HDFC Life Insurance
HDFC Life Retirement Plans

HDFC Life Pension Plans

Retirement planning is essential for securing one’s financial security after retirement. One can earn enough to sufficiently support himself and his family during his working years. However, when retirement arrives and spendings are exactly the same, the true problem begins. Building adequate corpus to provide regular income after working life is critical to maintaining the same lifestyle and for unanticipated circumstances. 

HDFC Life offers a variety of pension plans to help you plan for your golden years. Its pension plans combine savings and protection options, ensuring that your assets grow and giving you a retirement stockpile when you need it. They are an excellent way to generate consistent income. After you retire, these pension plans ensure that you will never run out of monthly income. You don’t have to compromise your future demands with your amassed savings and little investments.

Types Of HDFC Pension Plans

HDFC Life offers a multitude of pension plans each having its own unique sets of features to suit the various needs of people. Let’s take a look at them one by one:

1. HDFC Life New Immediate Annuity Plan

The HDFC Life New Immediate Annuity Plan is a type of annuity plan in which the money is paid in a lump sum and the annuity begins right away. This plan is appropriate for planning your retirement so that you will have regular income once you have finished working.

Key Features:

  • The plan offers a wide range of annuity options in order to cater to your needs.
  • There is also an option to receive annuity on a yearly, half-yearly, quarterly, or monthly basis.
  • In case of death and critical illness, the plan provides the return of purchase price option.
  • For the large purchase price, the plan provides the benefit of higher annuity rates.

Eligibility Criteria:

Minimum Entry Age20 Years
Maximum Entry Age85 Years
Monthly Annuity PayoutRs. 1000 To No Limit
Quarterly Annuity PayoutRs. 3000 To No Limit
Half-Yearly Annuity PayoutRs. 5000 To No Limit
Yearly Annuity PayoutRs. 10,000 To No Limit

2. HDFC Life Systematic Retirement Plan

HDFC Life Systematic Retirement Plan is a non-participating, non-linked, and savings deferred annuity plan that allows you to save for your retirement years in a systematic manner. The policyholders can lock in their annuity interest rates right at the inception of the policy.

Key Features:

  • The plan gives you the option of choosing between two plan options: Life Annuity and Life Annuity with Return of Premiums.
  • A premium payment term of 5 to 15 years is available to an individual under the plan.
  • The policy is issued within 24 hours without any medicals and underwriting requirements.
  • The plan also provides the policyholder an option to receive annuity on a yearly, half-yearly, quarterly, or monthly basis.

Eligibility:

Minimum Entry Age45 Years
Maximum Entry Age75 Years
Premium Payment Term5 To 15 Years
Policy TermWhole Life
Annual Annuity Payout Per InstallmentRs. 12000 To No Limit
Half-Yearly Annuity Payout Per InstallmentRs. 6000 To No Limit
Quarterly Annuity Payout Per InstallmentRs. 3000 To No Limit
Monthly Annuity Payout Per InstallmentRs. 1000 To No Limit

3. HDFC Life Click 2 Retire

HDFC Life Click 2 Retire is a unit-linked insurance plan (ULIP) that provides market-linked returns with low charges. With an Assured Vesting Benefit of the plan, you may build a secure retirement fund while simultaneously benefiting from the upside of the market. If you plan ahead of time, this retirement plan can help you reach your post-retirement goals.

Key Features:

  • The plan includes no premium allocation charge, no exit charges, and no policy administration charges.
  • The plan has a comparatively lower vesting age of 45 years than other pension plans.
  • The plan provides two premium payment options: Single Pay and Limited Pay.
  • This policy vests at the completion of the policy period and the vesting benefit will be the higher of the fund value or the assured vesting benefit.

Eligibility:

Minimum Entry Age18 Years
Maximum Entry Age65 Years
Minimum Vesting Age45 Years
Maximum Vesting Age75 Years
Premium Payment Terms

Single Pay, 8 Pay, 10 Pay, 15 Pay

Policy Term (Years)

10 Years, 15 To 35 Years

4. HDFC Life Pension Guaranteed Plan

The HDFC Life Pension Guaranteed Plan is a single-premium annuity plan that pays a guaranteed income for the rest of your life. This one-of-a-kind plan offers higher annuity rates to policyholders who prepare ahead for their retirement.

Key Features:

  • The plan offers a wide range of annuity options to cater to the needs of its customers.
  • The plan allows the policyholder to choose from the option to receive an immediate or deferred annuity.
  • With the help of the top-up option under the plan, the policyholders can increase their annuity payouts.
  • In case of death of the insured person, the plan has the option of return of purchase price.

Eligibility:

Entry Age
  • For Immediate Life Annuity: 30 To 85 Years
  • For Immediate Life Annuity With Return Of Purchase Price: 30 To 85 Years
  • For Deferred Life Annuity With Return Of Purchase Price: 45 To 85 Years
Premium Payment TermSingle Pay
Annual Annuity PayoutRs. 12000 To No Limit
Half-Yearly Annuity PayoutRs. 6000 To No Limit
Quarterly Annuity PayoutRs. 3000 To No Limit
Monthly Annuity PayoutRs. 1000 To No Limit

5. HDFC Life Guaranteed Pension Plan

HDFC Life Guaranteed Pension Plan is a deferred pension plan that guarantees benefits to policyholders upon vesting or death. The policy includes annual guaranteed additions as well as a lump sum vesting addition at maturity. Individuals seeking guaranteed returns on their retirement assets may profit substantially from this plan.

Key Features:

  • On vesting, the plan provides guaranteed additions of 3% of the sum assured, which accumulate for each completed policy year.
  • The plan also provides a lump sum vesting additional, which is payable at vesting.
  • A death benefit equal to the total premiums paid to date, compounded at 6% each year, is guaranteed.
  • The plan allows the policyholder to choose premium paying terms from 5 to 12 years.

Eligibility Criteria:

Minimum Entry Age35 Years
Maximum Entry Age70 Years
Minimum Vesting Age55 Years
Maximum Vesting Age80 Years
Premium Payment Term5 To 12 Years
Policy Term8 To 30 Years

6. HDFC Life Personal Pension Plus

Individuals who want to plan ahead for their retirement can take advantage of HDFC Life Personal Pension Plus, a participating pension plan. This policy will provide you with reliable and safe returns on your investment and will function as your post-retirement income if you purchase it.

Key Features:

  • You can enjoy vesting benefits up to 75 years under the plan.
  • In case of the death of the insured, you will get 101% of the total premium paid to date.
  • If you do not agree with the policy’s terms and conditions, you have 15 days from the date the policy was received to return it to the insurer, along with a detailed explanation.
  • The plan also allows the policyholder to choose from their investment horizon from 10 to 40 years.

Eligibility Criteria:

Entry Age18 To 65 Years
Vesting Age55 To 75 Years
Policy Term10 To 40 Years
Premium Payment Term10 To 40 Years

7. HDFC Life Assured Pension Plan

HDFC Life Assured Pension Plan is a unit-linked insurance plan (ULIP) offered by HDFC Life that delivers market-linked returns as well as loyalty bonuses. The plan is ideal for helping you achieve your retirement goals as it combines the benefits of equity participation with the benefit of a capital guarantee.

Key Features:

  • With the help of the HDFC Life Assured Pension Plan, you can start investing as early as 18 years.
  • The plan offers lower vesting or maturity age of 45 years.
  • You can also choose between a single or limited pay under the plan.
  • The plan provides loyalty additions in the form of pension multipliers that are provided every alternate year, beginning from the 11th year.

Eligibility Criteria:

Entry Age18 To 65 Years
Vesting Age45 To 75 Years
Premium Payment TermSingle Pay, 8 Pay, 10 Pay, 15 Pay
Policy Term10 Years, 15 To 35 Years

8. HDFC Life Saral Pension

HDFC Life Saral Pension is a non-linked, non-participating policy that provides life-long guaranteed annuity rates. It is a conventional, individual, immediate annuity product with straightforward features that allow consumers to make an informed decision when it comes to retirement planning.

Key Features:

  • There is no need to undergo a medical examination for purchasing the plan.
  • If the annuitant, his or her spouse, or any of the annuitant’s children is diagnosed with one of the critical illnesses listed, the annuitant has the option to surrender.
  • On the death of the insured, the policy provides the return of the purchase price.
  • For the large purchase price, the plan offers higher annuity rates.

Eligibility:

Entry Age40 To 80 Years
Yearly Annuity PayoutRs. 12000 To No Limit
Half-Yearly Annuity PayoutRs. 6000 To No Limit
Quarterly Annuity PayoutRs. 3000 To No Limit
Monthly Annuity PayoutRs. 1000 To No Limit

Why Choose HDFC Life Pension/Retirement Plans?

There are a plethora of reasons why you should choose HDFC pension plans. Some of them are discussed below:

  • Various Annuity Options: Different individuals have different retirement needs and requirements. HDFC Life Pension plans offer its policyholders a wide range of annuity options as per their needs and requirements. 
  • Guaranteed Monthly Income: When you are in your working years, it is easy to manage your as well as your family expenses. However, when you are on your retirement age, it becomes difficult to manage such expenses. HDFC Life Pension plans offer guaranteed monthly income to its policyholder so that they can enjoy their golden years of life without any worry. 
  • Reasonable Price: HDFC Life Insurance has a reputation for providing high-quality insurance at a reasonable cost. All of the HDFC Life pension plans are created to meet your retirement needs at a reasonable cost. 
  • Excellent Customer Support: To provide high-quality services to its clients, HDFC adheres to five values: Excellence, People Engagement, Integrity, Customer Centricity, and Collaboration. HDFC Life Insurance has a strong customer service support that is available 24/7.
  • Tax Benefits: As per the prevailing laws of the Income Tax Act, 1961, HDFC Life Pension plans are applicable for a specified amount of tax deductions. This benefit can allow the policyholder to save a great deal of money.

Working Of HDFC Life Retirement Policy

Just like other pension plans, HDFC pension plans work on the basis of accumulation and distribution. The money you put into an HDFC pension plan is invested in a fund or asset of your choice for a defined period of time. You will begin receiving pension benefits after the plan reaches maturity, a process called vesting. You will have two options when it comes to vesting; you have the option of starting to receive pension benefits right away or withdrawing the funds and purchasing an immediate annuity plan from HDFC.

How You Can Purchase HDFC Life Pension Plan?

In order to purchase any HDFC pension plan, you can follow the below-mentioned steps:

ONLINE PROCESS:

  1. Visit the company’s official website.
  2. Click on the “All Plans” tab, and then click on “See More” under the “Retirement & Pension Plans” link.
  3. A page will be displayed on the screen listing all the pension and retirement plans from HDFC. Select any one plan that you wish to purchase and then click on the “Buy Online” tab.
  4. Enter all of your essential details, such as name, date of birth, gender, etc., and then click “Calculate”.
  5. Click on “Buy Now” and an application page will be displayed on the screen. Again, click on “Buy Now” and make the premium payment online.
  6. Your policy details will be sent to you at your registered mail address and phone number.

OFFLINE PROCESS:

In case you wish to purchase HDFC Life pension plans through an offline method, you can do so with the help of agents, brokers, and nearby branch offices. The intermediaries will help you with the selection of a suitable pension plan as well as its application process.

Frequently Asked Questions

You can pay for your HDFC Life pension plan in any of the following ways:

  • Debit card
  • Credit card
  • Net banking
  • Dropbox
  • Cash/cheque payments
  • ECS system
  • NEFT

Yes. During the policy period, HDFC pension plans allow you to change the nominee or the percentage of the nominee. 

Yes. You can surrender your HDFC pension plan before maturity. However, the policy might charge surrender costs.

You must send the surrender form, along with any applicable policy documentation, to the nearest HDFC Life branch office to cancel your insurance. Within 72 hours of receiving the request, the cancellation process will proceed.

The status of an HDFC pension insurance can be checked by following the below-mentioned steps:

  1. First, register on HDFC Life’s official website.
  2. You will be given a user ID and password to get access to the portal.
  3. Use your user credentials to log in.
  4. For the policy number you’ve chosen, click ‘Check Policy Status.’
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