. On maturity or death, reduced Sum Assured and any vested bonuses if any will be paid.
Surrender Benefit: In case you want to cancel HDFC Life ClassicPension plan after 3 years, the minimum guaranteed surrender value will be paid which is equivalent to 50% of all premiums paid barring the first year premium.
Free Look Period: Pension Plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.
How can I buy HDFC Life ClassicPension Plan?
Policybazaar representatives will assist you in buying Pension Plan.
What’s Policybazaar opinion on HDFC Life ClassicPension Plan?
ClassicPension is traditional pension plan where your returns are somewhat guaranteed. The bonus amount may vary as per the performance of fund. You can also avail of rebate if you opt for higher Sum Assured. There are no riders available with the plan.
Compare Returns in Guaranteed Plans!!
How much will you get?