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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

Responsiveness

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HDFC Life Group Pension Plan Reviews

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  • 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
    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
  • HDFC Life Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken a term insurance in HDFC LIFE. The policy is for more than 50 years. I am paying premium in the annual package. Through an online I have came to know about all the policy details. I use to do payments through an online. This policy covers up to myself.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 18, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have taken the MONEY BACK policy with HDFC LIFE and using from last one year. The policy coverage is for self added on that the policy maturity period is fir self, i have got no cash backs so far with this policy. Premium paying for yearly once.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 16, 2019
  • HDFC Life Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    TERM plan that i am using with the HDFC LIFE since from last 2 months. It gives the coverage of the critical illness and also accidental death coverage and permanent disability also there is no need of paying for these coverage. The coverage for self, premium paying for yearly once of 11500 rupees approximately.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 12, 2019
  • HDFC Life Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I am using the ULIP plan with the HDFC LIFE since 6 months, the reason for taking the policy is my friend recommended because features are good. The premium paying for 50K for yearly once through online. The documentation process was done through online and the medical test taken at home. The maturity period is for 15 years, lock in period 5 years.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 12, 2019
  • HDFC Life Life Insurance
    "BETTER"
    0.5 3.0/5 "Satisfactory"
    I am using the policy of HDFC LIFE since from last 7 years, the name of the policy is children plan. It gives the coverage for self and children. The premium paying for yearly once with this policy also the maturity period is for 15 years with this policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 08, 2019
  • HDFC Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in HDFC LIFE. The policy is for 10 years. Now I am paying premium in the annual 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 payment through an online.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 07, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 3.0/5 "Satisfactory"
    I have taken the ACCIDENTAL POLICY with the HDFC LIFE where the policy i am using it since from last 2 years. The premium paid for first year was 5400 rupees and second year it was 6800 rupees and the coverage is 3L and above. The listed hospital is far away from my place.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jun 04, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in HDFC LIFE. The policy is for ten years. Now 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 May 30, 2019
  • HDFC Life Life Insurance
    "Good for family member protection"
    0.5 5.0/5 "Blown Away!"
    I pay Rs. 14,000 premium to HDFC life for the term plan. I selected the sum assured of Rs. 1 crore. I added one nominee even their claim settlement ratio and grievance resolved is good, at the time of taking policy they explained all. I make the payment through online payment they have critical illness and premium terminal on disabilities.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 30, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my life insurance with HDFC Life, their service is good they have charged premium on monthly basis, i use to pay premium amount through on line and their customer service is good they explained me about all policy it cover in this life insurance.Their overall service is good.
    Was this review helpful? 0
    , chandigarh
    Reviewed on May 29, 2019
  • HDFC Life Life Insurance
    "Good insurance policy"
    0.5 4.0/5 "Great!"
    I have purchased my life insurance policy from HDFC LIFE and i have chosen the policy name called Classic Assure. For the future purpose i have purchased this policy. I like the features and benefits of the policy. The policy coverage is better
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 29, 2019
  • HDFC Life Life Insurance
    "Worth Policy"
    0.5 4.0/5 "Great!"
    Purchased my term insurance policy from HDFC LIFE. The coverage was far better than any other company. This covers for partial disability and critical illness. I have chosen because of the benefits. I pay the premium amount of Rs. 20000 yearly basis and the coverage is very much convenient for me.
    Was this review helpful? 0
    , vadodara
    Reviewed on May 28, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have taken the life insurance policy with the HDFC LIFE and paid for 5 years latter i have discontinued with this policy because the agent has given wrong info regarding the policy so i got very lesser returns with this policy. The policy is a good policy if continued till end.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 27, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in HDFC LIFE 8 months before. The policy is for 10 years. Now I am paying premium in the yearly package. I came to know an information about the policy details and received a documents as well. The amount will get detect from credit card for the payment.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 27, 2019
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