Tel No: (022)67516666. The one that gives you the best annuity rate is the right one for you. HDFC Life Pension Guaranteed Plan is a single premium annuity product which provides a regular guaranteed income for lifetime. Where nomination is intended to be made to spouse or children or spouse and children under Section 6 of MWP Act, it should be specifically mentioned on the policy. The grace period for monthly frequency is 15 days from the premium due date. Make your plans now, HDFC International Life and Re Company Limited, 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. On the face of it, this is a normal Immediate annuity and deferred annuity plan but the word “guarantee” calls to review this plan. Is there any maturity or death benefit in this policy? It shall be calculated as the Average Annualised 10 year benchmark G-Sec Yield (over last 6 months & rounded up to the nearest 50 bps) + 2%. I worked with to review and enhance my portfolio. I have compared the annuity rates for the single life variant. HDFC Life is a leading provider of insurance solutions in India. Under Deferred Life Annuity option, Policy Loans will be available during deferment period subject to such terms and conditions as the company may specify from time to time. How may I help you ? It is a single premium plan. DOWNLOAD BROCHURE CALCULATE PREMIUM 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 I am looking for best pension plans right now. Good article and will help guys that get confused with too many offerings from market. Risk cover starts from date of commencement of policy for all lives including minors. Utilise the entire policy proceeds for buying a single premium deferred. 8 brutal mistakes investors make which destroys their financial life, How money shapes our life? GA stops accruing at the end of the deferment period. HDFC Life Guaranteed Pension is a participating deferred pension plan that provides the policyholder assured benefits on vesting or at death. He was easily approachable, flexible with timings and ensured transparency throughout the process. 5 big mistakes investors make in their life & how it impacts them. For all Single Life policies, the rates offered to a female life will be equal to a male living with a three-year setback. Thank you. The insurance company has a proficient financial consultancy team that offers financial solutions to customers within the country and abroad. Therefore, you need to purchase the annuity product at the right time too. The vesting benefit for a paid-up policy shall be the aggregate of the following –. In case of Immediate annuity in Joint life, you invest the money and keep receiving annuity till you are alive after you the second annuitant will receive the annuity till he/she is alive. Don’t fall for the flawed pitch. On receipt of the letter along with the original policy document, we shall refund the premium, subject to deduction of the expenses incurred by us for medical examination (if any) and stamp duty (if any). The following terms and conditions are applicable to QROPS policyholders: Surrender Benefits - Access to policy benefits in the form of annuitisation and tax free commutation is restricted till the insured attains 55 years of age or the policy acquires GSV, whichever is later. Purchase Price + Guaranteed Additions(GA) - Total Annuity Payouts till date of death, Where, GA = Purchase Price * Annuity Rate/12. You can also choose the sum assured on vesting, and subsequently the premium will be determined on the basis of that amount. The minimum annuity payouts shall be in accordance with IRDAI (Minimum limits for Annuities and other Benefits) Regulations, 2015. If the insurance company has rejected your claim, you will be notified of the same through a letter from the insurer. on a post-tax basis, then these 10 lakhs would become Rs 21.58 lakh, and getting Rs 119800 on Rs 21.58 lakh means 5.55% rate of return. No. Assuming you are 50 years of age and want to invest in HDFC life Pension Guaranteed Plan. Once the deferment period is over, the pension will start as per the frequency is chosen, post the first annuitant demise the second annuitant will keep receiving the pension. Discounts will be offered in the form of higher annuity rates for Higher Purchase Price. Visit Our Offerings section for more details. Even the Immediate annuity thing in today’s scenario is not looking that attractive as we are in the rising interest rates scenario. Is it true to get such high pension from this product? After the death of both the annuitants, the purchase price will be paid back to the nominee, Annuity payments = Applicable Annuity rates* Purchase Price. Is there any tax benefit under this policy? Learn how your comment data is processed. Under the deferred annuity variant, the pension starts after a few years. The product offers guaranteed additions that are added every year, and the lump sum vesting addition is payable at vesting. The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited and is used by HDFC Life under a licence/agreement For more details on risk factors, associated terms and conditions and exclusions, please read the sales brochure carefully before concluding a sale. Discounts in the form of higher annuity rates for Higher Purchase Price will be offered. Ignore if already submitted. Upon payment of the death benefit, the policy shall terminate and all other benefits shall cease. The HDFC Life Pension Guaranteed Plan, like the other retirement plans, also offers a life cover. This period is known as the Free Look Period. But in the case of a deferred annuity, the working is bit different. Bangalore. Is there any surrender benefit if I surrender my policy? The remaining amount must be converted to annuity which will have to be purchased from the insurance company. The nomination will get revived on repayment of the loan. No further Guaranteed Additions shall accrue in the future. This policy offers a wide range of annuity options to cater to your needs. Whereas if you Invest Rs 10 lakh in a suitable product, for e.g. a balanced mutual fund which is expected to generate at least 8% p.a. Required fields are marked *, Subscribe to FREE Video Course + FREE Ebook + Future Email Updates. Structurally, annuity plans have their merits and demerits. Product information is solely based on the information received from the Insurers. These plans have a few variants too. Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Your email address will not be published. And this applies to all the annuity products. As per IRDA’s new guideline, customers need to purchase immediate annuity from the proceeds of the Pension Plan from the same company. HDFC Life Guaranteed Pension Plan is a non-participating deferred pension plan that offers assured benefits on death or at vesting. Learn how your comment data is processed. Public receiving such phone calls are requested to lodge a police complaint. Banks/financial institutions also has an option to purchase immediate annuities in respect of annuity payments for their commitments to the homeowners under the reverse mortgage schemes. LIC Jeevan Shanti: A case of mis-selling? Grace Period is the time provided after the premium due date during which the policy is considered to be in-force with the risk cover. ), Buy,track and renew with ease.Download the HDFC Life App. (Also Read: LIC Jeevan Akshay VI – Worth Considering). In the future, if any other form of statutory levy or indirect tax becomes applicable, the policyholder will have to pay the same. This option is available on both single life and joint life basis. I cannot explain why the annuity rate for the HDFC plan should be high at that age of 50 (annuity rates typically increase with age). 101. The plan assists with a comfortable retirement, along with providing a life cover for your family in case you meet an untimely demise. © Copyright 2020 The policyholder has a choice of increasing their Annuity Payouts through Top Up option. Bangalore. If this product is purchased through proceeds from subscribers NPS funds, the proceeds from cancellation in the free-look period shall only be transferred back to the CRA from where the money was received. Deepesh is passionate about personal finance and contributes regularly to leading Business Newspapers. The HDFC Life Pension Guaranteed plan is a single premium annuity plan that provides policyholders with an income to last a lifetime.The plan assists with a comfortable retirement, along with providing a life cover for … For GSV of Guaranteed Additions refer to the Terms & Condition section. 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 lumpsum to the nominee, on later of the deaths of the two annuitants. Let us have a closer look at this policy. Please note that all Joint Life rates are unisex. (Read: Retirement Plan or Pension Plan, What to chose?). Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products. 5 big mistakes investors make in their life & how it impacts them. As we can see, LIC Jeevan Shanti is providing better annuity income in almost all the scenarios. Yes, if the policyholder didn’t like its terms and conditions, then the policyholder can return the policy within 15 days from the date of receipt of the policy. After the policy has acquired a surrender value, if the policyholder stops paying premiums, the policy will move into the paid-up status at the end of the grace period. August 17, 2019 by Deepesh Raghaw 5 Comments. How to Choose the Best Health Insurance Plans & Policies in India? And are accrued at the end of every policy month during the deferment period. Director Engineering, Hughes Systique Corporation Guaranteed Additions accrued to the policy shall continue to remain attached. on the premiums paid to date is applicable only for the purpose of calculating death benefit and not for vesting benefit. Under immediate annuity plans, the pension starts right away. Total Premiums Paid means a total of all the premiums received, excluding any extra premium, any rider premium, and taxes. In case the proceeds of the policy on vesting are not sufficient to purchase a minimum annuity, such proceeds of the policy may be paid to the policyholder as a lump sum. What is DigiLocker? 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. You pay a lump sum amount to the insurance company and the insurance company guarantees you an income stream for life. There is no maturity benefit in this plan. 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