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HDFC Life Group Pension Plan

 4.0 / 5.0   by 1184 users
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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

Overview

HDFC Life Group Pension plan is a non linked group participating insurance plan 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 HDFC, 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

HDFC Life Group Pension Plan Reviews

Page 1 of 50 1 2 3 4 5
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with HDFC LIFE INSURANCE recently in december , they have charge me nominal premium for a yearly basis, and it use to get through on line , and there agent was good they help me to get good policy and they use to update me if any update is there in this policy time to time.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 17, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with HDFC LIFE,there service is good, i use to pay my premium on yearly basis , they have charged me up to 5000 rupees ,i use to pay through on line , they are not taken any extra charges,the agent had explain me clearly about there policy coverage.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • HDFC Life Life Insurance
    "Insurance for life"
    0.5 5.0/5 "Blown Away!"
    I had taken this insurance policy almost five years back and i had been paying the premium on an annual basis. The premium amount was not too high and the payment method has been easy as well. There has not been any issues faced with the services of them so far.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 16, 2019
  • HDFC Life Life Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy almost five years back and i had been paying the premium on an annual basis. The premium amount was not too high and the payment method has been easy as well. There has not been any issues faced with the services of them so far.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jan 13, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have applied my life insurance with HDFC LIFE , there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal,like i pay premium up to 6000 rupees for two years, it was on yearly basis , and it use to get auto debited from my account.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jan 08, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with HDFC LIFE, there service is good, the agent had explain me about the policy coverage,and about plan benefits clearly, and the premium amount they have charged me on yearly basis, and they have charged me up to 14,000 it is nominal , and i use to pay the premium amount through on line.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 08, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken my life insurance policy with HDFC life,there service is good, there premium they have charged me was nominal, i pay premium on monthly basis, and there agent had properly explain about the plan benefits and policy ,overall service is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 07, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have applied my life insurance with HDFC life, there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal, it was on yearly basis , and i use to pay premium through on line.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 07, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with HDFC life insurance, there service is good, there agent had explained me clearly about the policy coverage and benefits,and the premium amount i use to pay in yearly basis, and the premium amount is nominal,and overall service is good.
    Was this review helpful? 0
    , jaipur
    Reviewed on Jan 06, 2019
  • HDFC Life Life Insurance
    "Don't go with HDFC LIFE for Insurance"
    0.5 2.0/5 "Expected more"
    I have invested Rs. 80000 in HDFC LIFE. They have deducted the money from my account but they have not able to generate a bill. Due to the uncertanity, i have not continued with this policy. They charged me twice for single premium. I closed the policy but they have taken long time to return the money anyway it took a long process. I spoke with the call centre regarding this issue but they were not helpful.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 02, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 4.5/5 "Excellent!"
    I have been using the HDFC Life Insurance policy for long time. they charge nominal premium for this policy it also offers accidental benefits and I make payment through online. so in terms of features and their service it has been a good experience with them. HDFC Life is a recommendable insurance provider.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 02, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have applied my life insurance with Life insurance corporation of India, there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal, it was on yearly basis , and i use to pay premium through on line.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 24, 2018
  • HDFC Life Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have chosen the investment plan in HDFC. In 2016, i have taken this policy. I pay the premium of Rs. 40000 per annum. Through online, i make the payment. Total tenure period of the policy is 10 years. This is a tax benefitable policy. I don't remember about the sum assured amount.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 22, 2018
  • HDFC Life Life Insurance
    "Good Benefits after tenure"
    0.5 4.0/5 "Great!"
    I am an existing customer I used to pay the premium around Rs. 25,000 per annum for the total tenure of 10 years. Then I get the benefits with the sum assured value and bonus of the premium and they do have life coverage and I am getting the tax benefits too.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 20, 2018
  • HDFC Life Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I hold a life insurance policy with HDFC LIFE from last 7 years and it is a long term policy. I make my premium payments on yearly basis through net banking and i am convenient with the payment options. The returns and benefits are good with this policy and tenure period is 10 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 20, 2018
  • HDFC Life Life Insurance
    "GOOD"
    0.5 3.0/5 "Satisfactory"
    I am not satisfied with the service of the HDFC LIFE where i have purchased the life insurance policy with this HDFC LIFE. I have started using it from past few years where the policy is very good. They give the fake promises for this policy....
    Was this review helpful? 2
    , bangalore
    Reviewed on Dec 15, 2018
  • HDFC Life Life Insurance
    "Fine policy for emergency purpose"
    0.5 5.0/5 "Blown Away!"
    Along with my personal loan they have provided me a life insurance policy from HDFC LIFE. I have to pay the premium amount of Rs. 6000 in a year. I used to pay the premium through online. Total tenure period of the policy is 4 years. I'm getting a sum assured amount of Rs. 3 lakhs.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Dec 13, 2018
  • HDFC Life Life Insurance
    "Every salary holder must taken this policy"
    0.5 4.0/5 "Great!"
    I have purchased the HDFC accidental policy nearly 4 years before. I have been paying the premium amount of Rs. 80000. I used to make the premium through my credit card and i covert into EMI basis. This is annual payment mode policy. This policy has coverage value of Rs. 15 lakhs and all my member covered in this policy
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 13, 2018
  • HDFC Life Life Insurance
    "Yet to experience the policy"
    0.5 4.0/5 "Great!"
    I have purchased a ULIP policy from HDFC Life. 4 months before i have taken this policy. I have been paying the premium amount of Rs. 2000 every month. The sum assured amount is 5 lakhs. This is a tax benefitable policy. Through Internet i have purchased this policy. I make the payment in online by using the debit card.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 11, 2018
  • HDFC Life Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I am having a life insurance policy with HDFC LIFE from last 9 years and it is a long term policy. I make my premium payment through online and on yearly basis. I am convenient with the payment options and tenure period for this policy is 15 years. I am happy with the returns and benefits on this policy.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 11, 2018
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