HDFC Life Group Retirement Plans

Planning ahead for the age of retirement can make all the difference in having a comfortable old age. HDFC Life offers group retirement plans that bring down premium costs and provide adequate coverage for members of the group. There are unit-linked plans and non-linked plans. Customers can choose from four different plan options according to their needs and requirements.

Benefits of HDFC Life Group Retirement Plans

HDFC Life Insurance offers a variety of group insurance plans to cater to the varied needs of customers. You can benefit from the following when you opt for one of these plans:

• Premiums can be paid regularly or as a single premium.
• Assured benefits
• Options of different investments to choose from
• Tax benefits as per the prevailing tax laws
• Switch options to control investments

Group Retirement Plans Offered by HDFC Life

There are four group plans offered by HDFC Life that caters to retirement wants and needs of employers and employees.

HDFC Life Group Pension Plan:

This is a non-linked participating variable group retirement plan. Employers can use this plan to effectively build an employee superannuation benefit fund. The plan is an ideal investment solution to helping employees build a retirement corpus. Some of the benefits of this plan include:

• Easy claim settlement process
• Bonus credited at the end of each financial year
• Retirement corpus for individual members
• Minimum floor rate of 0.5% is guaranteed for the policy term
• Option to get a single policy account or individual member accounts

HDFC Life Group Unit-Linked Pension Plan:

This unit-linked pension plan provides employers with a suitable yet flexible solution to making provisions for superannuation benefits. The objective of this plan is to give employers a cost-efficient method of managing the superannuation scheme.

• Easy claim settlement process
• Get assured benefits
• There is a range of investment options
• Retirement corpus for individual members
• Option to get a single policy account or individual member accounts
• Depending on the number of years to retirement, the fund allocation is based on life stages
• At least 10 members are required to take this plan

HDFC Life Group Variable Employee Benefit Plan:

This group insurance plan is a non-participating variable one through which a company or trustee becomes the policyholder. All employees become members of the scheme. This plan is a cost-effective way to build up a retirement corpus fund for employees to meet their future needs.

• For the entire term of the policy, a guaranteed minimum return of 1% p.a. is provided.
• At the beginning of every quarter, additional interest rate will be declared.
• As per the applicable tax laws, tax benefits can be availed by employers and employees.
• In case of superannuation schemes, there is an option of individual member level accounts.
• The product can be tailored to achieve different objectives of leave encashment, gratuity, superannuation and other benefits for employees.
• At least 10 members are required to take this plan.

HDFC Life New Group Unit-Linked Plan:

The HDFC Life New Group Unit-Linked Plan gives employers an easy way to build and manage a corpus that will take care of employees’ future needs. The plan helps maximise investment returns through cost-effective solutions.

• Choose from 6 different debt and equity-oriented funds
• Flexible options for premium payments
• Switch over between funds to have better control over your investment
• Get an in-built insurance cover of Rs.1,000
• For large funds, additional units will be added to the scheme as a form of a discount
• As per the applicable tax laws, tax benefits can be availed by employers and employees
• At least 10 members are required to take this plan
• Benefits are payable upon leaving the scheme, death of the insured, or surrender of the policy

Fund Options

The six funds that are available are:

• Liquid Fund II - Low capital risk with stable returns.
• Secure Managed Fund II - Higher potential returns with more stability of capital.
• Defensive Managed Fund II - Risk is kept down with significant bond exposure. Get better access to long-term returns from equities.
• Balanced Managed Fund II - Stability through bond exposure and increased equity exposure. Get better long-term returns.
• Equity Managed Fund II - Stability and diversification through small bond holdings. Greater long-term returns from more exposure to equities.
• Growth Fund II - Maximise your investments through 100% investment in good quality Indian equities.

Why should you buy a Group Retirement Plan from HDFC Life?

Group plans have become an essential part of organisations as the benefits are numerous to employers and employees. Managing a large number of employees and securing financial protection for them is not an easy task. These plans help lighten the load and make it a smooth process without much of the hassle or the expense. Founded in 2000, the insurer is headquartered in Mumbai and runs its operations through 398 branches across the country. With an established presence in over 980 cities and towns, customers have easy access to the insurer and its products.