Excelsior Correspondent
Srinagar, Jan 22: 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.
Speaking at the launch, Amitabh Chaudhry, MD & CEO, HDFC Life said, “HDFC Life Single Premium Pension Super and HDFC Life Pension Super Plus are designed to build a sizeable corpus for post retirement income and offer assured vesting value with minimum guarantee benefits.”
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 percent per annum and an assured vesting benefit of 101 percent of total premiums paid. HDFC Life Single Premium Pension Super offers assured benefit of 101 percent 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.
Sanjay Tripathy, Executive Vice President and Head, Marketing, Product and Direct Channel, HDFC Life said that the minimum purchase price of Annuity is Rs. 2 lakhs. For customers whose purchase price is Rs 2.5 lakhs and above will have the benefit of higher annuity rates, he added.
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