HDFC Life Assured Pension Plan – ULIP

HDFC Life Assured Pension Plan – ULIP

"HDFC Life Assured Pension Plan – ULIP" is a Unit Linked Plan that offers you market linked returns, with Loyalty additions and helps you achieve your retirement goals by planning well in advance.

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  • Secure your retirement with assured vesting benefit and also gain from upside in the market
  • Loyalty additions in the form of Pension Multipliers every alternate year, starting in the 11th year
  • Option to start as early as 18 years
  • Lower vesting/maturity age of 45 years
  • Limited Pay & Single Pay – Options available in one product
  • Death benefits to the nominee which will be higher of the fund value of your policy at the time of death or 105% of premiums paid till then
  • Tax Benefits1 under Section 80C and Sec 10(10D) of Income Tax Act 1961

 

1Subject to provisions as per Income Tax Act, 1961. Tax Laws are subject to change.

      1. A) Pension Multiplier

        Loyalty additions in the form of Pension Multipliers will be added to the fund value, if all due premiums have been paid, every alternate year starting from the end of 11th policy year. These additions will be equivalent to 1% of average fund value for immediately preceding two years

        B) Vesting Benefit:

        Your policy vests at the end of the policy term, and your Maturity (Vesting) Benefit will be the higher of the following

        Fund Value or Assured Vesting Benefit

        Assured Vesting Benefit can be calculated as:

        [101% +1% * (Policy Term minus Premium Paying Term)] * Total premiums paid

        C) Deferment of vesting date
        • 1) The deferment of vesting date (retirement date) can be intimated any time before annuitisation.
        • 2) You can postpone the vesting date any number of times subject to the maximum vesting age of 75 years,provided you are below an age of 55 years.
        • 3) On postponement of vesting date, Assured Vesting Benefit and Death Benefit will continue to apply. The Assured Vesting Benefit will be the same as that calculated on the policy term chosen at the inception of the policy.
        • 4) The funds will move to Pension Conservative Fund and all applicable charges will continue to be deducted.
        D) Death Benefit:

        In case of your unfortunate demise before the end of policy term, your nominee will receive the higher of the following:

        • 1) Fund Value,
        • 2) 105% of the premium(s) paid.

        The policy will terminate thereafter and no more benefits will be payable.

    • Charges
      Premium Allocation Charge: This is a premium-based charge. After deducting this charge from your premium, the remainder is invested to buy units. The remaining percentage of your premium that is invested to buy units is called the Premium Allocation Rate. This charge is guaranteed for the term of the policy.

       

      For Regular & Limited Pay Option

      Premium Allocation Charge
      (as % of Premium)
      Annual Mode Non-Annual Modes
      Year 1 - 5 5% 3.9%
      Year 6 onwards 4% 3.9%

      For Single Premium Pay Option

      Premium Band Premium Range Premium Allocation Charge
      (as % of Single Premium)
      Band 1 Upto Rs. 9,99,999/- 2.5%
      Band 2 Rs. 10,00,000/- to Rs. 24,99,999/- 1.5%
      Band 3 Rs. 25,00,000/- and above 1.0%

      Fund Management Charge: The Fund Management Charge is 1.35 % p.a. of fund value. This charge is charged daily, and is a percentage of the unit funds. The Fund Management Charge for Discontinued Policy Fund shall be 0.50% p.a. These charges are guaranteed for the entire policy term. This charge may be increased to the maximum cap allowed by IRDAI, subject to prior approval from them

      Policy Administration Charge:

      Year For Regular and Limited Pay Options
      (as % of annualised premium)
      For Single Pay Option
      (as % of Single Premium)
      Year 1 to 5 0.18% per month 2.5%
      Year 6 onwards 0.50% per month 1.5%
      0.09% per month

      This charge will be levied by cancelling units from the fund. This charge will be deducted monthly, subject to a maximum charge of Rs. 500 per month.

      This charge may be increased subject to prior approval from IRDAI and is subject to the cap of Rs 500 as mentioned above.

      Mortality Charges: Nil. This charge is guaranteed for the term of the policy.

      Investment Guarantee Charge:

      Pension Equity Plus Fund SFIN - ULIF06001/04/14PenEqPlsFd101 0.50% p.a.
      Pension Income Fund SFIN - ULIF06101/04/14PenIncFund101 0.50% p.a.
      Pension Conservative Fund SFIN - ULIF06201/04/14PenConsvFd101 0.10% p.a.

      This charge is charged daily, and is a percentage of the unit funds. This charge is charged only while the policy is in-force and is not charged on the ‘Discontinued Policy Fund’. This charge can be increased to the maximum cap as allowed by IRDAI, subject to prior approval from IRDAI. Currently, the maximum cap on this charge is 0.50%.

      Statutory Charges – The Statutory Service Tax and Education Cess as applicable would be charged

      Discontinuance Charge: This charge depends on year of discontinuance and your annualised premium. There is no charge after 5th policy year. The table below gives the discontinuance charge applicable

      The discontinuance charges for Regular & Limited pay policies are as follows

      Where the policy is discontinued during the policy year Discontinuance charges for policies having annualised premium up to and including Rs.25,000/- Discontinuance charges for policies having annualised premium above Rs.25,000/-
      1 Lower of 20% * (AP or FV) subject to maximum of Rs. 3,000/- Lower of 6% (AP or FV) subject to maximum of Rs. 6,000/-
      2 Lower of 15% * (AP or FV) subject to maximum of Rs. 2,000/- Lower of 4% * (AP or FV) subject to maximum of Rs. 5,000/-
      3 Lower of 10% * (AP or FV) subject to maximum of Rs.1,500/- Lower of 3% * (AP or FV) subject to maximum of Rs.4,000/-
      4 Lower of 5% * (AP or FV) subject to maximum of Rs.1,000/- Lower of 2% * (AP or FV) subject to maximum of Rs.2,000/-
      5 and onwards NIL NIL

      AP – Annual Premium

      FV – Fund Value on the date of discontinuance

      The discontinuance charges for Single Pay policies are as follows

      Where the policy is discontinued during the policy year Discontinuance Charges for policies having single premium above Rs.25,000/-
      1 Lower of 1% * (SP or FV) subject to maximum of Rs.6,000/-
      2 Lower of 0.5% * (SP or FV) subject to maximum of Rs.5,000/-
      3 Lower of 0.25% * (SP or FV) subject to maximum of Rs.4,000/-
      4 Lower of 0.1% * (SP or FV) subject to maximum of Rs.2,000/-
      5 and onwards NIL

      SP – Single Premium

      FV – Fund Value on the date of discontinuance

      This charge will be deducted by cancellation of units.

      Miscellaneous Charge(s): Any Policy alteration request initiated by the policyholder will attract a charge of Rs. 250 per request. This charge may be increased subject to an upper limit of Rs. 500, subject to prior approval from IRDAI. This charge will be levied by cancellation of units.

       

      This is a unit linked plan; the premiums you pay in this plan are subject to investment risks associated with the capital markets. The unit prices of the funds may go up or down, reflecting changes in the capital markets.

      FUND SFIN DETAILS ASSET CLASS RISK & RETURN RATING
      Money
      Market Instruments, Cash & Deposits
      Government Securities, Fixed Income Instruments & Bonds Equity
      FUND COMPOSITION
      Pension Equity Plus Fund ULIF06
      001/04/
      14PenEq
      PlsFd101
      To generate long term capital appreciation in line or better than Nifty index returns 0% to 20% 0% to 20% 80% to 100% Very High
      Pension Income Fund ULIF06
      101/04/
      14PenInc
      Fund101
      To deliver High potential returns due to investments in instruments with higher duration and credit exposure 0% to 20% 80% to100% - Moderate
      Pension Conservative Fund ULIF06
      201/04/
      14PenCon
      svFd101
      To invest in high grade fixed income instruments and Government securities at the short end of the yield curve,to deliver stable returns 0% to 60% 40% to 100% - Low
      Entry Age and Vesting Age
      Age at entry4 Minimum 18 years
      Maximum 65 years
      Vesting Age4 Minimum 45 years
      Maximum 75 years
      Premium Payment Term (Years)Policy Term (Years)
      Single Pay 10, 15 to 35
      8 Pay 10, 15 to 35
      10 Pay 10, 15 to 35
      15 Pay 15 to 35

      WHAT ARE THE LIMITS FOR MINIMUM AND MAXIMUM PREMIUMS?

      There is no limit on the maximum premium which you can pay. The minimum premiums required will depend on choice of option and premium payment frequency that you choose

      Premium / Payment FrequencyRegular & Limited
      Pay Options
      Single Pay Options
      Minimum Premium Annual 24000 NA
      Half Yearly 12000 NA
      Quarterly 6000 NA
      Monthly5 2000 NA
      Single Pay NA 50000
      Maximum Premium No Limit6

      5Subject to our prevailing operational rules, it may be required for Monthly Frequency to be taken with ECS/SI and to pay first 3 months premium in advance.6 Subject to our Board Approved Underwriting Policy

      For more details on risk factors, charges, terms and conditions, please read the Product Brochure carefully and/or consult Financial Consultant before taking a decision.