Advantages

• Income for Temporary Period Option: You can choose to limit the payment period of annuity if you only require an income for a specified time. The annuity is payable for your selected term provided you are still alive. No annuity is payable after the chosen term has expired. You can choose to limit the payment term to between 5 and 25 years. The term selected must be at least for one year greater than any guarantee period
• Death Benefits: In addition to a regular income, you can choose an annuity that will pay out a benefit on your death or, if you have chosen to provide an annuity for a named individual, on the later of your and the named individual's death. You can choose the level of death benefit:

  • Full purchase price, or a proportion of the purchase price
  • Capital protection option- the amount paid on death is equal to the purchase price less the gross annuity installments already paid under the annuity
  • No death benefit is allowable where a guarantee period has been selected. No death benefit is allowable where a Joint Life annuity reducing on death of the first life has been selected
• If you need to provide an income for someone after you die: The HDFC Immediate Annuity can also provide an annuity for a named individual specified in your application form. This annuity will be paid if you die before the named individual. The amount of their annuity can be the same as your annuity or a proportion of your annuity