Pension plans are investment plans that lets you allocate a part of your savings to accumulate over a period of time and provide you with steady income after retirement. Retirement & Pension Plans provide you with financial security so that when your professional income starts to ebb, you can still live with pride without compromising on your living standards. Given the high cost of living and rising inflation, Retirement planning has become all the more important.
Retirement & Pension Plans provide ample regular income in retirement with the help of money saved during work life. Your family can maintain its lifestyle without your regular pay cheque despite constantly rising living costs.
Adequate retirement planning also help you to meet unexpected expenses without a worry.
Investments with regular premiums or a lump sum payment makes your money grow well during your work life.
On retirement, a part or the whole of this savings can be used to create regular retirement income.
- Zero Allocation Charges
- Multiple funds
- Flexible Premium Payments and Frequencies
- Tax benefits
More Savings, More Earnings
We all know the burden of taxes can be a hard one to bear, especially when you have a family to provide for. With the weight of these financial burdens, it can be easy to neglect yourself and your future financial security. You tell yourself that you’ll start saving for retirement once you get that promotion, once you turn 40 or once your kids go off to college.
However, the sooner you begin the better. In fact, investing money in your retirement plan can even help you save on taxes. By investing in retirement schemes such as the Public Provident Fund (PPF) and New Pension Scheme (NPS), you can avail up to Rs.1.5 lakhs in tax deductions under Section 80C.*
What’s more, the power of compounding has a lot to offer you. Say you begin investing Rs.300 per month at the age of 25. Assuming an interest rate of 8%, you’d have over Rs.1 million by the time you are 65. Now if you invested the same amount starting at the age of 35, you’d have only Rs.440,000 at 65. In this case, starting a decade earlier would more than double your final amount.
Maintaining Your Independence
When you’ve spent your life supporting and providing for your children, it’s likely that they will want to help you out financially in your old age. However, being too dependent on them could mean them delaying their own financial goals as young adults. Wouldn’t it be better instead for you to have your own source of income? The earlier you start on your retirement savings, the bigger corpus you’ll have to fall back on. Perhaps you will even be able to help your children as they get settled!
And should something happen to you, a retirement plan or a pension plan will help ensure that your spouse and children are looked after in your absence.
Sometimes it seems that the harder you work, the more inflation gets ahead of you. But what do you do about it? You save - not only for short-term goals and emergencies, but for your retirement as well. Even if it is only a small sum that you can manage to stash away at the end of the month, it’s better than nothing, and the small sum will grow eventually.
So don’t hesitate to start investing. Start small and let compounding do its job, so you don’t have to live small later in life. It’s possible to maintain your current standard of living after you retire or even go on that dream vacation. All it takes is the right approach.
Now that you’ve seen how early retirement planning can help you continue to live life on your own terms even after you’ve stopped earning, your next step is to start investing in a retirement plan. With the abundance of options available in the market, it can be difficult to zero in on the retirement plan for you. At HDFC Life, we provide retirement plans to help you meet the high cost of living and rising inflation. Choose from our range of pension schemes to find the one that best suits your needs.
A nominee is the person who would receive the sum assured or benefits in the eventuality of the policyholders' death. you may change your nominee or the percentage of nomination during the tenure of the retirement plan
You have to submit the duly filled and signed Policy Servicing Request Form along with the original policy document at any HDFC Life branch.
For Pension Plans or Retirement Plans, the vesting date is the Maturity date on which the policy holder can take 1/3 of the Maturity value as a cash lump sum and remaining should be used for purchasing Annuities/ policyholder can also use 100% of maturity value for purchasing Annuities.
*Annuity Kit is sent 30 days in advance to the correspondence address before the maturity of the pension policy.
You can pay your retirement plan premiums online via:
Credit card/ Debit card
Debit Card with PIN
SI on card
In case of any queries related to plan or form filling pls call our toll free number 1800 266 9777 or contact us at Buyonline@HDFCLife.in
For submitting documents or any other query after premium payment, you can write us at firstname.lastname@example.org or call us on toll free number 1800 266 0315.
Post policy Issuance you can reach out our customer service desk on 1860 267 9999 (Local call charges apply) or write to us at SERVICE@HDFCLife.com
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