Excelsior Correspondent
JAMMU, Dec 20: HDFC Life, one of India’s leading life insurance companies, has launched HDFC Life Systematic Retirement Plan–an individual, group, non-participating, non-linked and savings deferred annuity plan that systematically allows you to save for your retirement years.
Srinivasan Parthasarathy, Chief Actuary, HDFC Life said, “HDFC Life Systematic Retirement Plan allows customers to lock in their annuity interest rates right at inception of the policy. HDFC Life Systematic Retirement Plan offers individuals a unique opportunity to systematically save for a retirement corpus over a period of time and thereafter enjoy a guaranteed lifelong income. The plan offers flexibility to choose from two plan options–Life Annuity and Life Annuity with Return of Premiums”.
“Key features of HDFC Life Systematic Retirement Plan include an individual has an option to choose a premium payment term of 5 to 15 years, He or she can choose the deferment period, issuance of policy within 24 hours with no medicals and underwriting requirements, receive guaranteed income for whole of life by paying premiums for a limited payment term. Annuity rate shall be guaranteed at inception and shall remain unchanged for the duration of the policy. Choose any annuity payout date with “Save the Date” feature to select birthdays, anniversaries and other special occasion. Choose Return of Total Premiums paid on death with LA-ROP option”, Srinivasan Parthasarathy, Chief Actuary, HDFC Life said.
“During deferment period, in case of death, the death benefit paid out to the annuitant shall be the higher of total premiums paid accumulated at compounding interest of 6 per cent p.a. till the date of death or 105 per cent of total premiums paid up to date of death for both plan options”, Parthasarathy informed.
“After deferment period, in case of death, under the Life Annuity option, no death benefit shall be payable. The policy shall terminate on death of the annuitant and all other benefits shall cease. For life annuity with return of premiums option, the death benefit payable shall be the higher total premiums paid accumulated at compounding interest of 6 per cent p.a. till end of deferment period less total annuity payouts made till date of death or 105 per cent of total premiums paid up to date of death. In both cases, upon payment of the applicable death benefit, the policy shall terminate and all other benefits shall cease”, Chief Actuary, HDFC Life added.
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