HDFC Life New Immediate Annuity Plan
Many annuity options to secure your post-retirement years
Age limitAge limit
Age at entry: Minimum 30 years; maximum 85 years
Age at maturity (vesting): Minimum 55 years; maximum 75 years
Annuity benefitAnnuity benefit
Enjoy guaranteed income as annuity till you or your partner is alive
Get minimum annuity pay outs -- ₹ 10,000 for annual, ₹ 5000 for half year, ₹ 3000 for quarter and ₹ 1,000 for month
There is no maximum limit for annuity pay outs
Choose from a range of annuity options:
- Lifetime annuity
- Lifetime annuity with return of 100% of the purchase price
- Lifetime annuity with return of purchase rice in parts
- Lifetime annuity with return of 100% of the purchase price on diagnosis of critical illness or death
- Joint life annuity: Joint life, last survivor with 100% annuity to surviving partner and return of 100% of purchase price
Tax benefitTax benefit
Get tax benefits under 80C and 10 (10D) of the Income Tax Act, 1961
Ways to payWays to pay
Conveniently pay your premiums or renew your policy through multiple modes - credit card, internet banking, cheque, auto debit facility
1. How does an annuity plan work?
- Annuity plans are pension products, If you want to invest your hard-earned money to meet long-term retirement needs, then an annuity product may be the answer.
- In an annuity plan, a person pays either a Lump Sum amount or regular installments in the given period to get regular payments or payouts as long as he/she lives or for a pre-specified fixed period.
- The insurance companies invest your money and pay back the income generated as payouts when you retire. The annuity plan covers your financial risk by helping you get a regular payment in your sunset years for a comfortable living.
2. When should I buy an annuity?
If you want the Annuity payments to start immediately, you can opt for ‘immediate annuity plan’. But, if you need your regular pension payments to start after a specified period (usually after retirement), you can choose a ‘deferred annuity plan’ but you can buy an annuity plan as early as the age of 45 or 50 years but the generally age for starting an income annuity is 60 and above, which allows for the maximum payout.
3. What is the rate of return in an annuity?
The rate of return on annuities differ depending on the Annuity plan you choose to invest in. One of the popular options is ‘life annuity with return of Purchase Price’ that works like an FD where the investor will earn an income for life, and the Nominee gets the benefit paid on his/her death. The annual payout on this variant turns out to 5.7-6.4% of the purchase price for someone who is 60 years old. You can also opt for the lifetime annuity, without the return of the initial investment. The interest rate is 7.6-8.1% per annum which is the highest among all variants as the investor does not need to return the Funds to an appointed nominee.
4. How much do I need to invest in annuity?
There is no limit on the amount that you need to invest in an Annuity. Whether you choose a deferred or immediate annuity, there are few things you need to consider:
- Your actual financial needs
- Your long-term financial goals
- Your current savings/investment portfolio
- The impact of inflation.
- The alternatives available to you
HDFC Bank Limited (IRDAI Registration No: CA0010) is the Corporate Agent of HDFC Life Insurance Company Limited and does not underwrite the risk or act as an insurer. HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013. Participation by the Bank’s clients in the Insurance products is purely on a voluntary basis. The contract of Insurance is between HDFC Life and the Insured and not between HDFC Bank and the Insured.This policy is underwritten by HDFC Life Insurance Company. Registered Office: 13th Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai - 400 011. 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 New Immediate Annuity Plan (UIN: 101N084V27) is a single premium non participating non linked annuity plan. This version of the product brochure invalidates all previous printed versions for this particular plan. This Product brochure is ndicative of the terms, warranties, conditions and exclusions contained in the insurance policy. Please know the associated risk and applicable charges from your insurance agent or the intermediary or policy document of the insurer.