HDFC Standard Life Insurance Company Limited. First Insurance Company In India And Its History. CA0010. Loyalty add-ons in the arrangement of the Pension Multipliers will add to your fund value, in case all due payments have been funded, every alternative year beginning from the completion of the eleventh policy year. The policyholder may also choose to buy a Single Premium Deferred Annuity plan from the company using the entire corpus. However, market declines may take all your retirement funds and thus your retirement visions get down with market declines. IRDAI/WBA21/15 Valid till 13/07/2021. Option to commute up to 1/3rd of the maturity (vesting) benefit as tax free^. Notify me of follow-up comments by email. The most common type is the joint annuity where you can jointly take the plan with your spouse. How can I provide for my spouse if I buy an annuity plan? 1. The Guaranteed Vesting Benefits will remain the same as the amount calculated on this policy term selected at the beginning of the plan. Here are some of the benefits of the HDFC Life Assured Pension Plan given below. No. HDFC Pension Plans – Applying for a Pension Plan from the company: The company offers specific HDFC pension plans which are available online only. The policy then will dismiss thereafter & thus no more paybacks will be given by the company. You can also check National Pension Scheme Benefits, **Discount is offered by the Insurance company as approved by IRDAI for the product under File & Use guidelines #On the basis of your profile, CIN: U74999HR2014PTC053454 Policybazaar Insurance Brokers Private Limited (formerly known as Policybazaar Insurance Web Aggregator Private Limited) Policybazaar is currently registered as a Web aggregator by IRDAI. HDFC Life Assured Pension Plan is a Unit Linked Plan which offers market-linked returns along with Loyalty additions. On Vesting, higher of the Sum Assured including bonuses or 101% of total premiums paid is guaranteed to be paid under this HDFC pension plan. While HDFC holds 74.60% of the company’s stake, Standard Life (Mauritius Holding) Limited holds 26% while the remaining is held by others. 10,000 (min); No limit (max), Purchase Price: Depends on the policyholder’s age and the annuity amount chosen. Here I have provided the eligibility in the table form below. Death benefit is exempt under Section 10(10D). Death benefit is exempt under Section 10(10D). The product information for comparison displayed on this website is of the insurers with whom our company has an agreement. This gives him 20 years time to build up an annuity fund. The features of the plan are as follows: Regular pay – Rs.24, 000 Single Pay – Rs.50, 000, Equal to the policy term or Single Pay or Limited Pay. Under this HDFC pension plan, on vesting, the policyholder can purchase a joint life annuity from the company guaranteeing regular income till the policyholder or his spouse is alive. The premium will be determined using the filled details. Product information is authentic and solely based on the information received from the Insurer© Copyright 2008-2020 policybazaar.com. Lifetime Annuity plus Return of Purchase Price in parts, Lifetime Annuity with Return of 100% of Purchase Price on diagnosis of Critical Illness or death, Joint Life Last Survivor with 100% annuity to the secondary annuitant, Joint Life Last Survivor with 50% annuity to the secondary annuitant, Joint Life Last Survivor with 100% annuity to the secondary annuitant and Return of 100% of Purchase Price, Joint Life Last Survivor with 50% annuity to the secondary annuitant and Return of 100% of Purchase Price, Moreover, the Purchase Price, i.e. Taking a plan early has two benefits. With the expertise of HDFC and Standard Life together under one umbrella, HDFC Standard Life Insurance has become a market leader in the insurance sector offering a complete range of products at competitive rates. HDFC Standard Life Insurance Company was established between Housing Development Finance Corporation Limited (HDFC) and Standard Life plc based out of UK. Life Annuity increasing at a simple rate of 5% p.a. Write CSS OR LESS and hit save. Income Tax Benefit on the premiums paid under Section 80C, on the commuted part of the fund value under Section 10(10A). 1 Lakh premium, on Vesting the plan would provide a fund value of Rs. withdrawn as cash. On maturity, 1/3rd of the fund value can be commuted, i.e. 4 Ways To Make Retirement Funds Last Longer! Like we saw in the above example, Mr. Batra bought the plan from one of the HDFC pension plans at the age of 40 and that gave him a solid period of 20 years to build up the annuity fund. 2.5 lakh and above, Annual Annuity Amount: Rs. The annuity promises multiple annuity options under this HDFC pension plan like: Annuity for life and then return of purchase price on death, Lifetime Annuity with Return of Balance of Purchase Price, Life Annuity which is guaranteed for 5/10/15 or 20 years and then payable for life. In this HDFC Life Assured Pension Plan (ULIP), the risk of investment in the investment portfolio is endured by the insured. ^Tax Benefits are subject to change in tax laws. The minimum level of death benefit at all times will be 105% of the premiums paid. Under this HDFC pension plan, on vesting, the proceeds are payable to the policyholder who can either choose to receive annuity payouts from the entire corpus or withdraw 1/3rd of the corpus as cash and receive annuity payouts from the remainder 2/3rd of the corpus which shall be taxable. The policyholder may also commute 1/3rd of the fund and receive annuity from the remaining portion or purchase another Single Premium deferred annuity from the company, Under this HDFC pension plan, on death of the insured, higher of the available fund value or 105% of the premium is paid to the nominee who may choose to receive annuities or withdraw the entire amount, Income Tax Benefit on the premiums paid under Section 80C and on the commuted part of the fund value under Section 10(10A) of the Income Tax Act. Under this HDFC pension plan, higher rates of annuity are available for higher Purchase Price of Rs.2.5 lakhs and above. You just have to name your spouse as the nominee and so even after you die, he or she will continue to receive the annuity till the time the period ends. Step 1: Enter your policy details – policy number and policyholders date of birth, Step 2: Pay from your debit/ credit card or select your online bank account to make the payment, Step 3: Authenticate and confirm your payment details and receive online premium payment receipt for your HDFC pension plan. This is another HDFC pension plan that is suitable for people trying to reduce their taxable income, A guaranteed addition of 3% of the Sum Assured is added to the corpus for every completed year of this HDFC pension plan, Vesting additions are also added on vesting which is expressed as a percentage of the Sum Assured and it depends on the tenure of the HDFC pension plan chosen, Under this HDFC pension plan, the death benefit is also guaranteed which is the total of all premiums paid till death accumulated at an interest of 6% per annum, The premium needs to be paid for a limited term only under this HDFC pension plan. Isn’t it about enduring your savings? How to pay premium? Mr. Batra decides to buy an annuity plan from one of the HDFC pension plans when he is 40 years old. For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully or contact your relationship manager before concluding a sale. What Is RTI In Car Insurance I.E. "The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited and is used by HDFC Life under a license/agreement. Under this HDFC pension plan, in case of death, higher of 101% of the premiums paid including the bonus amount or 105% of the premiums paid up to death is payable to nominee who can either receive annuity or take the entire benefit, Reversionary bonus, interim bonus and terminal bonus accrue in the HDFC pension plan, This HDFC pension plan promises an assured Vesting Benefit equal to {101% + 1% * (policy Term – premium paying term)}*total premiums paid, The death benefit which is payable under this HDFC pension plan will be the amount which will be higher among the fund value on the date of death or 105% of premiums paid till death, Under this HDFC pension plan, the vesting age can be postponed if the policyholder’s age is below 55 years, Three types of funds are available under this HDFC pension plan which are Pension Equity Plus Fund, Pension Income Fund and Pension Conservative Fund. An annuity plan should ideally be taken much before the actual retirement time. In this HDFC Life Assured Pension Plan (ULIP), the risk of investment in the investment portfolio is endured by the insured. 3. The savings will transfer to your Pension Conventional Fund as well as all your applicable responsibilities will endure being subtracted. The pension plans which HDFC Life has can be highlighted below: Is a traditional plan with the under-mentioned features: An online pension plan in a unknit linked format. The premium paid to buy this HDFC pension plan is exempt from taxation under Section 80CCC of the Income Tax Act. 81,145 (min); No limit (max), Plan pays annuity without delay from the period chosen by the annuitant after the premium is paid, The Purchase Price, i.e. What Is Employment Practices Liability Insurance (EPLI)? For the next 20 years (which is called the accumulation phase), he regularly pays his premiums. What is the policy renewal process for HDFC Life pension plans? Approval for registration as an Insurance Broker is pending with the IRDAI. Life Insurance Coverage is available in this product. 4. Simply log into the e-portal with your Client ID and password to check the policy status of your HDFC pension plan. What is the company’s process to settle claim for HDFC Life pension plans? The customer only needs to log into the company’s website, choose the required HDFC pension plan, choose the coverage and provide the details. The policyholder may also commute 1/3rd of the fund and receive annuity from the remaining portion or purchase another Single Premium deferred annuity from the company. Alternatively, a single premium deferred annuity plan can be purchased from the proceeds. What Are The Types Of Fire Insurance Policy? How To Claim PF Online | Hassle-Free Method. From the 11th year onwards 102.5% of the premiums paid are allocated to the fund under this HDFC pension plan. This HDFC pension plan will pay annuity without delay from the period chosen by the annuitant after the premium is paid. The policyholder may also choose to buy a Single Premium Deferred Annuity plan from the company using the entire corpus, Annual Premium Amount: Rs. 1The above mentioned tax benefits are subject to provisions set out under Income Tax Act 1961. In the case of unfortunate death before the completion of the policy term, the nominee will be given higher Fund Value as well as 105% of your total premium(s) paid till date. Under this HDFC pension plan, on vesting, the policyholder can commute 1/3rd part of the corpus and avail annuity from the remaining part or avail immediate annuity from the entire corpus or use the proceeds to buy a Single Premium Deferred Annuity plan from the company. HDFC Life Capital Shield is a non-par Unit Linked Plan. 5. Under this HDFC pension plan, on maturity, 1/3rd of the fund value can be commuted, i.e. 24,000, Single Pay - Rs. The linked assurance products don’t offer any kind of liquidity throughout the … Your HDFC Life Assured Pension Plan vests at the completion of your policy term, as well as your Vesting (Maturity) Benefits, will be higher than the Assured Maturity Benefit or Fund Value. Insurance is the subject matter of solicitation.Visitors are hereby informed that their information submitted on the website may be shared with insurers. “Return To Invoice”. © Newspaper healthnewsreportingTheme by healthnewsreporting. ", Registered Office: HDFC Standard Life Insurance Company Limited, Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011.