HDFC Life Pension Guaranteed Plan

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Key product features
Benefits of the Product
Eligibility
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Key product features

Wide range of annuity options to cater to your needs.
Option to take the plan on a Single or Joint Life basis.
Option to receive immediate or deferred annuity.
Option to receive annuity monthly, quarterly, half-yearly or yearly.
Option of Return of Purchase Price on death.
Options for banks/financial institutions to purchase immediate annuities in respect of annuity payments for their commitments to the homeowners under the reverse mortgage schemes.
Choice of increasing your Annuity Payouts through Top Up option.

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Benefits of the Product

Option to defer your start of annuity.
Receive your annuity payouts through direct credit to your bank account.
Provides a regular guaranteed* income for lifetime.
Death benefit on certain annuity options that provide for return of purchase price or annuity to your spouse.
Discounts in the form of higher annuity rates for Higher Purchase Price will be offered.

Below is the sample illustration for HDFC Life Pension Guaranteed Plan with customer having Purchase Price of Rs. 1Cr¹ and option for Anuity with Return of Purchase Price(with Joint Life option)

Annuity Option		Immediate Annuity Option		Deferred Annuity Option
Annuity Option		Payable Immediately		Payable after 5 years deferment		Payable after 10 years deferment
Primary Age	Secondary Age	Monthly Annuity for life	Annual Annuity amount	Monthly Annuity for life	Annual Anuuity amount	Monthly Annuity for life	Annual Annuity amount
50	45	45,011	562,640	61,078	763,475	82,022	1,025,280
55	50	45,494	568,670	62,362	779,520	84,985	1,062,310

¹ Joint Life, Lifetime Annuity, Primary Annuitant age at 50 years and Secondary Annuitant age at 45 years; followed by Primary Annuitant age at 55 years and Secondary Annuitant age at 50 years. Monthly Annuity = Annuity Rate*96%*Purchase Price/12. Please check for prevailing annuity rates at the time of purchasing policy. Purchase price is exclusive of GST & other statutory levies.

For more details of the benefits, please refer to the product brochure.

*The word "Guarantee" and "Guaranteed" means that annuity payout is fixed at the inception of the policy.

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Eligibility

Parameters		Minimum	Maximum
Entry Age¹	Immediate Life Annuity	30 years	85 years
	Immediate Life Annuity with Return of Purchase Price	30 years
	Deferred Life Annuity with Return of Purchase Price	45 years
Annuity Payout (in Rs.)² Per instalment	Annually	12,000	No limit
	Half-yearly	6,000
	Quarterly	3,000
	Monthly	1,000
Minimum/ Maximum Purchase Price	Immediate Life Annuity	Rs. 42,076	No limit
	Immediate Life Annuity with Return of Purchase Price	Rs. 160,261
	Deferred Life Annuity with Return of Purchase Price	Rs. 76,046
Minimum Group Size (For Group Policies)	5 (Five)
Premium Payment Term	Single Pay

The minimum annuity payouts shall be in accordance with IRDAI (Minimum limits for Annuities and other Benefits) Regulations, 2015.

The minimum purchase price that will produce the minimum annuity mentioned above will depend on the minimum annuity rates, as applicable.

All ages are calculated as at last birthday. Risk cover starts from date of commencement of policy for all lives including minors. In all individual cases, the relationship between the proposer and life assured shall be specified.

¹ In the case of Joint life annuities the age limits apply to both lives. Annuitant(s) below this age will only be accepted where the proceeds are from a contract issued or administered by the Company where compulsory purchase of an annuity is required. If this product is purchased as QROPS through transfer of UK tax relieved assets, the minimum entry age for payment of annuity will be governed by the rules defined by HMRC from time to time. Higher ages at entry may be allowed for Life Annuity with Return of Purchase Price Option and Joint Life Annuity with Return of Purchase Price options to cater to the needs of NPS subscribers as per extant PFRDA guidelines. In the case of Joint life annuities the age limits apply to both lives.
² Amounts below this value will only be offered where the proceeds are from a contract issued or administered by the Company where compulsory purchase of an annuity is required and to the subscribers of the National Pension System regulated by the Pension Fund Regulatory and Development Authority (PFRDA)

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Product Brochure

HDFC Life Pension Guaranteed Plan

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1-Day Claim Settlement

is available for the following:

. . . . . . . . . . . . . . . . . .

Cumulative claim amount on all policies up to ₹2 crores
1 day claim settlement is exclusively available for policies bought online
Claim does not require field investigation
All requisite documents^# submitted by the nominee before 3 PM on a working day at HDFC Life branches. Intimations beyond 3 PM will be taken up the next business day
HDFC Life will pay an interest^{^} on your death claim amount for every day of delay beyond one working day

T&C Apply

1) For all claims^* fulfilling above mentioned conditions, provided we receive all the required documents, the claim will be processed within one working day and decision will be communicated accordingly. 2) Investigation / Open title / Rival / Court involved Claims are excluded. 3) Policy duration at the time of event is at least >=3 years. 4) Saturday, Sunday, public festivals and non-NAV days (for ULIP) are excluded (not treated as a working day)
^Interest rate would be at 6.25%per annum.

#Documentation Details

Claim form, Nominee photograph, Pan card copy, Identity and Address proof of nominee. (If nominee is minor, documents of appointee to be submitted). Death certificate issued by competent authority for death registrations. Medical cause of death certificate. Cancelled cheque/copy with the name of nominee/appointee mentioned on it as per the passbook of the nominee/appointee. Past & current complete medical records including discharge/death summary, indoor case papers, investigation reports, consultation notes. In case of an accidental death, additional documents will be required. Post Mortem Report, Panchnama, Police Inquest report, First/Final Information report, Viscera/Chemical Analysis report.