HDFC Life Single Premium Pension Super Plan
HDFC Life Single Premium Pension Super Plan
HDFC Life Single Premium Pension Super Plan is a Single Premium Unit Linked Deferred Annuity Plan or Pension Plan. Thus, it is a Non-Traditional Insurance Plan without Bonus facility.
Key Features
It is a Single Premium Deferred Annuity plan
The higher of Fund Value or 101% of single premium +Top Up (if any) is accumulated as Maturity Corpus which is used for annuity
If the Annuitant dies within the policy tenure, the higher of Fund Value or 101% of single premium +Top Up (if any) is accumulated as Death Benefit which can be taken by the nominee as a lumpsum or as annuity
Benefits
In case of death of the Annuitant within the Policy Tenure, the higher of Fund Value or 101% of single premium +Top Up (if any) is accumulated as Death Benefit which can be taken by the nominee as a lumpsum or as annuity.
When the policy matures, the higher of Fund Value or 101% of single premium +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.
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
There are No Additional Riders in this plan
In this plan, there is only 1 Fund for investment purpose- Pension Fund
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.
Switching is not possible in this plan since there is only 1 Fund available for investment.
Being a Deferred Annuity Plan, Partial Withdrawal is not allowed in this plan.
- Life Annuity- In this option, Annuity will be paid as long as the annuitant is alive and nothing further is payable after his death
- Joint Life Annuity- In this option, Annuity will be paid as long as the annuitant is alive and after his death, as long as his spouse is alive and nothing further is payable after both of them die
- Life Annuity with Return of Purchase Price- In this option, Annuity will be paid as long as the annuitant is alive and after his death the Purchase Price of the Annuity will be paid back to the nominee
- Life Annuity with Guarantee(upto 15 years) - In this option, Annuity will be paid for a minimum guarantee of 15 years and then will continue as long as the annuitant is alive and nothing further is payable after his death
- Life Annuity Return of Balance Purchase Price - In this option, Annuity will be paid as long as the annuitant is alive and after his death the Balance Purchase Price of the Annuity, i.e. Purchase Price of Annuity – sum of total Annuity paid till date, will be paid back to the nominee
How it works
- Purchase HDFC Life Immediate Annuity Plan or any other Annuity Provider for the full corpus
- Withdraw 1/3rd of the corpus tax free under section 10(10)A and purchase annuity for the remaining 2/3rd of the corpus
- Use the proceeds or corpus to purchase another single premium deferred annuity plan
- If age of policyholder is less than 55 years, then he can extend the deferment / accumulation period for another 5 years and remain invested without additional payment of premium
- Life Annuity
- Joint Life Annuity
- Life Annuity with Return of Purchase Price
- Life Annuity with Guarantee upto 15 years
- Life Annuity Return of Balance Purchase Price
Eligibility
Minimum
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Maximum
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Policy Term (in years)
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10
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Premium Payment Term (in years)
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Single
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Entry Age of Annuitant (in years)
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40
|
75
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Age at Vesting / Maturity (in years)
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50
|
85
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Single Premium (in Rs.)
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25,000
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No Limit
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Payment modes
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Only Single
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FAQs
Loan facility is not available in this plan.