HDFC Life New Immediate Annuity Plan

What is HDFC Life New Immediate Annuity Plan?

The HDFC Life New Immediate Annuity Plan is a retirement plan option designed to provide you with a steady income stream after you retire. It's a single premium plan, meaning you invest a lump sum amount upfront and then receive regular payouts throughout your retirement.

The minimum amount you need to invest will depend on the prevailing annuity rates. For instance, if you're a 50-year-old male opting for a life annuity with an annuity rate of 8.63%, the minimum investment might be ₹1,15,875. This rate can fluctuate, and hence the minimum investment amount may change. However, once you've purchased the plan, the annuity payout is guaranteed for your lifetime.

What are the Features and Benefits of HDFC Life New Immediate Annuity Plan?

The key features and benefits of the Annuity Plan are:

• Flexible Annuity Options: Choose from Single Life or Joint Life Annuity plans to suit your retirement income needs.

• Rewarding Returns: Enjoy higher annuity rates for larger investments.

• Financial Security: Get a Return of Purchase Price option on death and critical illness.

• Receive Income Your Way: Choose to receive your annuity monthly, quarterly, half-yearly or yearly.

• Ideal for Banks/Financial Institutions: This plan can be used by banks and financial institutions to meet their reverse mortgage commitments.

Annuity Options Available Under HDFC Life New Immediate Annuity Plan

1. Single Life Annuity Options:

   • Life Annuity

   • Life Annuity with Return of Purchase Price

   • Life Annuity with Return of Balance Purchase Price

   • Life Annuity with a Guarantee Period

   • Life Annuity with 5% escalation

   • Life Annuity with Return of Purchase Price in Parts

   • Life Annuity with Return of Purchase Price on diagnosis of Critical Illness

2. Joint Life (two lives) Annuity Options:

   • Joint Life Annuity with 100% annuity to the secondary annuitant

   • Joint Life Annuity with 50% annuity to the secondary annuitant

   • Joint Life Annuity with 100% annuity to the secondary annuitant and return of purchase price

   • Joint Life Annuity with 50% annuity to the secondary annuitant and return of purchase price

People also read: pension plan

What is the Eligibility Criteria to Buy HDFC Life New Immediate Annuity Plan?

Policy Details of HDFC Life New Immediate Annuity Plan

• Free Look Period: You have 15 days (30 days for policies sourced through distance marketing) to review the policy. If dissatisfied, you can cancel it by giving written notice. You will receive the non-allocated premium, cancellation charges, fund value, minus proportionate risk premium, medical exam costs, stamp duty, Goods and Services Tax, and cess.

• Surrender Benefit: Surrender benefits are accessible at any time but only for the specified five annuity options. The Guaranteed Surrender Values are detailed below:

  Annuity Options	Guaranteed Surrender Value
  Life Annuity with Return of Purchase Price	10% of the purchase price
  Life Annuity with Return of Purchase Price on diagnosis of critical illness
  Joint Life Annuity with 100% annuity to the Secondary Annuitant and return of Premium/Purchase Price
  Joint Life Annuity with 50% annuity to the Secondary Annuitant and return of Premium/Purchase Price
  Life Annuity with Return of Purchase Price in parts	Surrendered within 7 years: 10% of the purchase price Surrendered thereafter: 7% of the purchase price

• Alterations: Alterations can not be made after the annuity has been purchased.

• Maturity Benefit: No benefits under this plan

• Loan: Policy loan option is not available in this plan.

• Illnesses covered under Life Annuity with a Return of 100% of the Purchase Price on Diagnosis of Critical Illness:

  • Cancer of Specified Severity

  • Open Chest CABG

  • Myocardial Infarction

  • Kidney Failure requiring regular Dialysis

  • Major Organ Transplant (as a recipient)

  • Stroke resulting in permanent symptoms

• Illnesses that are excluded:

  • Other acute Coronary Syndromes

  • Any type of angina pectoris

  • A rise in cardiac biomarkers or Troponin T or I in absence of overt ischemic heart disease OR following an intra-arterial cardiac procedure.

  • Other stem-cell transplants (Where only islets of langerhans are transplant)

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

People also read: NPS Calculator

How Does HDFC Life New Immediate Annuity Plan Work?

The HDFC Life NewImmediate Annuity Plan is a retirement product that helps you convert your savings into a steady stream of income. Here's how it works:

• Invest a lump sum: You pay a one-time amount upfront.

• Guaranteed payouts: You choose to receive regular income monthly, quarterly, half-yearly, or yearly for life.

• Security: The insurance company invests your money and guarantees these payouts throughout your retirement.