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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 -

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

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 allows a single premium payment to create a pension plan scheme through an annuity option that helps support lifestyle during retirement. 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

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HDFC Life New Immediate Annuity Plan Reviews

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  • HDFC Life Life Insurance
    "Useful Plan for the child education"
    0.5 4.0/5 "Great!"
    My life insurance was purchased from HDFC LIFC. When i purchased the credit card, they have approached me for the life insurance and its child plan hence the premium amount is automatically deducted from my account. I didn't compare this policy with other plan. Its a tax benefitable policy.
    Was this review helpful? 1
    , chennai
    Reviewed on Dec 05, 2019
  • HDFC Life
    HDFC Life Life Insurance
    "Better Policy"
    0.5 4.0/5 "Great!"
    I'm having a policy from HDFC LIFE. When I taken the home loan, they have provided me a life insurance policy hence I'm not aware of the policy details. I had done the payment for once, so it avails until the loan close. I have paid the premium amount of Rs. 2.5L which covers for 11 years.
    Was this review helpful? 0
    , navi mumbai
    Reviewed on Nov 25, 2019
  • HDFC Life Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    When i purchased the two wheeler loan, they have given me a additional life insurance policy from HDFC LIFE. This policy has a coverage value of Rs. 1 lakhs. I have paid the premium amount of Rs. 1300 which is a one shot payment covers for 3 years. They have sent the documents to my mail id.
    Was this review helpful? 0
    , chennai
    Reviewed on Oct 23, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have started life policy in HDFC LIFE 2years ago, am paying premium of 43K per year and the tenure is 15years. I did not remember the policy name. Am getting the statements within 5mins through my email address when I make the payment through online.
    Was this review helpful? 0
    , kochi
    Reviewed on Oct 19, 2019
  • HDFC Life Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance on HDFC LIFE on 5 months before only. The policy is for 20 years. I am paying premium on monthly package the amount which is nominal. While getting a policy my agent has given an information about the policy details. My father has taken an insurance for me. Use to do payment through an online. It covers up to myself only.
    Was this review helpful? 0
    , amritsar
    Reviewed on Oct 17, 2019
  • 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 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
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