Everything You Need To Know About HDFC Life Saral Pension Plan

HDFC Life Saral Pension plan is a traditional annuity plan which offers basic annuity options and lets you grow your wealth over a certain period of time so that you are able to maintain a financially independent life after retirement. HDFC Life Saral Pension plan is a non-linked, immediate annuity plan. This plan offers single and joint life annuity options. Under this plan you get the option to receive the annuity as long as your partner is alive. HDFC Life Saral Pension plan also offers surrender value on diagnosis of a critical illness during the policy term. 

This plan helps you ensure your guaranteed income source after your retirement. While purchasing this plan one does not need to undergo medical examinations.

Features of HDFC Life Saral Pension Plan

Following are the features of HDFC Life Saral Pension plan:

• Offers single life and joint life annuity options
• Offers an option to receive annuity as long as your partner is alive
• Flexibility to choose to receive annuity on a monthly, quarterly, half yearly or yearly basis
• Offers 95% of surrender value on diagnoses of a critical illness
• No medical examinations required
• Guaranteed income after your retirement 

Benefits of HDFC Life Saral Pension Plan

Below mentioned are the benefits you can avail under HDFC Life Saral Pension plan:

1. Death Benefit: Under HDFC Life Saral Pension plan a death benefit is provided to the nominee in case an untimely demise of the life is assured. Under Single Life annuity option 100% of the purchase price is provided to the beneficiary in case of an unforeseen demise of the annuitant. Under the Joint Life annuity option 100% of the purchase price is returned to the beneficiary on the death of the last survivor. 
   2. Survival Benefit: HDFC Life Saral Pension plan provides annuity payments as long as the annuitant is alive under the Single Life annuity option. Under the Joint Life annuity option, annuity payments shall be provided as long as the primary or secondary annuitant is alive. 
   3. Surrender Value on Diagnoses of Critical Illness: HDFC Life Saral Pension plan provides 95% of the surrender value to the life assured in case the life assured is diagnosed with any listed critical illness. In case you are diagnosed with a critical illness any time during the policy tenure, 95% of the surrender value is provided to life assured.

Eligibility Criteria of HDFC Life Saral Pension Plan

Following is the eligibility criteria for HDFC Life Saral Pension plan:

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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.