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Retirement - Pension Plans

A retirement plan helps you build financial security and long-term stability to ensure a comfortable future. An annuity plan and a pension policy act as vehicles to accumulate a substantial corpus for retirement. By opting for a pension plan, you can safely invest your savings and watch them grow over time, providing a secure foundation for your retirement years. ...Read More

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Retirement Plan
Francis Rodrigues 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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Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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What are Retirement/Pension Plans?

Retirement plans are financial policies that enable you to plan for the future, even when you no longer have a steady income. There are two types of plans:

 

Pension Plans:These investment plans allow you to systematically save money over the years so that you can enjoy a steady income once you retire. With a pension plan, you can maintain your financial independence, even when your income stops post retirement. Most importantly, a pension plan in India allows you to deal with inflation without compromising on your standard of living.

 

Annuity Plans: An annuity plan helps you secure your financial future with regular income payments for the rest of your life. With a pension policy, you have something called an accumulation phase. During this time, you put money into the policy periodically. When you choose to retire, you can purchase an annuity with these accumulated funds. The annuity then provides you with regular payments as per the terms and conditions of the plan you purchased. 

 

Depending on when you’d like to start receiving the annuity benefits, you can select between two types of annuity plans:

1

Immediate Annuity: Immediate annuity plans start providing payouts on a monthly basis right after you purchase the plan. These plans benefit individuals who have just retired and have a corpus to purchase the annuity plan.

2

Deferred Annuity: A deferred annuity plan, on the other hand, has an accumulation phase first. Individuals can purchase an annuity and put funds into it regularly. The amount gets invested by the insurance company to grow the corpus. You can then select a date to start receiving payouts from the accumulated corpus. Since the payments happen after a period of time, it’s known as a deferred annuity.

Have you saved enough to meet your expenses post-retirement?

  • Listing Bullet Inflation can eat away your dwindling retirement income easily.
  • Listing Bullet With increasing life expectancy, the longer you live, the more you spend.
  • Listing Bullet Start preparing early to save enough to support your needs and wants.
Have you saved enough to meet your expenses post-retirement?

Why Do You Need Retirement Plans?

Do I need a Retirement Pension Plan?

Retirement plans are designed to help you secure a steady source of income throughout your retirement. These plans enable your savings to grow over time, allowing you to maintain your standard of living despite inflation.

One of the key benefits of retirement plans is the joint life option, which ensures that if anything happens to you, your spouse will continue to receive regular payments for life. This feature provides peace of mind, knowing you can enjoy your golden years without financial worries.

Start planning NOW & retire on your OWN TERMS

Our top recommended solutions depending on age and goal

  • HDFC Life Click 2 Retire

    UIN: 101L108V05

    A market linked retirement plan with upto 135% assured vesting benefit on premium12 & ideal to set your goals, if you are an early starter

    UIN: 101L108V05

    A market linked retirement plan with upto 135% assured vesting benefit on premium12 & ideal to set your goals, if you are an early starter

    Key Features*
    • If your age is 18 years and above, you can invest in this plan
    • You can start your investment as low as ₹ 2,000 per month and build a retirement corpus
    • You Pay: ₹ 2,00,000 annually for 10 years
      You Get: ₹ 82.59 Lakhs (@8% ARR) or ₹ 31.19 Lakhs (@4% ARR)
      (at the end of 30 years)
      *Calculation for 30 year old male and assuming retirement age of 60
      Click here to check the fund performance
    • If your age is 18 years and above, you can invest in this plan
    • You can start your investment as low as ₹ 2,000 per month and build a retirement corpus
    • You Pay: ₹ 2,00,000 annually for 10 years
      You Get: ₹ 82.59 Lakhs (@8% ARR) or ₹ 31.19 Lakhs (@4% ARR)
      (at the end of 30 years)
      *Calculation for 30 year old male and assuming retirement age of 60
      Click here to check the fund performance
    CALCULATE PREMIUM CALCULATE PREMIUM EXPLORE PLAN
    Pension Plan

  • HDFC Life Smart Pension Plus

    UIN: 101N173V09

    This plan that ensures you have your financial independence with a regular income in the golden years

    UIN: 101N173V09

    This plan that ensures you have your financial independence with a regular income in the golden years

    Key Features*
    • If your age is 18 years and above, you can invest in this plan
    •  You can start your investment as low as ₹ 2,625 per month and get a guaranteed1 passive income 
    • You Pay: ₹ 2,00,000 one time investment *You Get: ₹ 33,650 annually for lifetime
      (from 2nd year onwards)
      *Calculation for 40 year old male for Life Annuity with Immediate Annuity option
    • If your age is 18 years and above, you can invest in this plan
    •  You can start your investment as low as ₹ 2,625 per month and get a guaranteed1 passive income 
    • You Pay: ₹ 2,00,000 one time investment *You Get: ₹ 33,650 annually for lifetime
      (from 2nd year onwards)
      *Calculation for 40 year old male for Life Annuity with Immediate Annuity option
    CALCULATE PREMIUM CALCULATE PREMIUM EXPLORE PLAN
    Annuity Plan

  • HDFC Life Smart Pension Plan

    UIN: 101L164V04

    A plan that ensures you have a regular income and lead an independent life without compromising the standard of living after you retire

    UIN: 101L164V04

    A plan that ensures you have a regular income and lead an independent life without compromising the standard of living after you retire

    Key Features*
    • Avail of Automatic Asset Re-balancing and Systematic Transfer strategies to safeguard your wealth against market volatilities.
    • Life insurance cover to the extent of 105% of total Premium(s) paid including top-up premium
    • To build a retirement corpus
    • Flexibility to alter vesting date and premium payment term
    • Loyalty additions3
    • Avail of Automatic Asset Re-balancing and Systematic Transfer strategies to safeguard your wealth against market volatilities.
    • Life insurance cover to the extent of 105% of total Premium(s) paid including top-up premium
    • To build a retirement corpus
    • Flexibility to alter vesting date and premium payment term
    • Loyalty additions11
    CALCULATE PREMIUM CALCULATE PREMIUM EXPLORE PLAN

Guarantee yourself a steady source of income for life by investing lumpsum in HDFC Life annuity plans.

Build corpus with Annunity Plans

You should go for these, if you:

  • Have a substantial lumpsum amount / corpus to invest
  • Looking to create alternate source of regular income post retirement
  • Are retired or are few years away from your retirement (eg: 1 - 15 years)

Note: These are generic features and they may vary depending on the product selected. Please read the product brochure carefully of the selected product
 

Annuity Planning
Annuity From NPS

Concerned about your post retirement life? Start now with HDFC Life pension plans and build your retirement corpus to enjoy a worry-free retirement

Create retirement corpus with pension plans

You should go for these, if you:

  • Are Looking to accumulate and create a lumpsum retirement corpus
  • Want to start planning for your retirement from an early age (Plans available from age 18 years onwards)
  • Know the amount you want to invest every year
  • Can start with investment as low as ₹ 2000 per month

Note: These are generic features and they may vary depending on the product selected. Please read the product brochure carefully of the selected product 

Retirement Planning

Retirement/Pension Calculator

Calculate how much you need to grow your wealth to ensure a smooth and hassle free post retirement life with HDFC Life's Retirement Planning and Pension Calculator.

01 PERSONAL INFORMATION

Years
18 18 50
Years
40 40 60

Features of Pension Plans

Stable Post-Retirement Income with Pension Plans

Stable Post-Retirement Income

Pension plans offers guaranteed, stable payouts once you retire.

...Read More

Tax Efficiency with Pension Plans

Tax Efficiency

Pension plans like the NPS and Atal Pension Yojana enjoy tax benefits under Section 80C of the Income Tax Act of 19615.

...Read More

Emergency Liquidity with Pension Plans

Emergency Liquidity

Some types of pension plans allow partial withdrawals during the accumulation phase in emergencies.

...Read More

Life Coverage with Pension Plans

Life Coverage

Pension plans offer life coverage and provide the beneficiary with a payout if something happens to the policyholder.

...Read More

Features of Annuity Plans

Get Regular Payment Option with Anunnity Plans

Regular Payments

Annuity plans provide a regular income stream in the form of periodic payments, usually monthly, to the annuitant. The payments can be fixed or variable, depending on the terms of the annuity plan.

...Read More

Tax-deferred Growth

Tax-deferred Growth

Annuity plans offer the advantage of tax-deferred growth, which means that the money you contribute to the plan grows tax-free until you start receiving payments. It helps your money grow faster over time.

...Read More

Annunity Plans are great Investment Options

Investment Options

Annuity plans offer various investment options, such as stocks, bonds, and mutual funds, which can help you diversify your portfolio and potentially earn higher returns. For calculating your retirement corpus you can use the retirement calculator and if you want to find out your pension requirement then you can use the pension calculator.

...Read More

Get Flexible Payment Option with Annunity Plans

Flexibility

Annuity plans offer some degree of flexibility in terms of payment options and timing. For example, some plans allow you to choose between fixed or variable payments, and some plans allow you to choose when you want to start receiving payments.

...Read More

Life Cover with Retirement Annunity Plans

Life Coverage

Annuity plans may offer life coverage, which means that if the annuitant passes away before receiving all the payments, the balance will be paid to a designated beneficiary.

...Read More

Know more about Retirement Pension Plans

HDFC Life QROPS

Have pension fund in the UK and looking to migrate it to India?

 

  • Tax efficient transfer of pension funds from UK to India

  • Enjoy steady income in India post retirement

  • Avail attractive annuity rates and fund growth

A QROPS or Qualifying Recognised Overseas Pension Scheme helps Indians move their pension funds from the UK back to India. QROPS schemes must meet certain eligibility criteria set by HM Revenue and Customs. HDFC Life QROPS will facilitate the tax-efficient transfer of the pension amount accumulated in the UK to India.

 

QROPS PLANS
QROPS Transfer Pension to India

Retirement Plans is incomplete without these riders.

They help you deal with those additional risks life brings.

HDFC Life Income Benefit on Accidental Disability Rider

HDFC Life Income Benefit on Accidental Disability Rider

 

UIN: 101B013V03

Get additional income benefits over and above your Sum Assured in the event of total permanent disability due to an accident.

DOWNLOAD
HDFC Life Critical Illness Plus Rider

HDFC Life Critical Illness Plus Rider

 

UIN: 101B014V02

We pay a lump sum amount equal to Rider Sum Assured upfront if diagnosed with of any of the specified critical illnesses.

DOWNLOAD
HDFC Life Protect Plus Rider

HDFC Life Protect Plus Rider

 

UIN: 101B016V01

Get protected with a proportion of Rider Sum Assured in case of accidental death or partial/total disability due to accident or diagnosed with Cancer

DOWNLOAD

Why Should You Invest in Retirement Plans Now?

Why invest in Retirement Plans?

The earlier you start planning for retirement, the better. Nowadays, people aim to achieve financial independence quickly so they can retire early. Many follow the FIRE (Financial Independence, Retire Early) approach, which involves saving and investing heavily in their 20s and 30s. This method encourages setting aside a large portion of income and investing in growth-oriented plans to build a future fund. Starting to save and invest at 30 gives you more time to accumulate a good amount, while starting in your 40s or later means having less time, often resulting in a smaller savings fund.

How Much Do I Need to Retire?

When you start planning for retirement, you must first understand how much you would need once you retire. Let’s see how to calculate the amount:
1
1

Check Your Monthly Outgoings

Review your current monthly expenses. While some costs like daily travel, home loan EMIs, and school fees may stop after you retire, you’ll still need to cover groceries, utility bills, and property taxes. Knowing your expenses now will help you estimate what you'll need in the future.

...Read More

2
2

Consider Your Retirement Goals

After you retire, do you plan to start a consulting business or travel with your loved ones? Consider the extra costs you might need to cover to achieve your retirement goals.

...Read More

3
3

Calculate Expected Income After Retirement

Your investments will give you returns when you retire. Learn how much each investment will give you based on when you retire.

...Read More

4
4

Think About Inflation

Lastly, think about how inflation will affect today’s costs in the next 20 or 30 years. Always plan for a higher inflation rate to make sure you have enough.

...Read More

Pension Calculator

Who Should Buy Retirement Plans?

Let’s look at the different types of people who should purchase retirement plans:

Retirement Plan for Young Professionals

Young Professionals

Young people who have just started working benefit the most from buying a retirement plan. The retirement plan allows them to invest in their future. Because they start early, they have more time to invest and grow a large savings fund for later.

...Read More

Systematic Retirement Plan for Parents

Parents

Parents want to stay financially independent after they retire and not rely on their children during money emergencies. Buying a retirement plan early helps them maintain that independence.

...Read More

Why Independent Women should buy a Retirement plan?

Independent Women

Many young women today focus on their careers and looking after their parents and loved ones. Buying a retirement plan allows them to also invest in their future. It provides them with financial independence once they retire.

...Read More

Retirement Plans for Newlyweds

Newlyweds

When you get married, you have more financial responsibilities. You also have to look after your spouse. Buying a retirement plan once you get married enables you and your spouse to plan for a time when you no longer have to work and want to see the world together or pursue your hobbies together.

...Read More

Why Choose HDFC Life Click 2 Retire?

Plan your retirement with HDFC Life Click 2 Retire and get :

 

  • Online ITR filing

    Start your Retirement Plan at as low as ₹ 2000 per month

  • ITR serves as income and address proof

    Option to start as early as 18 years

  • Flexibility to decide the frequency of annuity payments.

    Lower vesting/maturity age of 45 years

  • Online ITR filing

    Limited Pay & Single Pay – Options available in one product

  • Online ITR filing

    Death benefits to the nominee which will be higher of the fund value of your policy at the time of death or 105% of total premiums paid till then

Explore plan
Buy Online

Why Choose HDFC Life Smart Pension Plus Plan?

When you plan your retirement with HDFC Life Smart Pension Plus, you get:

1

Guaranteed Annuity Income for whole of life by paying premiums for a Single or Limited payment term

2

Flexible payout options to receive your Annuity amount.

3

Single plan offering both Immediate Annuity and Deferred Annuity

Explore plan
Buy Online

Features of Retirement Plans in India

If you’re deciding whether a retirement plan is a good option, here’s a look at the features they offer:
Steady Flow of Income with Retirement Plans

Steady Flow of Income

Retirement plans offer you a guaranteed1 income on retirement, so you don’t have to worry about not having a steady income once you retire. Additionally, depending on the policy you opt for, you can secure your spouse’s financial future even if something happens to you.

Vesting Age in Retirement Pension Plans

Vesting Age

The vesting age is the time from when you become eligible to start receiving your pension payments. In India, most plans offer a minimum vesting age of 40 or 50 years since people retire and start receiving their pension when they are 60. You can find a plan that offers you what you need based on your retirement plans and goals

Surrender Value in Pension Plans

Surrender Value

If you opt to surrender your pension plan before it matures, you will forfeit any additional benefits it offers. Your pension plan will be considered a limited value plan, and you can commute a portion of the fund value and purchase an annuity with the remaining amount.

Accumulation Period in Pension Plans

Accumulation Period

You can opt to make a lump sum investment into your pension plan or make regular monthly or annual payments. Over time, your wealth grows since the money gets invested for you. The longer your accumulation period, the more money you will likely enjoy at maturity. If you start the accumulation period at the age of 40 and want to start your pension payments at 65, you invest for 25 years. The corpus you build up over that time will provide you with the bulk of your pension payments.

Flexible Payouts with Retirement Plans

Payment Period

Once the accumulation period gets over, you start receiving your pension payments. This phase is called the payment period. With annuity plans, the payments continue for as long as you are alive. So, you choose when you’d like to start the payment period. 

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What are the Steps to Buy Retirement Plan?

A retirement plan is a multi step process that evolves with time. The following steps will help you map out a retirement plan:

  • Set a budget

    Step 1

    Set a budget - list out 30 things in order of priority breaking them into short, medium and long term goals. Allocate your cu