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Why HDFC Life Systematic Retirement Plan?

An Individual/ Group, Non-Participating, Non linked, Savings Deferred Annuity Plan

  • Pay premiums systematically for a limited premium paying term

  • Option to defer annuity payouts by choosing the deferment period

  • Guaranteed1 income for whole of life

  • Option to receive annuity monthly, quarterly, half-yearly or yearly

  • Option of Return of Total Premiums Paid on death

  • Pay premiums systematically for a limited premium paying term

  • Option to defer annuity payouts by choosing the deferment period

  • Guaranteed1 income for whole of life

  • Option to receive annuity monthly, quarterly, half-yearly or yearly

  • Option of Return of Total Premiums Paid on death

1 Amount of guaranteed income will depend upon premiums paid subject to applicable terms and conditions.

1 Amount of guaranteed income will depend upon premiums paid subject to applicable terms and conditions.

Multiple Benefits in One Plan

Check your guaranteed benefits

  • Plan Options
  • Survival Benefits
  • Death Benefit
  • Choose your annuity payout dates

Plan Options

Check Your Eligibility

ELIGIBILITY CRITERIA

Particulars

Minimum

Maximum

Entry Age

45 years

75 years1

Annuity Payout

Per installment

Annual: ₹ 12,000; Half Yearly:₹ 6,000; 

Quarterly:₹ 3,000;Monthly: ₹ 1,000

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

PremiumPer installment

Annual:₹ 30,000; Half Yearly:₹ 15,300; 

Quarterly ₹ 7,800;Monthly:₹ 2,625

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

Group3 Size (For Group Policies)

10

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

Premium Payment Term

5 years

15 years

Deferment Period

Premium Payment Term chosen

15 years

Policy Term

Whole Life


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.

1Subject to annuity commencing at a maximum age of 80
2Premium amounts are exclusive of taxes and levies as applicable
3The plan will be available to employer-employee groups on group platform

 

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FAQ

1 What is HDFC Life Systematic Retirement Plan?

HDFC Life systematic Retirement Plan is An Individual/ Group, Non-Participating, Non linked, Savings Deferred Annuity Plan. This plan allows you to save systematically for your golden years with flexibility to choose your premium payment term, deferment period and choose your annuity payout date.

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 systematic retirement Plan offers the following key features:

  • Option to defer annuity payouts by choosing the deferment period
  • Guaranteed1 income for whole of life by paying premiums for a limited payment term
  • Option to receive annuity monthly, quarterly, half-yearly or yearly
  • Option of Return of Total Premiums Paid on death
  • Guaranteed1 annuity rate fixed at policy inception which shall remain the same for the duration of the policy.

1Amount of guaranteed income will depend upon premiums paid subject to applicable terms and conditions.

5 What are the 4 easy steps to purchase HDFC Life Systematic retirement Plan?

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 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:

  • Life Annuity
  • Life Annuity with return of Premiums

7 What is the death benefit available under this plan?

On death during Deferment Period1:

i)   The death benefit shall be the higher of

  • Total Premiums2 paid accumulated at compounding interest of 6% p.a. till the date of death
  • 105% of Total Premiums paid up to the date of death

The policy shall terminate on payment of death benefit and all other benefits shall cease.
 
On death after Deferment Period:

ii)  For the Life Annuity option, no death benefit shall be payable.

iii)  For the Life Annuity with Return of Premiums option, the death benefit shall be the higher of

  • Total Premiums paid accumulated at compounding interest of 6% p.a. till end of deferment period less Total Annuity Payouts made till date of death
  • 105% of Total Premiums paid up to the date of death

Upon payment of the death benefit, the policy shall terminate and all other benefits shall cease.
 

1Deferment Period: Period from the date of inception of the policy after which 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. The Deferment period can be different from the premium payment term.

2Total Premiums paid: Total premiums received excluding any extra premiums, rider premiums and taxes

8 Is the annuity under this plan guaranteed?

Yes, the annuity is guaranteed1 and shall be payable for as long as the annuitant is alive.

1 Amount of guaranteed income will depend upon premiums paid subject to applicable terms and conditions.

9 Who is eligible to purchase HDFC Life Systematic retirement Plan?

Any individual between the age of 45 years to 751 years can purchase the plan

1Subject to annuity starting at age 80.

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:

Annual: ₹ 30,000
Half Yearly: ₹ 15,300
Quarterly: ₹ 7,800
Monthly:  ₹ 2,625

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).

T&C* 

1 Amount of guaranteed income will depend upon premiums paid subject to applicable terms and conditions.

ARN: PP/05/22/28880