HDFC Life has launched two new pension plans, HDFC Life Super Plus, a regular premium unit linked plan and HDFC Life Single Premium pension super, a single premium unit linked plan.
On the occasion of these launches, MD and CEO of HDFC Life, Mr. Amitabh Chaudhry expressed that HDFC has been the one of the first companies among the private insurance companies in India to have launched 2 new Pension Plans under the new rules of the IRDA. Their team conducted a study to identify the current state of financial planning in urban India and the study revealed that consumers are not satisfied with their post retirement financial plans and are not persistent enough to maintain the consistency of their current lifestyle throughout their life.
The survey revealed that only 13% of the youth and women are satisfied with their retirement resources as compared to 24% of the senior investors. Thus, there is enough scope for penetration of Retirement Planning for which a complete shift in the paradigm is required. This requires much more awareness on planning for retirement among all level of ages. With regard to the above plans, Mr. Amitabh Chaudhry further added that both the plans are designed to put up a large capital for post-retirement income and offer assured vesting value with minimum guarantee benefits.
HDFC Life is one of the India’s leading private life insurance companies, offering a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation and Standard Life Plc, a leading provider of financial services in United Kingdom. HDFC Ltd. holds 72.37% and Standard Life (Mauritius Holding) Ltd. holds 26% of equity in the joint venture, while the rest is held by others.
Mr. Sanjay Tripathy, Executive Vice President and Head, Marketing Product and Direct Channel, HDFC Life said that in India there has been a model change in retirement life style and the increase in life expectancy. Individuals wish to retire early at the age of at 40-45 years and go on to live beyond 80-85 years.
