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RETIREMENT PLANS BUYING GUIDE
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What is GPF and how it’s different from PPF
A GPF or General Provident Fund is the type of provident fund that can be availed of by governmental employees exclusively. Any government employee in India can avail of this benefit and this fund is not available for employees of the private sector. The procedure is very simple and contribution towards GPF is mandated for a certain class of government employees. A government employee simply has to contribute a fixed part of her/his earnest monthly salary towards the General Provident Fund. As time proceeds, the fund goes on accumulating and hence, a substantial corpus is created by the time of maturity. The time of maturity is the superannuation or retirement of the employee and an employee can nominate any dependent family member as the beneficiary in the event of her/demise. Thus, GPF acts as a retirement corpus, the benefits of which can be claimed by an employee at the time of her/his retirement.
On the other hand, a Public Provident Fund (PPF) is one of the saving schemes available to all eligible citizens of India, regardless of their employment sector. The plan maturity period for a PPF account is 15 years from the date of setting up of the account. Any citizen of India who is working in private sector or is self-employed can also open a PPF account. The minimum contribution towards a PPF account is Rs. 500. There is an upper capping on the contribution and the maximum that can be contributed is Rs 1.5 Lac. An important feature of PPF is the tax efficiency that it carries. The contributions towards PPF are eligible for tax exemptions under Section 80C of the Income Tax Act, 1961. Moreover, the accrued interest in a PPF account is exempt from taxation as well. However, unlike GPF, against which loan can be availed and advance payments can be sought, no such feature is available for PPF, as partial withdrawals are not available.
HDFC Life offers various retirement and pension plans that seek to secure your finances during your retirement years and allow you to create a sufficient corpus for your benefit and the benefit of your dependent spouse. For details, click on the mentioned link: https://www.hdfclife.com/retirement-and-pension-plans.
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99.72% Claim Settlement Ratio
For FY 2025-2026
~5 Cr. Number Of Lives Insured
For FY 2024-2025
Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
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We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.
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1. Tax benefits & exemptions are subject to the conditions of the Income Tax Act, 1961 and its provisions. Tax Laws are subject to change from time to time. Customer is requested to seek tax advice from his Chartered Accountant or personal tax advisor with respect to his personal tax liabilities under the Income-tax law.
2. Guaranteed Benefit is paid on survival during policy term provided all due premiums are paid during the premium payment term
~The above-mentioned illustration is for a 26-year-old female who has purchased policy online. Premium payment term is 10 years and policy term is 15 years. Annual premium is Rs 1,20,000. Assumed rate of returns @4% is Rs 15,60,056 and @8% is Rs 23,16,127. (ARN: EC/03/26/32693)
NOTE: The rate of returns mentioned at 8% are only for the purpose of illustrating the flow of benefits if the returns are at this level. It should not be interpreted that the returns under the plan are going to be 8%. The values shown are for illustrative purposes only. Unit linked funds are subject to market risk. Please know the associated risks and the applicable charges, from your insurance agent or intermediary or policy document issued by the insurance company. T&C Apply
