HDFC Life Pension Super Plus Plan
HDFC Life Pension Super Plus Plan is a unit-linked pension plan which offers guaranteed death benefit and a minimum maturity benefit. By definition, a ULIP offers both insurance and investment opportunity. It is relevant to those who want to build a retirement corpus while being insured during the policy term.
Key Features
Policyholder will receive higher of the fund value or assured benefit of 101% of all premiums paid including top-up premiums
Guaranteed income for life for yourself and your spouse
Option to commute up to 1/3rd of the benefit on maturity tax-free as per prevailing tax laws
Benefits
Policyholder gets the higher of fund value or 101 percent of all premiums paid
Beneficiary gets the higher of the fund value or total premiums paid at a rate of 6 percent per annum
Guaranteed income for life for yourself and your spouse
Additional allocation of premium from 11th period onwards
How it works
The policy term is 10, 15 and 20 years and the plan is available to all in the age range of 35 - 65 years. The maturity age range is between 55 - 75 years.
Choose regular premium as you wish to invest, based on your maturity(vesting) needs:
| Regular Premium | Top-up Premium | |
| Minimum | Annual: 24,000 per year Half-Yearly: 12,000 per half-year Quarterly: 6,000 per quarter Monthly: 2,000 per month |
Rs 10,000 |
| Maximum | No Limit | No limit |
In this plan, the premium (after deducting premium allocation charges) paid by you will be invested in a pension fund. At the end of the policy term, higher of the following will be given: Fund Value or Assured benefit of 101% of all premiums including top-up premiums paid till date. The maturity benefit will be used to provide you with post-retirement income i.e. an annuity, which as per norms has to be purchased by the policyholder from the same insurer.
On death, the beneficiary gets the higher of the fund value or total premiums paid at a rate of 6 percent per annum.
On maturity, the policyholder gets the higher of fund value or 101 percent of all premiums paid. Also, on maturity only 33 percent of the corpus is paid as a lump sum and you have to buy an annuity or a pension plan (from the same insurer) with the remaining amount. Or, you can buy a single-premium deferred pension product.
Eligibility
| Policy Term | 10/15/20 years |
| Min-Max entry age | 35-65 years |
| Min-Max age at maturity (vesting) | 55-75 years |
| Policy Term | 10/15/20 years |
| Min-Max entry age | 35-65 years |
| Min-Max age at maturity (vesting) | 55-75 years |
FAQs
What Happens if you want to surrender the policy before completion of the 5 years?The fund value minus discontinued charges will be moved to the 'Discontinued Policy Fund'. The amount allocated to the 'Discontinued. Policy Fund', with accrued interest, will be paid out on the completion of the lock-in period as defined in the 'Policy Proceeds' section.
What Happens if you want to surrender the policy after 5 years?The fund value will be paid out to you as under :
| Discontinuance during the policy year |
DISCONTINUANCE CHARGE | |
| 1 | Lower of 20% x (Annual Premium or Fund Value) but not exceeding 3,000 | Lower of 6% x (Annual Premium or Fund Value) but not exceeding 6,000 |
| 2 | Lower of 15% x (Annual Premium or Fund Value) but not exceeding 2,000 | Lower of 4% x (Annual Premium or Fund Value) but not exceeding 5,000 |
| 3 | Lower of 10% x (Annual Premium or Fund Value) but not exceeding 1,500 | Lower of 3% x (Annual Premium or Fund Value) but not exceeding 4,000 |
| 4 | Lower of 5% x (Annual Premium or Fund Value) but not exceeding 1,000 | Lower of 2% x (Annual Premium or Fund Value) but not exceeding 2,000 |
| 5 | Nil | Nil |
In case, of the death of the policyholder before the payment of the surrender benefit, the amount in the 'Discontinued Policy Fund' will be paid out immediately.
Upon payment of this benefit, the policy terminates and no further benefits are payable.
