How to plan for my retirement?
Use our quick and simple calculator to know what’s ideal for you.
A single premium non-participating and non linked annuity plan for a lifelong regular income
Wide range of annuity options to cater to your needs
Option to take the plan on a Single or Joint Life basis
Option to receive immediate or deferred annuity
Option to receive annuity monthly, quarterly, half-yearly or yearly
Get the option of Return of Purchase Price on death
Enjoy the choice of increasing your Annuity Payouts through Top Up
Wide range of annuity options to cater to your needs
Option to take the plan on a Single or Joint Life basis
Option to receive immediate or deferred annuity
Option to receive annuity monthly, quarterly, half-yearly or yearly
Get the option of Return of Purchase Price on death
Enjoy the choice of increasing your Annuity Payouts through Top Up
Multiple Benefits in One Plan
Single Life Annuity Options
Joint Life (two lives) Annuity Options
Immediate Annuity
(Receive payments at a frequency of your choice)
Immediate Life Annuity Option
The annuity will be payable in arrears as per payment frequency chosen by you, till the time the annuitant is alive.
On death of the annuitant, the annuity payments will cease and no further benefits will be payable.
Immediate Life Annuity with Return of Purchase Price Option
The annuity will be payable in arrears as per payment frequency chosen by you, for as long as the annuitant is alive.
On death of the annuitant, Death benefit1 is payable as lump sum (100% of the Purchase Price2 of the annuity) to the nominee and no further amount will be payable. Upon payment of the death benefit, the policy shall terminate and all other benefits shall cease.
Disclaimer:
Before buying HDFC Life Pension Guaranteed Plan
Parameters |
Minimum |
Maximum |
|
---|---|---|---|
ENTRY AGE1 |
Immediate Life Annuity |
30 years |
85 years |
Immediate Life Annuity with Return of Purchase Price |
POSP Channels: |
POSP Channels: |
|
Deferred Life Annuity with Return of Purchase Price |
45 years |
85 years |
|
ANNUITY PAYOUT2
|
Yearly |
₹ 12,000 |
No Limit |
Half Yearly |
₹ 6,000 |
||
Quarterly |
₹ 3,000 |
||
Monthly |
₹ 1,000 |
||
Minimum/ Maximum Purchase Price |
Immediate Life Annuity |
₹ 42,076 |
No Limit |
Immediate Life Annuity with Return of Purchase Price |
₹ 160,261 |
||
Deferred Life Annuity with Return of Purchase Price |
₹ 76,046 |
||
Minimum Group Size (For Group Policies) |
5 |
||
Premium Payment Term
|
Single Pay |
^ Only 'Immediate Annuity with Return of Purchase Price (Single Life)' can be sold via POSP channel.
1. In the case of Joint life annuities the age limits apply to both lives. Annuitant(s) below this age will only be accepted where the proceeds are from a contract issued or administered by the Company where compulsory purchase of an annuity is required. If this product is purchased as QROPS through transfer of UK tax relieved assets, the minimum entry age for payment of annuity will be governed by the rules defined by HMRC from time to time. Higher ages at entry may be allowed for Life Annuity with Return of Purchase Price Option and Joint Life Annuity with Return of Purchase Price options to cater to the needs of NPS subscribers as per extant PFRDA guidelines. In the case of Joint life annuities the age limits apply to both lives.
Kindly refer to the Product Brochure for all details on the plan benefits.
2. Amounts below this value will only be offered where the proceeds are from a contract issued or administered by the Company where compulsory purchase of an annuity is required and to the subscribers of the National Pension System regulated by the Pension Fund Regulatory and Development Authority (PFRDA)
The minimum annuity payouts shall be in accordance with IRDAI (Minimum limits for Annuities and other Benefits) Regulations, 2015.
The minimum purchase price that will produce the minimum annuity mentioned above will depend on the minimum annuity rates, as applicable.
All ages are calculated as at last birthday. Risk cover starts from date of commencement of policy for all lives including minors. In all individual cases, the relationship between the proposer and life assured shall be specified.
To understand benefits under this plan
Below is the sample illustration for HDFC Life Pension Guaranteed Plan with customer having Purchase Price of ₹ 1Cr1 and opting for Annuity with Return of Purchase Price (with Joint Life option)
Annuity Option |
Immediate Annuity Option |
Deferred Annuity Option |
|||||
---|---|---|---|---|---|---|---|
Payable Immediately |
Payable after 5 years deferment |
Payable after 10 years deferment |
|||||
Primary Age |
Secondary Age |
Monthly Annuity for life |
Annual Annuity amount |
Monthly Annuity for life |
Annual Annuity amount |
Monthly Annuity for life |
Annual Annuity amount |
50 |
45 |
₹ 46,284 |
₹ 578,550 |
₹ 62,668 |
₹ 783,355 |
₹ 83,290 |
₹ 1,041,130 |
55 |
50 |
₹ 46,848 |
₹ 585,595 |
₹ 64,033 |
₹ 800,415 |
₹ 86,335 |
₹ 1,079,190 |
Tune in to this video to know about our Retirement Plans.
Talk to an
Advisor right away
We help you to choose best insurance plan based on your needs
Your Required life cover to protect your family’s future is
HDFC Life Pension Guaranteed Plan is a single premium annuity product which provides a regular guaranteed income for lifetime
Step 1: Choose the purchase price that you wish to pay to buy annuity or choose the annuity amount you wish to receive
Step 2: Choose your annuity option
Step 3: Choose your annuity payout frequency– monthly, quarterly, half-yearly, or yearly
Step 4: Receive your annuity payouts through direct credit to your bank account
Parameters |
Minimum |
Maximum |
|
EntryAge1 |
Immediate Life Annuity |
30 years |
85 years |
Immediate Life Annuity with Return of Purchase Price |
POSP Channel: Other Channels: |
POSP Channel: Other Channels: |
|
Deferred Life Annuity with Return of Purchase Price |
45 years |
85 years |
|
Annuity Payout (in Rs.)2 Per instalment |
Annually |
₹ 12,000 |
No limit |
Half-yearly |
₹ 6,000 |
||
Quarterly |
₹ 3,000 |
||
Monthly |
₹ 1,000 |
||
Minimum/ Maximum Purchase Price |
Immediate Life Annuity |
₹ 42,076 |
No limit
|
Immediate Life Annuity with Return of Purchase Price |
₹ 160,261 |
||
Deferred Life Annuity with Return of Purchase Price |
₹ 76,046 |
||
Minimum Group Size (For Group Policies) |
5 (Five) |
||
Premium Payment Term |
Single Pay |
^ Only 'Immediate Annuity with Return of Purchase Price (Single Life)' can be sold via POSP channel.
The minimum annuity payouts shall be in accordance with IRDAI (Minimum limits for Annuities and other Benefits) Regulations, 2015.
The minimum purchase price that will produce the minimum annuity mentioned above will depend on the minimum annuity rates, as applicable.
All ages are calculated as at last birthday. Risk cover starts from date of commencement of policy for all lives including minors. In all individual cases, the relationship between the proposer and life assured shall be specified.
You can choose any of the following annuity options at inception. Plan option once selected cannot be changed.
The product is available on a single life as well as joint life basis for all options. The Primary Annuitant will be the primary person entitled to receive the payouts, while the Secondary Annuitant will be entitled to receive the annuities, if so opted, in the event of death of the Primary Annuitant, if applicable.
In a Joint Life annuity, the secondary annuitant can be the spouse/child/parent/parent-in-law or sibling of the primary annuitant. Other relationships maybe considered as long as there is an insurable interest1 between the annuitants.
1. Immediate Life Annuity Option
This option is available on both single life and joint life basis.
a.Single Life
• The annuity will be payable in arrears as per payment frequency chosen by you, for as long as the annuitant is alive.
• On death of the annuitant, the annuity payments will cease and no further benefits will be payable.
b.Joint Life
• The annuity will be payable in arrears as per payment frequency chosen by you, for as long as either of the primary or the secondary annuitant is alive
• On the death of both annuitants, the annuity payments will cease and no further benefits will be payable
2. Immediate Life Annuity with Return of Purchase Price Option.
This option is available on both single life and joint life basis.
a.Single Life
• The annuity will be payable in arrears as per payment frequency chosen by you, for as long as the annuitant is alive
• On death of the annuitant, Death benefit1 is payable as lump sum to the nominee and no further amount will be payable. Upon payment of the death benefit, the policy shall terminate and all other benefits shall cease.
b.Joint Life
• The annuity will be payable in arrears as per payment frequency chosen by you, for as long as either of the primary or the secondary annuitant is alive.
• Death benefit is payable as a lumpsum to the nominee, on later of the deaths of the two annuitants.Upon payment of the death benefit, the policy shall terminate and all other benefits shall cease.
3. Deferred Life Annuity with Return of Purchase Price Option
This option is aailable on both single life and joint life basis. Deferment Period may be between 1 to 10 years (Integer values), as chosen by you at inception. The annuity rate shall be as guaranteed at the inception of the Policy.
a.Single Life
• The annuity will be payable in arrears post deferment period as per payment frequency chosen by you, for as long as the annuitant is alive.
• On death of the annuitant, death benefit is payable as lumpsum to the nominee and no further amount will be payable. Upon payment of the death benefit, the policy shall terminate and all other benefits shall cease.
b.Joint Life
The annuity will be payable in arrears post deferment period as per payment frequency chosen by you, for as long as either of the primary or the secondary annuitant is alive. Death benefit is payable as a lumpsum to the nominee, on later of the deaths of the two annuitants. Upon payment of the death benefit, the policy shall terminate and all other benefits shall cease.
A single premium is payable in advance at the start of a contract. Your annuity (for annual frequency) will be calculated as follows:
The purchase price referred above excludes applicable taxes and other statutory levies if applicable.
Your annuity will be payable in arrears at the end of chosen annuity payment frequency from the date of purchase of the plan. This implies that
Annuity instalments for frequencies other than annual shall be as specified below:
Frequency |
Annuity Installment (per frequency) |
Half-yearly |
98% of Yearly Annuity x 1/2Quartely |
Quarterly |
97% of Yearly Annuity x 1/4 Quarterly |
Monthly |
96% of Yearly Annuity x 1/12 Quarterly |
Note: Yearly Annuity refers to the annuity paid in respect of annual frequency.
Discounts in the form of higher annuity rates for Higher Purchase Price will be offered.
Please note that All Joint Life rates are unisex.
For all Single Life policies, the rates offered to a female life will be equal to a male life with a three year setback.
The Death Benefit will vary depending on the annuity option selected by the policy holder. The table below sets out the Death Benefits for different annuity options:
S No. |
Annuity Option |
Death Benefits |
1 |
Immediate Life Annuity Option |
None |
2 |
Immediate Life Annuity with Return of Purchase Price Option |
100% of the Purchase Price of the annuity |
3 |
Deferred Life Annuity with Return of Purchase Price Option |
Higher of Purchase Price + Guaranteed Additions(GA) - Total Annuity Payouts till date of death 110 % of Purchase Price Where, GA = Purchase Price * Annuity Rate/12 And are accrued at the end of every policy month during the deferment period. GA stops accruing at the end of the deferment period. |
The purchase price referred above excludes applicable taxes and other statutory levies, if applicable.
Surrender benefit available under different plan options is as follows:
a. Immediate Life Annuity Option (Single and Joint life option): Surrender not allowed.
b. Immediate and Deferred Life Annuity with Return of Purchase Price (Single and Joint life option):
Surrender Value shall be equal to the Present Value (PV) of expected future benefits discounted at the then prevailing interest + 2%.
Illustration:
Age at entry: 45 (male) |
Purchase Price:₹ 200,000 |
Option: Deferred Life Annuity with |
Annuity Rate: 10.00% |
Deferment Period: 10 years |
Annuity Frequency: Annual |
End of Policy Year |
Surrender Value (At various interest rates prevailing at the time of surrender) |
||
5.5% |
6.5% |
7.5% |
|
1 |
₹ 150,000 |
₹ 150,000 |
₹ 150,000 |
5 |
₹ 180,000 |
₹180,000 |
₹180,000 |
10 |
₹ 255,512 |
₹ 229,688 |
₹ 208,474 |
15 |
₹ 262,417 |
₹ 237,939 |
₹ 217,461 |
Details of Surrender Value computation has been outlined in the Policy Document
For the purpose of computing the surrender benefits, the purchase price excludes applicable taxes and other statutory levies, if applicable. Upon payment of the surrender benefit the policy shall terminate and all other benefits shall cease.
Any change in surrender value calculation method shall only be after prior approval of the authority.
In case of surrender of a group policy, the individual members of the group will be given an option to continue the policy as an individual policy.
Not withstanding anything stated under this document, the following terms & conditions shall apply to QROPS policyholders:
Individual:
In case the policyholder is not agreeable to any policy terms and conditions under this product, the policyholder shall have the option of returning the policy to us stating the reasons thereof, within 15 days from the date of receipt of the policy, as per IRDA (Protection of Policyholders’ Interests) Regulations, 2017. If the policyholder has purchased the policy through the Distance Marketing mode, this period will be 30 days. On receipt of the letter along with the original policy document, we shall refund the premium, subject to deduction of the expenses incurred by us for medical examination (if any) and stamp duty (if any).
Group:
In case the Master Policyholder/Scheme Member is not agreeable to any policy terms and conditions under this product, the Master Policyholder/Scheme Member shall have the option of returning the Policy/Certificate of insurance to us stating the reasons thereof, within 15 days from the date of receipt of the Policy/Certificate of insurance, as per IRDA (Protection of Policyholders’ Interests) Regulations, 2017. If the Master Policyholder/Scheme Member has purchased the policy through the Distance Marketing mode, this period will be 30 days. On receipt of the free-look intimation and Policy/Certificate of Insurance, the company shall refund the premium, subject to deduction of the expenses incurred by us for medical examination (if any) and stamp duty (if any). For Administrative purposes, all such free-look requests should be registered by Master Policyholder on behalf of Scheme Member.
If this product is purchased through proceeds from subscribers NPS funds, the proceeds from cancellation in the free-look period shall only be transferred back to the CRA from where the money was received.
Distance Marketing refers to insurance policies sold through any mode apart from face-to-face interactions such as telephone, internet etc (Please refer to “Guidelines on Distance Marketing of Insurance Product” for exhaustive definition of Distance Marketing)
All annuity payouts may be subject to income tax as per the law prevailing on the date of payout. For specific details, please contact your tax consultant.
Nomination as per Section 39 of the Insurance Act 1938 as amended from time to time:
For more details, please read the product brochure.
Assignment shall be as per Section 38 of the Insurance Act, 1938 as amended from time to time.
Under Deferred Life Annuity option, Policy Loans will be available during deferment period subject to such terms and conditions as the company may specify from time to time. Our current terms and conditions are stated below:
No alterations can be made after the annuity has been purchased.
There is no maturity benefit in this plan.
Indirect Taxes
Taxes and Levies as applicable will be charged and payable by you by any method including by levy of an additional monetary amount in addition to premium and/or charges.
Direct Taxes
Tax will be deducted at the applicable rate from the payments made under the policy, as per the provisions of the Income Tax Act, 1961.
T&C*
ARN: PP/09/22/28884