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  • HDFC Life Personal Pension Plus

     4.0 / 5.0   by 1165 users
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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Responsiveness

    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

    HDFC Life Personal Pension Plus Plan Reviews

  • Page 1 of 50 1 2 3 4 5
    • HDFC Life Life Insurance
      "Yet to experience the policy"
      0.5 4.0/5 "Great!"
      I have purchased a ULIP policy from HDFC Life. 4 months before i have taken this policy. I have been paying the premium amount of Rs. 2000 every month. The sum assured amount is 5 lakhs. This is a tax benefitable policy. Through Internet i have purchased this policy. I make the payment in online by using the debit card.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 11, 2018
    • HDFC Life Life Insurance
      "Good policy to take"
      0.5 5.0/5 "Blown Away!"
      Total tenure period of the policy is 10 years. I have to pay the premium amount for 7 years and 3 years will be lockin period. They have done a very good follow up on documentation and explained the policy details very well. They will call on the premium time. The amount will be auto debited from account. In a year, i have to pay the premium amount of Rs. 50000. 1 year back, i took this policy.
      Was this review helpful? 0
      , amravati
      Reviewed on Dec 11, 2018
    • HDFC Life Life Insurance
      "Good insurance policy"
      0.5 5.0/5 "Blown Away!"
      My life insurance policy was taken with HDFC Life. Total tenure period of the policy is 8 years. I pay the premium amount of Rs. 40000 and i have selected the annual payment mode. I make the premium through cheque mode. Overall, I'm satisfied with this policy.
      Was this review helpful? 0
      , vellore
      Reviewed on Dec 04, 2018
    • HDFC Life Life Insurance
      "Recommendable policy"
      0.5 5.0/5 "Blown Away!"
      I have bought the HDFC LIFE insurance policy 3 years before. I'm making the payment amount of Rs. 28000 every year. I have no idea about the sum assured amount and policy benefits. This is a tenure period 10 years. I make the premium amount through cheque.
      Was this review helpful? 0
      , vellore
      Reviewed on Dec 04, 2018
    • HDFC Life Life Insurance
      "Recommendale policy"
      0.5 5.0/5 "Blown Away!"
      I have paid Rs. 6000 extra for my insurance policy in HDFC LIFE through cheque. I have received the notification regarding the payment and repayment immediately. I'm happy about the payment mode because i can pay according to all kind of mode.
      Was this review helpful? 0
      , vellore
      Reviewed on Dec 04, 2018
    • HDFC Life Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      My money back policy was purchased above 7 years ago. I have chosen the HDFC LIFE because its recommended by the agent. I have chosen the annual payment mode with the amount of Rs. 40000. I make the premium by online ECS mode. This is tax benefit policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 03, 2018
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      When i purchase my HDFC credit card, they have offered me a life insurance for an offer. I have received the sum assured amount of Rs. 4 lakhs and my nominee will get that amount after my death. I have chosen the monthly payment mode. This is a 1 year policy and i have to renew it after that. Every month i have to pay the premium of Rs. 300 for first 3 months.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 02, 2018
    • HDFC Life Life Insurance
      "Policy features should be improved"
      0.5 2.0/5 "Expected more"
      The policies are not upto the mark, I took SAP life policy, I make the premium of Rs. 24,000 for the tenure of 10 years, there is no much benefits in the life policy. But it has some assured benefits 5 to 6% of benefits, the payment gateway is very fine.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 01, 2018
    • HDFC Life Life Insurance
      "Best investment"
      0.5 3.5/5 "Pretty good"
      I do have multiple life insurance policy with HDFC Life. One of my relative is working there and more over the maturity term is less like 10 years. Am happy with the policy coverage and the plan benefits. The payment is flexible and its has multiple options. Every year I used to pay 1L as a premium.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 30, 2018
    • HDFC Life Life Insurance
      "Good Protection for Family"
      0.5 5.0/5 "Blown Away!"
      I took term plan for the amount of Rs. 25 lakhs, I have done the payment of Rs. 5700. Payment option is good, life cover is very good, I can avail during emergency purpose, even it has the accidental and death policy. I have added wife and Children as nominees.
      Was this review helpful? 0
      , jaipur
      Reviewed on Nov 30, 2018
    • HDFC Life Life Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I have a life insurance policy with HDFC LIFE from last 1 year and it is a long term policy. I pay my premium once in a year through online and i am convenient with the payment options. Tenure period for this policy is 12 years and this policy has good returns.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 29, 2018
    • HDFC Life Life Insurance
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It has been a very good policy and i had been paying the premium on a monthly basis. The premium amount has bee fine and has not been not too high. The payment method is easy and has been doing online and there has not been any hassle faced so far with their service.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 28, 2018
    • HDFC Life Life Insurance
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have been using life insurance with HDFC ltd , and the premium they use to charge me is up to 20 thousand in a year and it nominal and it use to get auto debited from my salary account and they had explained me all the policy clearly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 21, 2018
    • HDFC Life Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      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
      , new delhi
      Reviewed on Nov 16, 2018
    • HDFC Life Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been my using my life insurance with HDFC ltd, the policy is covered up to 10 lakh rupees , and they premium which they have charge is nominal and i use to pay through on line only and there agent had explain me about policy and term and condition clearly.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 16, 2018
    • HDFC Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my life insurance with HDFC Life, there service is good they have charged premium up to 9000 rupees per year, it use to get auto debited from my account and there customer service is good they explained me about all policy it cover in this life insurance.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Nov 15, 2018
    • HDFC Life Life Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this insurance policy a long time back and the process was done online. I had been making the payments on a monthly basis and the premium amount of 1000 has been good. The premium method also has been good and there has not been any hassle faced with them so far.
      Was this review helpful? 0
      , gandhidham
      Reviewed on Nov 14, 2018
    • HDFC Life Life Insurance
      "Good "
      0.5 5.0/5 "Blown Away!"
      I have taken 2 life insurance policies with HDFC Life, one was taken in the year 2007 and other is year back. I am very much satisfied with the policy coverage and benefits. They have introduced term plan and giving partial disability benefits. I am paying the premium of 3700 rupees monthly through ECS.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 13, 2018
    • HDFC Life Life Insurance
      "Good policy to have"
      0.5 5.0/5 "Blown Away!"
      I hold a term insurance with HDFC worth of Rs. 15 lakhs. I opened a term insurance in the year of 2013. I have been paying the premium of Rs. 6174. I have chosen the annual payment mode. Total tenure period of the policy 15 years. This is tax benefitable policy. Since I'm a existing customer of HDFC, i have chosen the same company.
      Was this review helpful? 0
      , dehradun
      Reviewed on Nov 13, 2018
    • HDFC Life Life Insurance
      "Good for saving with Tax benefits"
      0.5 4.0/5 "Great!"
      I have ULIP plan with HDFC Life, I pay the premium around Rs. 15,000 per annum based on market rate I get the benefits , it has locking period from 3 to 5 years. I can check my details directly with the bank, staff will check and update the information. The plan has tax benefits is good.
      Was this review helpful? 0
      , nagpur
      Reviewed on Nov 12, 2018
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