HDFC Life Insurance
HDFC Life Insurance Systematic Retirement Policy

HDFC Life Systematic Retirement Plan

Every person wishes to retire with financial freedom and a steady stream of income throughout their retirement years. Therefore, methodological preparation for the golden years of retirement is extremely pivotal to leading a stress-free life.

HDFC Life Systematic Retirement Plan is an individual/group, non-linked, non-participating, and savings deferred plan that enables the policyholder to build his/her retirement corpus. The plan gives you the flexibility to select the deferral period so you can lead a comfy life.

Continue reading to know more about the plan!

Eligibility Criteria

Minimum Entry Age45 Years
Maximum Entry Age75 Years
Policy TermWhole Life
Minimum Premium Payment Term5 Years
Maximum Premium Payment Term15 Years
Deferment PeriodUp To 15 Years

HDFC Life Systematic Retirement Plan Coverages

The following aspects are included under the plan:

Annuity Options

Option 1: Life Annuity

Option 2: Life Annuity with Return of Premiums

Guaranteed IncomeCovered
Grace PeriodIf you pay your premiums annually, half-yearly, or quarterly, you have a grace period of 30 days; and for monthly premiums, you have a grace period of 15 days.
Paid-UpThe insurance will become paid-up if a due premium is not paid when the grace period expires and it has accrued a Guaranteed Surrender Value (GSV).
RevivalThe amount of time after the first unpaid premium is due is to be 5 years, unless otherwise permitted by applicable product regulations.
Free Look Period15 Days
Maturity BenefitNot Covered
Guaranteed Surrender ValueCovered
Loan FacilityAvailable

Reasons To Choose HDFC Life Systematic Retirement Plan

You should consider buying HDFC Life Systematic Retirement Plan because of the following benefits:

  • Death Benefit

In case of the policyholder’s death during the deferment period, the death benefit will be higher of:

  • Total premiums paid accumulated at compounding interest of 6% p.a. till the date of death
  • 105% of total premiums paid up to the date of death
  • Survival Benefits

During the deferment period, no survival benefit will be paid. However, on survival after the completion of the deferment period, survival benefits will be paid as per the annuity payment frequency chosen by the policyholder.

  • Annuity Payouts

Your yearly frequency annuity will be determined as follows:

Annuity Payout = Annuity Rate X Annualised Premium

After the deferment period, your annuity will be payable in arrears at the conclusion of the set annuity payment frequency.

  • Higher Premium Benefits

Higher annualized premiums would result in benefits in the form of an additional annuity that would be paid as a percentage of the annuity rates.

  • Surrender Benefits

In case you wish to surrender the plan, the insurer offers you the following surrender benefits:

On surrender during the Deferment PeriodHigher of Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV)
On surrender after the Deferment PeriodSSV shall be payable under the “Life Annuity with Return of Premiums” option

Premium Illustration Of HDFC Life Systematic Retirement Plan

You might be wondering how much HDFC Life Systematic Retirement Plan will cost you. Therefore, we have calculated the premium amounts for the plan in accordance with different parameters. Let’s take a look at the premium table below:

NameAgeGenderPremium Paying TermsAnnuity AmountPremium Amount
Devika Kumari52 YearsFemale5 YearsRs. 35,081Rs. 1 Lakh
Shivam Singh55 YearsMale7 YearsRs. 1,06,828Rs. 2 Lakhs
Avantika Rathore62 YearsFemale10 YearsRs. 2,47,272Rs. 3 Lakhs
Kamal Gupta72 YearsMale5 YearsRs. 1,43,537Rs. 4 Lakhs

What’s Not Included Under HDFC Life Systematic Retirement Plan?

  1. There is no maturity benefit under the plan.
  2. You cannot avail loan against the policy.
  3. Individuals below the age of 45 years are excluded from the plan.
  4. No benefit will be paid upon the policy’s expiration.

Frequently Asked Questions

The deferment period will start when the policy is first issued. The first annuity payment is made to the annuitant in arrears at the conclusion of the deferment period at the frequency that the annuitant has selected. The annuitant must select the deferment time in the beginning, and it may be different from the term for paying premiums.

The policy cannot be changed in any way. Once chosen, the premium payment term and deferment period will not change for the duration of the insurance.

The plan offers you three annuity payout options: half-yearly, quarterly, and monthly.

Yes. However, if the nominee is a minor, the policyholder may designate any individual to be the beneficiary of the funds secured by the policy in the event that the policyholder passes away while the nominee is still a minor. 

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