HDFC Life Assured Pension Plan – ULIP

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 60 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 total premiums received upto the date of death

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

For Regular & Limited Pay Option

For Single Premium Pay Option

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:

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:

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 taxes and levies 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

AP – Annual Premium

FV – Fund Value on the date of discontinuance

The discontinuance charges for Single Pay policies are as follows

SP – Single Premium

FV – Fund Value on the date of discontinuance

This charge will be deducted 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.