It is an investment-cum-insurance plan that offers the potential of better returns, by investing a part of your money in equity and the balance in debt, while also providing you with life … Simply log into the e-portal with your Client ID and password to check the policy status of your HDFC pension plan. Remaining 2/3rd should be used to draw a pension or the policyholder can use entire proceeds to purchase an annuity with the fund value. Under this HDFC pension plan, on maturity, 1/3rd of the fund value can be commuted, i.e. HDFC pension plan policyholders must attach all the relevant policy documents along with a duly filled surrender form at any of the branch locations in their city. On death, the company pays higher of the fund value or total premiums paid accumulated at a rate of 6% per annum or 105% of the total premiums paid till death under this HDFC pension plan, Income Tax Benefit on the premiums paid under Section 80C and on the commuted part of the fund value under Section 10(10A) of the Income Tax Act. The insured person won’t be able to either withdraw or surrender the fund invested in the Unit-Linked Insurance Plans partially or completely till the completion of the 5th year. The customer only needs to log into the company’s website, choose the required HDFC pension plan, choose the coverage and provide the details. The policyholder may also commute 1/3rd of the fund and receive annuity from the remaining portion or purchase another Single Premium deferred annuity from the company, Under this HDFC pension plan, on death of the insured, higher of the available fund value or 105% of the premium is paid to the nominee who may choose to receive annuities or withdraw the entire amount, Income Tax Benefit on the premiums paid under Section 80C and on the commuted part of the fund value under Section 10(10A) of the Income Tax Act. 4 Ways To Make Retirement Funds Last Longer! Approval for registration as an Insurance Broker is pending with the IRDAI. Taking a plan early has two benefits. Premiums paid are eligible for tax benefit under Section 80 CCC1. Email: [email protected], Tel No: (022) 67516666 (Monday to Friday: 9:15 AM to 6:00 PM), HDFC Life Guaranteed Pension Plan (UIN No: 101N092V01, Form No: P501) is a traditional insurance product offered by HDFC Life. withdrawn as cash and the remaining 2/3rd should be used to draw a pension or the policyholder can also use the entire proceeds to purchase an annuity with the fund value. Death benefit is exempt under Section 10(10D). So even if you die, your spouse will continue to receive the annuity till the time he or she lives. Below the chart depicts working of the plan … Under this HDFC pension plan, on vesting, the policyholder can commute 1/3rd part of the corpus and avail annuity from the remaining part or avail immediate annuity from the entire corpus or use the proceeds to buy a Single Premium Deferred Annuity plan from the company. Under this HDFC pension plan, on vesting, the policyholder can purchase a joint life annuity from the company guaranteeing regular income till the policyholder or his spouse is alive. Bill Pay – EBPP (Electronic Bill Presentment and Payment), Bill pay-EBPP(Electronic bill presentment and payment). © Newspaper healthnewsreportingTheme by healthnewsreporting. 2. HDFC Standard Life Insurance Company was established between Housing Development Finance Corporation Limited (HDFC) and Standard Life plc based out of UK. Here I have provided the eligibility in the table form below. No. What is the company’s process to settle claim for HDFC Life pension plans? Under this HDFC pension plan, on vesting, the proceeds are payable to the policyholder who can either choose to receive annuity payouts from the entire corpus or withdraw 1/3rd of the corpus as cash and receive annuity payouts from the remainder 2/3rd of the corpus which shall be taxable. Tax benefits are subject to changes in the tax laws. On Vesting, higher of the Sum Assured including bonuses or 101% of total premiums paid is guaranteed to be paid under this HDFC pension plan. HDFC Bank Limited Certified Corporate Agent – IRDAI Reg. For the next 20 years (which is called the accumulation phase), he regularly pays his premiums. 81,145 (min); No limit (max), Plan pays annuity without delay from the period chosen by the annuitant after the premium is paid, The Purchase Price, i.e. This is entirely subject to the extreme vesting period of 75 years, in case you are below 55 years. The policyholder may also commute 1/3rd of the fund and receive annuity from the remaining portion. The annuity promises multiple annuity options under this HDFC pension plan like: Annuity for life and then return of purchase price on death, Lifetime Annuity with Return of Balance of Purchase Price, Life Annuity which is guaranteed for 5/10/15 or 20 years and then payable for life. There are certain kinds of annuity plans that have provisions for partners as well. the single premium paid for availing annuity is returned on death or in case of a Critical Illness under relevant annuity options, Higher rates of annuity are available for higher purchase price of Rs. The product information for comparison displayed on this website is of the insurers with whom our company has an agreement. How can I provide for my spouse if I buy an annuity plan? Under this HDFC pension plan, the death benefit is payable to the nominee who can either choose to receive annuities out of the proceeds or withdraw the proceeds entirely.
hdfc life assured pension plan
By on November 19, 2020 in Master Woodsman
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