HDFC Life Smart Pension Plan

On death of the life assured before the end of policy term, the nominee will receive death benefit which shall be higher of the following:

• Fund value
• Sum Assured on Death

Sum Assured on Death in this policy at any time during the policy term will be 105% of total premiums including top-up premiums paid reduced to the extent of the partial withdrawals from the fund value during the two-year period immediately preceding the death of the life assured.

This plan helps you save along your working years and build a retirement corpus.

You can choose to pay the premiums on yearly, half-yearly or monthly basis; or pay just a single premium.

You have flexibility to alter vesting date and premium payment term

You do not need to wait till a particular age (60 years) to vest the accumulated funds; you have the flexibility to prepone it if you are planning an early retirement, or postpone it if you want to retire later. This option can be exercised only once during the term of the contract, provided the policy is in force for full Benefits.

In addition, the plan allows you the option of increasing or decreasing the premium payment term at any time before the end of premium payment term chosen earlier, subject to eligibility criteria under the plan.

Basis your risk appetite, you can choose how the investments in your funds will be managed. You can choose to manage it by self, or choose between Automatic Asset Rebalancing Strategy and Systematic Transfer Strategy, which automate the transfer of a fixed percentage of investment from one fund to another during accumulation phase, based on the risk appetite of the policyholder.

Systematic Transfer Strategy can't be opted with Single premium Policies.

All ‘Single Premium’ policies and other than ‘Single Premium’ policies paying premium of ₹ 1,00,000 or more in a year will be eligible for loyalty additions.

Loyalty additions will be added to the fund value at the end of the year as extra units. From policy year 10 till 19, there will be a loyalty addition of 0.25% of the average fund value of last and current policy anniversary i.e.(Fund Value at the end of last policy year (post loyalty additions) + Fund Value at the end of current policy year)/2. From policy year 20 onwards, the loyalty addition will be 0.5% of the average fund value of last 2 policy anniversaries.

Loyalty additions are a part of the Fund Value and are paid as part of Vesting Benefit or Death Benefit or Surrender Benefit.

Premium Allocation Charges

For Other than Single Premium Policy

For Single Premium Policy

Premium allocation charge for top-up premium is 1%.

Policy Administration Charges

For a policy paying ₹ 10 lakhs and above as ‘Single Premium’, the Policy Administration charge will be nil throughout Policy Term.

Fund Management Charges