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Knowledge Base Life Insurance Guaranteed Plan HDFC Life Personal Pension Plan Review
Thursday, 04 August 2011 18:35

HDFC Life Personal Pension Plan Review

Written by  Yashish Dahiya
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HDFC LIFE Personal Pension 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 Pension Plan 


Bonuses

Single Premium option available


Eligibility for HDFC LIFE Pension Plan 


Minimum Entry Age: 18 Years

Maximum Entry Age: 60 Years

Minimum Age at Vesting: 50 Years

Maximum Age at Vesting: 70 Years

Policy Term: 10- 40Years

Premium Payment Term: Single, Policy term


What benefits does HDFC Life Pension Plan offer? 


Death benefit:

In case the Life Assured passes away during the first year of policy term, 80% of Sum Assured is paid. For rest of term, all premiums paid along with compounded interest of 8% per annum is paid.


Maturity Benefit:

Maturity amount will be equivalent to sum of Sum Assured, guaranteed additions 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.


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 Personal Pension 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 Pension Plan?


Policybazaar representatives will assist you in buying Pension Plan.


What’s Policybazaar opinion on HDFC LIFE Pension Plan?


Pension Plan is traditional pension plan where your returns are somewhat guaranteed. The bonus amount may vary as per the performance of fund. There are no riders available with the plan.

 

Compare Returns in Guaranteed Plans!!

How much will you get?

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5 comments
  • Comment Link Administrator Monday, 05 September 2011 18:30 posted by Administrator

    Hi Ms Neela
    You have to get in touch with your insurer with your policy number to know about policy status.

  • Comment Link Geraldine Gonsalves Thursday, 02 February 2012 16:47 posted by Geraldine Gonsalves

    HDFC Pension Fund is very inefficient. I have submitted a Quotation letter on the 20th of January to find out the value of my fund. Till date no reply & I am being made to run around by the people at the Khar branch.

  • Comment Link manjiri ganeshbhushan joshi Sunday, 01 July 2012 12:07 posted by manjiri ganeshbhushan joshi

    respected sir/madam,
    i have hdfc classic pension policy and sampura samrudhi policy of hdfc. my policy numbers are as ---
    classic pension policy--No 14759033 and
    sampuna samrudhi policy No--14710896
    i have invested rs.25000/- for both this policies and that is yearly. when i was invested in this policies i have told that the period is 5 years. but i have not reveive or hdfc did not yet give me details for these two policies.
    i want following details for this two policies--
    1) what is the maturity period for these two policies
    2) how much amount i will get after maturity
    3) what is benefit for these two policies
    4) and any other details for these two policies.
    thanks.

  • Comment Link azhar ahmed sheriff Wednesday, 24 October 2012 18:17 posted by azhar ahmed sheriff

    "One third of the maturity amount can be received as lump sum and the rest of amount through annuity"
    I have a policy of 5 lakhs to be paid over 5 years , can you please explain the above statement.

  • Comment Link Administrator Tuesday, 30 October 2012 11:35 posted by Administrator

    Hi Azhar
    Suppose at the end of policy term, you have Rs 30 lakhs in your account. Then you can take 1/3 of Rs 30 lakhs i.e. Rs 10 lakhs as lump sum amount which will be paid immediately. The rest of amount which is Rs 20 lakhs will be used for buying annuity and then you will be paid periodic payments (monthly , quarterly etc) for rest of years or some years as chosen by you.

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