Accumulates In Initial Premium Paying Years, Vests After Tenure Is Over
Summary
HDFC Life Pension Super Plus Plan is a Unit Linked Deferred Annuity Plan from HDFC Life Insurance. This is a policy that can be opted for 10, 15 or 20 years by paying regular premium throughout the policy tenure. The plan has investment opportunity in Pension Super Plus 2012 Fund. The plan accumulates in the initial premium paying years and vests after the policy tenure is over. There are 5 annuity options to choose from.
Key Features
- This is a Unit Linked Insurance Plan
- It is a Regular Premium Deferred Annuity plan
- The Policy Tenure is 10, 15 and 20 years
- There is only 1 fund for investment purpose- Pension Super Plus 2012 Fund
Benefits
- This plan has 5 options for Annuity
- From the 11th policy year onwards, there is 102.5% of premium allocation in this plan
- The higher of Fund Value or 101% of Premium Paid + Top Up (if any) is accumulated as Maturity Corpus which is used for annuity
- If the Annuitant dies within the policy tenure, the higher of Fund Value or Total Premiums paid, i.e. Regular Premium + Top Up (if any) are accumulated as Death Benefit which can be taken by the nominee as a lumpsum or as annuity
Maturity Benefit
At the time of vesting, i.e. on Policy Maturity or Surrender, there are a few options available to the policyholder:
- Purchase HDFC Life Immediate Annuity Plan or any other Annuity Provider for the full corpus
- Withdraw 1/3rd of the corpus tax free under section 10(10)A and purchase annuity for the remaining 2/3rd of the corpus
Annuity Options Available:
The following options are available under the plan. You may choose any one. Once chosen, the option cannot be altered.
Type of Annuity:
- Life Annuity- Annuity payable for life at a uniform rate
- Joint Life Annuity- Annuity for life with a provision of the annuity being payable to spouse during his/her lifetime on death of the annuitant
- Life Annuity with Return of Purchase Price- Annuity for life with a provision of the purchase price being returned to the nominee after the death of the annuitant
- Life Annuity with Guarantee upto 15 years- Annuity payable for 15 years certain and thereafter as long as the annuitant is alive.
- Life Annuity Return of Balance Purchase Price- Annuity for life with a provision of the remaining purchase price being returned to the nominee after the death of the annuitant
Death Benefit
If the Annuitant dies within the policy tenure, the higher of Fund Value or Total Premiums paid, i.e. Regular Premium + Top Up (if any) are accumulated as Death Benefit. The nominee has the option to take this amount as annuity or withdraw the entire proceeds as Death Benefit and terminate the plan.
Income Tax Benefit
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and 1/3rd of the Maturity proceeds are tax free under section 10(10)A subject to fulfilment of terms and conditions
Surrender Policy
No Surrender Charges available after 5 policy years. Before 5 years, the insurance cover ceases and the Fund Value net of any discontinuance charge is transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will earn a minimum guaranteed interest rate equal to the savings account rate of State Bank of India and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
After 5 Policy Years, there is no Surrender/Discontinuance Charges and the Fund Value is paid to the policy holder.
Loan
Loan facility is not available under this policy.
| Eligibility |
Minimum |
Maximum |
| Policy Term (in years) |
10/15/20 |
| Premium Payment Term (in years) |
Equal to Policy Term |
| Entry Age of Annuitant (in years) |
35 |
65 |
| Age at Maturity (in years) |
55 |
75 |
| Premium (in Rs.) |
24,000 |
No Limit |
| Payment modes |
Annual, Semi Annual,
Quarterly and Monthly |