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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

Premium payments for policies 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 HDFC 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 HDFC Life Personal Pension Plus policy. 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

 4.0 / 5.0   by 1225 users
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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

HDFC Life Personal Pension Plus Plan Reviews

Page 1 of 50 1 2 3 4 5
  • HDFC Life Life Insurance
    "Good risk & protections coverage "
    0.5 5.0/5 "Blown Away!"
    For my HDFC personal loan , they insisted me to do a life cover by taking Term policy for my life security . HDFC given me a Sum Assured of 16 lakh for 4 years . It is one time payment of around 4 k . It is going to cover all types of risk benefits for the policy holder .
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 18, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have taken my life insurance with HDFC LIFE from long time,The agent has clearly explained me about the policy and benefits , the premium i use to pay through yearly basis, and the premium amount is nominal,i use to pay through on line mode.They have not charged any kind of hidden charges.
    Was this review helpful? 0
    , pune
    Reviewed on Mar 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 insurance, Their service is good, the agent is my relative so he had given me good policy and even i know which one would be best as even i am the agent for other insurance company,and the premium amount i use to pay in half- yearly basis, and the premium amount is nominal,i use to pay through on line mode.and overall service is good.
    Was this review helpful? 0
    , new delhi
    Reviewed on Mar 13, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have been using the HDFC LIFE since from last few months the reason for taking this insurance is they have given along with the loan the maturity period is for 4 years and i have paid the loan at the beginning. It gives the self coverage with this policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 12, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using HDFC LIFE for my life insurance,the agent had clearly explained me about the policy and the benefit coverage,they use to call me if any further update they change it, they have given me hard copy as well ,the premium amount is based on yearly they charged me,that was nominal,and till now no hidden charges they have charged from me.
    Was this review helpful? 0
    , karimnagar
    Reviewed on Mar 11, 2019
  • HDFC Life Life Insurance
    "Very good service"
    0.5 5.0/5 "Blown Away!"
    I have been using the HDFC Life Insurance policy for a while. They charge nominal premium for this policy it also offers accidental benefits and I make payment at the branches. 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
    , guwahati
    Reviewed on Mar 11, 2019
  • HDFC Life Life Insurance
    "Good plan"
    0.5 4.0/5 "Great!"
    I have a long term plan with HDFC LIFE and the tenure is 8 years. I have got the insurance with Clubmiles credit card and I need not to pay the premium every month through online. The premium will be directly debited from the outstanding bill amount on the credit card. The sum assured is 80,000 but after maturity it will be around 1.30L or 1.40L.
    Was this review helpful? 0
    , new delhi
    Reviewed on Mar 09, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using this policy since from last few months i have taken this policy because of the loan that i have taken with this HDFC BANK. The maturity period for the HDFC LIFE policy is for 5 years and the premium i have paid once at the beginning. This covers only for self.
    Was this review helpful? 0
    , bikaner
    Reviewed on Mar 09, 2019
  • HDFC Life Life Insurance
    "Not proper customer service"
    0.5 1.0/5 "Really Bad"
    For my HDFC personal loan, they given this life insurance policy as a compulsion. For the next four years. I paid an amount of 4700/- Rs for a Coverage amount 8 lakhs. I already informed to HDFC , I have another life insurance policy in other insurance company . They are not caring about the customer request .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 07, 2019
  • HDFC Life Life Insurance
    "Very useful Term service "
    0.5 5.0/5 "Blown Away!"
    I taken a term life insurance policy in HDFC life for a Sum assured of 1 Crore till 80 years of my age . I am paying a Annual Premium of Rs : 16000/- It is risk protection cover which is going all coverage of death benefit cover . HDFC has good settlement Ratio.
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 07, 2019
  • HDFC Life Life Insurance
    "Important for life cover"
    0.5 5.0/5 "Blown Away!"
    HDFC life provided me a Term insurance of 25 lakhs till the 65 years of coverage . Every type of risk benefit covered in term plan . Immediately Amount will be sent to my family . It is a annual package , Premium is affordable .It is one most important term insurance for me.
    Was this review helpful? 0
    , guwahati
    Reviewed on Mar 06, 2019
  • HDFC Life Life Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have been previously taken life insurance with HDFC life, now i have closed this insurance, as i felt there was no much benefits available in this insurance scheme.i have paid premium from 5-6 years,and closed this insurance,i have been paying insurance on monthly basis.
    Was this review helpful? 0
    , lucknow
    Reviewed on Mar 03, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance with HDFC life. they have charged me nominal premium amount and i pay premium through any mode of payments there is no particular payment mode and till now i have no issue with their service, based on the features and benefits this policy is a good life insurance policy to have.
    Was this review helpful? 0
    , mohali
    Reviewed on Mar 02, 2019
  • HDFC Life Life Insurance
    "Excellent Policy"
    0.5 5.0/5 "Blown Away!"
    I had taken this life insurance policy a long time back and the premium has been paying on a monthly basis. The payment method with them is good and the plan benefits has also been good. The premium amount has been quite nominal and their customer support has been helpful as well.
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 02, 2019
  • HDFC Life Life Insurance
    "Average Service"
    0.5 3.0/5 "Satisfactory"
    I had taken this insurance policy almost three years back and the services of them has been quite good so far. The premium amount of 25,000 has been paying on an annual basis and there has not been any hassle faced in the payment method with them. Overall the services which they had provided so far has been quite satisfactory.
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 01, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have taken the personal loan with the HDFC BANK so they have given the life insurance policy along with that loan. The premium i am paying for yearly once. the life insurance gives the coverage for self added on that the maturity period is for 4 years.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 28, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy a long time back and there has not been any hassle faced. Their customer support has been helpful at times. The premium had been paying on a monthly basis and the payment method has been simple, even the premium amount has not been too high.
    Was this review helpful? 0
    , mumbai
    Reviewed on Feb 27, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    HDFC LIFE is the insurance provider where i have taken the life insurance policy, i have taken the insurance and i am using it since from last 7 years. The premium i pay through ECS for 3 months once from my account. The policy coverage is for family.
    Was this review helpful? 0
    , jaipur
    Reviewed on Feb 23, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the life insurance policy with the HDFC LIFE i am satisfied with the services of this insurance. I am not sure about the name of the policy, the premium i am paying through online for yearly once. The maturity period of this policy is for long term.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 22, 2019
  • HDFC Life Life Insurance
    "It should be economic"
    0.5 3.5/5 "Pretty good"
    I got the life insurance of 15 lakhs for the premium of Rs. Rs. 55,000 for 20 years, I have not received the hard copy . This policy was provided from the institute when I took the home loan. I felt the premium is higher, it would be great if they reduce the premium. People should look for other options before going for the policy.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Feb 22, 2019
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