HDFC Life Systematic Pension Plan

Salient Features

Non-linked, participating retirement savings plan.
Flexible policy terms ranging from 5 to 45 years with multiple premium payment options.
Opportunity to earn Cash Bonuses and an assured 4% return on vesting.
Option to commute up to 60% of the vesting benefit as a lump sum and use the balance to purchase an annuity.
Provides a guaranteed death benefit along with applicable bonuses
Available for individuals aged 18 years and above.
Designed to help build a regular income after retirement.
Tax benefits may be available under the applicable provisions of the Income Tax Act, 1961, subject to the prevailing tax laws.

T&C Apply.

Know More About HDFC Life Systematic Pension Plan

About HDFC Life Systematic Pension Plus
Plan Benefits
Additional Benefits
Eligibility & Plan Details
Disclaimer

About HDFC Life Systematic Pension Plus

HDFC Life Systematic Pension Plus is a Non-Linked, Non-Participating, Individual Annuity Savings Plan designed to help you build a regular source of income during retirement. The plan provides the flexibility to start receiving annuity payments immediately or defer them for a chosen period, depending on your retirement goals. It is available under both Single Life and Joint Life options, helping you plan for a financially secure retirement.

Plan Benefits

Vesting (Maturity) Benefit: On survival until the vesting (maturity) date, you will receive the higher of:
- Sum Assured on Vesting along with the accrued Reversionary Bonus and Interim/Terminal Bonus, if declared.
- Assured Benefit on Vesting, which is guaranteed to be equal to the Total Premiums Paid accumulated at a 4% p.a. compound interest rate.
Death Benefit: In the unfortunate event of the Life Assured's demise during the policy term, the nominee will receive a lump sum equal to the higher of:
- Assured Benefit on Death (101% of the Total Premiums Paid) along with the accrued Reversionary Bonus and Interim/Terminal Bonus, if declared.
- 105% of the Total Premiums Paid.

Additional Benefits

Annuitisation Option: At vesting, you can commute up to 60% of your corpus as a lump sum and use the remaining amount to purchase an annuity for a regular retirement income.
Bonus Additions: Grow your retirement corpus through Compound Reversionary Bonuses and Interim/Terminal Bonuses, if declared.
Rider Enhancements: Enhance your protection by adding optional riders on payment of an additional premium, subject to the policy terms.
Policy Loan: Once the policy acquires a Guaranteed Surrender Value, you can avail of a policy loan up to the permissible limit, subject to the policy terms and conditions.
Tax Benefits: Tax benefits on premiums paid and benefits received may be available under the applicable provisions of the Income Tax Act, 1961, subject to the prevailing tax laws.

Eligibility & Plan Details

The plan is available to individuals who wish to build a retirement corpus. The applicable entry age, vesting age, and premium payment term depend on the option selected under the plan.

Plan Details

Parameter	Details
Entry Age	Minimum: 18 years Maximum: 75 years (for a vesting age of 30 to 80 years) or 45 years (for a vesting age of 90 years)
Vesting Age (Maturity Age)	Minimum: 30 years Maximum: 80 years or 90 years
Policy Term	Minimum: 5 years Maximum: 40 years (subject to the applicable vesting age limits)

Instalment Premium (Minimum)

Single Pay: ₹50,000
Yearly: ₹30,000
Half-Yearly: ₹15,300
Quarterly: ₹7,800
Monthly: ₹2,625

Note: There is no upper limit on the premium, subject to the Board Approved Underwriting Policy (BAUP).

Premium Payment Term (PPT)

Premium Payment Terms are available from 5 to 12 years. The plan also offers Single Pay and Regular Pay options.

Sum Assured on Death

The Assured Benefit on Death is equal to 101% of the Total Premiums Paid. The minimum death benefit payable is 105% of the Total Premiums Paid.

Disclaimer

This is not a comprehensive list of amendments. Policyholders are advised to refer to Section 45 of the Insurance Act, 1938, as amended from time to time, for complete and accurate details.