HDFC Pension Plans – Review, Types, Features, Criteria & more

Your best shot at retiring with a similar life standard is investing in the right pension plans. It is often pretty difficult to retain the life we earn for after retirement. Investment in a likewise HDFC pension plan plays a crucial role into retaining the life earned from years of hard work.

We worked up on this article to provide you with the information on pension plans, as provided by HDFC. If you wish to consider the HDFC Retirement Plan, this article is you gateway to disclosure. You will find detailed analysis and insights on the company and its HDFC National Pension Scheme plans structure here.

About HDFC Pension Plans

Merger in between HDFC (Housing Development Finance Corporation Limited) and standard life plc, led to the formation of HDFC Standard Life Insurance.

This merger of reputed companies resulted into the establishment of a market leader in the insurance sector. Stake holding lies between 74.60% of HDFC, 26% of Standard Life and remaining by others.

Source of income at the time of retirement comes to hold. This is where pension plans become the source of income. The saving you draw into such plans multiply in the working interval of life, and transforms into your regular income source at retirement. Such plans are tailor made and offered to public for individual fulfillment.

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Types of HDFC Pension Plans

Being an insurance company, providing high level lifesaving plans is its domain. A leader in the market as HDFC Standard life is, it provides multiple plans to avail for.

Find out the ones which according to you would best suit you, and so shall they fulfill your needs accordingly.

• Personal Pension Plus Plan
• Click 2 Retire Plan
• Pension Super Plus
• Single Premium Pension Super Plan
• Guaranteed Pension Plan
• New Immediate Annuity Plan

Find out other NPS Scheme in India

HDFC Life Personal Pension Plus Plan – By HDFC Pension Plans

Priority for a traditional retirement plan is understandable. This company presents its first traditional HDFC NPS, check out its basic traits.

1. This plan assures a payment higher than assured, or on the contrary 101% of total premiums paid, at maturity time.
2. Options of 1/3^rd retaining with remaining part as annuity, immediate annuity for entire plan, or purchase of single premium deferred annuity plan, are provided.
3. Death being a cause, the nominee of the holder is entitled to benefits. As such, 101% paid premiums with bonus amount or 105% of paid premium till death is the entitlement. Both of which can be availed in lump sum or annuity payments.
4. Additional bonuses are as well provides along the course of time such as reversion, interim and terminal.

Eligibility Criteria for HDFC Life Personal Pension Plus Plan

• Age criteria: 18 to 65 years
• Vesting age: 55 to 75 years.
• Period: 10 to 40 years
• Premium to be paid per year: Rs.24,000 with no maximum limit
• Return guaranteed: Minimum amount is 204,841, whereas the maximum relies upon term, age and premium
• Payment term: Just as the opted policy term

HDFC Life Click 2 Retire Plan – By HDFC Pension Plans

Here is to presenting the next online HDFC NPS pension plan, in unit linked format.

1. The returns are assured at {101% + 1% * (policy Term – premium paying term)}*total premiums paid.
2. Death being the case, fund value or 105% of premiums paid till death will be looked upon. Final payment will be the amount higher in comparison.
3. Postponing the vesting age is possible if holder is below 55 years.
4. HDFC Pension Funds available in this plan are pension equity plus plan, pension conservative fund and pension income fund.
5. Income tax benefits as per the section 80C on premium payments as on commuted fund value under Section 10(10A). However, exemption is made to death benefits as per Section 10(10D).
6. Easy 1/3^rd withdrawal available upon maturity alongside a 2/3^rd pension payments. Otherwise, purchase of annuity on entire fund value is facilitated.

Eligibility Criteria for HDFC Life Click 2 Retire Plan

• Age criteria: 18 to 65 years
• Vesting age: 45 to 75 years.
• Period: 10 to 35 years
• Premium to be paid per year: Rs.24,000 for regular and Rs.50,000 for single with no maximum limit
• Payment term: Either, just as the opted policy term or single pay or limited pay

HDFC Life Pension Super Plus – By HDFC Pension Funds

Here is another offering of a finely constructed HDFC NPS Scheme. Check it out:

1. Start of the vesting period will provide payment higher that fund value, or otherwise 101% of premiums paid in total.
2. This HDFC Pension plan gives way to a possibility of joint life payment for both holder and spouse. Guaranteed income for both of them till death is facilitated. Upon which, 1/3^rd amount is allowed to be withdrawn, whereas remaining can be availed for annuity
3. 11^th year of premium payments would raise the fund bar to 102.5%.
4. Higher fund value payments at 6% per annum, otherwise 105% of total premium paid is provided upon death.
5. In this plan, Section 80C for premiums paid, and Section 10 (10A) for fund value of Income Tax Act levies. Also, for death criteria Tax Benefits are exempted as per the Section 10(10D).

Eligibility Criteria for HDFC Life Pension Super Plus

• Age criteria: 35 to 65 years
• Vesting age: 55 to 75 years.
• Period: 10 to 20 years
• Premium to be paid per year: Rs.24,000 with no maximum limit
• Payment term: Just as the opted policy term

Check out more Pension Plans available for Investment

HDFC Life Single Premium Pension Super Plan – By HDFC NPS

Here is the next HDFC pension plan, single premium ULIP plan.

1. Payment assured at higher than HDFC Pension Funds or 101% of payments made.
2. Extension of vesting age facilitated if holder ages below 55 years.
3. Multiple repayment options are provided in this HDFC pension plan. First being joint life annuity for holder and spouse till death of both the parties.
4. Upon death, the entitlement to the nominee is higher of available fund or 105% of premium paid. The choice of availing can either be full withdrawal or annuity payment.
5. Income tax benefits applied as per the Section 80C for premiums, Section 10(10A) for the funds and Section 10(10D) exemption of death benefit.

Eligibility Criteria for HDFC Life Single Premium Pension Super Plan

• Age criteria: 40 to 75 years
• Vesting age: 50 to 85 years.
• Period: 10 years
• Premium to be paid per year: Rs.25,000 with no maximum limit
• Payment term: Just as the opted policy term

HDFC Life Guaranteed Pension Plan – By HDFC Retirement Plans

Sorting out the need for a deferred annuity plan, here is another HDFC Retirement Plan.

1. Successful payment for each year, will raise the sum assured by 3%.
2. Additional vested benefits are as well facilitated at the time of maturity. It is paid in a portion of sum assured, probably a percentage. It ranges as per the plan tenure chosen for this HDFC Pension plan.
3. Accumulated at the rate of 6% interest per annum of premiums paid is assured to form up the death benefit.
4. Premium payment period is pretty limited for this HDFC Pension Plan.
5. The nominee of holder, upon holder’s death, can choose to withdraw the entire fund, or receive payments.
6. Upon maturity, the holder can avail for the annuity payments on entire sum, or also 1/3^rd and 2/3^rd of cash and annuity (taxable). Another option provided is availing for single premium deferred annuity plan.
7. Tax benefits apply, as of Section 80C on premium, Section 10(10A) on fund value, and exemption of death benefit on Section 10(10D)

Eligibility Criteria for HDFC Life Guaranteed Pension Plan

• Age criteria: 35 to 65 years
• Vesting age: 55 to 75 years.
• Period: 10 to 20 years
• Allotted term: 5,7 or even 10 years
• Premium to be paid per year: Rs.24,000 with no maximum limit
• Return guaranteed: Minimum amount is Rs.81,145, whereas the maximum relies upon term, age and premium
• Payment term: Just as the opted policy term

HDFC Life New Immediate Annuity Plan – By HDFC NPS Scheme

You will find the following features under this HDFC pension plan slab.

Annuity payment under this plan is assured, as per the chosen criteria’s of premium payment. The options of annuity are multiple here, and are as follows:

1. Lifetime annuity payment
2. Lifetime annuity payments following balance return of purchase price upon death.
3. Annuity for life, along with balance of purchase price return.
4. Annuity for life, guaranteed for 5 or 10 or 15 or even 20 years, following payable for life.
5. Increasing annuity payment at rate of 5% SI pa.
6. Lifetime annuity in addition with partly payment of return in purchase price.
7. At time of critical illness or death, payouts are for lifetime and fully payment of purchase price.
8. Joint life for last survivor along with 100% annuity to the second party.
9. Joint life for last survivor along with 50% annuity to the second party.
10. Then, Joint life for last survivor along with 100% annuity to the second party, also 100% return on purchase price.
11. Joint life for last survivor along with 50% annuity to the second party also 100% returns on purchase price.
12. An annuity option is to be opted based on which the single pain premium, which is also the purchase price is returned. The cases for return are death, or critical illness.
13. Premium paid under this HDFC plan is exempted from Section 80CCC of the Income Tax Act.
14. High purchased prices, which are of Rs.25 lakh or above, will yield higher rates of annuity.

Eligibility Criteria for HDFC Life New Immediate Annuity Plan

• Age criteria: 30 to 85 years
• Premium to be paid per year: Rs.10,000 with no maximum limit
• Cost of purchase: ranges according to age, and annuity amount selected

HDFC Pension Plans / Retirement Plans – Conclusion

We hope to have contributed in a part or whole to your pension planning process. When you enter into a new phase of life, make sure you do it right, and retain what you managed to gather in the long years of work.

Availing for a great and rewarding plan HDFC NPS Scheme is a great choice as they would turn into a constant source of income.

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