HDFC Life Pension Plans

HDFC Standard Life Insurance Company was formed by Housing Development Finance Corporation Limited (HDFC) and Standard Life plc of the United Kingdom. While HDFC owns 74.60% of the company, Standard Life (Mauritius Holding) Limited owns 26%, and the rest is held by others. By combining the expertise of HDFC and Standard Life, HDFC Standard Life Insurance has evolved into a dominant player in the insurance sector, offering a wide range of services at economical pricing.

What Exactly are Retirement Plans?

Retirement plans are financial programes that allow you to plan for the future even if you do not have a consistent source of income. Plans are classified into two types:

Pension Schemes

These investment options allow you to accumulate money over time in order to have a consistent income when you retire. Even if your income ends after retirement, you may keep your financial freedom with a pension plan. Most significantly, a pension plan enables you to deal with price while maintaining your quality of life.

Annuity Agreements

An annuity plan secures your financial future by providing you with monthly income checks for the rest of your life. A pension policy has what is known as an integration stage. During this time, you invest money into the policy on a regular basis. When you decide to retire, you may use the money you’ve saved to buy an annuity. The annuity thereafter makes regular payments to you in accordance with the terms and circumstances of the plan you selected.

Characteristics of Retirement Plans in India

If you’re debating whether a superannuation plan is a good investment, consider the following features:

Consistent Flow of Income

Retirement plans provide a guaranteed income upon retirement, eliminating the need to concern about not having a consistent income after you retire. Furthermore, depending on the insurance you choose, you can protect your spouse’s investment portfolio even if you die.

Age of Vesting

The enrolling age is the age at which you become qualified to begin receiving pension benefits. Most plans in India have a required vesting age of 40 or 50 years since individuals retire and begin getting their pension at the age of 60. You can pick a plan that meets your needs depending on your future plans and objectives.

Worth Transfer

You will lose any additional benefits if you relinquish your pension plan before it matures. Your plan will be classified as a cardholder plan, and you will be able to commute a component of the fund value and obtain an income with the remainder.

Payment Term

When the accumulating period ends, you begin receiving pension benefits. This is known as the billing period. The payments from an annuity plan remain in effect as long as you live. So you get to select when the payment term begins.

What Are the Steps to Purchasing a Private Pension?

A retirement plan is a multi-step procedure that changes over time. The steps below will assist you in developing a retirement plan:

  • Set a schedule – prioritize 30 items and divide them into short, medium, and long-term goals. To generate an approximation, divide your current income in half.
  • Examine your existing financial situation in relation to your financial goals, and be more proactive in terms of saves, investments, and income.
  • Determine your forms of income – Think about all of your income sources, including insurance, stock portfolios, assets, and the possibility of working part-time to manage your retirement savings.
  • Are you running out of time? Rethink your investment and make capture and bite-sized donations to close the deficit.

HDFC Life Pension Plan Varieties

HDFC Life Pension Super Plus is a pension plan offered by HDFC Life.

Enroll in HDFC Life Pension Plans to receive cash support after retirement. Tax benefits are available under Section 80CCC of the Income Tax Act of 1961.

Advantages and disadvantages

  • ULIP with a regular premium but no participation

  • Guaranteed maturity vesting value

  • Flexibility in terms of retirement date

  • Guaranteed benefit of 101% of all premiums paid, including top-up premiums

  • Investment worth

  • Extra bonus allocation begins in the eleventh year.

HDFC Life’s New Immediate Annuity Plan

This strategy is a wise approach to keep a consistent income source after retirement.

Characteristics and Advantages

  • Guaranteed minimum income for the duration of your or your wife’s life

  • Higher annuities rate at Rs. 2,50,000 investment

  • Death benefit on a selected annuity option that provides a return of investment

ULIP HDFC Life Click2Retire

This is an online ULIP that delivers market-linked returns to assist you in reaching your retirement objectives. HDFC Life Click2Retire makes it possible to get a monthly income.

Advantages and Disadvantages

  • There are no premium distribution, fatality, policy administration, or cancellation fees.

  • The death benefit is the greater of the fund value or 105% of the total premiums paid.

  • Choices for single pay, restricted pay, and regular pay

  • Allows for state pension to travel or pursue specific interests and hobbies.

HDFC Life Pension plan

A non-participating, non-linked annuity plan with a single premium for lifelong income.


  • Various Annuity alternatives to meet your needs

  • The plan can be purchased on a single or joint life basis.

  • The option of receiving an immediate or delayed annuity

  • You can choose to get your annuity monthly, quarterly, half-yearly, or annually.

  • On death, you have the option of receiving a refund of the purchase price.

  • Take advantage of the option of raising your Annuity Payouts with Top Up.

Documents needed for a Death Claim

In Case of Natural Death

  • Autopsy report issued by the government or an appropriate authorities

  • Form for a Death Claim (includes NEFT)

  • Authentic Policy Document (In Case of DEMAT, Original Policy Documents are not Required)

  • Proof of Plaintiff’s Residence

  • Photo ID and/or PAN card of the claimant

  • Picture of the Claimant

  • Medical records from the death date and previous illnesses

  • Rejected Cheque or Bank Passbook with Personalization

  • If hired, the employer’s certificate (Form)

Death that is not natural (unnatural drowning / killing / suicide)

  • Death claim form provided by the government / relevant authority (includes NEFT)

  • Authentic Policy Document (In Case of DEMAT, Original Policy Documents are not Required)

  • Evidence of Claimant’s Residence

  • Proof Of identity and/or PAN card of the claimant

  • FIR, Police Inquest Report, and Panchnama of the Claimant

  • Customized Canceled Cheque or Bank Passbook Post Mortem Report

  • If hired, the employer’s certificate (Form)

Natural Environmental disasters / Disasters

  • Autopsy report issued by the government or a relevant authority

  • Form for a Death Claim (includes NEFT)

  • Authentic Policy Document (In Case of DEMAT, Original Policy Documents are not Required)

  • Evidence of Claimant’s Residence

  • Photo ID and/or PAN card of the claimant

  • Picture of the Claimant

  • Rejected Cheque or Bank Passbook with Personalization

Pension Plan – FAQs

Q1. Should I choose a delayed or an immediate annuity plan?

Ans- The decision is based on the policyholder’s planning stage for retirement. When you are getting close to retirement, you should invest in an annuity plan, and you should start a deferred plan as soon as you can.

Q2. When should one purchase an annuity plan?

Ans- The annuity plan is the greatest option to choose while retiring. You will have two decades to accumulate a retirement fund if you enroll in one of the HDFC Life Pension Plans while you are in your 40s. There will be two advantages to the retirement plan.

One, you can live a more laid-back life after retirement; two, you can invest more money in the preparation.

Q3. The benefits of choosing the HDFC Life New Immediate Annuity Plan

Ans- Purchasing an HDFC Life New Immediate Annuity Plan upon retirement aids in obtaining a source of consistent income.

Q4. How may a premium be paid? What types of payment methods are available?

Ans- The methods of premium payment are as follows:

1.Drop box ECS system
2.YES Bank/AXIS credit card
3.NEFT Checks/Cash
4.Pay bills – EBPP

Q4. How can I find out the status of my HDFC Life Pension Plan policy?

Ans- The steps to check the status of an HDFC Life Pension Plan are as follows:

1.Sign up at the HDFC Pension Online website.
2.Use your username and password to log in.
3.Verify the situation

Q5. How do HDFC Life Pension Plans renew their policies?

Ans- The plan is automatically renewed with the payment of the renewal premium. The policyholder must speak with customer support to have the policy renewed, nevertheless, if the grace period has passed and the payments are still owing.

Q6. What is the policy cancellation process for HDFC Life Pension Plans?

Ans- The user is only allowed to go through the cancellation process after completing 5 policy years. There is no deduction from fund value if you surrender the policy after completing 5 years. Submit the cancellation request to the HDFC branch to proceed with the cancellation. The refund process starts within 72 hours.

Q7. What are HDFC Life Pension Plans in India?

Ans- There are various types of HDFC Life Pension Plans which can secure your post-retirement life. You can ensure a comfortable lifestyle with a regular pay cheque from your immediate annuity plan. The retirement plans also help in easily meeting contingencies without worrying too much.

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