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RETIREMENT PLANS BUYING GUIDE
:1800-266-9777
Who Can Invest in HDFC Life Annuity Plans?
November 03, 2026
Table of Content
A suitable candidate for an annuity scheme is one who:
Is close to retirement age and would like to convert his savings into an income stream.
Has retirement savings from any source, including savings, investment, inheritance, and retirement income, and is trying to decide how he can receive income.
Is interested in receiving his income for a specific period or even lifelong, depending on the annuity scheme.
Plans to be independent in his retirement years and would like to test how he can utilise his annuity payments.
What Eligibility Factors Matter?
Here are the eligibility criteria that matter while buying the HDFC Life Smart Pension Plus (UIN: 101N173V13) a Group Annuity Savings Plan Non-Participating Non-Linked annuity plan:
Age at entry: The minimum age for entry is 20 years, and the maximum is 85 years, with special conditions in some cases.
Purchase amount: The minimum purchase price depends on the annuity you choose, the details of the annuitant, and current annuity rates. The brochure also lists purchase-price bands starting below ₹2.5 lakh and going up to ₹50 lakh and above.
Annuitant status: The plan offers both single-life and joint-life annuity options.
Payout choice: The buyer is able to select the annuity option that is appropriate and select monthly, quarterly, half-yearly, or yearly payments subject to minimum payment conditions.
Joint-life eligibility: The secondary annuitant can be a spouse, child, parent, parent-in-law, or sibling, subject to the terms of the product.
Single Life vs Joint Life Annuity Plan
Single-life annuities are based on the life of one annuitant and thus an option for retirees who primarily need income for themselves. Depending on the option selected, payments may end on their death, which could affect a financially dependent spouse.
A joint-life annuity is an annuity that has two annuitants. Usually, the income continues to the surviving annuitant after the first person dies.
Depending on the product terms, the survivor may be paid the full annuity or some pre-determined percentage of the original annuity. This option can help couples plan for sustainable retirement income and financial security.
What Should You Assess Before Buying?
Consider the following factors while choosing one of the most appropriate HDFC Life annuity plans for yourself:
Income start: When do you want your annuity income to start?
Payment period: Monthly, Quarterly, Half-Yearly, or Annual – which payment period is more convenient for you?
Liquidity: How much liquidity will you require to meet your emergencies or unexpected expenses?
Family considerations: Are there requirements to cover your spouse or other dependents upon your death?
Inflation: Do you have adequate income during your retirement years to keep up with the rising cost of living?
Plan Terms: Which are the annuity plans, their purchase terms, death benefits, and withdrawal terms, if any?
Explore HDFC Life Annuity Plans
There is a wide range of annuity plans offered by HDFC Life which will help you in generating regular income in the post-retirement phase. Check out the Annuity Plans for more information.
Frequently Asked Questions
Who can buy an annuity?
Annuities may suit individuals approaching retirement or those who have already retired and want a regular income from their savings. Depending on the plan, investors can choose an annuity to support their financial needs and maintain income stability during retirement.
Can spouses be covered in an annuity plan?
Yes, HDFC Life annuity plans also cover spouses. They get coverage under the joint life annuity options, continuous payouts, and nomination under second life eligibility.
Is an annuity suitable only after retirement?
No, an annuity does not have to be purchased only upon retirement. Even though many individuals invest in annuities only after they retire so that they can get a constant income, this may occur much earlier.
References
https://www.hdfclife.com/retirement-and-pension-plans/types-of-annuities
https://www.hdfclife.com/retirement-and-pension-plans/immediate-annuity-plan
https://www.hdfclife.com/retirement-and-pension-plans/new-immediate-annuity-plan
Need Help to Buy a Right Plan?
Our expert will assist you in buying a right plan for you online.
Reach us between 9 AM - 10 PM IST.
For existing policy related assistance, click here.
A certified expert of HDFC Life will help you.
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*99.72% Claim Settlement Ratio For FY 2025-2026
~4.6 Cr. Number Of Lives Insured For FY 2025-2026
Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
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HDFC Life
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We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.
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HDFC Life Smart Pension Plus UIN:101N173V13. A Non-Linked, Non-Participating Individual/Group Annuity Savings Plan. Please know the associated risk and applicable charges from your insurance agent or the intermediary or the policy document of the insurer. The above mentioned features / options of the product are not the only features / options in the product offered. For more details on the risk factors, associated terms, conditions and exclusions, please read the sales brochure carefully before concluding a sale.
*Online Premium for Option A - Life Annuity of HDFC Life Smart Pension Plus A Non-Linked, Non-Participating, Individual/Group Annuity Savings Plan, Male, 60 years of age, Annuity Type: Immediate, Premium Payment Term: Single Premium (Single Premium of ₹40, 00,000 (40 Lakhs).
^ 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 Premium(s) paid subject to applicable terms and conditions
@ HDFC Life Smart Pension Plus UIN:101N173V12. A Non-Linked, Non-Participating Individual/Group Annuity Savings Plan.
ARN- ED/10/26/40255