HDFC Life Saral Pension Plan

What is HDFC Life Saral Pension Plan?

The HDFC Life Saral Pension Plan is a Retirement Fund plan that ensures a guaranteed payout for a lifetime after your retirement not only limited to you but also offers an annuity option for your partner. The annuity can be received monthly, quarterly, semi-annually, or annually as per your convenience. Additionally, it comes with the benefit of a Return of Purchase Price option on death.

Key Features of HDFC Life Saral Pension Plan

Below are the features of HDFC Life Saral Pension Plan:

1. Single & Joint Life Annuity Options

   You have the option to choose between the two as per your requirements.

   Life Annuity with Return of 100% of Purchase price (ROP) - Annuity will be paid as per the pre-decided timelines and on the annuitant's death, 100% price of purchase will be returned to the nominee.

   Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on death of the last survivor- As the name suggests, the same amount of annuity will be received by the surviving partner until their death after which 100% of the price of purchase will be returned to the nominee.

   *Please note that you cannot change or switch your annuity option once purchased.

2. Lifetime Annuity Payments

   You have a safe and continuous flow of income for yourself and your partner, if applicable, with the flexibility to receive payments monthly, quarterly, half-yearly, or annually.

3. Return of Purchase Price 

   In the unfortunate event of death, 100% of the return of the purchase price will be paid to your nominees or legal heirs.

4. Surrender Value for Critical Illness

   If you, your spouse, or your children are diagnosed with a critical illness, you can surrender the policy after at least six months of purchase and receive a surrender value of 95%, subject to any deductions or outstanding amounts.

5. Guaranteed Lifetime Income

   The annuity assures a steady and reliable income for life, ensuring financial stability throughout your retirement.

6. No Medical Examination Required

   You can purchase the policy without the hassle of undergoing any medical tests or examinations.

7. Higher Annuity Rates for Larger Purchases

   You can benefit from higher annuity rates when you invest in a larger purchase price.

   Band	Purchase Price (Excluding GST)
   Band 1	Less than ₹2,00,000
   Band 2	₹2,00,000 to ₹ 4,99,999
   Band 3	₹5,00,000 to  ₹9,99,999
   Band 4	₹10,00,000 to ₹24,99,999
   Band 5	₹25,00,000 and above

Eligibility of HDFC Life Saral Pension Plan

Benefits of HDFC Life Saral Pension Plan

Below are the benefits of HDFC Life Saral Pension Plan-

1. Survival Benefits

   • Single Life Annuity: You will continue to receive regular payments for as long as you live.

   • Joint Life Annuity: You will receive regular payments as long as either you or your partner is alive.

2. Death Benefits

   • Single Life Annuity: In case of your death, the 100% purchase price (ROP) is paid to your nominee.

   • Joint Life Annuity: If both you and your partner die, the 100% purchase price (ROP) is paid to your nominee.

3. Maturity Benefit

   There is no maturity benefit with this policy as it aims to provide financial sustenance throughout your retirement.

Policy Details of HDFC Life Saral Pension Plan

Below are the policy details of the HDFC Life Saral Pension Plan:

1. Free Look Period

   If the policy's terms and conditions don't meet your expectations, you have 15 days (or 30 days for policies bought through distance marketing) from receiving the policy document to return it in the free look period. The premium you paid will be refunded, but deductions will be made for stamp duty charges and any annuities already disbursed.

2. Surrender Value

   If you, your spouse, or your children are diagnosed with any of the listed critical illnesses, you are eligible to surrender the policy anytime after 6 months. Upon surrender, 95% of the Policy Purchase Price will be refunded to you, after subtracting any outstanding loan and interest amounts. The policy will be terminated once the surrender value is paid out.

3. Loan Facility

   After holding the policy for six months, you may apply for a loan. If you have chosen the Joint Life option, your partner is also eligible for a loan. In the unfortunate event of your passing, your partner will still have access to this loan facility.