HDFC Life
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The plan offers two distinct options –

1. Secure

2. Flexi

Under the Flexi Option, you can further choose between two variants –

a. Flexi-Growth

b. Flexi-Loyalty

The selection has to be made at policy inception and once chosen the plan option and sub option cannot be changed throughout the policy term.

The deferment of vesting date (retirement date) can be intimated any time before annuitisation.

You can postpone the vesting date before annuitisation, any number of times subject to the maximum vesting age of 75 years provided you are below 60 years.

On postponement of vesting date, assured vesting benefit and death benefit will continue¹.

The funds will move to Pension Conservative Fund and all applicable charges will continue to be deducted.

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

• Fund Value
• 105 % of the total premiums paid till date

Your nominee has an option to take this amount as annuity from us or to withdraw the proceeds.

Upon payment of this benefit, the policy terminates and no further benefits are payable.

On Vesting: On the date of vesting the policyholder shall be allowed:

• To commute up to 60% and utilize the balance amount to purchase an immediate annuity or deferred annuity from us at the then prevailing annuity rates subject to below point.
• To purchase an immediate annuity or deferred annuity from another insurer at the then prevailing annuity rates to the extent of percentage, stipulated by the authority, currently 50%, of the entire proceeds of the policy net of commutation.
• In Addition, the policyholder will also have the option to extend the accumulation period or deferment period within the same policy with the same terms and conditions as the original policy provided the policyholder is below an age of 60 years.

On Death : If the policyholder dies during the deferment period, the nominee or beneficiary has one of the following option:

• Withdraw the entire proceeds of the policy.
• To utilize the entire proceeds or part thereof for purchasing an immediate annuity or deferred annuity at the then prevailing annuity rate from us. However, the nominee or beneficiary shall be given an option to purchase annuity from any other insurer at the then prevailing annuity rate to the extent of percentage, stipulated by the Authority, currently 50%, of the proceeds of the policy net of commutation.

The following benefits available under Secure

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 till date.

Regulation mandates how this Maturity (Vesting) Benefit will be payable to you. Please refer to ‘Utilization of Policy Proceeds’ section present below for details.

The following benefits available under Flexi

Your policy vests at the end of the policy term, and your Maturity (Vesting) Benefit will be Fund Value as on date of Vesting

Regulation mandates how this Maturity (Vesting) Benefit will be payable to you. Please refer to ‘Utilization of Policy Proceeds’ section present below for details.

Upon payment of Vesting Benefit, the Policy terminates and no further benefits are payable.