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HDFC Life New Immediate Annuity Plan

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HDFC Life New Immediate Annuity Plan

HDFC Life New 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. It is used to plan your retirement with regular incomes flowing in when you have stopped earning.
 
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 some Annuity Options to choose from:
  • Single Life Annuity- Life Time Annuity, Life Time Annuity with 100% Return of Purchase Price, Life Time Annuity with Return of Balance of Purchase Price, Life Time Annuity Guaranteed for 5, 10, 15 or 20 years and then for life thereafter, Life Time Annuity increasing at a simple rate of 5% p.a., Life Time Annuity with Return of Purchase Price in parts and Life Time Annuity with 100% Return of Purchase Price on diagnosis of Critical Illness or Death
  • Joint Life Annuity- Joint Life Annuity, Last Survivor with 100% to secondary Annuitant, Joint Life Annuity, Last Survivor with 50% to secondary Annuitant, Joint Life Annuity, Last Survivor with 100% to secondary Annuitant and Return of 100% of Purchase Price and Joint Life Annuity, Last Survivor with 50% to secondary Annuitant and Return of 100% of Purchase Price
 
In this plan, Annuity would be paid at the prevailing annuity rate of the industry from the very next instalment. The amount of Money paid is used to Purchase Annuity is called the Purchase Price. In this plan, there are 4 Bands for Annuity where the annuity rates are higher for higher Purchase Price.

 

Band
Purchase Price (in Rs.)
Band 1
< Rs 2,50,000
Band 2
>= Rs 2,50,000 to Rs 4,99,999
Band 3
>= Rs 5,00,000 to Rs 9,99,999
Band 4
>= Rs 10,00,000
 
 

Key Features of HDFC Life New Immediate Annuity Plan 

  • This is an Immediate 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 but all modes other than annual modes are paid at a discounted rate
  • There are 7 Options for Single Life Annuity and 4 Options for Joint Life Annuity
  • In this plan, there are 4 Bands for Annuity where the annuity rates are higher for higher Purchase Price
  • Under 1 Annuity Option, Purchase Price if payable on Diagnosis of Critical Illness or Death
  • Surrender Benefit is available only under the following options:
    • Life Time Annuity with 100% Return of Purchase Price
    • Life Time Annuity with Return of Purchase Price in parts
    • Life Time Annuity with 100% Return of Purchase Price on diagnosis of Critical Illness or Death
COMPARE THIS PLAN WITH OTHER PENSION PLANS

 
 

Benefits you get from HDFC Life New Immediate Annuity Plan

Death Benefit – In this plan, there is no Death Benefit that is payable.
 
Maturity Benefit – There is no Maturity Benefit in this plan.
 

 

Eligibility conditions & other restrictions in HDFC Life New Immediate Annuity Plan

 
Minimum
Maximum
Policy Term (in years)
Whole Life
Premium Payment Term (in years)
Single
Entry Age of Annuitant (in years)
30
85
Age at Maturity (in years)
-
Whole Life
Annuity Payout (in Rs)
10,000 p.a.
No Limit
Payment modes
Only Single
 
 

Additional Features and Benefits of HDFC Life New Immediate Annuity Plan

Riders – There are no riders available in this plan.
 
Annuity Options – There are various Annuity Options available for this plan
  • Single Life Annuity-
    • Life Time Annuity
    • Life Time Annuity with 100% Return of Purchase Price
    • Life Time Annuity with Return of Balance of Purchase Price
    • Life Time Annuity Guaranteed for 5, 10, 15 or 20 years and then for life thereafter
    • Life Time Annuity increasing at a simple rate of 5% p.a.
    • Life Time Annuity with Return of Purchase Price in parts
    • Life Time Annuity with 100% Return of Purchase Price on diagnosis of Critical Illness or Death
  • Joint Life Annuity-
    • Joint Life Annuity, Last Survivor with 100% to secondary Annuitant
    • Joint Life Annuity, Last Survivor with 50% to secondary Annuitant
    • Joint Life Annuity, Last Survivor with 100% to secondary Annuitant and Return of 100% of Purchase Price
    • Joint Life Annuity, Last Survivor with 50% to secondary Annuitant and Return of 100% of Purchase Price
 

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 – Surrender Benefits in this plan is available only for the following options:
  • Life Time Annuity with 100% Return of Purchase Price- 10% of the Purchase Price if payable
  • Life Time Annuity with Return of Purchase Price in parts- 10% of the Purchase Price if payable
  • Life Time Annuity with 100% Return of Purchase Price on diagnosis of Critical Illness or Death- 10% of the Purchase Price if payable if surrendered within the first 7 years and 7% thereafter.
You want a loan against your policy – There is no Loan facility in this plan.
 

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