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Everything You Need To Know About HDFC Annuity Plan

Published On Oct 04, 2021

HDFC Life Insurance Corporation is a leading private sector life insurance company. The company was founded in 2000 as a joint venture between HDFC Ltd., India's leading housing loan institution, and Standard Life Aberdeen, a global investment firm. HDFC Life Insurance Company provides a diverse range of innovative individual and group life insurance products to meet the needs of the nation's economically diverse customer segments. HDFC Life provides excellent delivery and insurance solutions to the people of the country through its extensive network and multi-distribution channels. Aside from pure insurance coverage, the program also offers savings plans, wealth plans, pension plans, and unit-licensing plans.

The HDFC Annuity Plan plan is a conventional annuity plan that provides basic annuity alternatives and allows you to develop your money over time so that you can live an economically independent retired life. The HDFC Annuity Plan Plan is an immediate annuity plan that is not linked. This plan provides both single and joint life annuities. You have the option to receive the annuity as long as your partner is alive under this plan. 

HDFC Annuity Plan Plan Benefits

The HDFC Annuity Plan plan also provides a surrender value if a critical illness is diagnosed during the policy term. This plan assists you in securing a guaranteed income source after retirement. This plan does not require any medical examinations when purchased.

The following are the benefits of the HDFC Annuity Plan plan:

  • Provides both single life and joint life annuity options.
  • Allows you to receive an annuity as long as your partner is alive.
  • The ability to receive an annuity on a monthly, quarterly, semi-annual, or annual basis.
  • On critical illness diagnoses, the company will pay 95% of the surrender value.
  • There are no medical examinations required.
  • After-retirement income assurance

Apart from these benefits, here are some detailed benefits that you should know about:

  • Death Benefit: Under the HDFC Annuity Plan plan, a death benefit is paid to the nominee in the event of the nominee's untimely death. In the event of the annuitant's untimely death, the beneficiary receives 100 percent of the purchase price under the Single Life annuity option. The Joint Life annuity option returns 100% of the purchase cost to the recipient upon the death of the last survivor.
  • Survival Benefit: The Single Life annuity option of the HDFC Annuity Plan plan does provide annuity payments for as long as the annuitant is alive. Annuity payments are made under the Joint Life annuity option for as long as the major or minor insured person is active today.
  • Surrender Value on Critical Illness Diagnoses: The HDFC Annuity Plan pays out 95% of the amount of deposit if the life completely convinced is diagnosed with any of the critical illnesses listed. If you are given a diagnosis with a critical illness at any time during the policy's term, you will receive 95 percent of the deposit.

Take Away

HDFC pension plans can be purchased both online and offline. Some policies are tailored specifically for the digital platform. Purchasing HDFC pension plans online is simple and convenient. HDFC retirement plans offer a variety of appealing features such as guaranteed additions, death benefits, tax advantages, and flexibility to meet each individual's specific needs. HDFC pension plans are designed to provide financial security as well as life insurance to retirees.

Also read: Difference Between Deferred Annuity And Immediate Annuity

How to Select the Right Retirement Plan?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.


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