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HDFC Pension Super Plus


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 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.


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


  • 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


  • 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


Death / Vesting


Single life

Policy Term

10 years to 40 years

Premium payment frequency

Monthly, Quarterly, Bi-annually, Annually


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


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 through the following example.

Mr.Ahuja, 55, wishes to provide for his retirement and opts for the 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

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