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HDFC Life Insurance Pension Plans

An individual can earn enough during his working years to support himself and his family comfortably. But the real challenge begins when retirement dawns and expenses show no sign of slowing down. Inflation, rising healthcare costs, needs of growing up children all have to tackled in life’s later years. For this planning early for finances to support retirement years is necessary.

HDFC Life has a number of pension plans to secure your retirement years. Its plans provide insurance cover with growing savings options, so that your funds continue to grow and provide you with a nest egg for retirement when you need it.

Types of HDFC Life Pension Plans

that suits an individual’s needs for a secure financial status in life’s later years. Let’s take a look at these plans:

HDFC Life Personal Pension Plus

HDFC Life Personal Pension Plus is a participatory traditional pension plan with an investment horizon of 10-40 years. The plan lets you choose payment of premiums on monthly/quarterly/half-yearly/annually and pays an assured benefit of 101% of all premiums paid on death. You can also choose from a range of annuity options at vesting (on maturity) and get guaranteed income for life. Further, the plan provides tax benefits under 80 CCC.

HDFC Life Pension Super Plus

This is a unit-linked pension plan that lets you accumulate a corpus fund to see you through the retirement years. The plan invests premiums dynamically between fixed income avenues and equities. Death benefits to nominee in case of insured’s death, 102.5% of premium allocation 11th year of investment onwards and assured benefits of fund value or 101% of premiums are other features of the plan.

HDFC Life Single Premium Pension Super Plan

HDFC Life Single Premium Pension Super Plan, a unit-linked single premium policy that creates a corpus over the policy term to generate post-retirement income for life. It gives you the flexibility of paying a single premium and additional top-up premiums. It also provides an assured value of 101% of your single and top-up premiums as maturity benefits (on vesting).

HDFC Life Guranteed Pension Plan

HDFC Life Guranteed Pension Plan is a plan that provides you with guaranteed income to enjoy your retirement years. There is guaranteed addition of 3% for every completed policy year. Assured death benefit of total premiums paid compounded at an annual rate of 6%.

HDFC Life New Immediate Annuity Plan

HDFC Life New Immediate Annuity Plan is a non-linked traditional annuity plan that assures financial independence after your retirement. It also gives you choose frequency of annuity payment-monthly/quarterly/half-yearly or annually and you may receive this as long as you or your partner dies.

HDFC Life Qualifying Recognized Overseas Pension Scheme (QROPS)

If you spent your working life in United Kingdom but wish to transfer the same to India where you wish to spend your last years, then Qualifying Recognized Overseas Pension Scheme (QROPS) is for you. This is a tax efficient retirement product registered as QROPS with HMRC and has following benefits:

  • Tax Efficient transfer of your pension fund accumulated in the UK to India
  • Post retirement in India, you can earn a steady income
  • Your funds can continue to grow in India

HDFC Life Click2Retire - ULIP

It is an online unit linked insurance plan, particularly designed to fulfil your retirement needs. The plan helps you spend your retirement days in comfort and style by providing comprehensive coverage and a number of flexibilities. The HDFC Life Click2Retire also enables you to invest in three different funds such as Pension Equity Plus fund, Pension Income Fund and Pension Conservative Fund and get assured returns on your investments. The plan comes with a free-look period 30 days and grace period of 30 days. The minimum entry age required to purchases this plan is 18 years and the maximum age is 65 years.

An example of pension plan

Suppose Ramesh is a public sector worker in India who was offered a voluntary retirement scheme at age of 45 by his company. He accepted the offer and invested the lump sum money he received in the HDFC Life Single Premium Pension Super Plan, a unit-linked single premium policy. At the vesting age of 55 years, he continued to earn an annuity of Rs. 30,000 per month and was able to sustain his lifestyle. In the event of his death during the term, his wife would receive the fund value or assured benefit of 105% of premium paid.

Why HDFC Life Pension Plan?

Coming from the house of HDFC, India’s leading housing finance company, HDFC Life Pension Plans cater to the financial needs of an individual in their later stage of life. They also incorporate features like flexibility, tax savings and guaranteed in addition to death benefits.

HDFC Life is a joint venture between India’s Housing Development Finance Corporation Limited (HDFC), and UK’s Standard Life plc. HDFC Life's has Protection, Investment, Pension, Savings and Health plans. Customers can add on riders, to their policies at a nominal price. With 400 branches across the country the company has a fair claim settlement ratio and is geared up to serve customers better.

Other HDFC Life Insurance Plans

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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HDFC Life Pension Plan Reviews

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  • HDFC Life Life Insurance
    "Good for family protection"
    0.5 5.0/5 "Blown Away!"
    I have term plan with HDFC life, I have chosen the sum assured of Rs. 75 lakhs it has the duration of 50 years, life cover is upto 75 years. I make the premium around Rs. 800 per month, it has tax cover, critical illness, waiver on premium at disability. Cancer and Heart attack cover is also there.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 19, 2019
  • HDFC Life
    HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the accidental policy where using from last 8months with HDFC LIFE. The premium paying was monthly once with the insurance policy. The benefits with the policy is good but i have not received the hard copy, coverage is for 20L.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • HDFC Life Life Insurance
    "Okay Policy"
    0.5 3.0/5 "Satisfactory"
    No reason for choosing my insurance policy from HDFC. For income tax returns i bought the policy. I'm paying the premium upto 7 years and after 10 years i will get the returns to my account. I have been paying the premium amount of Rs. 12148 which is a annual payment. The premium is auto deducted from my account
    Was this review helpful? 0
    , thane
    Reviewed on Jul 18, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the life insurance policy with HDFC LIFE since from last 5 years where the maturity period of the policy is for 7 years with the policy. The premium paying for monthly once as 2000 rupees. The executive has explained the details of the policy also i have received the hard copy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 13, 2019
  • HDFC Life Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    Since i have a salary with HDFC i have chosen the HDFC LIFE for my accidental insurance. I'm not sure about the premium amount and they have provided me a coverage amount of Rs. 5 lakhs and i used to visit their branch to renew the policy. I do not have any claim experience
    Was this review helpful? 0
    , new delhi
    Reviewed on Jul 13, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am using the term plan since from last 3 years with HDFC LIFE, the documentation process was done through online, the premium paying was through the yearly once through online. It give the coverage for self. The are no benefits provided with the policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 10, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the TERM PLAN with the HDFC LIFE where i have been using t since from last 3 years. The premium paying was for yearly once with the policy added on that the executive explained the details of the policy and given the hard copy too of the policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 10, 2019
  • HDFC Life Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in HDFC LIFE on 6 months before. The policy is for 45 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payments through an online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 09, 2019
  • HDFC Life Life Insurance
    "Need to improve customer service"
    0.5 2.0/5 "Expected more"
    I have taken a life insurance in HDFC LIFE before 8 years ago. The policy is for 10 years. I am paying premium in the monthly package. While getting a policy my agent has not given proper information about the details hidden policy has not update in proper. I use to do payments through an online.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jul 08, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the life insurance policy with HDFC LIFE and the maturity period of this policy is for 10 years and i am using the card since from last 2 years. The premium paying for yearly once added on that the policy coverage is for family.
    Was this review helpful? 0
    , jamnagar
    Reviewed on Jul 05, 2019
  • HDFC Life Life Insurance
    "Good benefits"
    0.5 5.0/5 "Blown Away!"
    I have taken a term plan with HDFC Life. The benefit of this policy is for my nominee. The process to buy the policy online was smooth and easy. It is till the age of 65 years. The sum assured is for 25 lakhs. The premium is not that costly. I pay in annually online.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jun 28, 2019
  • HDFC Life Life Insurance
    "AVERAGE"
    0.5 3.0/5 "Satisfactory"
    I am using from last one month and done the documentation process through online but i have not received any of copies through hard copy also the mail is not clear. The name of the pension plan and it has the maturity period of 60 years. The premium paid at the beginning it gives for self.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 27, 2019
  • HDFC Life Life Insurance
    "Good insurer"
    0.5 3.0/5 "Satisfactory"
    I have taken a life insurance in HDFC LIFE . The policy is for 15 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and also provided hard copy documents as well. I use to do payment through an online.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jun 24, 2019
  • HDFC Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I am satisfied with HDFC Banking service so I took a life insurance with HDFC Life. The policy coverage is 6L but need to increase more. I am paying yearly premium through online and its very easy for me. I did the policy in 20years and need to pay till the age of 45. I got the insurance paper online and also through courier.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 24, 2019
  • HDFC Life Life Insurance
    "Unhappy with the service"
    0.5 2.0/5 "Expected more"
    I purchased another ULIP policy from HDFC Life. I had to pay a premium on a yearly basis. After I bought the policy, I did not get much of benefits. There were a lot of charges as well, so I surrendered the policy. To surrender the policy I had to visit the bank and give a canceled cheque and got back my investment.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 23, 2019
  • HDFC Life Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have taken a ULIP policy from HDFC Life. I am satisfied with this policy benefits. I bought this policy online. I pay a premium on a monthly basis. There is a lock in period of three years. The payments can be done online. In all no hassles with policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 23, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am using the ACCIDENTAL POLICY with HDFC LIFE since from last 2 years. The premium paying was 800 rupees where the claim amount was 20L in this loan. There is a policy coverage for death, the coverage is for self in this policy. The overall experience was good.
    Was this review helpful? 0
    , delhi
    Reviewed on Jun 22, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    Every year, I need to pay 7200 rupees to HDFC Life renew the policy. I got a self accidental policy through IDFC Bank. They will be providing the insured value of 50L. HDFC Ergo has sent the insurance paper on time. I have paid the first payment via online and then enabled automatic debit. The customer service is very good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 21, 2019
  • HDFC Life Life Insurance
    "Customer friendly"
    0.5 5.0/5 "Blown Away!"
    I took a policy called Super Income policy from HDFC Life before 3years, they have informed me many benefits but I don't recollect now. If I pay 30K for 8yearrs then I will be getting the premium and plus return on 16 years. Its a worthable policy, Am paying the premium through online. The payment mode is convenient. I got the insurance paper.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 18, 2019
  • HDFC Life Life Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have holding one life insurance policy with Life insurance corporation of India from long time, the agent had clearly explain me about the plan benefits and policy coverage, the premium amount i use to pay one time it self to the agent now i do not want to pay any more.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 18, 2019
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