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.
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