HDFC Personal Pension Plan | Features | Advantage

Today, you are busy climbing the ladder of success and realizing your dreams. Today, time is with you. Just take a moment and think. Will you be able to continue at the same pace? Will your income be the same forever? Will you be able to live life on your own terms even after you retire? The HDFC Personal Pension Plan is a ‘With Profits’ insurance policy that is designed to provide a post-retirement income for life with the freedom to choose your retirement date.

Features –

Choose Retirement Date –

This plan gives you the flexibility to structure an ideal plan for your retirement years by giving you the flexibility to plan your retirement date.

Bonuses –

This plan receives simple Reversionary bonuses, which are usually added annually. At the end of the term, an additional terminal bonus may be paid depending on performance of underlying investment.

Age Limits –

For single premium, the minimum entry age is 35 years and maximum age is 60 years. For Regular Premium, the minimum entry age is 18 years and maximum age is 60 years. At retirement, the minimum age limit is 50 years and maximum age limit is 70 years for both types.

Term Limits –

For single premium, the minimum term for this plan is 5 year and maximum term is 15 years. For Regular premium, the minimum term for this plan is 10 years and maximum term is 40 years.

Sum Assured –

Based on your estimate of the post-retirement income required by you, choose the sum assured. The premium payable depends on your age, the chosen sum assured, premium paying frequency and policy term. For a single premium policy, the sum assured is equal to the premium payable.

Policy Type –

You can choose to take a regular premium policy and pay an annual premium for each year of your policy or take this plan through a single premium payment option.

Advantages -

This plan is planned to provide you a post retirement income for life – You can choose your premium, the Sum Assured and your retirement date. At the end of the policy term, you will receive the Sum Assured plus any attaching bonuses, which will provide you a post retirement income in your golden years
On your chosen retirement (Vesting) date, you will get the lump sum comprising the Sum Assured plus any attaching bonus.
- You can take up to 1/3rd of your Sum Assured as a tax free cash lump sum
- The rest must be converted to annuity
- You can buy the annuity from us or any other insurer
For Regular Premium Policy, you can choose to pay your premium as either Annually, Half-Yearly or Quarterly depending on your convenience. You also have a range of convenient auto premium payment options
Tax benefits under sections 80CCC of the Income Tax Act, 1961 subject to the provisions contained therein

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Tags: HDFC Life Insurance, HDFC Personal Pension Plan