All you need to know
Benefit
Retirement is one of the most important life events many of us will ever experience. After retirement the income stops but the expenses don't. The savings that we have today may not suffice to meet the various costs that will be incurred post retirement. Hence it becomes imperative for us to plan for retirement early as it helps compound the corpus many times by the time we retire. The plan is ideal for individuals who seek to plan for their retirement to get adequate corpus to fulfill all their post-retirement goals.
Benefits:
Assured benefit on death is 101% of all premiums (excluding taxes) paid till date
Choose from range of investment horizon of 10 years to 40 years.
Start as early as 18 years with maximum policy term of 40 years.
Premiums paid are eligible for tax benefit* u/s 80 CCC of the Income Tax Act, 1961. You can take up to 1/3rd of the vesting benefit as tax free corpus as per current tax laws.
Bonus:
Reversionary Bonus: A simple Reversionary Bonus as a percentage of sum assured on vesting would be declared at the end of the financial year. Once added to the policy, the bonus is guaranteed to be payable on vesting provided all due premiums are paid.
Interim Bonus: If the vesting benefit is payable before the next planned reversionary bonus declaration, an Interim Bonus may be added. All policies where such claims have occurred do not participate in the next reversionary bonus declaration.
Terminal Bonus: Terminal Bonus may be added to the policy on vesting and enables the company to pay a fair share of the surplus at the end, based on the actual experience over the policy term. Since the Terminal Bonus depends on the future experience it is not a guaranteed benefit.
A. Vesting Benefit
On survival till the vesting date and on full payment of premiums due throughout the policy term, you will receive higher of the following
Sum Assured on vesting plus accrued bonuses
Assured Benefit of 101% of all regular premiums paid till date
Regulation mandates how this Vesting Benefit will be payable to you.
Please refer to 'Policy Proceeds' section for details.
B. Death Benefit
On death of the life assured, the nominee would receive Assured Death Benefit of 101% of all regular premiums1 paid to date. In addition, accrued bonuses will also be payable.
The minimum level of death benefit at all times will be 105% of the premiums paid.
Your nominee has an option to utilise the death benefit, fully or partly, for purchasing an immediate annuity from HDFC Life. Alternatively, your nominee can withdraw the entire death benefit as a lump sum.
The Premium amount is excluding any taxes paid on the premium.
View Commission-related information
Frequently Asked Questions
On death of the life assured, we would pay to the nominee the Assured Death Benefit of 101% of total premiums paid1 to date. In addition, accrued bonuses (if declared) will also be payable.
The minimum level of death benefit at all times will be 105% of the total premiums paid.
Your nominee has an option to utilise the death benefit, fully or partly, for purchasing an immediate annuity. Alternatively, your nominee can withdraw the entire death benefit as a lump sum.
1 Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes"
On survival till the vesting date and on full payment of premiums due throughout the policy term, you will receive higher of the following Sum Assured on vesting plus accrued bonuses (if declared)
1 Assured Benefit of 101% of total premiums paid till date Regulation mandates how this Vesting Benefit will be payable to you. Please refer to 'Product Brochure' for more details."
Yes, Tax Benefits may be available as per prevailing tax laws. You are requested to consult your tax advisor
Disclaimer
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 Personal Pension Plus (UIN: 101N091V04)is a non-linked participating pension plan. Life Insurance Coverage is available in this product. For more details on riskfactors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale.