One of India’s leading life insurers, HDFC Life has launched HDFC Life Smart Pension Plus. It is a plan that enables customers to achieve financial independence after retirement, in the form of a regular and guaranteed stream of income, similar to a ‘salary’. HDFC Life Smart Pension Plus has been designed to cater to individuals who want to save and create a financial safety net for themselves while they earn to be able to continue with their current lifestyle after retirement in their golden years. This annuity product could enable customers live their desired life after retirement.
The product offers flexibility to cover oneself as well as one’s spouse, decide the premium payment term, frequency of pay-out and a choice to take income immediately or after a few years. HDFC Life Smart Pension Plus is made available in multiple variants – the unique ones being annuity with a liquidity option, simple and compound increasing annuity to offset inflation and early return of premium to fulfil one’s own life goals.
The key benefits of HDFC Life Smart Pension Plus are: (1) Customers can get their policies issued within 24 hours with no medicals and underwriting requirements, (2) The plan provides guaranteed1 income for whole of life by paying premium once or for a limited payment term, (3) The annuity rate is guaranteed at inception and shall remain unchanged for the duration of the policy, (4) Existing customers of HDFC Life and retired employees/spouses of retired employees of the HDFC group will get special rates, (5) The plan offers individuals the opportunity to defer income up to 15 years while locking in attractive annuity rates at the time of purchase, (6) It provides the option to top-up/supplement the existing annuity pay-outs anytime during the policy term.
