HDFC Life Annuity Deposit Schemes

What are HDFC Annuity Deposit Schemes?

HDFC Annuity Deposit Schemes are retirement planning products offered by HDFC Life. You pay a lump sum or regular premiums over a period. Then, after a chosen deferment period, you receive a regular income (annuity) for life or a chosen term. HDFC Life offers various annuity plans with different features like lifetime payouts, return of premiums on death, and various payout frequencies.

1. HDFC Life New Immediate Annuity Plan

   The HDFC Life New Immediate Annuity Plan is a single premium, non-linked, non-participating annuity plan that provides guaranteed returns and a death benefit. This means you pay a one-time premium upfront, and then you start receiving regular income payments (annuity) for the rest of your life.

   Here are some key features of the plan:

   • Multiple annuity options: You can choose from various options, including single-life annuity and joint-life annuity. With a joint life annuity, payments continue even after the death of the first spouse.

   • Higher annuity rates for larger investments: You'll get better interest rates on your annuity income if you invest a larger amount upfront.

   • Flexible payout frequency: You can choose to receive your annuity income monthly, quarterly, half-yearly, or yearly.

   • Return of purchase price option: This optional rider allows you to get your initial investment amount back if you die or are diagnosed with a critical illness.

   • Benefits for banks and financial institutions: Banks and financial institutions can use this plan to fulfill their annuity payment obligations to homeowners under reverse mortgage schemes.

   Eligibility Criteria 

   Eligibility Criteria	Minimum	Maximum
   Entry Age	18 years	Life Annuity with ROP* Price on diagnosis of critical illness: 85 years Other Options: 99 years
   Yearly Annuity Payout	₹ 10,000	No Limit
   Half-Yearly Annuity Payout	₹ 5,000	No Limit
   Quarterly Annuity Payout	₹ 3,000	No Limit
   Monthly Annuity Payout	₹ 1,000	No Limit

   *ROP: Return of Purchase 

2. HDFC Life Smart Pension Plus

   HDFC Life Smart Pension Plus is a retirement plan designed to offer you a guaranteed income for life. It's a non-linked, non-participating individual/group annuity savings plan, which means the returns are not linked to the market performance, and there are no profit-sharing bonuses. However, it provides the security of a steady income stream throughout your retirement.

   Features of HDFC Life Smart Pension Plus:

   • Guaranteed Annuity Income for Life:Pay premiums for a chosen period (single or limited) and receive guaranteed income throughout your life.

   • Flexibility for Individuals and Couples: This plan caters to both single and joint life, making it suitable for individuals or couples seeking a shared retirement income.

   • Immediate or Deferred Annuity Options: Choose to receive annuity payouts immediately upon plan purchase or defer them for a later date.

   • Multiple Payout Options: Select how you receive your annuity income – monthly, quarterly, half-yearly, or yearly.

   • Deferment Option: Decide when you want your annuity payouts to begin by choosing a deferment period.

   • Four Annuity Choices: HDFC Life Smart Pension Plus offers four annuity options to suit your needs:

     • Life Annuity

     • Life Annuity with Return of Percentage of Total Premiums Paid:

     • Life Annuity with Early Return:

     • Increasing Annuity:

   Eligibility Criteria 

   Particulars		Plan Options
   		Life Annuity	Life Annuity with Return % of Total Premium(s) Paid	Life Annuity with Early Return	Increasing Annuity
   Entry Age	Min	Single Pay: 18 years Limited Pay: 45 years	Single Pay: 18 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: 18 years
   	Max	Single Pay: Immediate Annuity: 100 years Deferred Annuity: 99 years Limited Pay: 75 years	Single Pay: Immediate Annuity: 100 years Deferred Annuity: 99 years Limited Pay: 75 years	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 years

   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
   Annuity Amount		Min: Rs. 12,000 (Annual) | Rs. 6,000 (Half-Yearly) | Rs. 3,000 (Quarterly) | Rs. 1,000 (Monthly) Max: No Limit
   Annuity Payout Mode		Yearly, Half-Yearly, Quarterly & Monthly
   Group Size (For Group Policies)		Min: 10 members Max: No limit.

   Eligibility Criteria for POSP (Point of Sales Persons) 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
   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

   

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3. HDFC Life Systematic Retirement Plan

   HDFC Life Systematic Retirement Plan is an individual/group, non-participating, non-linked savings deferred annuity plan designed to help you build a retirement corpus and provide you with a guaranteed income for your golden years. 

   Here are the features of the plan:

   • Systematic Premiums: You can pay premiums regularly for a limited period chosen by you. This allows you to build your retirement fund gradually.

   • Flexible Deferment Period:  You can choose to defer your annuity payouts by selecting a deferment period. This gives you the flexibility to decide when you want to start receiving your retirement income.

   • Guaranteed Lifetime Income: After the deferment period, you'll receive a guaranteed income for your entire life. This financial security ensures a comfortable and worry-free retirement.

   • Frequency of Annuity Payments: You have the option to receive your annuity payouts monthly, quarterly, half-yearly, or yearly. You can choose the payout frequency that best suits your financial needs.

   • Return of Premiums on Death:  This plan offers an optional rider where your nominee receives the total premiums paid in case of your death during the premium paying term. This benefit provides financial security for your loved ones.

   Eligibility Criteria 

   Particulars	Minimum	Maximum
   Entry Age	45 years	75 years
   Annuity Payout Per installment	Annual: ₹ 12,000; Half Yearly:₹ 6,000; Quarterly:₹ 3,000; Monthly: ₹ 1,000	No limit
   Premium Per installment	Annual:₹ 30,000; Half Yearly:₹ 15,300; Quarterly: ₹ 7,800; Monthly: ₹ 2,625	No limit
   Group Size (For Group Policies)	10	No limit
   Premium Payment Term	5 years	15 years
   Deferment Period	Premium Payment Term chosen	15 years
   Policy Term	Whole Life

Conclusion

HDFC Life Annuity Deposit Schemes offer flexibility in building your corpus, choosing payout frequency, and even getting your premiums back upon death (with an optional rider).  With HDFC Life Annuity Plans, you can step into retirement with peace of mind, knowing your financial future is secure.