HDFC Life Personal Pension Plus
HDFC Standard Life Insurance Company
HDFC Life is a joint venture between Housing Development Finance Corporation Limited (HDFC), India's leading housing finance institution and Standard Life plc, the leading provider of financial services in the United Kingdom.HDFC Ltd. holds 70.65% and Standard Life (Mauritius Holding) 2006 Ltd. holds 26.00% of the equity in the joint venture while the rest is held by others.
Contact Details
Toll Free Number - 1860 267 9999
Email ID:- Service@HDFCLife.com
Product Overview of HDFC Life Personal Pension Plus Plan
HDFC Life Super Income Plan is a participating plan that offers guaranteed income for a period of 8 to 15 years. It also offers an opportunity to participate in the profits of participating fund of the company by the way of bonus.
Product Description of HDFC Life Personal Pension Plus Plan
- Enjoy Regular income for period of 8 to 15 Years after the premium payment Term.
- Guaranteed Base Income varying from 8.0% to 12.5% of the Sum Assured on the Maturity payable each year during the payout period.
- Boost your Regular income at maturity with reversionary bonuses & terminal bonus.*
- Range of Premium payment & Policy Term options to meet your income goals.
- Insurance coverage throughout the policy term.
Unique Features of HDFC Life Personal Pension Plus Plan
HDFC life Super Income plan is a traditional limited premium payment endowment plan with bonus.
This plan provides periodically "Guaranteed Income" which starts after the completion of premium paying term and paid till maturity.
Eligibility Criteria for HDFC Life Personal Pension Plus Plan
| Eligibility Criteria | ||||||
|---|---|---|---|---|---|---|
| Entry Age | Min. Entry age | Policy Term | ||||
| 2 Years | 16 Years | |||||
| 30 Days | 18 to 27 Years | |||||
| Max. Entry age | Policy Term | |||||
| 59 Years | 16 Years | |||||
| 57 Years | 18 Years | |||||
| 55 Years | 20 Years | |||||
| 53 Years | 22 years | |||||
| 51 Years | 24 years | |||||
| 48 Years | 27 Years | |||||
| Age of Maturity | Minimum - 18 Years | Maximum - 75 Years | ||||
| Premium Amounts | Frequency | Minimum | ||||
| Yearly | Rs. 24,000 | |||||
| Half yearly | Rs.12,000 | |||||
| Quarterly | Rs. 6,000 | |||||
| Monthly | Rs.2,000 | |||||
| Maximum | No Limit* | |||||
| Notes: *For monthly mode: 3 monthly premiums to be paid in advance and renewal premium payment is allowed only through ECS, Credit card, Direct Debit and EFT. | ||||||
| Sum Assured | Minimum | Rs.128,337 | ||||
| Maximum | No Limit, subject to satisfactory underwriting | |||||
| Plan Offer Range | ||||||
| Options | Premium Paying Term(A) | Payout Period (B) | Policy Term (A+B) | |||
| Option 1 | 8 Years | 8 Years | 16 Years | |||
| Option 2 | 8 Years | 10 Years | 18 Years | |||
| Option 3 | 10 Years | 10 Years | 20 Years | |||
| Option 4 | 10 Years | 12 Years | 22 Years | |||
| Option 5 | 12 Years | 12 Years | 24 Years | |||
| Option 6 | 12 Years | 15 Years | 27 Years | |||
Product Benefits of HDFC Life Personal Pension Plus Plan
| Benefit | Description | |||||
|---|---|---|---|---|---|---|
| Maturity | Last Guaranteed Base Income Payout | Interim Bonus, If any | ||||
| Accrued Reversionary Bonus | Terminal Bonus, If any | |||||
| Notes: On payment of the Maturity Benefit, the Policy will terminate and no more benefit will be payable. | ||||||
| Death | Sum Assured on Death + Accrued Reversionary Bonuses + Interim Bonus(If any) + Terminal Bonus. | |||||
| 105% of Premium paid till date | ||||||
Other Policy Features of HDFC Life Personal Pension Plus Plan
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Guaranteed Base Income ( GBI ) |
Option | Guaranteed Base Income as% of Sum Assured on Maturity | ||||
| Annual GBI | Total GBI for entire payout period | |||||
| 1 | 12.50% | 100% | ||||
| 2 | 10.00% | 100% | ||||
| 3 | 12.00% | 120% | ||||
| 4 | 10.00% | 120% | ||||
| 5 | 10.00% | 120% | ||||
| 6 | 8.00% | 120% | ||||
| Notes: The Policy Holder has an Option to recive the future payouts monthly instead of Yearly, Monthly Payout 8 % of AP. | ||||||
| Bonuses | ||||||
| I) Reversionary Bonus | A Simple Reversionary Bonus as % of Sum Assured on Vesting, Declared at the end of financial year | |||||
| Once added to the Policy, the bonus is Guaranteed to be payable on vesting | ||||||
| II) Terminal Bonus | Terminal Bonus may be added to the Policy on Vesting and enable the company to pay a fair share of the surplus at the end | |||||
| Rebates | ||||||
| Sum Assured on Maturity | Discount on the Premium rate | |||||
| Rs 400,000 to less than Rs 800,000 | 0.5 Per 1000 Sum Assured on Maturity | |||||
| RS 800,000 or more | 1 Per 1000 Sum Assured on Maturity | |||||
| Surrender Value | Surrender Value will be expressed as a discounted value of the paid up value of the Policy | |||||
| The higher of the Non-Guaranteed SSV and GSV will be paid | ||||||
| No Surrender Value is payable on the Riders | ||||||
| Guaranteed Surrender Value Factors | ||||||
| I ) Guaranteed Surrender Value Factor % of Premiums paid | ||||||
| Policy Year | GSV Factor (% of Cumulative Premiums) | |||||
| Age at entry <=50 | Age at entry >=51 | |||||
| 1 | 0% | 0% | ||||
| 2 to 3 | 30% | 30% | ||||
| 4 to 7 | 50% | 50% | ||||
| 8 to 11 | 55% | 55% | ||||
| 12 to 15 | 65% | 60% | ||||
| 16 to 19 | 75% | 65% | ||||
| 20 to 25 | 80% | 70% | ||||
| 26 to 27 | 85% | 80% | ||||
| Policy Year | product Option | |||||
| Option 1 | Option 2 | Option 3 | Option 4 | Option 5 | Option 6 | |
| 2 | 4.20% | 3.20% | 2.40% | 1.80% | 1.40% | 0.90% |
| 3 | 4.90% | 3.70% | 2.80% | 2.10% | 1.60% | 1.00% |
| 4 | 5.60% | 4.20% | 3.20% | 2.40% | 1.80% | 1.20% |
| 5 | 6.40% | 4.90% | 3.70% | 2.80% | 2.10% | 1.40% |
| 6 | 7.40% | 5.60% | 4.20% | 3.20% | 2.40% | 1.60% |
| 7 | 8.50% | 6.40% | 4.90% | 3.70% | 2.80% | 1.80% |
| 8 | 9.80% | 7.40% | 5.60% | 4.20% | 3.20% | 2.10% |
| 9 | 11.30% | 8.50% | 6.40% | 4.90% | 3.70% | 2.40% |
| 10 | 13.00% | 9.80% | 7.40% | 5.60% | 4.20% | 2.80% |
| 11 | 14.90% | 11.30% | 8.50% | 6.40% | 4.90% | 3.20% |
| 12 | 17.20% | 13.00% | 9.80% | 7.40% | 5.60% | 3.70% |
| 13 | 19.70% | 14.90% | 11.30% | 8.50% | 6.40% | 4.20% |
| 14 | 22.70% | 17.20% | 13.00% | 9.80% | 7.40% | 4.90% |
| 15 | 26.10% | 19.70% | 14.90% | 11.30% | 8.50% | 5.60% |
| 16 | 30% | 22.70% | 17.20% | 13.00% | 9.80% | 6.40% |
| 17 | 26.10% | 19.70% | 14.90% | 11.30% | 7.40% | |
| 18 | 30.00% | 22.70% | 17.20% | 13.00% | 8.50% | |
| 19 | 26.10% | 19.70% | 14.90% | 9.80% | ||
| 20 | 30.00% | 22.70% | 17.20% | 11.30% | ||
| 21 | 26.10% | 19.70% | 13.00% | |||
| Paid- Up Value | Will be payable on Maturity or earlier deathof the Life Assured | |||||
| Notes: *At least 3 years full premium paid, the policy will acquire a surrender value / Paid-up Value | ||||||
| Paid-Up | The Paid-Up Sum Assured on Maturity / Death = the Sum Assured on Maturity / Death x the Ratio of the Premium paid | |||||
| Guaranteed Base Income for a Paid-up policy will be % of Paid-up Sum Assured On Maturity | ||||||
| Revival | Will need to pay all the outstanding Premium & interest on the outstanding Premium& Application taxes | |||||
| A Charge of Rs.250 shall be levied for processing the revival | ||||||
| Surrender | Policy will Acquire a Guaranteed Surrender Value provide 2 full Years | |||||
| Premium has been paid for premium payment term of 10 & 12 Years | ||||||
| Lapse | Event of non payment of Premium due under the policy within the grace period, the policy has not acquired a surrender value. | |||||
| Risk Cover will cease & no benefit will be payable in case of Lapsed Policies. | ||||||
| Alterations | Alteration to premium frequency is allowed | |||||
| Conversion factor | Premium Frequency | Annual | Half-Yearly | Quarterly | Monthly | |
| Conversion Factor | 1 | 0.51 | 0.26 | 0.0875 | ||
Add-ons for HDFC Life Personal Pension Plus Plan
Not Available
Exclusion in HDFC Life Personal Pension Plus Plan
The life assured commits suicide within one year from the policy inception date, the policy will be void and only 80% of the premiums paid will be payable to the nominee
Tax Benefits of HDFC Life Personal Pension Plus Plan
Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961
Claim Process for HDFC Life Personal Pension Plus Plan
Know Claim ProcessBonuses for HDFC Life Personal Pension Plus Plan
| Bonuses | ||||||
|---|---|---|---|---|---|---|
| 2013-14 | 4.50% | |||||