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HDFC Life Personal Pension Plus Plan

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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.
 
How it works – In this plan, premium needs to be paid for the entire policy tenure as chosen between 10 to 40 years.  This plan accrues simple Reversionary Bonus, Interim Bonus as well as Terminal Bonus, which is payable on maturity or on earlier death.
 
When the policy matures, the higher of Sum Assured on Vesting plus accrued Bonuses or Assured Benefit of 101% of all regular Premium Paid Is paid to the policyholder as Annuity
 
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
 

Key Features of HDFC Life Personal Pension Plus Insurance Plan

  • It is a Regular Premium Deferred Annuity plan
  • The policy provides a higher timeframes of 10 to 40 years
  • In case of death of the Annuitant within the Policy Tenure, the nominee will receive 101% of Total Premiums paid till date + Bonuses
  • 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
COMPARE THIS PLAN WITH OTHER PENSION PLANS

 
 

Benefits you get from HDFC Life Personal Pension Plus Insurance Policy

Death Benefit – In case of death of the Annuitant within the Policy Tenure, the nominee will receive 101% of Total Premiums paid till date + Bonuses, subject to a minimum of 105% of total premiums paid till date as Death Benefit which can be taken by the nominee as a lumpsum or as annuity.
 
Vesting Benefit – When the policy matures, the higher of:
  • Sum Assured on Vesting plus accrued Bonuses or
  • Assured Benefit of 101% of all regular Premium Paid
Is paid to the policyholder as Annuity
 
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
 
Income Tax Benefit - 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
 
 

Eligibility conditions & other restrictions in HDFC Life Personal Pension Plus Policy

 
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
Yearly, Half-Yearly, Quarterly and Monthly
 
 

Additional Features and Benefits of HDFC Life Personal Pension Plus Plan

Riders – There are No Additional Riders in this plan
 

What happens if?

You stop paying the premium – 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.
 
You want to surrender the policy – If least 3 years’ premiums have been paid the policy acquires Surrender Value which depends on the Policy Term.
 
You want a loan against your policy - There is Loan available under this plan.
 

Other Pension Plans from HDFC Life Insurance

Deferred Annuity Plans
 
Immediate Annuity Plans
 
 

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