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HDFC Life Immediate Annuity Plan
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This plan has been withdrawn by the insurance company and is no longer available for sale.
HDFC Life Immediate Annuity Plan
HDFC Life Immediate Annuity Plan is an Annuity Plan where the money needs to be paid in a lump sum and the annuity starts immediately. It is a Traditional Plan without Bonus facility.
How it works – In this plan, premium needs to be paid in a lump sum and annuity would start immediately. Annuity can be taken monthly, quarterly, half yearly or annually. There are certain Annuity Options to choose from:
Single Life Annuity
Joint Life Annuity
Joint Life Annuity where Annuity reduces on death of the first life
Guaranteed Annuity- for a period up to 15 years, which means the annuity will be continued to be paid for the number of years left in the guaranteed period even after the death of the annuitant.
In this plan, Annuity would be paid at the prevailing annuity rate of the industry from the very next instalment. The Premium paid is used to Purchase Annuity is called the Purchase Price. The annuity might also increase by 5% every year.
In this plan, one may however choose to provide for someone after his death.
Thus, if Death Benefit has been chosen, the nominee would receive in event of death either of the two:
The Full Purchase Price or a Proportion of the Purchase Price
Capital Protection Option, where an amount is paid as Death Benefit which is Purchase price – Annuity already paid.
Death Benefit would not be provided if:
Guaranteed Annuity is selected where annuity is guaranteed for a few years
Joint Life Annuity has been selected where Annuity reduces on death of the first life
There is also a feature in this plan where Annuity is provided for Temporary Period between 5 to 25 years provided the annuitant is still alive and stops thereafter.
Key Features of HDFC Life Immediate Annuity Plan
HDFC Life Immediate Annuity Plan is an Annuity Plan where the money needs to be paid in a lump sum and the annuity starts immediately
Annuity can be taken monthly, quarterly, half yearly or annually
The annuity payment might also increase by 5% every year
There are 2 options for Death Benefit under this plan:
The Full Purchase Price or a Proportion of the Purchase Price
Capital Protection Option, where an amount is paid as Death Benefit which is Purchase price – Annuity already paid
Annuity can be provided for Temporary Period between 5 to 25 years provided the annuitant is still alive and stops thereafter
COMPARE THIS PLAN WITH OTHER PENSION PLANS
Benefits you get from HDFC Life Immediate Annuity Plan
Death Benefit – In this plan, there is an option for choosing for Death Benefit. Thus, in case of death of the Annuitant, the nominee would get:
The Full Purchase Price or a Proportion of the Purchase Price
Capital Protection Option, where an amount is paid as Death Benefit which is Purchase price – Annuity already paid
Maturity Benefit – There is no Maturity Benefit in this plan.
Eligibility conditions and other restrictions in HDFC Life Immediate Annuity Plan
Minimum
Maximum
Policy Term (in years)
5(Temporary Annuity)
Whole Life
Premium Payment Term (in years)
Single
Entry Age of Annuitant (in years)
30
85
Age at Maturity (in years)
-
Whole Life
Payment modes
Only Single
What happens if?
You stop paying the premium – Being a Single Premium Immediate Annuity Plan, there is no further requirement of premium once annuity has been purchased.
You want to surrender the policy – There are no Surrender Benefits in this plan.
You want a loan against your policy – There is no Loan facility in this plan.
