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HDFC Life Group Pension Plan

Overview

is a non linked group participating that allows employers to superannuation schemes for their employees efficiently. The group pension plan serves as an effective motivator for the employees as well as a way to show them recognition for all their services rendered towards the organisation. This policy not only offers benefits for the employees but also secures the investments of the employers.

Eligibility of HDFC Life Group Pension Plan

Criteria

Minimum

Maximum

Age of entry

16 years as at last birthday

75 years as at last birthday

Premium

RS 1,00,000

No limit

Modes of premium

Monthly, every 3 months, every 6 months and yearly

 

Features of HDFC Life Group Pension Plan

  1. It is a non linked participating insurance plan.
  2. The basis of the policy is for a group.
  3. The term of the policy is an indefinite period. It can be renewed yearly by the master policyholder.
  4. New members can join in on the policy at any defined date.
  5. The policy is an effective employee motivation tool and also serves as recognition for their valuable services rendered to the company.
  6. The policy offers 2 options. The policy can be made out with a single policy account or can be catered to individual member accounts.
  7. The policy offers a guaranteed floor rate of 0.5% every year.
  8. The bonuses are non negative and are declared and credited to the policy at the end of every financial year.
  9. The benefits of the policy include death and maturity.
  10. The master policyholder processes all benefits of the policy.
  11. The free look period of the policy is 15 days. A policy returned within this stipulated time frame cannot be revived. Only a new policy with new benefits can be purchased.
  12. The policy is subject to premium allocation charges.
  13. The policy provides tax benefits under the applicable tax laws.

How the Plan Works

This policy allows employers to effectively carry out operations of pension or superannuation. The employer at the time of policy purchase and commencement has to choose whether they would like to set up a master policy account or individual member accounts. The premiums attract a premium allocation charge. After this amount has been deducted from the premiums, the remainder is credited into the policyholder's account. The premiums can be paid in 4 modes which are monthly, every 3 months or quarterly, every 6 months or half yearly and yearly. The account of the policyholder is credited with bonuses on a yearly basis. The assured benefit for the policy is 0.5% p.a on the premiums that have been paid and is also known as the minimum floor rate. At the end of every financial year, a non negative bonus is declared and is credited to the account of the policyholder after the minimum floor rate has been credited.

Advantages and Benefits of HDFC Life Group Pension Plan

The Policy covers Death of a policy member, Maturity or vesting of the policy for a member and member exiting employment through early retirement, resignation or termination. These benefits are broken down by the type of account whether it is individual member level accounts or a master policy account. The following table breaks down the benefit through account type

Benefit

Individual member account

Master Policy account

Maturity or Vesting

The maturity benefit is higher of either the account value of the member or the assured benefit

The benefit paid to the member upon maturity falls in line with rules set by the employer and is subject to a maximum of the value of the policy account or the assured benefit

Death of member

In case of death of the member the nominee will receive higher of either the assured benefit or value of the member's account

The benefit paid to the nominee in case of employer's death will be subject to the rules of the employer and is subject to the assured benefit or the value of the policy account

Early retirement, termination or resignation

The benefit paid is equal to the value of the member's account

This benefit is also in line with the rules set by the employer and is subject to a maximum of the account value of the policy

In all the above HDFC Life benefits the assured benefit is the guaranteed return which is calculated as 0.5% p.a on the premiums paid. Upon the payment of these benefits, all benefits for the member will cease.

The policy is also eligible for tax benefits under the applicable tax laws.

Charges

The policy attracts a premium allocation charge. This charge is levied on the premiums at the time of payment and is 0.05% p.a. On the premiums paid. The premium allocation charge is subject to a maximum of RS 10,000. The charge is exclusive of any service tax or education cess.

Premium Discontinuance

If the policyholder decides to surrender the policy then in those instances where the policy has individual member accounts maintained with HDFC, the surrender value is equal to the aggregate value of the account of all the members. If the individual member level accounts are not maintained with , the surrender value is equal to the value of the account. In both cases there will be no surrender charge levied.

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

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

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HDFC Life Group Pension Plan Reviews

Page 1 of 50 1 2 3 4 5
  • HDFC Life Life Insurance
    "Better Policy"
    0.5 5.0/5 "Blown Away!"
    From my HDFC LIFE, i have taken my life insurance. The executive came to my place and informed me about the policy details and gave me some offer since it was good, i have selected them. I have been paying the premium amount of Rs. 2500 per month. The policy term is 15 years. I am not sure about the sum assured amount.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 10, 2019
  • HDFC Life
    HDFC Life Life Insurance
    "People more aware of their offerings &its better than others"
    0.5 4.0/5 "Great!"
    Basically I did not have any idea about the policy and it was just referred by a friend so have opted the policy, just for an investment perspective. I have received the insurance paper. Their executive explained me about the benefits. I pay 50K to 55K through online and tenure is 12 years.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Sep 18, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    HDFC LIFE is offering a good benefits and the charges are nominal when compared with other insurer so I took a term plan with them. They have explained me about benefits of the policy. They need some improvement on the customer service. I have paid 24K for a year.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Sep 03, 2019
  • HDFC Life Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    Bought my money back policy from HDFC LIFE. Taken the policy in the year of 2016. Earlier i had a salary account with HDFC hence the manager is forcefully to take this policy. I am paying the premium amount of Rs. 25000 annually. I need to pay the premium for 5 years after 5 years there is a lockin period. I get the sum assured amount of Rs. 2.50 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 27, 2019
  • HDFC Life Life Insurance
    "Quickest way to insure"
    0.5 5.0/5 "Blown Away!"
    Its very to take a policy through online from HDFC. The claim ratio is very nice hence i have chosen the HDFC LIFE. I'm satisfied with the coverage value of Rs. 50 lakhs. I have chosen the annual payments mode. They do have a partial disability cover is included.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 25, 2019
  • HDFC Life Life Insurance
    "Coverage for the premium is good"
    0.5 4.0/5 "Great!"
    Chosen my term insurance from HDFC LIFE. HDFC has better claim ratio thats the reason i opted the policy. I make the premium through online every time. I pay the premium amount of Rs. 6600. They have included with disability cover and accidental cover. The premium is less since i purchase the policy through online.
    Was this review helpful? 1
    , bangalore
    Reviewed on Aug 16, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I took a term insurance with HDFC LIFE, I have compared with online site and found they are having good payment rates. The customer service is good. I am satisfied with the benefits. I am doing monthly premium of Rs.2000 and need to pay till 15 years. The payment mode is online.
    Was this review helpful? 1
    , bangalore
    Reviewed on Aug 06, 2019
  • HDFC Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have a term insurance with HDFC LIFE because the benefits are too beneficial. I am paying 9,400 rupees for a year through net banking. The policy covers till the age of 85. The nominee would be getting a benefit of 75L. They have provide insurance documents on time.
    Was this review helpful? 0
    , mumbai
    Reviewed on Aug 06, 2019
  • HDFC Life Life Insurance
    "Satisfied"
    0.5 4.0/5 "Great!"
    Recently I have purchased a super savings policy from HDFC LIFE. I need to pay the premium for 8 years and after that I will get a profit for every year. They will be providing 10K on monthly basis. I have taken a policy premium of 75K per year. The payment mode is cheque.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 02, 2019
  • HDFC Life Life Insurance
    "If you want save tax, purchase this policy"
    0.5 5.0/5 "Blown Away!"
    Bought my life insurance policy from HDFC LIFE. For the tax benefit purpose, i purchase this policy. I am not sure about the plan name. They will double the money in returns at the time maturity and its a long term plan. I pay the premium amount of Rs. 24000 annually.
    Was this review helpful? 0
    , new delhi
    Reviewed on Aug 01, 2019
  • HDFC Life Life Insurance
    "Excellent Plan"
    0.5 5.0/5 "Blown Away!"
    Bought my life insurance from HDFC LIFE. Every year i need to invest the money of Rs. 50000 for first five years. Next 5 years will be a lockin period. After 10 years, i get the money of Rs. 18000 every year for 5 years and at the time of maturity i get a sum assured amount of Rs. 10 lakhs. I bought this policy for daughter's future.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 31, 2019
  • HDFC Life Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    Actually I was looking for a investment plan with HDFC BANK and they have provided me a life insurance. I never asked them for a policy but still they provided me an opportunity then I researched and found the benefits are also good. I need to pay the premium of 30K half yearly through online.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jul 31, 2019
  • HDFC Life Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have chosen the life insurance policy from HDFC LIFE and the plan is Super Income. For the future salary purpose, i have selected the policy. In this policy, i need to pay the premium for first 10 years and the next years will be lockin period and after i can get a lumpsum amount or else i can convert into monthly payment. I pay the premium amount of Rs. 25000 per annum. They are providing the sum assured amount of Rs. 1.87 lakhs.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 30, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have taken the CHILDREN PLAN with the HDFC LIFE where the maturity period of the policy is for 15 years with the policy. The coverage is for self with the policy is for self added on that the benefit of the policy is in case of any incident happened will be getting the amount and after the maturity there is a sum assured.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 29, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am using the life insurance policy with HDFC LIFE and the maturity period of the policy is for 7 years but the premium have to pay for 5 years. The documents submitted through the offline. The sum assure value of the policy is for 5L. I got the hard copy too.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jul 27, 2019
  • HDFC Life Life Insurance
    "Need to provide correct details "
    0.5 3.0/5 "Satisfactory"
    I have taken a life insurance in HDFC LIFE on 2 years before. The policy is for 10 years and other 10 years for maturity. I am paying premium in the yearly package. While getting a policy my agent has not given an information about the policy details at an initial they stated offers later that offers are not listed in the benefits. I use to do payment through an online.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 26, 2019
  • HDFC Life Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Yearly once I'm paying the premium for my life insurance. My cousin is working in HDFC hence i have taken the policy. I'm satisfied with the sum assured amount. I make the premium through online. I have a HDFC corporate account hence its easy to pay.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 26, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    TERM PLAN using from last few years, the documents submitted through the online as well as the offline process. The premium paying for 6 months, coverage is for self. There is no coverage apart from this. The customer support is good and responsive.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 22, 2019
  • HDFC Life Life Insurance
    "Need to decrease charges"
    0.5 3.0/5 "Satisfactory"
    I have taken a life insurance in HDFC LIFE on 10 days before only. The policy for 12 years.I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details. They detect amount from my credit card for the payment.Charges are high. EMI is only 945 told at an initial then later it was for 1276 EMI charges per month.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 21, 2019
  • 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
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