HDFC Life Click 2 Retire is an online unit linked pension plan which offers the policyholder a chance to secure themselves financially post retirement. If anything is certain, it is that retirement will come to all of us.
The allows policyholders to build a corpus that will allows them to continue enjoying their lifestyle post retirement and to meet the rising cost of living and the ever increasing inflation.
Maturity Benefit: The policy offers a maturity benefit or vesting benefit which is the higher of either the fund value or the assured vesting benefit. The assured vesting benefit is calculated as [101% + 1% * (policy term minus premium paying term)] * total premiums paid. If the policy has reached maturity, the policyholder can postpone the vesting date by moving it to a later date. This can be done any number of times provided the policyholder is below 55 years and is subject to a maximum of 75 years. The policy when deferred will continue to but will be calculated as per maturity date at the time of policy inception
Death Benefit: If the life assured passes away while the policy is in effect, the nominee assigned will receive death benefit which is higher of either the fund value or 105% of the total premiums paid till date.
Maturity benefit can be claimed in the following ways. One third of the benefit needs to be taken out as a tax free lump sum according to tax regulations. The remainder needs to be converted into Annuity which has to be purchased from . The policyholders can also choose to either convert the entire payout in to annuity by purchasing a separate annuity plan or use the proceeds to purchase a single premium deferred pension plan from HDFC
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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