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(A single premium non-participating and non-linked annuity plan)

UIN:101N118V09

Everyone loves financial independence, to enjoy and live a comfortable lifestyle. There is no reason why these should stop after retirement. After all the years of hard work, money should not be the concern for you to decide how you would spend your retirement. A smart way to ensure a regular income stream post retirement is buying an Annuity plan.

HDFC Life Pension Guaranteed Plan is a single premium annuity product which provides a regular guaranteed** income for lifetime.

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key attractions

Lifelong Regular Income

Receive annuity monthly, quarterly, half-yearly or yearly basis

Joint life feature with continued payouts for both lives

In the case of Joint Life annuities the payout continues till either of the lives chosen in the policy is alive

Guaranteed2 fixed rate for life

Annuity Payout is fixed at the inception of the policy

Eligibility

  • Entry Age*:

    • Min:

      • Immediate Life Annuity – 30 years

      • Immediate Life Annuity with Return of Purchase Price – 30 years

      • Deferred Life Annuity with Return of Purchase Price – 45 years

    • Max: 85 years

*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.

Benefits

You can choose any of the following annuity options at inception. Plan option once selected cannot be changed.

Immediate Life Annuity : This option is available on both single life and joint life basis.

  • 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

  • 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

 

Immediate Life Annuity with Return of Purchase Price: This option is available on both single life and joint life basis.

  • 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 benefit** 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.

**The Death Benefit will vary depending on the annuity option selected by the policy holder. Please refer to product brochure for detailed information.

Please refer for brochure disclaimer for death benefit.

  • 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.

Please refer product brochure for disclaimer of death benefit.

 

Deferred Life Annuity with Return of Purchase Price: This option is available 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.

  • 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.

**The Death Benefit will vary depending on the annuity option selected by the policy holder. Please refer to product brochure for detailed information.

Please refer product brochure for disclaimer of death benefit.

  • 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.

Please refer product brochure for disclaimer of death benefit.

**The Death Benefit will vary depending on the annuity option selected by the policy holder. Please refer to product brochure for detailed information.

Payment Options

Premium Payment Term: Single Pay

Parameters

Minimum  

Maximum

Annuity Payout (in Rs.)* Per instalment

Annually

12,000

No limit

Half-yearly

6,000

Quarterly

3,000

Monthly

1,000

Minimum/ Maximum Purchase Price

Immediate Life Annuity

Rs. 42,076

No limit

 

Immediate Life Annuity with Return of Purchase Price

Rs. 160,261

Deferred Life Annuity with Return of Purchase Price

Rs. 76,046

*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)

How Does It Work?

Below is the sample illustration for HDFC Life Pension Guaranteed Plan with customer having Purchase Price of Rs. 1Cr** and opting for Annuity with Return of Purchase Price (with Joint Life option).

**Joint Life, Lifetime Annuity, Primary Annuitant age at 50 years and Secondary Annuitant age at 45 years; followed by Primary Annuitant age at 55 years and Secondary Annuitant age at 50 years. Monthly Annuity = Annuity Rate*96%*Purchase Price/12. Please check for prevailing annuity rates at the time of purchasing policy. Purchase price is exclusive of GST & other statutory levies.

Disclaimer

2The word “Guaranteed” and “Guarantee” mean that annuity payout is fixed at the inception of the policy.

HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245. IRDAI Registration No. 101.

Registered Office: 13th Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai - 400 011.

Email: service@hdfclife.com, Tel. No: 1860 267 9999 (Mon-Sat 10 am to 7 pm) Local charges apply. Do NOT prefix any country code. e.g. +91 or 00. Website: www.hdfclife.com

The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited.

HDFC Life Pension Guaranteed Plan (UIN:101N118V09) is a single premium non-linked, non-participating annuity plan. For more details on risk factors, associated terms and conditions and exclusions, please read the sales brochure carefully before concluding a sale.

Yes Bank is the Corporate Agent (IRDAI Reg. No. CA0125) of HDFC Life. Life Insurance policies are underwritten by HDFC Life. Purchase of life insurance policy is voluntary. ARN: BA/12/20/21867

BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS/FRADULENT OFFERS

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.

Public receiving such phone calls are requested to lodge a police complaint.

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  • HDFC Life Pension Guaranteed Plan - Leaflet
  • HDFC Life Pension Guaranteed Plan - Brochure
  • HDFC Pension Guaranteed Plan - Premium Chart
  • Commission Disclosure
  • HDFC Life Pension Guaranteed Plan - Standard Disclaimer