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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.Read More

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

FEATURES

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Wide range of annuity options to cater to your needs

Option to take the plan on a Single or Joint Life basis

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Option to receive immediate or deferred annuity

Option to receive annuity monthly, quarterly, half-yearly or yearly

Option of Return of Purchase Price on death

Choice of increasing your Annuity Payouts through Top Up option

PLAN OPTIONS/VARIANTS

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    ·        Immediate Life Annuity

    • 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
    • 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.

    ·        Immediate Life Annuity with Return of Purchase Price

    • 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 benefit1 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. Kindly refer the Death benefit section below for further details
    • 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. Kindly refer the Death benefit section below for further details.

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      Deferred Life Annuity with Return of Purchase Price

    • 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. Kindly refer the Death benefit section below for further details.
    • 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. Kindly refer the Death benefit section below for further details.

Death Benefit

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    • Immediate Life Annuity: None

    • Immediate Life Annuity with Return of Purchase Price: 100% of the purchase price of the annuity

    • Deferred Life Annuity with Return of Purchase Price: Higher of

        a) Purchase price + guaranteed additions - total annuity pay outs till date of death

        b) 110% of Purchase price

    • Where, GA = Purchase Price * Annuity Rate/12 and are accrued at the end of every policy month during deferment period. GA stops accruing at the end of the deferment period.

ELIGIBILITY

Eligibility

  • Click on Know More for Eligibility

Know More

Documentation

  • ID Proof – Not required if purchased through Metra Trust
  • Age Proof – Not required if purchased through Metra Trust
  • Address Proof – Not required if purchased through Metra Trust
  • Recent Photograph

Bajaj Allianz life guaranteed pension goal

Disclaimer

* In the case of Joint Life annuities the payout continues till either of the lives chosen in the policy is alive.
^ The word “Guaranteed” and “Guarantee” mean that annuity payout is fixed at the inception of the policy.
1In case this option is purchased as a default option by government sector NPS subscriber through funds accumulated in his/her NPS scheme, the utilization of Death Benefit shall be as per Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015 amended from time to time.
2In 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.
3Amounts 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).Read More

Metra Trust having its registered office at KRM Tower, 8th Floor, No. 1, Harrington Road, Chetpet, Chennai – 600031, is authorized by the Insurance Regulatory and Development Authority of India to act as a Corporate Agent of HDFC Life Insurance Company Ltd for procuring or soliciting life insurance business under license number CA0106. The purchase of Insurance products by Metra Trust’s customers is purely on voluntary and not linked to availing of any other services from the bank. Tel: 1800 419 4332.

"HDFC Life Insurance Company Limited (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101. Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Email: service@hdfclife.com, Tel. No: 1860 267 9999 (Mon-Sat 10 am to 7 pm) Local charges apply. Do NOT prefix any country code. e.g. +91 or 00. Website: www.hdfclife.com. The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. HDFC Life Pension Guaranteed Plan (UIN:101N118V09) is a single premium non-linked, non-participating annuity plan. For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale. Metra Trust (IRDAI Registration No. CA0106) is the Corporate Agent of HDFC Life. Insurance policies are underwritten by HDFC Life. Purchase of Insurance Policy is voluntary." ARN: BA/09/21/25429.Read Less

FREQUENTLY ASKED QUESTIONS

1. What is HDFC Life Pension Guaranteed Plan?

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

2. What are the plan’s key features?

Wide range of annuity options to cater to your needs

Option to take the plan on a Single or Joint Life basis

Option to receive immediate or deferred annuity

Option to receive annuity monthly, quarterly, half-yearly or yearly

Option of Return of Purchase Price on death

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.

Choice of increasing your Annuity Payouts through Top Up option

3. What are the 4 Easy steps to get your annuity under the plan?

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

4. What are the Annuity Options?

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

Immediate Life Annuity

Immediate Life Annuity with Return of Purchase Price

Deferred Life Annuity with Return of Purchase Price

5. Is the product available on joint life basis?

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 interest between the annuitants.

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