Retirement Pension Plan
What Are Retirement Pension Plans?
A retirement plan fosters financial discipline, ensuring a secure future. Both annuity and pension plans aid in accumulating funds for a comfortable retirement, offering a reliable investment avenue to nurture your savings and foster growth. Opting for top-tier retirement plans guarantees regular monthly payouts, sustaining your standard of living post-retirement. With an HDFC Life retirement plan, you have the flexibility to select between monthly or annual pension scheme payouts tailored to your financial needs.
Explore our Insurance Solutions
-
Retirement: Pension
HDFC Life Guaranteed Pension Plans
UIN: 101N092V13
A deferred pension plan that is ideal for individuals who seek to plan for their retirement to receive guaranteed returns on their invested corpus for post retirement income.
-
Choice of premium paying term between Single and Limited Pay (5 to 12 years)
-
Get Guaranteed Additions of 3% of Sum Assured on vesting for each completed policy year.
-
Get guaranteed2 death benefit equal to total premiums paid to date accumulated at 6% per annum.
-
Features of Retirement Pension Plans
-
Stable Post-Retirement Income
Pension plans provide assured and steady payouts upon retirement.
-
Tax Efficiency
Pension plans such as the NPS and Atal Pension Yojana receive tax advantages under Section 80C of the Income Tax Act of 1961.
-
Emergency Liquidity
Certain pension plans permit partial withdrawals in case of emergencies during the accumulation phase.
-
Life Coverage
Pension plans provide life coverage, ensuring that beneficiaries receive a payout in the event of the policyholder's demise.
Frequently Asked Questions
-
The timing of retirement planning hinges on life stage and individual circumstances. Your needs at 30 versus 50 will vary significantly, thus it's crucial to strategize wisely.
If retirement is 20-30 years away, focus on accumulating assets. Aim to navigate this period financially sound, without undue credit or debts.
For those 10-15 years from retirement, it's time to refine the plan. Evaluate income options, align retirement goals with assets, and fine-tune the strategy.
Approaching retirement? It's about optimizing to minimize tax, maximize income, and manage assets for longevity.
Early planning is paramount, but as retirement nears, meticulous attention to detail becomes imperative.
-
While often associated with death benefits, life insurance serves broader purposes. It can offer flexibility and access to cash value, complementing a comprehensive retirement plan. Properly chosen, it protects income, offers tax-free cash flow, manages taxes, safeguards against financial risks, and enhances portfolio returns. In essence, life insurance isn't just protection; it's a versatile asset throughout retirement.
-
Absolutely. Nominee changes are manageable online.
-
In pension plans, the vesting date signifies maturity. It marks the commencement of benefit receipt, pension disbursement, or investment into an annuity.
-
- 1. The word “Guaranteed” and “Guarantee” mean that annuity payout is fixed once the policy has been purchased.
- 2. Only for policies that are in-force. (3% of sum assured on vesting) that will get accrued for each completed policy year. Subject to policy being in force and all due premiums being paid. Conditions Apply.
- 3. Available only under ‘Life Annuity with Return of Purchase Price on diagnosis of Critical Illness’ option.
- 4. No entry and exit charge mean no premium allocation and no discontinuance charge respectively. Only Fund Management & Investment Guarantee Charges as applicable under this plan.
- 5. As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.
- 6. Provided all due premiums have been paid.
- 7. In the case of Joint Life annuities the payout continues till either of the lives chosen in the policy is alive.
- 8. The age mentioned is the age as per the last birthday.
- 9. Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.
- 10. Amount of guaranteed income will depend upon premiums paid subject to applicable terms and conditions.
- 11. Loyalty addition would be added to the fund starting from 10 policy anniversary for the other than ‘Single Premium’ policies paying annualized premium of ₹ 1,00,000 at least and for all the Single Premium paying policies.
- 12. Depends on the policy term and the chosen premium paying term.
*T&C Apply
