What Are The Terms To Withdraw Money From HDFC Pension Plan?
Updated On Aug 22, 2022
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Diverse annuity pension plans, delayed pension plans, and an instant annuity pension plan are just a few of the unique pension plans that HDFC Life has developed. After retirement, the pension plans ensure that you will always have a reliable source of income. You are not required to make sacrifices for your future demands because of the collected savings and little investments.
The programmes are the ideal choice for generating consistent money, and you won't miss receiving a monthly payment. HDFC can help you, whether you need to provide for your family's lifestyle or your personal financial requirements. In addition to the benefits of the pension plan, there are tax advantages. To know more about HDFC pension plans, read on.
What Are Some Key Features Of HDFC Pension Plan?
Following are some of the key features of HDFC Pension Plan-
- The plan provides many annuity alternatives based on your needs.
- Option for a refund of the purchase money upon the demise of the life insurance.
- Existence of the opportunity to surrender value.
- Offers Monthly Income Guarantee
- You have the choice to decide at what age you want to start receiving a monthly salary.
What Are The Types Of HDFC Pension Plans?
Following are the types of HDFC pension plans one can choose from -
- HDFC Personal Pension Plus - A classic participation pension plan including an investment horizon of 10–40 years is HDFC Life Personal Pension Plus. At vesting (on maturity), you can select from a variety of annuity choices and get a lifetime income guarantee. Additionally, the strategy offers tax advantages under 80 CCC.
- HDFC Life Pension Super Plus - With the help of this ULIP, you may build up a corpus to last you into retirement. The plan dynamically splits premiums between fixed income and equity investment options.
- HDFC Life Single Premium Pension Super Plan - The unit-linked HDFC Life Single Premium Pension Super Plan builds a corpus during the course of the policy to provide post-retirement income for life. You have the option to pay a single payment as well as multiple top-up premiums.
- HDFC Life Guaranteed Pension - You may benefit from this plan's guaranteed income during your retirement years. Every year the insurance is assured to be added to by 3%.
HDFC Life New Immediate Annuity Plan - This is a classic annuity plan that is non-linked and guarantees financial independence after retirement.
Why Should A Person Choose HDFC Pension Plan?
The HDFC Life Pension Plans are designed to meet a person's financial requirements as they get older. HDFC is the top home financing firm in India. In addition to death benefits, they also provide several other characteristics like flexibility, tax savings, etc.
How Can A Person Withdraw Funds From HDFC Pension Plan?
Following are the ways through which an individual can withdraw funds from HDFC Pension Plan:
- Retirement at 60 years - Up to 60% of the value of your entire amount may be withdrawn. The remaining 40% must be at least met before your pension may be started. Your bank account will be reimbursed with the sum you withdrew, and the leftover sum will be sent to the annuity provider of your choice.
- Retirement before 60 years - His reward is only attainable once a minimum of 10 years of investment have passed. You may only take a maximum of 20% of the value of your total investment in the event of an early withdrawal from NPS. Your fund must be annuitized to a minimum of 80% of its value.
Endnotes
Planning for life after retirement should begin early in one's working career. Planning for retirement is an essential step in securing one's financial security after retirement. After leaving the workforce, saving up enough money to get a monthly income is crucial for maintaining the same standard of living and for unforeseeable situations.
Also read: Meaning And Features Of Retirement Plan You Should Be Aware Of
