HDFC Life Personal Pension Plus Plan
HDFC Life Personal Pension Plus Plan
HDFC Life Personal Pension Plus Plan is a Regular Premium Deferred Annuity Plan. It is a Traditional Insurance Plan with Bonus facility.
Key Features
It is a Regular Premium Deferred Annuity plan
When the policy matures, the higher of Sum Assured on Vesting plus accrued Bonuses or Assured Benefit of 101% of all regular Premium Paid. On vesting, the Annuitant has the following options:
- Withdraw 1/3rd of the Vesting Benefit as Tax Free under section 10(10)A and utilize the remaining to purchase annuity from HDFC Life
- Use the entire amount to purchase annuity from HDFC Life
- Utilize the entire amount to purchase a Single Premium Deferred Pension Plan from HDFC Life
Benefits
- Sum Assured on Vesting plus accrued Bonuses or
- Assured Benefit of 101% of all regular Premium Paid
- Withdraw 1/3rd of the Vesting Benefit as Tax Free under section 10(10)A and utilize the remaining to purchase annuity from HDFC Life
- Use the entire amount to purchase annuity from HDFC Life
- Utilize the entire amount to purchase a Single Premium Deferred Pension Plan from HDFC Life
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and 1/3rd of the Maturity proceeds are tax free under section 10(10)A subject to fulfilment of terms and conditions
There are No Additional Riders in this plan
How it works
- Withdraw 1/3rd of the Vesting Benefit as Tax Free under section 10(10)A and utilize the remaining to purchase annuity from HDFC Life
- Use the entire amount to purchase annuity from HDFC Life
- Utilize the entire amount to purchase a Single Premium Deferred Pension Plan from HDFC Life
Eligibility
Minimum
|
Maximum
|
|
Sum Assured on Vesting (in Rs.)
|
204841
|
No Limit
|
Policy Term (in years)
|
10
|
40
|
Premium Payment Term (in years)
|
Equal to Policy Tenure
|
|
Entry Age of Annuitant (in years)
|
18
|
65
|
Age at Vesting / Maturity (in years)
|
55
|
75
|
Premium (in Rs.)
|
24,000 p.a.
|
No Limit
|
Payment modes
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Yearly, Half-Yearly, Quarterly and Monthly
|
FAQs
The policy will lapse if the premium stops. The policy becomes paid up if at least 3 years’ premiums have been paid and continues with Reduced Benefit. The policy can however be revived within 2 years from the due date of the first unpaid premium.
If least 3 years’ premiums have been paid the policy acquires Surrender Value which depends on the Policy Term.
There is Loan available under this plan.