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  • HDFC Life New Immediate Annuity

    HDFC Life Insurance

    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

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