HDFC Life Pension Plan Features and Advantages
Pension plan is provided by insurance agencies for people at the time of retirement. In the current era of inflation has made insecure to retired persons to live without a regular income as even the regular salaried persons are not able to live a satiable life.
These insurance companies has made flexible insurance plan. It depends on individuals to attain their income post retirement in form of pension or annuity by fixing their retirement date. HDFC’s Immediate annuity allows to grant capital with gross income during lifetime or whenever you are required. It is the perfect way of planning expenses after retirement.
HDFC Pension Plan Feature’s
The candidate must be at least 30 years and 85 years. It depends even after the death of individual as they wish to provide annuity.
The Annuity is guaranteed to be paid for 15 years as last guarantee will be at the period of 80th birthday.
The gross annuity will be increased annually at 5% compounded annually.
Flexibility of Income Receipts
The income is available at any time you wish monthly,every 3 months,every 6 months,once in a year. It is paid in advance or arrears means in the starting or in the ending of the payment period.
HDFC Pension Plan Advantages
Temporary period Option
It depends on individuals to choose the time of payment. Th annuity will be provided until the specified time after that no annuity will be provided. It is must be at least 1 year.
The annuity might also grants death benefits the choice depends on you to choose the annuity that pay benefits at the time of death, the named individual, or the later of yours if the named individual has died. The death benefit is shown as following
- Price at full rate, or the purchase price proportion rate.
- capital protection option-Death money value equals purchase price less the gross annuity installment paid in annuity
- Death benefit is not provided as per guarantee period
Nominee after your death
HDFC immediate annuity supports annuity for named individual as specified in the form. It will be offered after your death. It’s amount will be equal to your’s annuity.