HDFC Life Pension Guaranteed Plan

HDFC Life Pension Guaranteed Plan

Everyone loves financial independence, to enjoy and live a comfortable lifestyle. There is no reason why these should stop after retirement. After all the years of hard work, money should not be the concern for you to decide how you would spend your retirement. A smart way to ensure a regular income stream post retirement is buying an Annuity plan.

HDFC Life Pension Guaranteed Plan is a single premium annuity product which provides a regular guaranteed income for lifetime.

4 Easy steps to get your annuity
Step 1: Choose the purchase price that you wish to pay to buy annuity or choose the annuity amount you wish to receive
Step 2: Choose your annuity option
Step 3: Choose your annuity payout frequency - monthly, quarterly, half-yearly, or yearly
Step 4: Receive your annuity payouts through direct credit to your bank account

Features
1. Wide range of annuity options to cater to your needs
2. Option to take the plan on a Single or Joint Life basis
3. Option to receive immediate or deferred annuity
4. Option to receive annuity monthly, quarterly, half-yearly or yearly
5. Option of Return of Purchase Price on death
6. Options for banks/financial institutions to purchase immediate annuities in respect of annuity payments for their commitments to the homeowners under the reverse mortgage schemes.
7. Choice of increasing your Annuity Payouts through Top Up option

Pension Plan Benefits

Choose your annuity Options

You can choose any of the following annuity options at inception. Plan option once selected cannot be changed.

a. Immediate Life Annuity

b. Immediate Life Annuity with Return of Purchase Price

c. Deferred Life Annuity with Return of Purchase Price

The product is available on a single life as well as joint life basis for all options. The Primary Annuitant will be the primary person entitled to receive the payouts, while the Secondary Annuitant will be entitled to receive the annuities, if so opted, in the event of death of the Primary Annuitant, if applicable.

In a Joint Life annuity, the secondary annuitant can be the spouse/child/parent/parent-in-law or sibling of the primary annuitant. Other relationships maybe considered as long as there is an insurable interest1 between the annuitants.

1.Immediate Life Annuity Option

This option is available on both single life and joint life basis.

a. Single Life

- The annuity will be payable in arrears as per payment frequency chosen by you, for as long as the annuitant is alive

- On death of the annuitant, the annuity payments will cease and no further benefits will be payable

b. Joint Life

- The annuity will be payable in arrears as per payment frequency chosen by you, for as long as either of the primary or the secondary annuitant is alive

- On the death of both annuitants, the annuity payments will cease and no further benefits will be payable

2. Immediate Life Annuity with Return of Purchase Price Option

This option is available on both single life and joint life basis.

a. Single Life

- The annuity will be payable in arrears as per payment frequency chosen by you, for as long as the annuitant is alive

- On death of the annuitant, Death benefit2 is payable as lump sum to the nominee and no further amount will be payable. Upon payment of the death benefit, the policy shall terminate, and all other benefits shall cease.

b. Joint Life

- The annuity will be payable in arrears as per payment frequency chosen by you, for as long as either of the primary or the secondary annuitant is alive.

- Death benefit is payable as a lump sum to the nominee, on later of the deaths of the two annuitants. Upon payment of the death benefit, the policy shall terminate and all other benefits shall cease.

3.Deferred Life Annuity with Return of Purchase Price Option

This option is available on both single life and joint life basis. Deferment Period may be between 1 to 10 years (Integer values), as chosen by you at inception. The annuity rate shall be as guaranteed at the inception of the Policy.

a. Single Life

- The annuity will be payable in arrears post deferment period as per payment frequency chosen by you, for as long as the annuitant is alive.

- On death of the annuitant, death benefit is payable as lump sum to the nominee and no further amount will be payable. Upon payment of the death benefit, the policy shall terminate, and all other benefits shall cease.

b. Joint Life

- The annuity will be payable in arrears post deferment period as per payment frequency chosen by you, for as long as either of the primary or the secondary annuitant is alive.

- Death benefit is payable as a lump sum to the nominee, on later of the deaths of the two annuitants. Upon payment of the death benefit, the policy shall terminate, and all other benefits shall cease.

Death Benefit







In the case of Joint life annuities the age limits apply to both lives. Annuitant(s) below this age will only be accepted where the proceeds are from a contract issued or administered by the Company where compulsory purchase of an annuity is required. If this product is purchased as QROPS through transfer of UK tax relieved assets, the minimum entry age for payment of annuity will be governed by the rules defined by HMRC from time to time. Higher ages at entry may be allowed for Life Annuity with Return of Purchase Price Option and Joint Life Annuity with Return of Purchase Price options to cater to the needs of NPS subscribers as per extant PFRDA guidelines. In the case of Joint life annuities the age limits apply to both lives.

Kindly refer to the Product Brochure for all details on the plan benefits.
4 Amounts below this value will only be offered where the proceeds are from a contract issued or administered by the Company where compulsory purchase of an annuity is required and to the subscribers of the National Pension System regulated by the Pension Fund Regulatory and Development Authority (PFRDA)

The minimum annuity payouts shall be in accordance with IRDAI (Minimum limits for Annuities and other Benefits) Regulations, 2015.

The minimum purchase price that will produce the minimum annuity mentioned above will depend on the minimum annuity rates, as applicable.

All ages are calculated as at last birthday. Risk cover starts from date of commencement of policy for all lives including minors. In all individual cases, the relationship between the proposer and life assured shall be specified.