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What are the unique features offered under HDFC Life Smart Pension Plus

A Non-Linked Non-Participating Individual/Group Annuity Savings Plan

  • Guaranteed* Annuity Income for whole of life by paying premiums for a Single or Limited payment term

  • One plan catering to both Single and Joint Life

  • Single plan offering both Immediate Annuity and Deferred Annuity

  • Flexible payout options to receive your Annuity amount – Monthly, Quarterly, Half-yearly or Yearly   

  • 4 annuity options to choose from:

    A. Life Annuity

    B. Life annuity with Return of % of Total Premiums Paid

    C. Life Annuity with Early Return

    D. Increasing Annuity 

  • Option to defer Annuity payouts by choosing the deferment period

  • Guaranteed* Annuity Income for whole of life by paying premiums for a Single or Limited payment term

  • One plan catering to both Single and Joint Life

  • Single plan offering both Immediate Annuity and Deferred Annuity

  • Flexible payout options to receive your Annuity amount – Monthly, Quarterly, Half-yearly or Yearly   

  • 4 annuity options to choose from:

    A. Life Annuity

    B. Life annuity with Return of % of Total Premiums Paid

    C. Life Annuity with Early Return

    D. Increasing Annuity 

  • Option to defer Annuity payouts by choosing the deferment period

*Annuity rate is fixed once the policy has been purchased and shall remain the same for the duration of the policy. Amount of guaranteed income will depend upon premiums paid subject to applicable terms and conditions.

 

*Annuity rate is fixed once the policy has been purchased and shall remain the same for the duration of the policy. Amount of guaranteed income will depend upon premiums paid subject to applicable terms and conditions.

 

Your Plan, Your Benefits.

Check your guaranteed benefits

  • Plan Options
  • Survival Benefits
  • Death Benefit
  • Additional Options/ Benefits

Plan Options

Check Eligibility Criteria (applicable for Individuals and Group both)

ELIGIBILITY CRITERIA

Particulars

Plan Option

Life Annuity

Life Annuity with Return % of Total Premiums Paid

Life Annuity with Early Return

Increasing Annuity

Entry Age

Min

Single Pay: 20 years

Limited Pay: 45 years

Single Pay: 20 years

Limited Pay: 45 years

Single Life / Primary Annuitant (in case of Joint Life)

Single Pay: 30 years

Limited Pay: 45 years

Secondary Annuitant (in case of Joint Life)

Single Pay: 30 years

Single Pay: 20 years

Max

Single Pay:

Immediate Annuity: 100 years

Deferred Annuity: 99 years1

Limited Pay:

75 years2

Single Pay:

Immediate Annuity: 100 years

Deferred Annuity: 99 years1

Limited Pay: 75 years2

Single Life / Primary Annuitant (in case of Joint Life)

Single Pay:

i) 65 years for 50% Return of Premiums Paid at Age 75 and 100% Return of Premiums Paid at Age 75

ii) 70 years for the other sub options

Limited Pay:

i) 65 minus PPT for 50% Return of Premiums Paid at Age 75 and 100% Return of Premiums Paid at Age 75

ii) 70 minus PPT for the other sub options

Secondary Annuitant (in case of Joint Life)

Single Pay: 100 years

Single Pay:

Immediate Annuity: 100 years

Deferred Annuity: 99 years1

 

Policy Term

Whole Life

Premium Payment Term

Single Pay

Limited Pay: 5 to 15 years

Single Pay

Limited Pay: 5 to 15 years

Single Life -

Single Pay

Limited Pay: 5 to 15 years

Joint Life -

Single Pay

Single Pay

Deferment Period for Immediate Annuity

0 years

Deferment Period for Deferred Annuity

Min

Single Pay: 1 year

Limited Pay: Equal to PPT

Single Pay: 1 year

Max

Single Pay: 10 years for age(s) less than 30 and 15 years for age(s) 30 onwards

Premium Amount

 

 Min:  Single Pay: Rs. 50,000 Limited Pay: Rs. 30,000 (Annual) | Rs. 15,300 (Half Yearly) | Rs. 7,800 (Quarterly) | Rs. 2,625 (Monthly)

Max: No Limit(subject to Board approved underwriting policy)

Annuity Amount

Min: Rs. 12,000 (Annual) | Rs. 6,000 (Half-Yearly) | Rs. 3,000 (Quarterly) | Rs. 1,000 (Monthly)

Max: No Limit(subject to Board approved underwriting policy) 

Annuity Payout Mode

Yearly, Half-Yearly, Quarterly & Monthly

Group Size (For Group Policies)

Min: 10 members

Max: No limit. Acceptance of any case is subject to Board Approved Underwriting Policy (BAUP).

The plan will be available to employer-employee groups on group platform 


   1subject to annuity commencing at a maximum age of 100 years
   2subject to annuity commencing at a maximum age of 80 years


Eligibility Criteria for POSP Channel^


Particulars

Minimum

Maximum

Entry Age

40 years

 70 years

Annuity Amount

Annual: Rs. 12,000;

Half Yearly: Rs. 6,000;

Quarterly: Rs. 3,000;

Monthly: Rs. 1,000

No Limit (subject to Board approved underwriting policy)

Minimum Premium Amount

Single Pay : Rs. 50,000

Premium Payment Term

Single Pay

Policy Term

Whole Life

Annuity Payout Mode

Yearly, Half-Yearly, Quarterly & Monthly

^ Only “Life Annuity with Return of 100% Premium Paid” for Single Life with Single Pay can be sold via POSP channel


The plan can also be purchased online via company website www.hdfclife.com

The minimum annuity payouts shall be in accordance with IRDAI (Minimum limits for Annuities and other Benefits) Regulations, 2015, as amended from time to time

All ages are calculated as at last birthday. Risk cover starts from date of commencement of policy for all lives.

FAQs

1 What is HDFC Life Smart Pension Plus?

HDFC Life Smart Pension Plus is a traditional non-linked non-participating individual/group annuity savings plan that ensures you have your financial independence with a secure and regular stream of income in the golden years just the way you want. The product offers flexibility in terms of annuity payouts for all plan options with an option to choose from immediate or deferred payouts. The mode of receiving the annuity payout can also be selected from Monthly, Quarterly, Half-yearly or Yearly modes and the regular income will be paid out as per the options selected.

2 What is a deferment period?

Deferment Period shall begin from inception of the policy. At the end of the deferment period, the first annuity payment is made to the annuitant, in arrears as per the frequency chosen by the annuitant. The deferment period shall be chosen by annuitant at inception and it can be different from the premium payment term. 

3 Can I change my premium payment term and deferment period during the policy?

No alterations are allowed in the policy. Premium payment term and deferment period once chosen shall remain the same for the duration of the policy.

4 What are the Key features under the plan?

HDFC Life Smart Pension Plus offers the following key features:

  • Guaranteed Annuity Income for whole of life by paying premiums for a Single or Limited payment term
  • One plan catering to both Single and Joint Life
  • Single plan offering both Immediate Annuity and Deferred Annuity
  • Flexible payout options to receive your Annuity amount– Monthly, Quarterly, Half-yearly or Yearly
  • 4 annuity options to choose from:

A. Life Annuity

B. Life annuity with Return of % of Total Premiums Paid

C. Life Annuity with Early Return

D. Increasing Annuity

  • Option to defer Annuity payouts by choosing the deferment period

5 What are the 4 easy steps to purchase HDFC Life Smart Pension Plus?

Step 1: Choose your premium you wish to pay or the annuity payout you wish to receive.

Step 2: Choose premium payment term and deferment period (in case opted) as per your convenience

Step 3: Choose your annuity option

Step 4: Choose your annuity payout frequency– monthly, quarterly, half-yearly, or yearly or any date of your choice

Receive your annuity payouts through direct credit to your bank account

6 What are the Annuity options available under this plan?

The following plan options are available:

A. Life Annuity

B. Life annuity with Return of % of Total Premiums Paid

C. Life Annuity with Early Return

D. Increasing Annuity 

7 What is the death benefit available under this plan?

A. Life Annuity

1. Immediate Annuity  - No Benefits will be paid upon death under this option

2. Deferred Annuity

During deferment period - 105% of the Total Premiums Paid

After deferment period - No Benefits will be paid upon death after the deferment period1

B. Life Annuity with Return of % of Total Premiums Paid

1. Immediate Annuity - x% of  Total Premiums Paid

2. Deferred Annuity

During Deferment Period

Higher of:

  • Total Premiums Paid accumulated at 6% p.a. compounded on a daily basis till date of death
  • 105% of the Total Premiums Paid

After Deferment Period

Higher of:

  • Total premiums paid accumulated at 6% p.a. compounded on a daily basis till end of deferment period less Total Annuity Payouts made till date of death
  • x % of the Total Premiums Paid

The multiple (x%) can range from 50% to 100%, as chosen by the policyholder at inception.

C. Life Annuity with Early Return

1. Immediate Annuity - Total Premiums Paid less survival benefit on milestone age(s) already paid till date of death

2. Deferred Annuity

During Deferment Period

Higher of:

  • Total Premiums Paid accumulated at 6% p.a. compounded on a daily basis till date of death
  • 105% of the Total Premiums Paid

After Deferment Period
Higher of:

  • Total Premiums Paid accumulated at 6% p.a. compounded on a daily basis till end of deferment period less Total Annuity Payouts made till date of death
  • Total Premiums Paid less survival benefit on milestone age(s) already paid till date of death

D.Increasing Annuity

1. Immediate Annuity - Single Premium Paid, if ROPP is selected, nil otherwise

2. Deferred Annuity

  During Deferment Period

  a. If ROPP  is selected: Higher of

  • Single Premium Paid accumulated at 6% p.a. compounded on a daily basis till date of death
  • 105% of the Single Premium Paid

 b. If ROPP is not selected: 105% of Single Premium Paid

After Deferment Period

a. If ROPP  is selected: Higher of

  • Single Premium Paid accumulated at 6% p.a. compounded on a daily basis till end of deferment period less Total    Annuity Payouts made till date of death
  • Single Premium Paid

b. If ROPP is not selected: Nil

8 Is the annuity under this plan guaranteed?

Yes, the annuity is guaranteed and shall be payable for as long as the annuitant(s) is alive.

9 Who is eligible to purchase HDFC Life Smart Pension Plus?

Age of Entry/ Plan Option

Life Annuity

Life Annuity with Return of % of Total Premiums Paid

Life Annuity with Early Return

Increasing Annuity

Min age at entry

Single Pay: 20 years

Limited Pay: 45 years

Single Pay: 20 years

Limited Pay: 45 years

Single Life / Primary Annuitant (in case of Joint Life)

Single Pay: 30 years

Limited Pay: 45 years

Secondary Annuitant (in case of Joint Life)

Single Pay: 30 years

Single Pay: 20 years

Max age at entry

Single Pay:

Immediate Annuity: 100 years

Deferred Annuity: 99 years1

Limited Pay:

75 years2

Single Pay:

Immediate Annuity: 100 years

Deferred Annuity: 99 years1

Limited Pay: 75 years2

Single Life / Primary Annuitant (in case of Joint Life)

Single Pay:

i) 65 years for 50% Return of Premiums Paid at Age 75 and 100% Return of Premiums Paid at Age 75

ii) 70 years for the other sub options

Limited Pay:

i) 65 minus PPT for 50% Return of Premiums Paid at Age 75 and 100% Return of Premiums Paid at Age 75

ii) 70 minus PPT for the other sub options

Secondary Annuitant (in case of Joint Life)

Single Pay: 100 years

Single Pay:

Immediate Annuity: 100 years

Deferred Annuity: 99 years1

1subject to annuity commencing at a maximum age of 100 years
2subject to annuity commencing at a maximum age of 80 years

10 What are the tax benefits under the plan?

Tax benefits shall be available as per the prevailing tax laws. Please contact your tax consultant for specific details.

11 What is the minimum and maximum premium amount under this plan?

The minimum premium across different frequencies is as follows:

a. Single Pay (SP): Rs. 50,000

b. Limited Pay (LP): Rs. 30,000 (Annual) | Rs. 15,300 (Half Yearly) | Rs. 7,800 (Quarterly) | Rs. 2,625 (Monthly)

There is no limit on maximum premium. Acceptance of any case is subject to Board Approved Underwriting Policy (BAUP).

12 What is the minimum and maximum annuity amount receivable under this plan?

The minimum annuity payout across different frequencies is as follows:

Annual: ₹ 12,000

Half Yearly: ₹ 6,000

Quarterly: ₹ 3,000

Monthly: ₹ 1,000

There is no limit on maximum annuity payout. Acceptance of any case is subject to Board Approved Underwriting Policy (BAUP).

13 Can this plan be sold via POSP channel?

Yes, only “Life Annuity with Return of 100% Premium Paid” for Single Life with Single Pay can be sold via POSP channel.

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*Annuity rate is fixed once the policy has been purchased and shall remain the same for the duration of the policy. Amount of guaranteed income will depend upon premiums paid subject to applicable terms and conditions.

 

ARN : PP/01/23/31442