HDFC Pension Plans

Updated: 08-09-2023 07:25:04 AM

Pension plans help people get regular income when continuous source of income dries up. The earlier you start with your pension plan during your working life, the more pension you will get during your retirement. Although there are many insurance companies providing pension plans, HDFC Pension Plans are the most popular ones because of the flexibility regarding premium payment and pension receipts.

Various Policies under HDFC Pension Plans

HDFC provides versatile pension plans that suits your present premium payment convenience and your expected pension amount in the future. In some plans, you can make single premium payment and start getting pension immediately. While in other plans, you have an option to pay a small monthly amount as premium and you can get pension income after certain years. You can also choose yearly, half-yearly, quarterly or monthly pension receipt options as per your need. We will examine some most popular plans as below:

HDFC Click 2 Retire Plan

HDFC has launched this online retirement plan for the people of every age to encourage savings for retirement. You can start saving for your pension right from your first salary under this scheme and secure your retirement life with the higher amount of pension.

Eligibility Criteria for HDFC Click 2 Retire Plan

Parameter	Details
Entry Age	18 years to 65 years
Vesting Age	45 years to 75 years
Policy Term	10 years to 40 years
Premium Payment (Minimum)	Rs. 2000 (regular payment option) Rs. 50,000 (single payment option)

Features and Benefits of HDFC Click 2 Retire Plan

• Assured and attractive vesting (maturity) benefit based on the premium paid.
• On maturity, you can choose from a range of options to receive pension income.
• If your policy matures and still you have a regular income like salary, you can choose to defer the pension receipt for desired years and get more pension amount in later years of your life.To avail this option, you must not be more than 55 years of age and should be intimated before
• On your death, your nominee gets 105% of premium paid or fund value, whichever is higher.
• The return is market linked. Hence, you can expect a higher amount of pension out of your investment in long-term.

HDFC Life Pension Guaranteed Plan

As the name suggests, this HDFC Pension Plan will give you guaranteed life-long pension, with an option to arrange the pension for your spouse. The key benefit of this pension plan is that the rate of annuity is known at the time of pension plan, giving you the option to make an informed decision for the pension income in your retirement years. It is a single premium policy, avoiding multiple years of planning for premium payments.

Eligibility Criteria for HDFC Life Pension Guaranteed Plan

• The minimum entry age for immediate life annuity is 30 years, while the maximum age is 85 years.
• In the case of a differed life annuity, the minimum entry age is 30 years, while the maximum age is 85 years.
• The minimum purchase price for immediate life annuity is Rs. 42076, while for a deferred life annuity, it  is Rs. 76046.

Parameter	Details
Entry Age	Immediate Life Annuity: 30 years to 85 years Deferred Life Annuity: 45 years to 85 years
Annuity Payout – Minimum	Monthly: Rs. 1000 Quarterly: Rs. 3000 Half-Yearly: Rs. 6000 Yearly: Rs. 12000
Purchase Price	Immediate Life Annuity: Rs. 42, 076 Deferred Life Annuity: Rs. 76,046
Premium Payment Term	Single Pay

Features and Benefits of HDFC Life Pension Guaranteed Plan

• You can take the pension plan on a single or joint life basis.
• The rate of annuity is guaranteed at the time of enrollment in the policy.
• You can avail the plan as per the premium frequency of your choice: Monthly, quarterly, half-yearly or yearly.
• In case you do not need pension income immediately, you can choose the deferred life annuity option which enables the policyholder to get a higher pension income in future years.
• There is an option to top up the policy with additional riders in order to avail higher pension income.

HDFC Life Guaranteed Pension Plan

This pension plan for HDFC has two key takeaways: Guaranteed pension and flexibility in premium payment spread across multiple years.

Eligibility Criteria for HDFC Life Guaranteed Pension Plan

Parameter	Details
Entry Age	35 years to 65 years
Minimum Monthly Premium	Rs. 2000
Vested Age	55 years to 75 years

Features and Benefits of HDFC Life Guaranteed Pension Plan

• For each completed year of the policy, there will be guaranteed addition of 3% of sum assured, payable a the vesting date.
• You can choose convenient premium payment terms: 5, 7 or 10
• Subject to vesting age limit, you have the freedom to choose your policy term within a range of 10 to 20 years.
• The assured death benefit to the nominee, with an option to get lump-sum amount or purchase a fresh annuity for the entire lifetime of the nominee.

Suggested Read: HDFC Single Premium Pension Super Plan: Features & Review

HDFC Life New Immediate Annuity Plan

It is a non-linked, traditional annuity plan with a guaranteed return decided at the time of enrollment of the policy. You have multiple options to get the pension amount with varied conditions like single life, joint life, the return of purchase price and others. You can also get a higher rate of annuity if your purchase amount of annuity is more than Rs. 2.5 lakh.

Eligibility Criteria for HDFC Life New Immediate Annuity Plan

Parameter	Details
Entry Age	30 years to 85 years
Vesting Age	NA
Annuity Payout	Monthly: Rs. 1000 Quarterly: Rs. 3000 Half-Yearly: Rs. 5000 Yearly: Rs. 10,000

Features and Benefits of HDFC Life New Immediate Annuity Plan

• You can select single life annuity or joint life annuity.
• Guaranteed amount of pension with an option to increase the pension amount by 5% every year.
• Avail yearly, half-yearly, quarterly or monthly pension as per your choice.
• You can avail fixed annuity with an option of return of purchase price after to the nominee after your demise. In case you do not have a nominee or do not need the return of purchase price after demise, you can choose the option to get a higher amount of pension income every month.
• You also have an option to get the return of annuity in case of some critical disease like Cancer, Coronary Artery By-Pass Graft Surgery (CABGS) Heart Attack, Kidney Failure, Major Organ Transplant, and Stroke

HDFC Life Personal Pension Plus Plan

It is the pension plan not linked to market volatility and participating plan in the profit of the insurance company. For young professionals, HDFC Life Personal Pension Plus plan an ideal plan to invest periodically over a long period and avail pension benefits on retirement.

Eligibility Criteria for HDFC Life Personal Pension Plus Plan

Particulars	Details
Entry Age	18 – 65 years
Vesting Age	55 – 75 years
Term of Policy	10 – 40 years
Sum Assured (Minimum)	Rs. 2,04,841

Features and Benefits of HDFC Life Personal Pension Plus Plan

Opportunity to plan the pension income at the younger age of 18 or more. You can take benefit of entering into the pension plan early and avail the benefit of lower premium payment.

• Avail the benefit of recessionary bonus, interim bonus and terminal bonus according to the sum assured and terms of your HDFC Pension Plan.
• Provision of regular pension income along with return of 101% of total premiums paid, to the nominee upon unfortunate demise of the policyholder.
• There is a provision of guaranteed surrender value(GSC), in case you decide to discontinue the policy after payment of certain installments of premium.

HDFC Pension Plans provides you with options to choose the right pension plan irrespective of your age. If you have just started earning, you can plan monthly premium payment at a younger age. If you have sufficient lump-sum amount, you can make single premium payment and avail regular pension. You can also defer your pension for extended period and avail the benefit of higher pension in future years.

Also Read: HDFC Guaranteed Pension Plan

FAQs

 Q1. What is the right age to start a Pension Plan?

The earlier you start, the more you get. The key benefit of early enrollment for an HDFC pension plan is that you can start investing from as little as Rs. 250 per month and secure your retirement years with regular income.

Q2. Should I enroll online or offline?

Nowadays, it is very easy and convenient to enroll for online pension plans. It saves you time and gives you transparency in premium payment and benefits. For further assistance, HDFC helpline number (1860 267 9999) is also available. However, if you are not sure about features and benefit, you can take help of the adviser.

 Q3. Is it possible to check my pension account online?

Yes. HDFC Life will give you a dedicated login id and password for your account where you can track your premium paid, charges, taxes, pension benefits, and similar transactions.

Q4. Which mode of payment is better? Single premium payment or regular installment payment?

It depends on your age and financial provision. As a thumb rule, if you are young, you can save in regular investment through monthly premium. At the age of retirement, your pension income will start seamlessly. If you are nearing the retirement age or already retired, you can pay lump sum payment as a single premium and avail pension income for lifetime.