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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

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. 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 . 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
    "Better Policy"
    0.5 5.0/5 "Blown Away!"
    From my HDFC LIFE, i have taken my life insurance. The executive came to my place and informed me about the policy details and gave me some offer since it was good, i have selected them. I have been paying the premium amount of Rs. 2500 per month. The policy term is 15 years. I am not sure about the sum assured amount.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 10, 2019
  • HDFC Life
    HDFC Life Life Insurance
    "People more aware of their offerings &its better than others"
    0.5 4.0/5 "Great!"
    Basically I did not have any idea about the policy and it was just referred by a friend so have opted the policy, just for an investment perspective. I have received the insurance paper. Their executive explained me about the benefits. I pay 50K to 55K through online and tenure is 12 years.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Sep 18, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    HDFC LIFE is offering a good benefits and the charges are nominal when compared with other insurer so I took a term plan with them. They have explained me about benefits of the policy. They need some improvement on the customer service. I have paid 24K for a year.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Sep 03, 2019
  • HDFC Life Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    Bought my money back policy from HDFC LIFE. Taken the policy in the year of 2016. Earlier i had a salary account with HDFC hence the manager is forcefully to take this policy. I am paying the premium amount of Rs. 25000 annually. I need to pay the premium for 5 years after 5 years there is a lockin period. I get the sum assured amount of Rs. 2.50 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 27, 2019
  • HDFC Life Life Insurance
    "Quickest way to insure"
    0.5 5.0/5 "Blown Away!"
    Its very to take a policy through online from HDFC. The claim ratio is very nice hence i have chosen the HDFC LIFE. I'm satisfied with the coverage value of Rs. 50 lakhs. I have chosen the annual payments mode. They do have a partial disability cover is included.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 25, 2019
  • HDFC Life Life Insurance
    "Coverage for the premium is good"
    0.5 4.0/5 "Great!"
    Chosen my term insurance from HDFC LIFE. HDFC has better claim ratio thats the reason i opted the policy. I make the premium through online every time. I pay the premium amount of Rs. 6600. They have included with disability cover and accidental cover. The premium is less since i purchase the policy through online.
    Was this review helpful? 1
    , bangalore
    Reviewed on Aug 16, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I took a term insurance with HDFC LIFE, I have compared with online site and found they are having good payment rates. The customer service is good. I am satisfied with the benefits. I am doing monthly premium of Rs.2000 and need to pay till 15 years. The payment mode is online.
    Was this review helpful? 1
    , bangalore
    Reviewed on Aug 06, 2019
  • HDFC Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have a term insurance with HDFC LIFE because the benefits are too beneficial. I am paying 9,400 rupees for a year through net banking. The policy covers till the age of 85. The nominee would be getting a benefit of 75L. They have provide insurance documents on time.
    Was this review helpful? 0
    , mumbai
    Reviewed on Aug 06, 2019
  • HDFC Life Life Insurance
    "Satisfied"
    0.5 4.0/5 "Great!"
    Recently I have purchased a super savings policy from HDFC LIFE. I need to pay the premium for 8 years and after that I will get a profit for every year. They will be providing 10K on monthly basis. I have taken a policy premium of 75K per year. The payment mode is cheque.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 02, 2019
  • HDFC Life Life Insurance
    "If you want save tax, purchase this policy"
    0.5 5.0/5 "Blown Away!"
    Bought my life insurance policy from HDFC LIFE. For the tax benefit purpose, i purchase this policy. I am not sure about the plan name. They will double the money in returns at the time maturity and its a long term plan. I pay the premium amount of Rs. 24000 annually.
    Was this review helpful? 0
    , new delhi
    Reviewed on Aug 01, 2019
  • HDFC Life Life Insurance
    "Excellent Plan"
    0.5 5.0/5 "Blown Away!"
    Bought my life insurance from HDFC LIFE. Every year i need to invest the money of Rs. 50000 for first five years. Next 5 years will be a lockin period. After 10 years, i get the money of Rs. 18000 every year for 5 years and at the time of maturity i get a sum assured amount of Rs. 10 lakhs. I bought this policy for daughter's future.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 31, 2019
  • HDFC Life Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    Actually I was looking for a investment plan with HDFC BANK and they have provided me a life insurance. I never asked them for a policy but still they provided me an opportunity then I researched and found the benefits are also good. I need to pay the premium of 30K half yearly through online.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jul 31, 2019
  • HDFC Life Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have chosen the life insurance policy from HDFC LIFE and the plan is Super Income. For the future salary purpose, i have selected the policy. In this policy, i need to pay the premium for first 10 years and the next years will be lockin period and after i can get a lumpsum amount or else i can convert into monthly payment. I pay the premium amount of Rs. 25000 per annum. They are providing the sum assured amount of Rs. 1.87 lakhs.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 30, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have taken the CHILDREN PLAN with the HDFC LIFE where the maturity period of the policy is for 15 years with the policy. The coverage is for self with the policy is for self added on that the benefit of the policy is in case of any incident happened will be getting the amount and after the maturity there is a sum assured.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 29, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am using the life insurance policy with HDFC LIFE and the maturity period of the policy is for 7 years but the premium have to pay for 5 years. The documents submitted through the offline. The sum assure value of the policy is for 5L. I got the hard copy too.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jul 27, 2019
  • HDFC Life Life Insurance
    "Need to provide correct details "
    0.5 3.0/5 "Satisfactory"
    I have taken a life insurance in HDFC LIFE on 2 years before. The policy is for 10 years and other 10 years for maturity. I am paying premium in the yearly package. While getting a policy my agent has not given an information about the policy details at an initial they stated offers later that offers are not listed in the benefits. I use to do payment through an online.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 26, 2019
  • HDFC Life Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Yearly once I'm paying the premium for my life insurance. My cousin is working in HDFC hence i have taken the policy. I'm satisfied with the sum assured amount. I make the premium through online. I have a HDFC corporate account hence its easy to pay.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 26, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    TERM PLAN using from last few years, the documents submitted through the online as well as the offline process. The premium paying for 6 months, coverage is for self. There is no coverage apart from this. The customer support is good and responsive.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 22, 2019
  • HDFC Life Life Insurance
    "Need to decrease charges"
    0.5 3.0/5 "Satisfactory"
    I have taken a life insurance in HDFC LIFE on 10 days before only. The policy for 12 years.I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details. They detect amount from my credit card for the payment.Charges are high. EMI is only 945 told at an initial then later it was for 1276 EMI charges per month.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 21, 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 chosen the sum assured of Rs. 75 lakhs it has the duration of 50 years, life cover is upto 75 years. I make the premium around Rs. 800 per month, it has tax cover, critical illness, waiver on premium at disability. Cancer and Heart attack cover is also there.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 19, 2019
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