HDFC Life Pension Super Plus Plan

HDFC Life Pension Super Plus Plan is a Unit Linked Deferred Annuity Plan (ULIP). Thus, it is a Non-Traditional Insurance Plan without Bonus facility. HDFC Life Pension Super Plus Plan is a ULIP pension plan catering to your retirement needs that provides higher of Fund Value or Total Premiums paid, i.e. Regular Premium + Top Up as Death Benefit and higher of Fund Value or 101% of Premium Paid +Top Up (if any) is as Maturity Benefit. However there is no life cover provided under this policy.

Key Features

  • It is a Regular Premium Deferred Annuity plan
  • The Policy Tenure is 10, 15 and 20 years
  • There are 5 annuity options available

Benefits

  • Maturity benefit
When the policy matures, the higher of Fund Value or 101% of Premium Paid +Top Up (if any) is accumulated as Maturity Benefit. The corpus can be used in various ways or purchase any of the 5 available options of annuity from HDFC Life Immediate Annuity Plan.
  • Death benefit
In case of death of the Annuitant within the Policy Tenure, the higher of Fund Value or Total Premiums paid, i.e. Regular Premium + Top Up (if any) are accumulated as Death Benefit which can be taken by the nominee as a lump sum or as annuity.
  • 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.

Add-ons

  • Investment Fund Options In this plan, there is only 1 Fund for investment purpose- Pension Super Plus 2012 Fund.
  • Top-up – Top Up Premium is not allowed in the last 5 policy years and each top up premium has a lock in of 5 years. The minimum Top Up Amount is Rs 10,000.
  • Partial Withdrawal – Being a Deferred Annuity Plan, Partial Withdrawal is not allowed in this plan.
  • Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years. The minimum amount of partial withdrawal should be Rs. 10,000 and the Maximum Partial Withdrawal allowed is upto 50% of the Single Premium Paid.
  • Am I eligible?

    PARAMETER MINIMUM MAXIMUM
    ENTRY AGE 35 65
    POLICY TERM 10 20
    AGE OF MATURITY 55 75
    SUM ASSURED 24,000 NO LIMIT
    PREMIUM PAYEMENT TERM SAME AS POLICY TERM
    PAYMENT TERMS ANNUAL, SEMI-ANNUAL, QUARTERLY, MONTHLY

    What if?

    • I want to revive my discontinued policy ?
    You have the option to revive a discontinued policy within two consecutive years from the date of discontinuance of the policy, subject to our underwriting policy. At the time of revival: all due premiums which have not been paid shall be payable without charging any interest the discontinuance charges deducted upon discontinuance shall be reversed and the proceeds of the discontinued policy shall be reallocated in the segregated funds chosen by you based on prevailing unit prices policy administration charge and premium allocation charge as applicable during the discontinuance period shall be levied.
    • I want to surrender my policy ?
  • You surrender before completion of the 5 years from commencement of the policy
  • You surrender after completion of the 5 policy year
  • Exclusions

    • There are no exclusions in this plan.