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Everyone loves ­financial independence, to enjoy and live a comfortable lifestyle. After all the years of hard work, money should not be the concern for you to decide how you would like to lead your post retirement years. A smart way to ensure a regular income stream before and after retirement is buying an Immediate Annuity. HDFC Life Saral Pension Plan is a non-linked traditional annuity plan that offers you basic annuity options and provides you an opportunity to live life on your terms.

All You Need To Know

Benefits

  • Single and joint life annuity options to cater to your needs.
  • Option to receive annuity as long as you or your partner is alive.
  • Option to receive annuity monthly, quarterly, half-yearly or yearly
  • Bene­t of higher annuity rates for large purchase price.
  • Return of Purchase Price option on death.
  • Surrender value on diagnosis of critical illness.
  • Guaranteed* income source for life – Annuity once purchased is guaranteed* for lifetime.
  • No need to undergo medical examination.
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Features

Single Life Annuity Options

  • Life Annuity with Return of 100% of purchase price (ROP).
  • The annuity will be payable at uniform rate in arrears for the life of the annuitant.
  • On the death of the annuitant, the annuity payments will cease and we will pay to the annuitant’s nominee/legal heirs 100% of the purchase price.

Joint Life Annuity Options

  • Primary Annuitant refers to the individual, the events in the life of whom are of primary importance in affecting the timing or amount of the payout under the contract.
  • Secondary Annuitant for the purpose of joint life contracts will refer to the Spouse.
  • Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on death of the last survivor.
  • The annuity will be payable in arrears so long as at least one of the two annuitants is alive.
  • On the death of the primary annuitant, secondary annuitant will receive 100% of original annuity throughout life. Subsequently, on death of the spouse, Purchase Price shall be payable to nominee / legal heirs.
  • However, if the spouse has pre-deceased the primary annuitant, then on the death of the primary annuitant, the Purchase price shall be payable to the nominee /legal heirs.

Death Benefit and Survival Benefit (Payable to nominee/Legal heirs) - The table below sets out the Death Benefits and Survival Benefit as per the annuity option chosen by you:

Annuity Option Single / Joint Life Benefit Payable on survival Benefit payable on death
Life Annuity with Return of 100% of Purchase Price Single life Annuity Payments will be made in arrears for as long as Annuitant is alive, as per the chosen mode of annuity payment On death of the Annuitant, the annuity payment shall cease immediately. The Purchase Price shall be payable to nominee(s)/legal heirs
Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on death of the last survivor. Joint Life Annuity will be paid in arrears for as long as the Primary Annuitant and/or Secondary Annuitant is alive, as per the chosen mode of annuity payment. On first death (of either of the covered lives): 100% of the annuity amount shall continue to be paid as long as one of the Annuitants is alive. On death of the last survivor: The annuity payments will cease immediately. The Purchase Price shall be payable to the Nominee(s) /legal heirs.

​​​​​​​The Premium/Purchase Price excludes taxes and levies as applicable.

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Eligibility

Eligibility Criteria Minimum Maximum
AGE AT ENTRY (LAST BIRTHDAY)   40 years   80 years
    Single Life Joint Life  
Purchase Price YEARLY ₹ 2,23,048 ₹ 2,22,635 No Limit
HALF-YEARLY ₹ 2,26,560 ₹ 2,26,140
QUARTERLY ₹ 2,28,416 ₹ 2,27,992
MONTHLY ₹ 2,29,592 ₹ 2,29,166
Annuity PAYOUT PER FREQUENCY YEARLY ₹ 12,000 No Limit
HALF-YEARLY ₹ 6,000
QUARTERLY ₹ 3,000
MONTHLY ₹ 1,000

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Disclaimer

*Provided all the due premiums are paid and the policy is in force. Tax benefits are subject to changes in tax laws. Please consult your Tax consultant to know the Tax Benefits available to you. HDFC Life Insurance Company Limited (“HDFC Life”). CIN: L65110MH2000PLC128245. IRDAI Registration No. 101. Registered Office: 13th Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai - 400 011. Email: service@hdfclife.com, Tel. No: 1860 267 9999 (Mon-Sat 10 am to 7 pm) Local charges apply. Do NOT prefix any country code. e.g. +91 or 00. Website: www.hdfclife.com 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 Insurance Company Limited. Insurance is subject to matter of solicitation. For more details on risk factors, terms and conditions and exclusions please read the product brochure before conclusion of sale. HDFC Life Saral Pension Plan (UIN:101N141V02) is a Single Premium Non-Participating Non-Linked Individual Immediate Annuity Plan. Life Insurance Coverage is available in this product. HDFC Bank Limited is the Corporate Agent (IRDAI Reg. No. CA0010) of HDFC Life. Life insurance policies are underwritten by HDFC Life. Purchase of life insurance policy is voluntary ​​​​​​​

T&C*

1. The word guaranteed means that the annuity payout is fixed at the inception of the policy

2. In the case of Joint Life annuities the payout continues till either of the lives chosen in the policy is alive.