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

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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
    "Good policy "
    0.5 5.0/5 "Blown Away!"
    From HDFC Life, i have taken a term insurance and the coverage value was Rs.50L. This policy will cover all types of death any eventuality happens then amount goes to the nominee. This insurance is valid till the age of 70 years, if nothing happen then the policy will get lapsed.
    Was this review helpful? 3
    , kolkata
    Reviewed on Mar 15, 2020
  • HDFC Life
    HDFC Life Life Insurance
    "Hdfc Life Super Income Plan"
    0.5 0.5/5 "Unacceptable"
    Plz dont buy this HdFc life super income plan policy Because the bank will ask u for this Policy whenever u have an That much amount In ur bank so they will give u the policy Anyhow. Because I have the Same policy on My Mother's name so my mother is Expire on 3December 2019 ,So I have gone to Hdfc life office for Death claim so I gave all documents they need. And after 7-8 days I get the amount what I have paid no that which they said. Then I Ask for Reason they said u have dont submitted the documents(Means Medical documents) that we need. Whenever u bought this policy. So I told to them that when I purchase the policy the bank dont ask for any Medical Papers. So I get that amount only which I have paid in Installments I have paid 3 Installments. of 51000 or something
    Was this review helpful? 2
    , mumbai
    Reviewed on Mar 12, 2020
  • HDFC Life Life Insurance
    "Best policy "
    0.5 4.0/5 "Great!"
    I have taken a life insurance policy from HDFC LIFE. The premium i am paying monthly Rs.1100 , total period is 60 years. This policy get matured after 60 years and insurance covers all types of death. Customer service and responsiveness was good. This policy has good plan benefit and it has good coverage value of Rs. 50L.
    Was this review helpful? 1
    , jaipur
    Reviewed on Mar 04, 2020
  • HDFC Life Life Insurance
    "Very good "
    0.5 5.0/5 "Blown Away!"
    I have taken term insurance from HDFC Bank on 2015 . My friend is working as an agent so he has suggested to take this policy. My self only in this policy. I use to pay the premium on yearly basis auto deb 8300 rupees. I know all the details about this policy and received soft copy on time. The tenure period is 60 years for this policy. This insurance covers all type of natural death and suicide also will cover. This insurance covers after 60 years, no returns and tax benefit policy.
    Was this review helpful? 1
    , pune
    Reviewed on Feb 29, 2020
  • HDFC Life Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have taken a life insurance policy from HDFC LIfe. The coverage value is Rs. 1C and i am paying premium annually Rs.15-16K and this is a life long policy. This policy will covers all types of types of death and i will not get any returns if nothing happen.
    Was this review helpful? 1
    , noida
    Reviewed on Feb 27, 2020
  • HDFC Life Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance from HDFC Life on 5 years back. It cover up to myself. I am paying the premium amount on yearly basis of 50K which is high but it is fine to pay the amount. While taking this insurance the agent has given all the details about policy.
    Was this review helpful? 1
    , chennai
    Reviewed on Feb 22, 2020
  • HDFC Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance policy from HDFC LIFE. The premium i am paying yearly Rs.26,000 with the term of 20 years, after 20 years i will be getting good returns. Customer service and responsiveness was good. This policy has good plan benefit and it has good coverage.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 21, 2020
  • HDFC Life Life Insurance
    "Coustmer care very very very service ð???ð???ð???"
    0.5 0.5/5 "Unacceptable"
    Very very very very very very very very very very bad service. Coustmer care hold my call for 15 mint. Then cencel the call. No service provide. I am call again but no response, not pick the call. Again cancel the call. Very very very very very very very very very very bad service. Very very very very very very very very very very bad service. ð???ð???ð???
    Was this review helpful? 0
    , dharamshala
    Reviewed on Feb 17, 2020
  • HDFC Life Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance policy from HDFC LIFE. The premium i am paying yearly Rs.5K with the term of 20 years. I am using this plan more than 8 years. After 20 years i will be getting some good returns. Customer service and responsiveness was good.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 14, 2020
  • HDFC Life Life Insurance
    "Good policy "
    0.5 4.0/5 "Great!"
    I have taken life insurance from HDFC Life on last year. It is a money back policy. I am not aware benefits of this policy. The premium amount of 50K need to pay on yearly basis. It covers my whole family. The coverage amount of 30L. I got terms and conditions from the agent and received hard copy on time. For my good purpose I had taken this policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on Feb 14, 2020
  • HDFC Life Life Insurance
    "Poor Customer Service"
    0.5 2.0/5 "Expected more"
    I took term plan from HDFC Life Click to protect. It took them 25 days to complete the medical test and more then 40 days passed an still the policy is not issued. Extremely poor experience. If this is the situation before issuing the policy, i don't know what my family shall have to go through in my absence ( when there is actually need for the policy money). Tall claims, poor performance.
    Was this review helpful? 0
    , mumbai
    Reviewed on Feb 08, 2020
  • HDFC Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance from HDFC Life on 4 years back. It is Life super income plan. The tenure period is 20 years.The main advantage is premium free for 10 years. On yearly basis use to pay of 25K which is auto debited from my salary account. The coverage value is 9.5L.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 06, 2020
  • HDFC Life Life Insurance
    "Excellent "
    0.5 5.0/5 "Blown Away!"
    I have taken a term plan from HDFC Life on few years before. The coverage amount is 5L. The tenure period of 45 years. So far I have not faced any difficulty and there is no additional charges for this policy.I use to pay the premium amount of 12K on yearly basis. I had received hard copy of documents on time from their end.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 06, 2020
  • HDFC Life Life Insurance
    "Need to provide hard copy document"
    0.5 4.0/5 "Great!"
    HDFC LIFE has offered a life insurance on few year before. At the time agent has given all the details of this policy but main drawback is they haven't provide hard copy document rather given only soft copy. It covers up to myself. Premium amount use to pay on monthly basis which be auto debit from my account. There is no any additional charge for this policy.
    Was this review helpful? 0
    , gulbarga
    Reviewed on Feb 05, 2020
  • HDFC Life Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    My son in law has suggested a life insurance to take from HDFC Life. So I have taken on 2 years before. It covers my whole family. It is a single payment for this insurance. I am not aware about tenure period. I got all details about this policy and got documents on time.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2020
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance through HDFC Life directly .This policy tenure is for 45years.I am paying the premium through Axis Bank auto debit system .I am paying the premium on yealry basis and this policy is still active on my name .I have got all the update about the policy through the agent .Even got my policy documents on time as well.This policy is highly beneficial and will be useful for my family.
    Was this review helpful? 0
    , secunderabad
    Reviewed on Jan 17, 2020
  • HDFC Life Life Insurance
    "Supportive policy"
    0.5 5.0/5 "Blown Away!"
    I have bought HDFC bank credit card, so they have provided me a life insurance policy from HDFC LIFE. They are sending by courier on every year regarding the policy renewal details and coverage amount. Agent has clearly explained me about the policy benefits hence i took it. I pay the premium amount of Rs. 2500 on a yearly basis. This policy has cover for hospitalization and death cover.
    Was this review helpful? 0
    , pondicherry
    Reviewed on Jan 06, 2020
  • HDFC Life Life Insurance
    "Good to go with"
    0.5 5.0/5 "Blown Away!"
    Its a better plan. HDFC offers me low premium insurance for my life cover. Their executive approached me directly to take this policy. Its a accidental cum death covered policy. I have been paying the premium amount of Rs. 5000 which covers for Rs. 25 lakhs. This premium is valid for 2 years. Tax benefit is not included.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 03, 2020
  • HDFC Life Life Insurance
    "Very Good Policy"
    0.5 5.0/5 "Blown Away!"
    From HDFC LIFE, i have bought the life insurance policy its because of the service and i have a various such as credit card, savings account with them. I pay the premium amount of Rs. 25000 on a yearly basis. I have no idea about the sum assured amount. They will sent a reminder regarding the due date for that i will sent a reply with CC of the branch manager and the relationship manager. This policy has term period of 5 years.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Dec 23, 2019
  • HDFC Life Life Insurance
    "Need to improve the customer support"
    0.5 3.0/5 "Satisfactory"
    Purchased my endowment policy from HDFC LIFE. I bought the policy 5 years before. When i opened the savings account, they asked me to take the life insurance policy. I have been paying the premium amount of Rs. 50000 yearly. They are providing the sum assured amount of Rs. 10 lakhs. When i contact the customer care, they didn't give me any proper response.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Dec 17, 2019
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