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HDFC Life Group Unit Linked Pension

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

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HDFC Life Group Unit Linked Pension Plan Reviews

Page 1 of 50 1 2 3 4 5
  • HDFC Life Life Insurance
    "Satisfactory policy"
    0.5 4.0/5 "Great!"
    I have taken the life insurance of 30L which has addon benefits of critical illness and accidental. I have chosen HDFC LIFE after doing online comparison because the premium is less and the tenure is 15 years but I need to pay only for 10 years and remaining 5 years will be paid by the insurer. The policy was started 3 months back with the monthly premium of 1600 rupees. The customer service is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 22, 2019
  • HDFC Life Life Insurance
    "Double benefit plan"
    0.5 5.0/5 "Blown Away!"
    I have ULIP it has the locking period of five years, I used to make the premium around Rs. 1 lakh, it get matured after 23 years. I have been with them around three years , they do have tax saving, financial security feature. I have activated ecs for making the payment.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Apr 20, 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 selected Rs. 1 crore. Yearly I pay Rs.29,000 to the insurer it has the duration of 25 years. They will be providing the lump sum amount to the nominees and second thing they give Rs.50,000 on monthly basis. They disclosed all the terms and condition to me.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Apr 20, 2019
  • HDFC Life Life Insurance
    "Good Insurance company"
    0.5 5.0/5 "Blown Away!"
    I took term plan from HDFC Life, by paying the premium Rs. 16,000 on yearly basis it has sum assured of Rs . 50 lakhs. The lump sum amount paid to the nominee in certain demise, I make the payment through ecs. There is a critical illness cover along with waiver option.
    Was this review helpful? 0
    , kadapa
    Reviewed on Apr 20, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am having the life insurance policy with the HDFC LIFE and holding it around from last 10 years. The documentation process was simple and good. The maturity period of this policy is for long term and the coverage is for family. The premium paying for yearly once.
    Was this review helpful? 0
    , indore
    Reviewed on Apr 19, 2019
  • HDFC Life Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I had taken the Term Insurance Policy from them a long time back and the premium had been paying on an annual basis. The premium amount has not been high and the payment method is also high. The policy coverage and the plan benefits with the policy is also pretty good.
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 17, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am using from last 8 months the life insurance policy with the HDFC LIFE and the premium i pay for monthly once through the credit card. The policy coverage is for family and self. The maturity is for 3 years with this insurance policy. The customer service is good.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 17, 2019
  • HDFC Life Life Insurance
    "Good for family protection"
    0.5 5.0/5 "Blown Away!"
    I took personal accidental policy from HDFC Life based on the credit card, last time I paid the premium around Rs. 7000 for 25 lakhs of sum assured its a pure term plan. They give the critical illness if some thing happens to me, they give weekly Rs. 5000 for the treatment. For any certain demise my nominee will be getting the lump sum amount. They took premium from the credit card and converted into emi.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 17, 2019
  • HDFC Life Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I am having the life insurance policy with the HDFC LIFE the premium for this policy paying for monthly once added on that there are no issues with this insurance policy. The maturity period of this policy is for long term, the documentation process was smooth.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 15, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the ACCIDENTAL POLICY with the HDFC LIFE where i have been using it since from last 2 years and above. The premium paying was approximately 8k, they provide the coverage upto 20L with this policy. If admitted in hospital can claim for accidents.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 12, 2019
  • HDFC Life Life Insurance
    "All types of risk covered "
    0.5 5.0/5 "Blown Away!"
    This HDFC plan covers all types of risk protection in the future . On annual basis , I need to pay an amount of Rs 3000 /- for next 10 years . So that , I will get an amount of Rs 5 lakh in return . It isa two in one policy .Where I can use it for tax exemption also .
    Was this review helpful? 0
    , secunderabad
    Reviewed on Apr 08, 2019
  • HDFC Life Life Insurance
    "Good Risk protection cover"
    0.5 5.0/5 "Blown Away!"
    Once upon a time in 2012 , HDFC offered me a Impressive offer in life protection policy . I can pay one time payment of Rs 1 lakh 25 thousand for a sum assured of 1 crore . It is completely going to secure my life during risk events like Road accidental death , fire accident .
    Was this review helpful? 0
    , secunderabad
    Reviewed on Apr 04, 2019
  • HDFC Life Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have taken super plus saving plan from HDFC LIFE and need to pay premium yearly 52K for 8 years, The benefits are good and one person has referred this policy to me. The customer service is not upto the mark and they need to improve on. After maturity will be getting good amount.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 03, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have been using the life insurance policy with the HDFC LIFE since from last few months and i got this insurance because i have taken the loan. It has the short term policy of 20 years and the policy coverage is for self with this insurance policy.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 01, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    HDFC LIFE is the life insurance provider where i have taken the EULIP policy and the maturity period is this policy is for 20 years and i am using it since from last one year. Premium i am 12K yearly once and the policy coverage is for self with this policy.
    Was this review helpful? 0
    , pune
    Reviewed on Apr 01, 2019
  • HDFC Life Life Insurance
    "Safe and secured investment"
    0.5 4.0/5 "Great!"
    I have different plans with HDFC life called guaranteer plan it has good life coverage and tax benefits. The premium is very reasonable, but it doesn't have the critical illness benefits, the people are friendly I used to get the reminder about the premium.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 30, 2019
  • HDFC Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    My colleague works in HDFC Life so he guided me to take the policy even I work for Apollo Munich Health insurance. I did not research about the benefits, Its a short term and long term policy. Am paying premium was around 50K per annum through online. They send a executive if I have any query.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 28, 2019
  • HDFC Life Life Insurance
    "Not satisfied"
    0.5 2.0/5 "Expected more"
    I had been applied life insurance with HDFC life recently for my wife,but i did not found comfortable in getting this process,like they use to ask all unnecessary documents which i did not found relevant,and the premium amount they was charging me on monthly basis,now i withdraw all my amount and closed this account.
    Was this review helpful? 0
    , malappuram
    Reviewed on Mar 27, 2019
  • HDFC Life Life Insurance
    "Good for nominees"
    0.5 5.0/5 "Blown Away!"
    I have term plan for Rs. 50 lakhs from HDFC Ergo, I am paying the premium around Rs. 7000 per annum. I need to pay upto 60 years, total life cover upto 80 years. Then nominees will get lump sum amount for certain demise. The customer support is great, I used to pay through online.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 25, 2019
  • HDFC Life Life Insurance
    "Good risk & protections coverage "
    0.5 5.0/5 "Blown Away!"
    For my HDFC personal loan , they insisted me to do a life cover by taking Term policy for my life security . HDFC given me a Sum Assured of 16 lakh for 4 years . It is one time payment of around 4 k . It is going to cover all types of risk benefits for the policy holder .
    Was this review helpful? 1
    , bangalore
    Reviewed on Mar 18, 2019
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