HDFC Life Guaranteed Pension Plan

HDFC Life Guaranteed Pension Plan is a Limited Period Deferred Annuity Plan. A deferred annuity is a type of annuity contract that delays payments of income, installments or a lump sum until the investor elects to receive them. This type of annuity has two main phases, the savings phase in which you invest money into the account, and the income phase in which the plan is converted into an annuity and payments are received. It is a Traditional Insurance Plan without Bonus facility. Life Guaranteed Pension Plan is one of the best pension plan designed to help you build and secure your retirement fund to enjoy the post-retirement income.

Key Features

  • It is a Limited Premium Deferred Annuity plan
  • The Premium Paying Term is 5, 7 or 10 years while the Policy Tenure is 10 or 20 years
  • The Policy Provides Guaranteed Benefit on vesting called Sum Assured

Benefits

  • Vesting benefit
When the policy matures, the Vesting Benefit = Sum Assured + Guaranteed Additions + Vesting Additions is paid to the policyholder as Maturity Benefit. Both Guaranteed Additions and Vesting Additions are a percentage of the Sum Assured at Vesting is calculated.
  • Death benefit
In case of death of the Annuitant within the Policy Tenure, the nominee will receive the Total Premiums paid to date accumulated at a Guaranteed Rate of 6% p.a. compounded annually as Death Benefit which can be taken by the nominee as a lumpsum or as annuity and the policy terminates.
  • Income Tax benefit
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and 1/3rd of the Maturity proceeds are tax free under section 10(10)A subject to fulfilment of terms and conditions.

Am I eligible?

PARAMETER MINIMUM MAXIMUM
ENTRY AGE 35 65
POLICY TERM - 20
AGE OF MATURITY 55 75
SUM ASSURED 81,145 NO LIMIT
PREMIUM PAYEMENT TERM 5 10
PAYMENT TERMS ANNUAL, SEMI-ANNUAL, QUARTERLY, MONTHLY

What if?

  • I want to revive my policy?
You can revive your lapsed/paid-up policy within the revival period (specified below) subject to the terms and conditions we may specify from time to time. For revival, you will need to pay all the outstanding premiums and interest on the outstanding premiums and applicable taxes. A charge of 250 shall be ` levied for processing the revival. The revival period shall be of two years as specified by the current Regulations. The revival period may be changed as specified by Regulations from time to time. Once the policy is revived, you are entitled to receive all contractual benefits.
  • I want to surrender my policy?
  • First 2 years premiums have been paid for premium paying term of 5 or 7 years
  • First 3 years premiums have been paid for premium paying term of 10 years
  • Exclusions

    • There are no policy exclusions.