Features
Benefits
Death Benefit
a) On death during Deferment Period
i) The death benefit shall be the higher of
• Total Premiums paid accumulated at compounding interest of 6% p.a. till the date of death
• 105% of Total Premiums paid up to the date of death. The policy shall terminate on payment of death benefit and all other benefits shall cease.
b) On death after Deferment Period
i) For the Life Annuity option, no death benefit shall be payable
ii) For the Life Annuity with Return of Premiums option, the death benefit shall be the higher of
• Total Premiums paid accumulated at compounding interest of 6% p.a. till end of deferment period less Total Annuity Payouts made till date of death
• 105% of all Total Premiums paid up to date of death. Upon payment of the death benefit, the policy shall terminate and all other benefits shall cease
Features
HDFC Life Systematic Retirement Plan Offers:
- Option to defer annuity pay-outs by choosing the deferment period
- Guaranteed* income for whole of life by paying premiums for a limited payment term
- Option to receive annuity monthly, quarterly, half yearly or yearly
- Option of Return of Total Premiums paid on death
Eligibility
Particulars | Minimum | Maximum | |
Entry Age | 45 years | 75 years1 | |
Annuity Payout Per installment | Annual: ₹ 12,000; Half Yearly: ₹6,000; Quarterly: ₹ 3,000; Monthly: ₹1,000 | No limit. Acceptance of any case is subject to Board Approved Underwriting Policy (BAUP). | |
Premium2 Per installment | Annual: ₹ 30,000; Half Yearly: ₹15,300; Quarterly ₹ 7,800; Monthly: ₹2,625 | No limit. Acceptance of any case is subject to Board Approved Underwriting Policy (BAUP). | |
Group3 Size (For Group Policies) | 10 | No limit. Acceptance of any case is subject to Board Approved Underwriting Policy (BAUP). | |
Premium Payment Term | 5 years | 15 years | |
Deferment Period | Premium Payment Term chosen | 15 years | |
Policy Term | Whole Life | ||
The plan can also be purchased online. The minimum annuity payouts shall be in accordance with IRDAI (Minimum limits for Annuities and other Benefits) Regulations, 2015, as amended from time to time
All ages are calculated as at last birthday. Risk cover starts from date of commencement of policy for all lives.
1) Subject to annuity commencing at a maximum age of 80
2) Premium amounts are exclusive of taxes and levies as applicable
3) The plan will be available to employer-employee groups on group platform