Features and Benefits of HDFC Life Systematic Retirement Plan
Table of Content
Retirement is a rite of passage for most individuals, either salaried or those in business. Retirement is a period in an individual’s life when retirees should lie back and enjoy their golden years. Furthermore, it should never be a period when financial concerns bother people. However, due to a lack of proper planning in their earning life, people may find themselves riddled with expenses they can ill afford during retirement. Therefore, HDFC Life Insurance Company brings you HDFC Life Systematic Retirement Plan a retirement plan that helps individuals secure their financial future and achieve long-term financial goals by providing a steady income stream after retirement. Start planning systematically for your retirement today with HDFC Life Systematic Retirement Plan, and you can enjoy a worry-free life tomorrow.
Why and who must buy?
A retirement plan policy is crucial as it ensures financial security during retirement years. However, to make things clearer, saving capital and growing wealth for retirement ensures that you can live the lifestyle you are currently used to. As you may already know, advance retirement planning is of the essence so you collect enough for your financial needs at retirement, and then some. The “then some” includes more than you may require so you can account for inflation and rising costs. After all, the thing that costs a certain amount today may cost you three times as much at retirement. The HDFC Life Systematic Retirement Plan offers a guaranteed lifetime income, while also providing the opportunity to systematically pay limited premium terms.
Who should buy life insurance coupled with a retirement plan? Such a plan is good for anyone who is earning an income while they are young and pay premiums towards a good plan like the HDFC Life Systematic Retirement Plan which is accessible to groups of employers and employees on a group platform, with an entry age-ranging from 45 to 75 years. If you have dependents whose future you want to secure financially, this is a great plan for you.
Features of HDFC Life Systematic Retirement Plan
The HDFC Life Systematic Retirement Plan can be availed by an individual or group and it is a non-linked and non-participating plan. It is classified as a savings deferred annuity plan which provides tax benefits, flexibility to pay premiums at once or over time and receive company bonus with a 4% return on vesting. It also gives you a deferment period to let you live a comfortable lifestyle by providing you with a source of income when you retire. The deferment period allows for delaying premium payments and using the funds elsewhere.
Here are some of its main features:
- Policyholders have the choice to delay receiving annuity payments by selecting a deferment period.
- If policyholders pay premiums regularly, they are guaranteed income for their whole lives, despite premium tenures being limited.
- The annuity may be received once a month, once in three months, once in six months, or once a year.
- Upon the demise of the policyholder, the total amount of premiums is returned.
Benefits of HDFC Life Systematic Retirement Plan
- You can choose either of two plan options - the Life Annuity or the Life Annuity with Return of Premiums
- You get a guaranteed income source for your whole life.
- You can opt to make systematic payments of premiums for a limited period of time from 5 to 15 years.
- You get tax benefits as per the current tax regulations if you avail this plan.
- The plan is flexible as you can choose to pay a premium at one time or systematically over a period.
- You can choose to receive annuity payouts on a different date from the default timeline which is usually paid on the policy anniversary.
Secure Your Future with HDFC Life Systematic Retirement Plan
Securing your family’s financial future should be your priority. If you are currently earning a regular income from any source, it is wise to invest in a retirement plan blended with a life insurance plan. Not only do your beneficiaries get a death benefit, but you get a regular income in the bargain. You also remain worry-free as you are assured that your finances for the future are taken care of.
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ARN - ED/05/23/1842
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HDFC Life Systematic Retirement Plan (UIN:101N143V06) is an Individual/ Group, Non-Participating, Non linked, Savings Deferred Annuity Plan. Life Insurance Coverage is available in this product