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ANNUITY (Pension) PLANS

Outline

1. HDFC Life Smart Pension Plus
2. HDFC Life Systematic Retirement Plan
3. HDFC Life Guaranteed Pension Plan

HDFC Life Smart Pension Plus

A Non-Linked Non-Participating Individual/Group Annuity Savings Plan

• Guaranteed* Annuity Income for whole of life by paying Premium(s) for a Single or Limited payment term
• One plan catering to both Single and Joint Life
• Immediate Annuity and Deferred Annuity available
• Deferment Period shall begin from inception of the policy. At the end of the deferment period, the first Annuity payment is made to the annuitant, in arrears as per the frequency chosen by the annuitant. The deferment period shall be chosen by annuitant at inception and it can be different from the premium payment term.
• Flexible payout options to receive your Annuity amount – Monthly, Quarterly, Half-yearly or Yearly
• 4 annuity options to choose from:
  • Life Annuity
  • Life annuity with Return of % of Total Premiums paid
  • Life Annuity with Early Return
  • Increasing Annuity
• Policy Term: Whole life
• Minimum Group Size: 10
• Maximum Group Size: unlimited, subject to Board approved underwriting policy (BAUP)

The plan is available to employer-employee groups on group platform

Options and Features

1. LIFE ANNUITY with RETURN OF % OF TOTAL PREMIUMS PAID

Total Premium will be returned to nominee on death of policyholder. Percentage can range from 50% to 100%

• Minimum Age at entry:
  • Single Pay: 18 years;
  • Limited Pay: 45 years
• Maximum Age at entry:
  • Single Pay
    • Immediate Annuity: 100 years
    • Deferred Annuity: 99 years
  • Limited Pay: 75 years
• Policy Term: Whole life
• Premium Paying Term:
  • Single Pay
  • Limited Pay: 5 to 15 years

2. LIFE ANNUITY with EARLY RETURN

A proportion of the premiums paid is returned on attainment of a milestone age(s). Joint Life option is available under Single Payment option.

• Minimum Age at entry:
  • Single Life/ Primary Annuitant (Joint Life)
    • Single Pay: 30 years
    • Limited Pay: 45 years
  • Secondary Annuitant (Joint Life)
    • Single Pay: 30 years
• Maximum Age at entry:
  • Single Life/ Primary Annuitant (Joint Life)
    • Single Pay:
      • 65 years (for 50% RoP Paid at Age 75 and 100% RoP Paid at Age 75)
      • 70 years for the other sub options
    • Limited Pay:
      • 65 minus PPT (for 50% RoP Paid at Age 75 and 100% RoP Paid at Age 75)
      • 70 minus PPT for the other sub options
  • Secondary Annuitant (Joint Life)
    • Single Pay: 100 years
• Policy Term: Whole life
• Premium Paying Term:
  • Single Life:
    • Single Pay
    • Limited Pay: 5 to 15 years
  • Joint Life:
    • Single Pay

3. INCREASING ANNUITY

Available only with single premium option. The policyholder can choose an annual increase of 1% to 5% of simple/compound interest of the premium.

• Minimum Age at entry:
  • Single Pay: 18 years
• Maximum Age at entry:
  • Single Pay:
    • Immediate Annuity: 100 years
    • Deferred Annuity: 99 years
• Premium Paying Term:
  • Single Pay

No alterations are allowed in the policy. Premium payment term and Deferment Period once chosen shall remain the same for the duration of the policy.

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HDFC Life Systematic Retirement Plan

An Individual/ Group, Non-Participating, Non linked, Savings Deferred Annuity Plan

• Entry Age: 45 to 75 years
• No Medical examination required
• Pay Premium for 5 years to 15 years
• Stay Insured as long as you pay premiums. If death happens after the Premium Payment Term, a death benefit will be given to the nominee if Return of Premium option was selected.
• Start getting pension payout for whole life immediately after the premium paying term is over
• Or, defer pension payment for a maximum of 15 years (counted from inception of policy. Thereafter, receive annuity (pension) for life!
• Or, instead of annual pension, get all the premiums back with benefits at the end of policy term.
• Minimum Premium:
  • Annual: 30,000
  • Half Yearly: 15,300;
  • Quarterly: 7,800;
  • Monthly: 2,625
• Minimum Group Size: 10
• Maximum Group Size: unlimited, subject to Board approved underwriting policy (BAUP)

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HDFC Life Guaranteed Pension Plan

A non linked non-participating pension plan

HDFC Life Guaranteed Pension Plan offers assured benefit on death or at vesting. The product offers guaranteed additions that are added every year and lump sum vesting addition payable at vesting. The plan is ideal for individuals who seek to plan for their retirement to get guaranteed returns on their invested corpus for post retirement income.

• This plan can be taken only on a single life basis.

• Eligibility for entry = Age between 18 and 70 years

• Age at Vesting = Between 40 and 80 years

• Policy Term = 8 years to 40 years

• No Medical examination required

• Pay Single Premium or

• Pay Limited Premium for 5 to 12 years

• Minimum Premium

  • Annual: 24,000
  • Half Yearly: 12,000;
  • Quarterly: 6,000;
  • Monthly: 2,000
  • Single Premium: 50,000

• Death and Vesting Benefits

  • Stay Insured for 8 to 40 years
  • Guaranteed Additions will be 3% of Sum Assured on vesting for each completed policy year.
    
  • Vesting Addition shall vary by policy term
  • Vesting Benefit includes:
    • Sum Assured on vesting - Receive a lump sum at the end of the policy term (between age 55y - 80y)
    • Accrued Guaranteed Additions
    • Vesting Addition

• On the date of vesting the policyholder shall be allowed:

  1. To commute up to 60% and utilize the balance amount to purchase an immediate/deferred annuity from us at the then prevailing annuity rates subject to point 2 below.
  2. To purchase an immediate annuity or deferred annuity from another insurer at the then prevailing annuity rates to the extent of percentage, stipulated by the authority, currently 50%, of the entire proceeds of the policy net of commutation.

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