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  • HDFC Single Premium Pension Super

    HDFC Life Insurance

    Overview

    A unit linked insurance plan offering life insurance coverage and creating a financial corpus through the policy term that aids in post-retirement income for the period of life of the policyholder. In addition to the life cover that the plan provides, it offers a choice of funds that can steadily add to the growth of investment. This is a single premium paying plan which accepts top up premiums and thus can add to the financial benefit generated by the policy throughout the course of the policy.

    Eligibility Conditions for HDFC Life Single Premium Pension Super Plan

    The plan’s eligibility conditions can be depicted in the table mentioned below -

    Parameter

    Minimum

    Maximum

    Policy Term (Years)

    10

    10

    Entry Age

    40 years

    75 years

    Maturity Age

    50 years

    85 years

    All the ages mentioned above are as per the last birthday.

    Key Features of HDFC Single Premium Pension Super Plan

    This plan meant for wealth creation has the following salient features -

    Parameters

    Details

       

    Plan Type

    Unit-linked insurance plan

       

    Basis

    Individual policy

       

    Policy Term

    10 years

       

    Policy Validity

    Will be for the policy term in case all premiums have been paid

       

    Coverage

    Maturity Benefit = Higher of Fund value of all balance units at the end of the policy term or 101% of single premium and all top up premiums paid till date.

       
     

    Death Benefit = Higher of Fund value of all balance units at the end of the policy term or 105% of single premium and all top up premiums paid till date.

       
     

    Surrender Benefit

    Before completion of 5 years

    After completion of 5 years

       

    Fund value minus discontinuation charges moved to Discontinued Policy Fund and paid out with accrued interest after 5 years’ completion

    Fund value paid out immediately

    Free look Period

    30 days in case of online purchase. 15 days otherwise

       

    Policy Proceeds

    Allows a third of the Maturity Benefit to be taken as a tax-free lump sum cash amount or commuted value and the rest is converted into life annuity that can be bought from HDFC Life.

       

    Nomination and Assignment

    Nomination and assignment facility available but only one can be chosen at a time

       

    Benefits and Advantages of Single Premium Pension Super Plan

    This plan from HDFC Life utilizes an investment fund known as Pension Super Plus 2012 in order to aid in the growth of wealth and can be availed by anyone interested in having a post-retirement income based on a one-time investment. Life insurance provided by this policy throughout the policy term is an added benefit. The key advantages in opting for this plan can be mentioned in the following points -

    1. Life cover is present throughout the policy term with no exclusions
    2. Single term policy tenure for a one-time investment that will pay for the future
    3. Applicable tax benefits can be availed as per Section 80C, 10A and 10(10D) of the Income Tax Act
    4. Medium risk fund option and assured higher return over investment

    The key benefits under this policy can be explained as below -

    1. Maturity Benefit - Paid once the policy reaches the maturity age, after the completion of the policy term, this amount can be paid to the policyholder or nominee. This amount includes the fund value of all the balance units in the account. While a third of the maturity can be withdrawn directly, the rest can be paid as a life annuity
    2. Death Benefit - In case of the death of the insured life, Death Benefit will be payable to the nominee. This amount will comprise the higher of the fund value or 105% of the total premiums paid and can be paid directly to the nominee if the life insured passes away within the policy term
    3. Surrender Benefit - Policy has a lock-in period of 5 years. If surrendered within the lock-in period, funds move to Discontinuance Policy Fund and get paid after 5 years are complete. In case surrender is done after 5 years, fund value is paid out immediately
    4. Tax Benefit - The contributions made towards the premiums of this policy can be tax deductible as per Section 80C and the received benefits can fall under Section 10(10D). Though these benefits are dependent on the prevailing tax laws

    Investment of Funds under HDFC Life Single Premium Pension Super

    This unit-linked plan from HDFC Life comes with a single fund option that offers a medium risk level and return. The premiums paid will be accordingly invested in the fund over all the applicable asset classes as per the ratios defined. The details about such funds have been mentioned in the table below -

    Fund Name

    Details

    Asset Categories

         

    Risk and Return Rating

       

    Money Market Instruments, Cash & Deposits

    Liquid Mutual Funds

    Govt. Securities, Fixed Income instruments & Bonds

    Equity

     
       

    Fund Ratios

           

    Pension Super Plus 2012

    Benefit at least equal to the guaranteed benefit

    0-40%

     

    40-100%

    0-60%

    Moderate

    Charges in HDFC Single Premium Pension Super Policy

    Being an insurance plan that relies on various asset classes to generate wealth on the investment made, the policy entails charges on quite a few aspects of itself. The applicable charges on this policy are as follows -

    Charge

    Particulars

    Premium Allocation Charge

    On Premium paid - 2.5%, on top up premium paid - 1%

    Fund Management Charge

    1.35% per annum of fund value, chargeable daily

    Policy Administration Charge

    Subject to Rs. 500 per month, 0.13% per month of the total premiums paid

    Mortality Charge

    Dependent on policyholder’s age and level of cover

    Miscellaneous Charges

    Rs. 250 for policy alteration

    Investment Guarantee Charge

    0.40% per annum of the fund’s value charged daily in case of active policies

    Premium Payment for HDFC Life Single Premium Pension Super Policy

    The details of premium payment for this plan can be summarised in the table below -

    Premium Parameter

    Details

    Premiums

    A minimum of Rs. 25,000 and has no maximum limit

    Top up Premiums

    Minimum of Rs. 10,000 and no maximum limit on amount or number

    Premium Paying Term (PPT)

    Single premium payment one time only

    Premium Paying Frequency

    Base Policy Premium is paid once and top up premiums can be paid as and when needed

    Premium Paying Modes

    ECS, debit cards, credit cards, cheques and other acceptable modes

    Premium Discontinuation Scenario for Single Premium Pension Super Plan

    There are no discontinuation charges as it is a single premium policy, however, upon surrender of the policy within the first five years, the fund value (as on the date of policy surrender) will be shifted into a Discontinued Policy Fund and the interest rate applicable on this fund is 4% per annum as of September 2015. This fund shall attract an FMC of 0.50% per annum. The funds shall be paid out at the end of the lock-in period of five years. If the policy surrender happens after 5 policy years, the fund value will be paid out immediately.

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