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HDFC Life Group Unit Linked Pension

 4.0 / 5.0   by 1169 users
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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

Overview

A group unit linked pension plan offering life cover and options to invest in different funds based on the risk appetite of the master policyholder. In addition to the life cover provided to every member under the group policy, the choice of funds in this plan can help manage superannuation schemes very effectively. This policy utilizes contributions from trustees and the master policyholder as investments to build on the superannuation fund value.

Eligibility Conditions for HDFC Life Group Unit Linked Pension Plan

This group insurance plan that allows employers to provide for superannuation benefits has got the following the eligibility conditions -

Parameter

Minimum

Maximum

Group size

10 members

N/A

Policy Term (Years)

1 year

Indefinite

Entry Age

18 years

74 years

Vesting Age

N/A

Earlier of 75 years or retirement age

Contribution at New Business

Rs. 5,00,000

N/A

Key Features of HDFC Group Unit Linked Pension Plan

This group pension plan has the following salient features -

Parameters

Details

   

Plan Type

Unit-linked non-participating pension plan

   

Basis

Group policy

   

Policy Term

Indefinite

   

Policy Validity

Annually renewed automatically until surrendered

   

Sum Assured

Being a group pension plan, the sum assured per member depends on the salary paid, annuity rates and the initial contribution made

   
       

Coverage

 

Member Level Accounts not with HDFC Life

Member Level Accounts with HDFC Life

 

Maturity/Vesting Benefit

Benefit is in line with the scheme rule of the employer till a maximum of the Fund Value or Assured Benefit

Higher of Fund Value or Assured Benefit

 

Death of a member

Benefit is in line with the scheme rule of the employer till a maximum of the Fund Value or Assured Benefit

Higher of Fund Value or Assured Benefit

 

Surrender Benefit

Existing fund value less the surrender charges

 

Free look Period

30 days in case of online purchase. 15 days otherwise

   

Fund Choice Selection

Investment Options

Defined Benefit (Member Level Accounts not present with HDFC Life)

Defined Contribution (Member Level Accounts present with HDFC Life)

   

Secure Option

Secure Option

   

Return Protector Option 1

Return Protector Option 1

   

Return Protector Option 2

Return Protector Option 2

     

Life Stage Allocation Option

Annuitisation Options

Allows the Vesting Benefit or Death Benefit to be paid out immediately in full, partially and a portion to be used to purchase an annuity plan, as the case may be

   

Nomination

Benefits of the individual member to be processed through the master policyholder in accordance with nomination records with the administrator

   

Benefits and Advantages of Group Unit Linked Pension Plan

This plan from HDFC Life utilizes different investment funds in order to aid in the growth of wealth and can be opted for by employers to aid in the management of superannuation benefits of employees. Life cover provided by this policy for the group members throughout the policy term is an added benefit. The key advantages in opting for this plan can be mentioned in the following points -

  1. Life cover is present throughout the policy term
  2. Indefinite policy term through an annual automatic renewing cycle
  3. Applicable tax benefits can be availed as per the prevailing tax laws
  4. Multiple fund options, 12 free switches and further chargeable unlimited switches to and from different fund options

The key benefits under this policy can be explained as below -

  1. Maturity/Vesting Benefit - This amount is made available to the group member upon retirement or resignation. The benefit can be withdrawn partially by the member and the rest of the amount can be used to purchase an annuity plan from HDFC Life. The entire proceeds of the benefit can also be utilised towards the annuity plan
  2. Death Benefit - In case of the death of the group member, Death Benefit will be payable to the nominee. It can withdrawn as a lump sum amount or can be used in part or whole to purchase an annuity plan from HDFC Life
  3. Surrender Benefit - As a group policy, this plan’s surrender benefits are only applicable for the master policyholder and will be equal to the fund value at the time of the surrender less the surrender charges
  4. Tax Benefit - As per the prevalent tax rules, tax benefits might be applicable for this plan with reference to the master policyholder

Investment of Funds under HDFC Life Group Unit Linked Pension

This unit-linked plan from HDFC Life comes with four fund options that offer a variable mix of risk and return. The premiums for the fund options are through employer and trustee contributions, and continue throughout the term of the policy. The details about such funds have been mentioned in the table below -

Fund Name

Details

Asset Categories

   

Risk and Return Rating

   

Money Market Instruments & Public Deposits

Govt. Securities & Bonds

Equity

 
   

Fund Ratios

     

Liquid Fund II

Lowest risk to capital and most stable returns

100%

N/A

N/A

Very Low

Secure Managed Fund II

A more potentially rewarding fund with increased stability

0-25%

75-100%

N/A

Low

Defensive Managed Fund II

Better returns and manageable stability

0-20%

50-85%

15-30%

Moderate

Opportunities Fund

Increase in better long term returns and some stability

0-20%

20-70%

30-60%

High

Charges in HDFC Group Unit Linked Pension Policy

Being an group insurance plan that relies on various funds to generate wealth on the investment made, the policy entails charges on quite a few aspects of itself. The applicable charges on this policy are as follows -

Charge

Particulars

 

Premium Allocation Charge

No premium allocation charge

 

Fund Management Charge

1.25% per annum of fund value, chargeable daily

 

Mortality Charge

Dependent on policyholder’s age and level of cover

 

Switching Charges

Rs. 40 per request post 12 free switches per policy year

 

Surrender Charge

Charged only if policy is surrendered before the third year and will be at 0.05% of the unit fund subject to a maximum of INR 5,00,000

 

Premium Payment for HDFC Life Group Unit Linked Pension Policy

The details of premium payment for this plan can be summarised in the table below -

Premium Parameter

Details

 

Premiums

Contributions made by employer or trustees to the unit fund to buy more units, subject to a minimum contribution of INR 5,00,000 for a new business

 

Premium Discount

Fund Value (in INR)

Percentage of policy fund to be added

 

>= 10,000,000

0.25%

 

>= 20,000,000

0.45%

 

>= 50,000,000

0.55%

 

>= 100,000,000

0.65%

 

>= 150,000,000

0.70%

Premium Paying Term (PPT)

Equivalent to the policy tenure

 

Premium Paying Frequency

Contributions can be made as and when the fund value decreases after a benefit payment

 

Premium Paying Modes

ECS, debit cards, credit cards, cheques and other acceptable modes

 

Premium Discontinuation Scenario for Group Unit Linked Pension

This group policy gets renewed automatically every year and the initial contribution counts as the single main premium paid. The fund value can depreciate on account of payments made towards annuitisation benefits but that will not account for the policy discontinuation. Only in the case of surrender, a policy shall be deemed discontinued and the fund value (less the surrender charges, if any) will be paid to the master policyholder.

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

HDFC Life Group Unit Linked Pension Plan Reviews

Page 1 of 50 1 2 3 4 5
  • 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
  • HDFC Life Life Insurance
    "Good policy to take"
    0.5 5.0/5 "Blown Away!"
    Total tenure period of the policy is 10 years. I have to pay the premium amount for 7 years and 3 years will be lockin period. They have done a very good follow up on documentation and explained the policy details very well. They will call on the premium time. The amount will be auto debited from account. In a year, i have to pay the premium amount of Rs. 50000. 1 year back, i took this policy.
    Was this review helpful? 1
    , amravati
    Reviewed on Dec 11, 2018
  • HDFC Life Life Insurance
    "Good insurance policy"
    0.5 5.0/5 "Blown Away!"
    My life insurance policy was taken with HDFC Life. Total tenure period of the policy is 8 years. I pay the premium amount of Rs. 40000 and i have selected the annual payment mode. I make the premium through cheque mode. Overall, I'm satisfied with this policy.
    Was this review helpful? 0
    , vellore
    Reviewed on Dec 04, 2018
  • HDFC Life Life Insurance
    "Recommendable policy"
    0.5 5.0/5 "Blown Away!"
    I have bought the HDFC LIFE insurance policy 3 years before. I'm making the payment amount of Rs. 28000 every year. I have no idea about the sum assured amount and policy benefits. This is a tenure period 10 years. I make the premium amount through cheque.
    Was this review helpful? 0
    , vellore
    Reviewed on Dec 04, 2018
  • HDFC Life Life Insurance
    "Recommendale policy"
    0.5 5.0/5 "Blown Away!"
    I have paid Rs. 6000 extra for my insurance policy in HDFC LIFE through cheque. I have received the notification regarding the payment and repayment immediately. I'm happy about the payment mode because i can pay according to all kind of mode.
    Was this review helpful? 0
    , vellore
    Reviewed on Dec 04, 2018
  • HDFC Life Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    My money back policy was purchased above 7 years ago. I have chosen the HDFC LIFE because its recommended by the agent. I have chosen the annual payment mode with the amount of Rs. 40000. I make the premium by online ECS mode. This is tax benefit policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 03, 2018
  • HDFC Life Life Insurance
    "Good policy to use"
    0.5 4.0/5 "Great!"
    When i purchase my HDFC credit card, they have offered me a life insurance for an offer. I have received the sum assured amount of Rs. 4 lakhs and my nominee will get that amount after my death. I have chosen the monthly payment mode. This is a 1 year policy and i have to renew it after that. Every month i have to pay the premium of Rs. 300 for first 3 months.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 02, 2018
  • HDFC Life Life Insurance
    "Policy features should be improved"
    0.5 2.0/5 "Expected more"
    The policies are not upto the mark, I took SAP life policy, I make the premium of Rs. 24,000 for the tenure of 10 years, there is no much benefits in the life policy. But it has some assured benefits 5 to 6% of benefits, the payment gateway is very fine.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 01, 2018
  • HDFC Life Life Insurance
    "Best investment"
    0.5 3.5/5 "Pretty good"
    I do have multiple life insurance policy with HDFC Life. One of my relative is working there and more over the maturity term is less like 10 years. Am happy with the policy coverage and the plan benefits. The payment is flexible and its has multiple options. Every year I used to pay 1L as a premium.
    Was this review helpful? 1
    , bangalore
    Reviewed on Nov 30, 2018
  • HDFC Life Life Insurance
    "Good Protection for Family"
    0.5 5.0/5 "Blown Away!"
    I took term plan for the amount of Rs. 25 lakhs, I have done the payment of Rs. 5700. Payment option is good, life cover is very good, I can avail during emergency purpose, even it has the accidental and death policy. I have added wife and Children as nominees.
    Was this review helpful? 0
    , jaipur
    Reviewed on Nov 30, 2018
  • HDFC Life Life Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    I have a life insurance policy with HDFC LIFE from last 1 year and it is a long term policy. I pay my premium once in a year through online and i am convenient with the payment options. Tenure period for this policy is 12 years and this policy has good returns.
    Was this review helpful? 0
    , chennai
    Reviewed on Nov 29, 2018
  • HDFC Life Life Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    It has been a very good policy and i had been paying the premium on a monthly basis. The premium amount has bee fine and has not been not too high. The payment method is easy and has been doing online and there has not been any hassle faced so far with their service.
    Was this review helpful? 0
    , new delhi
    Reviewed on Nov 28, 2018
  • HDFC Life Life Insurance
    "Best service"
    0.5 5.0/5 "Blown Away!"
    I have been using life insurance with HDFC ltd , and the premium they use to charge me is up to 20 thousand in a year and it nominal and it use to get auto debited from my salary account and they had explained me all the policy clearly.
    Was this review helpful? 0
    , mumbai
    Reviewed on Nov 21, 2018
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using the HDFC Life Insurance policy for a while. they charge nominal premium for this policy it also offers accidental benefits and I make payment at the branches. 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
    , new delhi
    Reviewed on Nov 16, 2018
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been my using my life insurance with HDFC ltd, the policy is covered up to 10 lakh rupees , and they premium which they have charge is nominal and i use to pay through on line only and there agent had explain me about policy and term and condition clearly.
    Was this review helpful? 0
    , noida
    Reviewed on Nov 16, 2018
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with HDFC Life, there service is good they have charged premium up to 9000 rupees per year, it use to get auto debited from my account and there customer service is good they explained me about all policy it cover in this life insurance.
    Was this review helpful? 0
    , secunderabad
    Reviewed on Nov 15, 2018
  • HDFC Life Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I had taken this insurance policy a long time back and the process was done online. I had been making the payments on a monthly basis and the premium amount of 1000 has been good. The premium method also has been good and there has not been any hassle faced with them so far.
    Was this review helpful? 0
    , gandhidham
    Reviewed on Nov 14, 2018
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