Get Brief Idea about HDFC Life Assured Pension Plan (ULIP)

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When you look forward to your retirement, what is your foremost and biggest concern? Isn’t it about enduring your savings? Normally, it depends on the fact that how much you have saved till your retirement. However, market declines may take all your retirement funds and thus your retirement visions get down with market declines. HDFC has come with a solution to build & secure its policyholder’s retirement savings named HDFC Life Assured Pension Plan so that they can enjoy their post-retirement.

In this HDFC Life Assured Pension Plan (ULIP), the risk of investment in the investment portfolio is endured by the insured. The linked assurance products don’t offer any kind of liquidity throughout the first 5 years of the policy term contract. The insured person won’t be able to either withdraw or surrender the fund invested in the Unit-Linked Insurance Plans partially or completely till the completion of the 5th year.

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Features Of the HDFC Life Assured Pension Plan

You can protect your retirement with guaranteed vesting benefit as well as gain from the upside market from this plan

This plan allows you to start as quick as you complete 18 years

Loyalty add-ons in the arrangement of Retirement fund Multipliers every alternative year, beginning in the eleventh year

Lower maturity / vesting age of 45 (forty-five) years

Death benefits will be given to its nominee, which is higher than the fund value of the policy during the death or after 105% of the premiums are paid before death

Both the Single Pay & Limited Pay Options are available under this one product

Tax Benefits are availed in this plan under the Section 80C & Section 10(10D) of the Income Tax (IT) Act 1961

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Benefits Of the HDFC Life Assured Pension Plan

Here are some of the benefits of the HDFC Life Assured Pension Plan given below. Check out the HDFC Life Assured Pension Plan here:

Adjournment Of The Maturity Date:

You can delay your vesting date how many times you want. This is entirely subject to the extreme vesting period of 75 years, in case you are below 55 years.

On rearrangement of the vesting date, the Guaranteed Vesting Benefit & Death Benefits will endure applying. The Guaranteed Vesting Benefits will remain the same as the amount calculated on this policy term selected at the beginning of the plan.

The savings will transfer to your Pension Conventional Fund as well as all your applicable responsibilities will endure being subtracted.

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Pension Multiplier Benefit:

Loyalty add-ons in the arrangement of the Pension Multipliers will add to your fund value, in case all due payments have been funded, every alternative year beginning from the completion of the eleventh policy year. Such additions are equal to 1% of the usual fund value for instantly preceding 2 years.

Vesting Benefits:

Your HDFC Life Assured Pension Plan vests at the completion of your policy term, as well as your Vesting (Maturity) Benefits, will be higher than the Assured Maturity Benefit or Fund Value

Death Benefit:

In the case of unfortunate death before the completion of the policy term, the nominee will be given higher Fund Value as well as 105% of your total premium(s) paid till date.

NOTE:

The policy then will dismiss thereafter & thus no more paybacks will be given by the company.

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Eligibility of the HDFC Life Assured Pension Plan

Here I have provided the eligibility in the table form below. Please check out the eligibility of the HDFC Life assured Pension Plan

Entry Age and Vesting Age

Age

Minimum

Maximum

Entry 18 years 65 years
Maturity 45 years 75 years

The term of the Premium Payment

The term of the Policy

Single Pay 10 years, 15 years to 35 years
8 Pay 10 years, 15 years to 35 years
10 Pay 10 years, 15 years to 35 years
15 Pay 15 years to 35 years

There is no limit for the maximum amount for the premium but there are several options for the minimum premium payment. So, let’s now check out the minimum premium payment details in the table given below:

Payment Frequency

Limited & Regular Pay Alternatives

Single Pay Alternatives

Single Pay NA 50000
Monthly 2000 NA
Quarterly 6000 NA
Half Yearly 12000 NA
Annual 24000 NA

NOTE:

There are no limits on the supreme premium which the policyholder will pay & the minimum payments required will be contingent on the option you chose and the frequency of premium payment.

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