HDFC Life Assured Pension Plan
HDFC Life Assured Pension Plan is a unit-linked pension insurance plan (ULIP) which offers loyalty additions.
Key Features
- Loyalty additions in the form of Pension Multipliers every alternate year, starting in the 11th year
- Limited Pay & Single Pay – Options available in one product.
- Lower vesting/maturity age of 45 years
- Death benefits to the nominee which will be higher of the fund value of your policy at the time of death or 105% of premiums paid till then
| Fund | Details | Money Market Instruments | Govt Securities, Bonds | Equity | Risk & Return Rating |
| Pension Equity Plus Fund | To generate long term capital appreciation in line or better than Nifty index returns | 0% to 20% | 0% to 20% | 80% to 100% | Very High |
| Pension Income Fund | To deliver High potential returns due to investments in instruments with higher duration and credit exposure | 0% to 20% | 80% to 100% | - | Moderate |
| Pension Conservative Fund | To invest in high grade fixed Income instruments & Government securities at the short end of the yield curve, to deliver stable returns | 0% to 60% | 40% to 100% | - | Low |
Benefits
Loyalty additions in the form of Pension Multipliers will be added to the fund value, if all due premiums have been paid, every alternate year starting from the end of 11th policy year. These additions will be equivalent to 1% of average fund value for immediately preceding two years
Your policy vests at the end of the policy term, and your Maturity (Vesting) Benefit will be the higher of the following
Fund Value or Assured Vesting Benefit
Assured Vesting Benefit can be calculated as:
[101% +1% * (Policy Term minus Premium Paying Term)] * Total premiums paid
- The deferment of vesting date (retirement date) can be intimated any time before annuitisation.
- You can postpone the vesting date any number of times subject to the maximum vesting age of 75 years, provided you are below an age of 55 years.
- On postponement of vesting date, Assured Vesting Benefit and Death Benefit will continue to apply. The Assured Vesting Benefit will be the same as that calculated on the policy term chosen at the inception of the policy.
- The funds will move to Pension Conservative Fund and all applicable charges will continue to be deducted.
In case of your unfortunate demise before the end of policy term, your nominee will receive the higher of the following:
- Fund Value,
- 105% of the premium(s) paid.
The policy will terminate thereafter and no more benefits will be payable.
Tax Benefit available for premiums paid as per Section 80C and benefit amount received as per Section 10(10D) of Income Tax Act, 1961
Eligibility
| Minimum | Maximum | |
| Entry Age | 18 years | 65 years |
| Vesting Age | 45 years | 75 years |
| Premium Payment Term (Years) | Policy Term (Years) |
| Single Pay | 10, 15 to 35 |
| 8 Pay | 10, 15 to 35 |
| 10 Pay | 10, 15 to 35 |
| 15 Pay | 10 to 35 |
| Premium Payment Mode | Minimum Premium (Rs.) |
| Yearly | 24,000 |
| Half-Yearly | 12,000 |
| Quarterly | 6,000 |
| Monthly | 2,000 |
| Premium Payment Mode | Minimum Premium (Rs.) |
| Single Pay | 50,000 |
Surrender Value
Your fund value less discontinued charges will be moved to the 'Discontinued Policy Fund. The fund value corresponding to the 'Discontinued Policy Fund' will be paid out on the completion of the lock-in period.
Your fund value will be paid out.
