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  • HDFC LIfe Group Pension Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The HDFC Life Group Pension Plan is a non-linked participating variable insurance plan that offers you a flexible solution for managing all your superannuation obligations. The HDFC Life Group Pension Plan comes with great benefits for the employees. It is specially designed to meet and manage pension needs effectively.

    Eligibility – Who is the HDFC Life Group Pension Plan for?

    In order to be eligible for the HDFC Life Group Pension Plan, some criteria set out by HDFC Life must be met. The eligibility criteria for HDFC Life Group Pension Plan are given below:

    Type of Plan Non-linked participating variable insurance plan
    Minimum age at entry 16 years
    Maximum age at entry 75 years

    Sum Assured and Premium Range – What you get and what it costs

    Sum Assured – It is the amount that you get after the end of the policy term. In this case, you will get the amount after your retirement.

    Premium – The premium depends on the assured sum chosen by you for your HDFC Life Group Pension Plan.

    Minimum Premium Rs.100,000
    Maximum Premium No limit
    Mode of Premium Payment Single premiums, monthly, quarterly, semi-annually and annually

    Disclaimer: Premiums vary based on age, location, plan term and other factors.

     

    Plan Coverage – What the HDFC Life Group Pension Plan covers

    HDFC Life Group pension Plan is a great option that supports liabilities like superannuation and pension. You can have a single policy account or avail separate accounts for each of the members. At the start of the policy, after applicable premium charges are deducted, the premiums paid will go to the account of the policy holder. On an annual basis, the policy holder will receive the amount along with bonuses. The premiums can be paid by you monthly, quarterly, semi-annually and annually.

    Account Value Crediting:

    • Minimum Floor Rate – Minimum floor rate for HDFC Life Group pension Plan is 0.5% per annum. The minimum floor rate is guaranteed for the entire term of the policy. The minimum floor rate is credited to the policy holder’s account and the end of each financial year
    • Bonus Rate – A non-negative bonus rate is declared over the minimum floor rate after the end of each financial year. After minimum floor rate has been credited, the bonus rate goes to the account of the policy holder
    • Residual Additions – The non-negative residual additions get credited to the account of the policy holder after each policy year ends. These residual additions are determined as:
      • Actual yield received, when the policy year ends, in the account of the policy holder
      • Gross Investment yield received at the end of every policy year in the shadow account
      • Yield that is referred in yield reduction duration according to IRDA Regulation 37 (Linked Insurance Products)
      • Yield received in the account of the policy holder is calculated at the end of every policy year using the method of money weighted rate of return

    The table below talks about the cover offered by the HDFC Life Group pension Plan:

    Scheme or Event For the schemes where an individual member accounts are not maintained as defined benefits For the schemes where an individual member accounts are maintained as defined benefits
    Maturity or Vesting The benefit is paid according to the rules set by the employer in the scheme, subject to value of the policy account or assured benefit Higher of
    • Assured benefit
    • Account Value of the member
    After the vesting benefit is paid, all the benefits that were being availed by the member will cease
    Death of any scheme member The benefit is paid according to the rules set by the employer in the scheme, subject to value of the policy account or assured benefit Higher of
    • Assured benefit
    • Account Value of the member
    After the death benefit is paid, all the benefits that were being availed by the member will cease
    Policy exit due to early retirement, resignation or termination other than death The benefit is paid according to the rules set by the employer in the scheme, subject to value of the policy account Account Value of the member. After the benefit is paid, all the benefits that were being availed by the member will cease

    Exclusions – What HDFC Life Group Pension Plan does not cover

    Under HDFC Life Group Pension Policy, there are no exclusions for death benefit.

    Other Key Features

    Premium Allocation Charge The premium allocation charge is applicable at the time of premium payment. The charge is 0.05% per annum of the total premiums paid. It is subject to a maximum amount of Rs.10,000
    Surrender of Policy For the schemes where all the member level accounts have been maintained with HDFC Life:
    • No surrender charge is applicable
    For the schemes where all the member level accounts have not been maintained with HDFC Life:
    • Account value will be the surrender benefit
    • Surrender charge will not be levied
    Cancellation in Free-look period If the policy holder does not agree to the provisions mentioned in the certificate or policy of insurance and the details provided in the proposal form, then he/she may choose to return the policy to HDFC Life stating the reasons for doing it. This must be done within a period of 15 days from receipt date of the policy. After receiving the original policy document and the cancellation letter, HDFC Life will arrange for the premium refund. However, statutory deductions will be applicable on the refund. If the policy is returned, it cannot be revived, restored or reinstated. New application must be made if the applicant wants a policy again.

    Tax Benefits – How you can save with HDFC Life Group Pension Plan

    Tax benefits under the HDFC Life Group Pension plan are applicable as per the prevailing tax laws.

    Why you should buy the HDFC Life Group Pension Plan from HDFC Life

    HDFC Life has a widespread network of offices around the country like most of the top insurers present in the market today. They operates out of 9,000 touch-points and 398 offices within India, making its products extremely accessible to their customers. The insurance provider has a capable financial consultancy team that caters to the growing needs of customers within the country and abroad.