HDFC Life New Immediate Annuity

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 -

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 -

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 -