HDFC Life Personal Pension Plus

Overview

This is the ideal retirement option for those people who wish to make the most of their savings by providing for retirement by making safe investments. The benefits of this plan are payable largely on an installment basis thereby providing an income stream during retirement when personal income is limited.

The HDFC Life Personal Pension Plus Plan Offers Benefits on

  1. Death of the life assured
  2. At vesting

As a participating plan, bonuses are payable, participating in the profits made by the fund. Under this plan, an applicant can either opt to pay premiums and receive the sum assured based on these payments at time of death/vesting or an applicant can choose the sum assured based on which premiums to be paid will be determined.

Type

Participating, traditional, deferred pension, regular premium

Sum assured

101% of regular premiums paid is assured as benefit in case of death or vesting unless the following amounts are higher.

Case 1: Sum assured as an outcome of premiums paid

  • In case of death = 101% of total premiums paid + bonuses (minimum level of 105% maintained)
  • In case of survival to vesting = vesting amount + bonuses
  • premiums payable as per chosen premium payment frequency

(in case of paid-up policies, the sum assured and bonuses will be adjusted proportionate to premiums paid)

Case 2: Premiums payable as an outcome of chosen sum assured / vesting amount

  • Minimum assured vesting amount - Rs.2,04,841
  • Maximum assured vesting amount - Nil
  • Pre*miums payable based on assured vesting amount chosen

Bonuses

  • Simple Reversionary - Calculated and declared annually as a percentage of the vesting sum assured
  • Interim - Declared when vesting amount is to be paid prior to declaring the reversionary bonus
  • Terminal - Paid at vesting, subject to conditions

Payout

  • Death benefits - nominee can choose to receive payout as lump sum or buy an annuity

  • Vesting benefits - ? of payout as cash lump sum^ and balance to buy an annuity,

OR use entire payout to buy an annuity,

OR use payout to buy a deferred pension plan of single premium

Coverage

Death / Vesting

Basis

Single life

Policy Term

10 years to 40 years

Premium payment frequency

Monthly, Quarterly, Bi-annually, Annually

Premium

Rs.110.19 to Rs.27.55

(depending on the chosen policy period i.e. 10 to 40 years)

*rates are for every Rs.1000 of sum assured - e.g. Premium payable on a 10 year policy with a sum assured of Rs.1,00,000 will be Rs.11,019

Minimum premiums payable if paid in installments (no maximum amount)

Monthly - Rs.2,000

Quarterly - Rs.6,000

Bi-annually (half-yearly) - Rs.12,000

Annually (yearly) - Rs.24,000

(In Case 2 of sum assured, the premium payable will be based on the vesting amount)

Premium discontinuation

Policy made paid-up if premium payments are discontinued after acquiring surrender value

Guaranteed Surrender Value (GSV)

  • After 3 years of premium payments

  • Surrender value = Percentage of premiums paid + accrued bonuses

Special Surrender Value (SSV)

At company discretion based on market conditions

Grace Period

Based on premium payment frequency

Quarterly - 30 days

Bi-annually - 30 days

Annually - 30 days

Monthly - 15 days

that haven’t acquired surrender value pending beyond grace period will cause the policy to lapse

Revival

Current revival period is 2 years;

revival on payment of outstanding premiums + interest + revival charge of Rs.250

Free-look period

15 days of policy receipt for face-to-face purchases; 30 days for distance purchases i.e. not directly

  • services taxes and other regulatory fees to be included where applicable

Eligibility of HDFC Life Personal Pension Plus

In order to be eligible for this HDFC Life policy, the applicants must meet these age criteria. The policy term of 10 to 40 years can be chosen not only depending on the age of entry but also keeping in mind the age of exit or maturity or vesting. This would also affect the sum assured and premiums that can be opted for as explained in the features above.

Age at entry

18 years - minimum

65 years - maximum

Age at exit / maturity / vesting

55 years - minimum

75 years - maximum

Benefits or Advantages of the HDFC Life Personal Pension Plus Plan are Outlined Below

  • Tax benefits: This plan makes for an efficient tax-saving investment
  1. Premiums: Tax advantages U/S 80CCC
  2. ^ ? cash lump sum payout is tax-free

This is subject to changes in tax rules

  • Option to choose lump sum or annuity payouts as per nominee/policyholder needs upon death/vesting
  • Flexible sum assured, policy term and premium payment options
  • Affordable retirement plan with an EMI option exclusively to users of credit cards; offers an investment cum savings option
  • Easy application process
  • Provides financial security on retirement

How This Plan Works

Let us elucidate this plan through the following example.

Mr.Ahuja, 55, wishes to provide for his retirement and opts for the . He will be eligible for the policy as the maximum entry age is 65 years. He can choose a policy term of 10 to 20 years. This is because the minimum policy term is 10 years and the maximum age at maturity / vesting / exit is 75 years.

After consulting with his financial advisor, he estimates he can pay premiums comfortably every month. The minimum payable every month is Rs.2,000 i.e. Rs.24,000 per year. He opts for this for a term of 20 years.

Suppose, Mr. Ahuja dies after 5 years. He will receive an assured benefit of 101% of Rs.24,000 * 5 = Rs.1,21,000 + applicable bonuses. At a minimum level of 105%, it works out to Rs.1,26,000 + applicable bonuses.

If Mr. Ahuja survives till policy maturity i.e. for the next 20 years, he will receive 101% of Rs.24,000*20 = Rs.4,84,000 + applicable bonuses or the vesting amount + applicable bonuses. whichever is higher.

Conversely, if the sum assured is fixed or decided upon when taking the policy, then the premium payable is based on this.

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

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Plan Benefits

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Customer Service

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HDFC Life Personal Pension Plus Plan Reviews

Page 1 of 50 1 2 3 4 5
  • HDFC Life Life Insurance
    "Good policy "
    0.5 5.0/5 "Blown Away!"
    From HDFC Life, i have taken a term insurance and the coverage value was Rs.50L. This policy will cover all types of death any eventuality happens then amount goes to the nominee. This insurance is valid till the age of 70 years, if nothing happen then the policy will get lapsed.
    Was this review helpful? 3
    , kolkata
    Reviewed on Mar 15, 2020
  • HDFC Life
    HDFC Life Life Insurance
    "Hdfc Life Super Income Plan"
    0.5 0.5/5 "Unacceptable"
    Plz dont buy this HdFc life super income plan policy Because the bank will ask u for this Policy whenever u have an That much amount In ur bank so they will give u the policy Anyhow. Because I have the Same policy on My Mother's name so my mother is Expire on 3December 2019 ,So I have gone to Hdfc life office for Death claim so I gave all documents they need. And after 7-8 days I get the amount what I have paid no that which they said. Then I Ask for Reason they said u have dont submitted the documents(Means Medical documents) that we need. Whenever u bought this policy. So I told to them that when I purchase the policy the bank dont ask for any Medical Papers. So I get that amount only which I have paid in Installments I have paid 3 Installments. of 51000 or something
    Was this review helpful? 1
    , mumbai
    Reviewed on Mar 12, 2020
  • HDFC Life Life Insurance
    "Best policy "
    0.5 4.0/5 "Great!"
    I have taken a life insurance policy from HDFC LIFE. The premium i am paying monthly Rs.1100 , total period is 60 years. This policy get matured after 60 years and insurance covers all types of death. Customer service and responsiveness was good. This policy has good plan benefit and it has good coverage value of Rs. 50L.
    Was this review helpful? 1
    , jaipur
    Reviewed on Mar 04, 2020
  • HDFC Life Life Insurance
    "Very good "
    0.5 5.0/5 "Blown Away!"
    I have taken term insurance from HDFC Bank on 2015 . My friend is working as an agent so he has suggested to take this policy. My self only in this policy. I use to pay the premium on yearly basis auto deb 8300 rupees. I know all the details about this policy and received soft copy on time. The tenure period is 60 years for this policy. This insurance covers all type of natural death and suicide also will cover. This insurance covers after 60 years, no returns and tax benefit policy.
    Was this review helpful? 1
    , pune
    Reviewed on Feb 29, 2020
  • HDFC Life Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have taken a life insurance policy from HDFC LIfe. The coverage value is Rs. 1C and i am paying premium annually Rs.15-16K and this is a life long policy. This policy will covers all types of types of death and i will not get any returns if nothing happen.
    Was this review helpful? 1
    , noida
    Reviewed on Feb 27, 2020
  • HDFC Life Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance from HDFC Life on 5 years back. It cover up to myself. I am paying the premium amount on yearly basis of 50K which is high but it is fine to pay the amount. While taking this insurance the agent has given all the details about policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 22, 2020
  • HDFC Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance policy from HDFC LIFE. The premium i am paying yearly Rs.26,000 with the term of 20 years, after 20 years i will be getting good returns. Customer service and responsiveness was good. This policy has good plan benefit and it has good coverage.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 21, 2020
  • HDFC Life Life Insurance
    "Coustmer care very very very service ð???ð???ð???"
    0.5 0.5/5 "Unacceptable"
    Very very very very very very very very very very bad service. Coustmer care hold my call for 15 mint. Then cencel the call. No service provide. I am call again but no response, not pick the call. Again cancel the call. Very very very very very very very very very very bad service. Very very very very very very very very very very bad service. ð???ð???ð???
    Was this review helpful? 0
    , dharamshala
    Reviewed on Feb 17, 2020
  • HDFC Life Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance policy from HDFC LIFE. The premium i am paying yearly Rs.5K with the term of 20 years. I am using this plan more than 8 years. After 20 years i will be getting some good returns. Customer service and responsiveness was good.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 14, 2020
  • HDFC Life Life Insurance
    "Good policy "
    0.5 4.0/5 "Great!"
    I have taken life insurance from HDFC Life on last year. It is a money back policy. I am not aware benefits of this policy. The premium amount of 50K need to pay on yearly basis. It covers my whole family. The coverage amount of 30L. I got terms and conditions from the agent and received hard copy on time. For my good purpose I had taken this policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on Feb 14, 2020
  • HDFC Life Life Insurance
    "Poor Customer Service"
    0.5 2.0/5 "Expected more"
    I took term plan from HDFC Life Click to protect. It took them 25 days to complete the medical test and more then 40 days passed an still the policy is not issued. Extremely poor experience. If this is the situation before issuing the policy, i don't know what my family shall have to go through in my absence ( when there is actually need for the policy money). Tall claims, poor performance.
    Was this review helpful? 0
    , mumbai
    Reviewed on Feb 08, 2020
  • HDFC Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance from HDFC Life on 4 years back. It is Life super income plan. The tenure period is 20 years.The main advantage is premium free for 10 years. On yearly basis use to pay of 25K which is auto debited from my salary account. The coverage value is 9.5L.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 06, 2020
  • HDFC Life Life Insurance
    "Excellent "
    0.5 5.0/5 "Blown Away!"
    I have taken a term plan from HDFC Life on few years before. The coverage amount is 5L. The tenure period of 45 years. So far I have not faced any difficulty and there is no additional charges for this policy.I use to pay the premium amount of 12K on yearly basis. I had received hard copy of documents on time from their end.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 06, 2020
  • HDFC Life Life Insurance
    "Need to provide hard copy document"
    0.5 4.0/5 "Great!"
    HDFC LIFE has offered a life insurance on few year before. At the time agent has given all the details of this policy but main drawback is they haven't provide hard copy document rather given only soft copy. It covers up to myself. Premium amount use to pay on monthly basis which be auto debit from my account. There is no any additional charge for this policy.
    Was this review helpful? 0
    , gulbarga
    Reviewed on Feb 05, 2020
  • HDFC Life Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    My son in law has suggested a life insurance to take from HDFC Life. So I have taken on 2 years before. It covers my whole family. It is a single payment for this insurance. I am not aware about tenure period. I got all details about this policy and got documents on time.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2020
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance through HDFC Life directly .This policy tenure is for 45years.I am paying the premium through Axis Bank auto debit system .I am paying the premium on yealry basis and this policy is still active on my name .I have got all the update about the policy through the agent .Even got my policy documents on time as well.This policy is highly beneficial and will be useful for my family.
    Was this review helpful? 0
    , secunderabad
    Reviewed on Jan 17, 2020
  • HDFC Life Life Insurance
    "Supportive policy"
    0.5 5.0/5 "Blown Away!"
    I have bought HDFC bank credit card, so they have provided me a life insurance policy from HDFC LIFE. They are sending by courier on every year regarding the policy renewal details and coverage amount. Agent has clearly explained me about the policy benefits hence i took it. I pay the premium amount of Rs. 2500 on a yearly basis. This policy has cover for hospitalization and death cover.
    Was this review helpful? 0
    , pondicherry
    Reviewed on Jan 06, 2020
  • HDFC Life Life Insurance
    "Good to go with"
    0.5 5.0/5 "Blown Away!"
    Its a better plan. HDFC offers me low premium insurance for my life cover. Their executive approached me directly to take this policy. Its a accidental cum death covered policy. I have been paying the premium amount of Rs. 5000 which covers for Rs. 25 lakhs. This premium is valid for 2 years. Tax benefit is not included.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 03, 2020
  • HDFC Life Life Insurance
    "Very Good Policy"
    0.5 5.0/5 "Blown Away!"
    From HDFC LIFE, i have bought the life insurance policy its because of the service and i have a various such as credit card, savings account with them. I pay the premium amount of Rs. 25000 on a yearly basis. I have no idea about the sum assured amount. They will sent a reminder regarding the due date for that i will sent a reply with CC of the branch manager and the relationship manager. This policy has term period of 5 years.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Dec 23, 2019
  • HDFC Life Life Insurance
    "Need to improve the customer support"
    0.5 3.0/5 "Satisfactory"
    Purchased my endowment policy from HDFC LIFE. I bought the policy 5 years before. When i opened the savings account, they asked me to take the life insurance policy. I have been paying the premium amount of Rs. 50000 yearly. They are providing the sum assured amount of Rs. 10 lakhs. When i contact the customer care, they didn't give me any proper response.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Dec 17, 2019
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