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HDFC Life New Immediate Annuity Plan
HDFC Life New Immediate Annuity Plan
UIN: 101N084V37Make retirement an enjoyable holiday with guaranteed1 income for lifetime.
Attractive rates
Multiple options
Multiple payout modes
Why go for HDFC Life New Immediate Annuity Plan
A Single Premium Non Participating Non Linked Annuity Plan with guaranteed1 returns and death benefit
Multiple plan options for Single Life Annuity and Joint Life Annuity to choose from
Benefit of higher annuity rates for large purchase price
Return of Purchase Price option on death and critical illness
Option to receive annuity monthly, quarterly, half-yearly or yearly
Option for banks/financial institutions to purchase immediate annuities in respect of annuity payments for their commitments to the homeowners under the reverse mortgage schemes.
Multiple plan options for Single Life Annuity and Joint Life Annuity to choose from
Benefit of higher annuity rates for large purchase price
Return of Purchase Price option on death and critical illness
Option to receive annuity monthly, quarterly, half-yearly or yearly
Option for banks/financial institutions to purchase immediate annuities in respect of annuity payments for their commitments to the homeowners under the reverse mortgage schemes.
- The word “Guaranteed” and “Guarantee” mean that annuity payout is fixed once the policy has been purchased.
- The word “Guaranteed” and “Guarantee” mean that annuity payout is fixed once the policy has been purchased.
Choose right to meet your goals
Choose from our 11 options
Choose Your Annuity Options
Single Life Annuity Options
Joint Life (two lives) Annuity Options
Without Return of Purchase Price
(Enjoy annuity payout as per the frequency chosen)
Life Annuity
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The annuity will be payable at uniform rate in arrears for the life of the annuitant.
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On the death of the annuitant, the annuity payments will cease and no further amount will be payable.
Life Annuity with 5% escalation
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The annuity will be payable in arrears for the life of the annuitant.
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The annuity will increase annually by 5% p.a. of the annuity amount at inception.
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The first escalated payment is made one year after the first payment.
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On the death of the annuitant, the annuity payments will cease and no further amount will be payable.
Life Annuity with a Guarantee Period
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The annuity will be payable in arrears for the life of the annuitant or until the end of guarantee period, whichever is later.
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On the death of the annuitant or at the end of the guarantee period, whichever is later, the annuity payments will cease and no further amount will be payable.
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The annuitant has the option to choose a guarantee period of 5 or 10 or 15 or 20 years.
Check Eligibility Criteria
Before buying HDFC Life New Immediate Annuity Plan
ELIGIBILITY CRITERIA
Eligibility Criteria |
Minimum1 |
Maximum |
|---|---|---|
ENTRY AGE |
18 years2 |
Life Annuity with Return of Purchase Price on diagnosis of critical illness: 85 years All Other Options: 99 years |
YEARLY ANNUITY PAYOUT |
₹ 10,000 |
No Limit |
HALF YEARLY ANNUITY PAYOUT |
₹ 5,000 |
No Limit |
QUARTERLY ANNUITY PAYOUT |
₹ 3,000 |
No Limit |
MONTHLY ANNUITY PAYOUT |
₹ 1,000 |
No Limit |
1. Annuity payout below this value will only be offered:
- Where the proceeds are from a contract issued or administered by HDFC Life Insurance Company Limited where compulsory purchase of an annuity is required.
- To the subscribers of the National Pension System (NPS) regulated by the Pension Fund Regulatory and Development Authority (PFRDA)
2. Annuitant(s) below 18 years of age will only be accepted where the proceeds are from an insurance contract issued or administered by the Company or Employer-Employee cases in case of Superannuation Schemes, where compulsory purchase of an annuity is required or at Company's discretion in case of special situations involving Government schemes, employees or beneficiaries. If this product is to be purchased as QROPS (Qualifying Recognized Overseas Pension Scheme), through transfer of UK tax relieved assets, it would be offered only to customers who are 55 years of age or above (as on last birthday)
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Frequently Asked Questions
We’ll tell you everything you need to know about HDFC Life New Immediate Annuity Plan
1 How does an annuity plan work?
- Annuity plans are pension products, If you want to invest your hard-earned money to meet long-term retirement needs, then an annuity product may be the answer.
- In an annuity plan, a person pays either a lump sum amount or regular installments in the given period to get regular payments or payouts as long as he/she lives or for a pre-specified fixed period.
- The insurance companies invest your money and pay back the income generated as payouts when you retire. The annuity plan covers your financial risk by helping you get a regular payment in your sunset years for a comfortable living.
2 When should I buy an annuity?
If you want the annuity payments to start immediately, you can opt for ‘immediate annuity plan’. But, if you need your regular pension payments to start after a specified period (usually after retirement), you can choose a ‘deferred annuity plan’ but you can buy an annuity plan as early as the age of 45 or 50 years but the generally age for starting an income annuity is 60 and above, which allows for the maximum payout.
3 What is the rate of return in an annuity?
The rate of return on annuities differ depending on the annuity plan you choose to invest in. One of the popular options is ‘life annuity with return of purchase price’ that works like an FD where the investor will earn an income for life, and the nominee gets the benefit paid on his/her death. The annual payout on this variant turns out to 5.7-6.4% of the purchase price for someone who is 60 years old. You can also opt for the lifetime annuity, without the return of the initial investment. The interest rate is 7.6-8.1% per annum which is the highest among all variants as the investor does not need to return the funds to an appointed nominee.
4 How much do I need to invest in annuity?
There is no limit on the amount that you need to invest in an annuity. Whether you choose a deferred or immediate annuity, there are few things you need to consider:
- Your actual financial needs
- Your long-term financial goals
- Your current savings/investment portfolio
- The impact of inflation.
- The alternatives available to you
T&C
- The word “Guaranteed” and “Guarantee” mean that annuity payout is fixed once the policy has been purchased.
ARN: PP/07/24/13613
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