Saving & Investment Plan
- HDFC SL ProGrowth Super II
- HDFC Life Progrowth Plus
- HDFC Life ClassicAssure Plus
- HDFC Life Super Savings Plan
- HDFC SL Progrowth Flexi
- HDFC Life Smart Woman Plan
- HDFC Life Invest Wise Plan
- HDFC SL Crest
- HDFC Life Super Income Plan
- HDFC Life Sanchay
- HDFC Life Pension Super Plus
- HDFC Life Personal Pension Plus
- HDFC Life Guaranteed Pension Plan
- HDFC Life New Immediate Annuity Plan
- HDFC Life Single Premium Pension Super Plan
HDFC Life Guaranteed Pension Plan
Can you Guarantee your 63rd birthday to be as grand as your 36th ?
- Create a retirement kitty for meeting post retirement income needs
- An option to pay premium for limited pay term (5/7 or 10 years) with no long term committement.
- Lifelong guaranteed income as annuity after retirement
- Get guaranteed additons of 3% of Sum Assured every year
- Investment horizon of 10 years to 20 years.
- Nominee gets the Assured Death Benefit of total premiums paid to date accumulated at a guaranteed rate of 6% per annum compounded annually. The minimum level of death benefit at all times will be 105% of the premiums paid.
- Premiums paid are eligible for tax benefit u/s 80 CCC of the Income Tax Act, 1961. You can take upto 1/3rd of the vesting benefit as tax free corpus as per current tax laws.
Features and Benefits of HDFC Life Guaranteed Pension Plan
- This non participating traditional plan is ideal for those who seek guaranteed returns.
- Save as much as you need to: Pay the premiums for limited pay term of 5, 7 or 10 years. There is no limit on max premium you can invest.
- Investment horizon of 10 years to 20 years.
- Guaranteed additions every year i.e. 3% of sum assured on vesting that will get accrued for each completed policy year.
- Vesting addition (3% of sum assured on vesting x policy term).
- A tax benefit u/s 80 CCC of the IT Act.
A significant part of the policy benefits will not available as a lump sum but would need to be mandatorily taken as annuity.
Commission for Life Insurance
As per RBI circular: RBI/2009-10/225 dated November 16, 2009, following are the details of the comparative commission earned by HDFC Bank from Insurance (Life), whose products are being distributed:
Commission, Brokerage and trail from Life Insurance
|Category||First Year Commission||2nd year Renewal commission|
|Savings & Investment||1%||35%||0%||3%|
Note: The commission varies depending upon the Product in each category, tenure, amount of premium and premium paying term
*For Group Products commission payable is 2% of the premium with a ceiling on the maximum payout as defined by Insurance Regulatory And Development Authority (IRDA) from time to time.
HDFC Standard Life Insurance Company Limited, Ramon House, 169 Backbay Reclamation, Mumbai - 400 020 : - The policy holder may avail of benefits are as provided under the tax laws. The premium would be subject to Service tax & education cess as per applicable tax rates. Tax laws are subject to change basis the amendments made from time to time.
HDFC Standard Life Insurance Company Limited. In Partnership with Standard Life
Insurance is the subject matter of the solicitation. For more details on risk factors, terms and conditions and exclusions please read the product brochure before conclusion of sale. HDFC Life Guaranteed Pension Plan form no. P501-115 UIN 101N092V01 is a traditional insurance product offered by HDFC Life. This is a non participating plan. The name of the company, name of the brand and the name of the product does not indicate the quality of the plan. HDFC Standard Life Insurance Co.Ltd. Reg.No.101
HDFC Bank Limited ( " HDFC Bank") is a corporate insurance agent of HDFC Standard Life Insurance Company Limited( " HDFC Life") under Corporate Agent's license no.933982 issued by Insurance Regulatory & Development Authority and does not underwrite the risk or acts as an insurer. The insurance is underwritten by HDFC Life. This policy is issued to you by HDFC Life and is subject to the terms and conditions governing such policy. The contract of insurance is between HDFC Life and the insured only , and not between HDFC Bank and the insured .HDFC Bank is acting merely as the corporate agent of HDFC Life and there is no direct or indirect linkage between the provisions of the banking services offered by HDFC Bank. Your participation in this product is purely on a voluntary basis. HDFC Bank is not responsible or liable for performance of any obligations under the contract of insurance
Is sum assured a death benefit?
- Sum is assured for the vesting benefit.
- Death benefit is all the premiums paid till date @ 6.p.a. compounded.
Will sum assured be used to calculate any benefits?
Yes, guaranteed additions and vesting addition is a percentage of this sum assured on vesting
What’s vesting addition? Will it be paid on maturity of paid up policy?
- Vesting addition is 3% of the sum assured on vesting x policy term
- It is paid only on vesting
- For paid up policies – it will be % of paid up sum assured
Can I take surrender value as lump sum? If I surrender then isn’t that pre-poning of the vesting age?
- Up to 1/3 can be taken as lump sum. Rest of the benefit needs to be annuitised
- Technically surrendering is not pre or postponing of the vesting age as surrender benefit is a reduced benefit as compared to vesting benefit.
Are all additions guaranteed?
Yes, they are guaranteed to be paid for every completed policy term