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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

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Last Updated - May 16, 2023
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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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