HDFC Life launches 2 pension plans

Updated: Tuesday, December 4, 2012, 13:20 [IST]

HDFC Life, one of India's leading life insurance companies, has announced the launch of two pension plans. HDFC Life Pension Super Plus is a regular premium unit linked plan whereas HDFC Life Single Premium Pension Super is a single premium unit linked plan. .

HDFC Life Value Notes Life Freedom Index, a survey conducted earlier this year to understand the current state of financial planning in urban India, revealed that consumers are skeptical about the adequacy of their financial plans to meet their desired standard of living throughout their lifetime. In fact, only 13% of youth and women are extremely confident that they have adequate retirement planning in place. Though the Wisdom investor segment (45 years and above) scored better in the level of confidence, their percentage stood at only 24%. This reflects that planning for retirement among all customer segments needs significant improvement.

Both the plans offer assured benefit on death and vesting. HDFC Life Pension Super Plus offers assured death benefit of total premiums paid to date accumulated at a guaranteed rate of 6% per annum and an assured vesting benefit of 101% of total premiums paid. HDFC Life Single Premium Pension Super offers assured benefit of 101% of total premiums paid on death and vesting.

HDFC Life has also launched a traditional annuity plan, HDFC Life New Immediate Annuity Plan. As per IRDA's new guideline, customers need to purchase immediate annuity from the proceeds of the Pension Plan from the same company.

HDFC Life Pension Super Plus:

Offers: