HDFC Life Personal Pension Plus

On survival till the vesting date and on full payment of premiums due throughout the policy term, you will receive higher of the following:

• Sum Assured on Vesting plus accrued bonuses (if declared), and
• Assured Benefit of 101% of total premiums¹ paid till date

Regulation mandates how this Vesting Benefit will be payable to you².

On death of the life assured, we would pay to the nominee the following: 

• Assured Death Benefit of 101% of total premiums¹ paid to date.
• Additionally, accrued bonuses (if declared) will also be payable.

As per current regulations, you have the option to take the Vesting Benefit and the Surrender Benefit in the following manner: 

On Surrender: On the date of surrender the policyholder shall be allowed:

• To commute up to 60% and utilize the balance amount to purchase an immediate annuity or deferred annuity from us at the then prevailing annuity rates subject to below point,
• 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.

In case the proceeds of the policy on surrender is not sufficient to purchase minimum annuity as defined in Regulation 3(a) of IRDAI (Minimum Limits for Annuities and Other Benefits) Regulations, 2015, as amended from time to time, such proceeds of the policy may be paid to the policyholder as lump sum. 

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

• To commute up to 60% and utilize the balance amount to purchase an immediate annuity or deferred annuity from us at the then prevailing annuity rates subject to below point.
• 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.

In case the proceeds of the policy on vesting is not sufficient to purchase minimum annuity as defined in Regulation 3(a) of IRDAI (Minimum Limits for Annuities and Other Benefits) Regulations, 2015, as amended from time to time, such proceeds of the policy may be paid to the policyholder as lump sum.

These are available subject to the following terms and conditions:

• The policyholder is permitted to alter the premium paying frequency to any of the frequencies available under the product subject to the minimum premium conditions.
• No alterations to the policy term are permitted.
• No alterations to the premium and sum assured are permitted.