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Two more traditional pension plans announced by HDFC Life

HDFC Life, one of the India’s leading life insurance companies, broadcasted the launch of two pension plans viz: a participating plan called Personal Pension Plus and a non participating plan called Guaranteed Pension Plan. According to Mr. Sanjay Tiwari – Vice President, HDFC Life both these plans are designed for customers looking for safe and stable returns over a long term period of 10 – 40 years. Under these plans the entry age is between 18 years to 65 years. 

 
The salient features of Personal Pension Plan are as under:-
 
  • Participation in profits or bonuses
  • Assured benefit on vesting, which is 101% of all premiums paid during the tenure. Taxes to be deducted at the time of maturity
  • Vesting benefit that will provide guaranteed regular income and also death benefit
  • Benefit under section 80C of the Income tax can be availed
 
The salient features of Guaranteed Pension Plan are as under:-
 
  • Limited period paying term of 5, 7 and 10 years 
  • Guaranteed addition
  • Vesting addition ranging from 48% to 60% of sum assured on vesting starting for 10 – 15 years policy term
  • Vesting benefit that will provide guaranteed regular income and also death benefit
  • Benefit under section 80C of the Income tax can be availed 
 
HDFC Life, which is a joint venture between Housing Development Finance Corporation Limited (HDFC) and Standard Life Plc, is one of the leading private life insurance companies in India. HDFC Limited is a leading housing financial institution and Standard Life Plc is the leading financial service provider in United Kingdom. HDFC Life has a strong presence in its existing markets with a strong base of Financial Consultants. It has about 500 branches in India touching customers in more than 900 cities and towns.

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