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HDFC Life New Immediate Annuity

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

Overview

A traditional non linked insurance plan with annuity options that help secure a desired post retirement lifestyle. In addition to the life cover that the plan provides, the annuity options allow for a smooth post retirement scenario for policyholders. The annuitant also has an option to provide for a nominee in the case of his/her untimely death. This is a single premium paying plan meant for having a pension scheme in the form of an annuity from HDFC Life.

Eligibility Conditions for HDFC Life New Immediate Annuity Plan

The plan could be of a tenure as low as 5 years and as high as the whole life of the annuitant and as per those, the eligibility conditions for availing this policy can be depicted in the table mentioned below -

Parameter

Minimum

Maximum

Policy Term

5 years

Whole Life

Entry Age

30 years

85 years

Maturity Age

N/A

Whole Life

All the ages mentioned are as per the last birthday.

Key Features of HDFC New Immediate Annuity Plan

This plan meant for being an option towards pension payment has the following salient features -

Parameters

Details

 

Plan Type

Traditional non linked annuity plan

 

Basis

Individual life and joint life

 

Policy Term

Minimum of 5 years and can go up to covering the whole life

 

Policy Validity

Will be for the chosen policy term subject to conditions unless surrendered

 

Assured Annuity

Could be a minimum of Rs. 1000 per month, Rs. 3000 quarterly, Rs. 5000 half-yearly or Rs. 10,000 annually and has no maximum limit. The assured annuity on chosen frequency will depend on the purchase price and the prevailing annuity rates at the time of availing the policy and annuity payment will start post the first year after availing the annuity plan from HDFC Life

 

Annuity Payment

Frequency

Annuity Installment (per frequency)

 

Annual

100%

 

Half-yearly

97.25% of Yearly Annuity x 0.5

 

Quarterly

95.50% of Yearly Annuity x 0.25

 

Monthly

93.00% of Yearly Annuity x 1/12

Annuity Options

Single Life Annuity Options

Joint Life (Two Lives) Annuity Options

 

Lifetime Annuity (LA)

Joint Life, Last Survivor with 100% annuity to the secondary annuitant

 

Lifetime Annuity with Return of 100% of the Purchase Price (LAR100PP)

Joint Life, Last Survivor with 50% annuity to the secondary annuitant

 

Lifetime Annuity with Return of Balance of Purchase Price (LARBPP)

Joint Life, Last Survivor with 100% annuity to the secondary annuitant and return of 100% of purchase price

 

Lifetime Annuity Guaranteed for 5, 10, 15 or 20 years and life thereafter (LAGTAL)

Joint Life, Last Survivor with 50% annuity to the secondary annuitant and return of 100% of purchase price

 

Lifetime Annuity increasing at a simple rate of 5% per annum (LAI5PA)

 
 

Lifetime Annuity with Return of Purchase Price in Parts (LARPPP)

 
 

Lifetime Annuity with Return of 100% of the Purchase Price on Diagnosis of Critical Illness or Death (LAR100PPD)

 

Coverage

Annuity Benefit = Assured annuity amount paid in the frequency agreed upon by the annuitant

 
 

Death Benefit = Depends on the annuity option chosen

 
 

Surrender Benefit is available on three annuity options, LAR100PP, LAR100PPD, LARPPP and can be as high as 10% of the purchase price or as low as 7% of the purchase price. A higher special surrender value might be paid by the company upon its discretion

 

Free look Period

30 days in case of online purchase. 15 days otherwise

 

Grace Period

15 days for monthly payment, 30 days for all other premium payment frequencies

 

Nomination and Assignment

Nomination facility is available

 

Benefits and Advantages of New Immediate Annuity Policy

This plan from HDFC Life allows a single premium payment to create a pension plan scheme through an annuity option that helps support lifestyle during retirement. Life insurance cover through the annuity options provided by this policy 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 under selective annuity options
  2. Wide range of annuity options
  3. Option of annuity as long as annuitant of partner is alive
  4. Flexible option of receiving annuity in monthly, quarterly, half-yearly or yearly frequencies
  5. Higher annuity values on larger purchase prices
  6. Return of Purchase Price option on death and/or critical illness

A plethora of annuity options offer multiple benefits to the annuitant and these options can be outlined as below -

Single Life Annuity Options

  1. Lifetime Annuity - Annuity payment continues in arrears uniformly for the life of the annuitant and stops on the death of the annuitant
  2. Lifetime Annuity with Return of 100% of Purchase Price - Annuity payment continues in arrears uniformly for the life of the annuitant and stops on the death of the annuitant and the nominee receives 100% of the purchase price
  3. Lifetime Annuity with Return of Balance of Purchase Price - Annuity payment continues in arrears uniformly for the life of the annuitant and stops on the death of the annuitant and the nominee receives the purchase price less the sum of annuity payments made till the date of death
  4. Lifetime Annuity Guaranteed for 5, 10, 15 or 20 years and Life thereafter - Annuity payment continues in arrears uniformly for the later of the life of the annuitant or the end of guarantee period and stops on the death of the annuitant
  5. Lifetime Annuity increasing at a simple rate of 5% per annum - Annuity payment continues in arrears uniformly for the life of the annuitant and increases annually by 5% p.a. of the annuity amount at inception. Increased payment is post second year of the inception and annuity payment stops on the death of the annuitant
  6. Lifetime Annuity with Return of Purchase Price in Parts - Annuity payment continues in arrears uniformly for the life of the annuitant and ceases on the death of the annuitant. At the end of 7 years, 30% of purchase price is paid to the annuitant on survival. On death of the annuitant post 7 years, 70% of the purchase price is paid to the nominee. In case of death of the annuitant within 7 years of policy inception, the full purchase price is paid to the nominee
  7. Lifetime Annuity with Return of 100% of Purchase Price on Diagnosis of Critical Illness or Death - Annuity payment continues in arrears uniformly for the life of the annuitant and ceases on the death of the annuitant or diagnosis of 6 specified illnesses before the age of 85 and 100% of the purchase price will be payable either to the annuitant or the nominee

Joint Life Annuity Options

  1. Joint Life, Last Survivor with 100% annuity to the secondary annuitant - Annuity payable in arrears uniformly as long as one of the annuitants is alive and will be receivable in full by either annuitant. Annuity ceases in case of death of both annuitants
  2. Joint Life, Last Survivor with 50% annuity to the secondary annuitant - Annuity payable in arrears uniformly as long as the primary annuitant is alive and will be reduced by 50% in case of death of primary annuitant. Annuity ceases in case of death of both annuitants
  3. Joint Life, Last Survivor with 100% annuity to the secondary annuitant and return of 100% of purchase price - Annuity payable in arrears uniformly as long as one of the annuitants is alive and will be receivable in full by either annuitant. Annuity ceases in case of death of both annuitants and 100% of purchase price is paid to the nominee
  4. Joint Life, Last Survivor with 50% annuity to the secondary annuitant and return of 100% of purchase price - Annuity payable in arrears uniformly as long as the primary annuitant is alive and will be reduced by 50% in case of death of primary annuitant. Annuity ceases in case of death of both annuitants and 100% of purchase price is paid to the nominee

Purchase Price for HDFC Life New Immediate Annuity Plan

The details of purchase price for this plan can be summarised in the table below -

Purchase Price Parameter

Details

Purchase Price Bands (contribute to higher annuity)

Band 1 - Less than Rs. 2,50,000 Band 2 - Rs. 2,50,000 to Rs. 4,99,999 Band 3 - Rs. 5,00,000 - Rs. 9,99,999 Band 4 - Rs. 10,00,000 and above

Purchase Price Paying Term (PPT)

Single payment

Purchase Price Paying Frequency

Single payment

Purchase Price Paying Modes

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

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

HDFC Life New Immediate Annuity 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 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
    , hyderabad
    Reviewed on Jan 20, 2019
  • HDFC Life Life Insurance
    "Bad return value in this policy"
    0.5 1.0/5 "Really Bad"
    I hold a investment policy from HDFC LIFE. Friend has told me about this policy. They are not providing a good service to the customer. I took this policy in 2016. I have been paying the premium amount of Rs. 25000 per annum and the sum assured amount is Rs. 2.40 lakhs. This is a tax benefitable policy.
    Was this review helpful? 0
    , vapi
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Good for investment"
    0.5 5.0/5 "Blown Away!"
    HDFC Life is best as per my experience, their claim ratio is good. They are providing terminal premium for the critical illness, disability cover. I took the policy cover for Rs. 10 lakhs, I make the premium of Rs. 30,000 on quarterly basis it has term of 10 years. They do have life cover for certain demise.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy from Hdfc Life based on the benefits and income tax benefits i have chosen this policy . I make the payment through credit card . Their customer service is good as they respond that much.This policy covers accidental and critical illness benefits . Overall ma satisfied with the policy
    Was this review helpful? 0
    , bhubaneshwar
    Reviewed on Jan 19, 2019
  • 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
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