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HDFC Annuity Deposit Schemes

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Annuities are financial products that provide a steady income, typically during retirement. In simple terms, you invest money with an organisation — in return, they promise to give you regular payments over a specified period.

HDFC, one of India's leading financial institutions, offers such annuities to those looking for a secure financial future. With a legacy of trust and excellence, HDFC ensures that its customers get the best returns on their investments.

In this article, we will explore the annuity deposit schemes in HDFC Bank, outlining their main features and the advantages that they bring. By understanding the nuances of these plans, you can make informed decisions about your financial well-being.

An Overview of HDFC Annuity Plans

Some of the prominent HDFC annuity deposit schemes along with their key aspects are tabled below –

  • HDFC Life Click 2 Wealth: HDFC Life Click 2 Wealth is an annuity plan covering individuals from a mere 30 days old up to 60 years. This plan promises maturity up to a commendable age of 99. With premium payment terms adjusting based on one's entry age, this plan stands out by allocating 101% of the premium to investment for the first five years. This plan is suitable for those looking for life cover till 99 years, tax-free retirement benefits, and the flexibility of a settlement option for long-term financial coverage.
  • HDFC Life Personal Pension Plus: HDFC Life Personal Pension Plus is the go-to choice for those valuing flexibility and assurance. Accepting participants aged between 18 to 65, it provides policy terms up to 40 years, allowing retirement benefits from age 55 onwards. A noteworthy advantage of this plan is its assured benefit offering 101% of total premiums paid, making it a sound choice for those who want to secure benefits alongside tax advantages.
  • HDFC Life Assured Pension Plan – ULIP: The best of both insurance and investment, this plan is a Unit Linked Insurance Plan (ULIP). Accepting entrants between 18 to 65 years, it offers policy terms of 10, 15, and 35 years. One of its standout features is its loyalty additions from the 11th year onwards. This plan is perfect for those who want a combination of market gains and assured benefits while also enjoying tax benefits.
  • HDFC Life Click 2 Retire Plan: Tailored for individuals with retirement on their minds, the HDFC Life Click 2 Retire Plan offers entry ages from 18 to 65. The plan boasts remarkable flexibility, with policy durations of up to 35 years and retirement benefits starting from age 45. It also provides the option to extend vesting age if it's below 55 and calculates benefits upon vesting. This plan is ideal for those wanting to fulfil clear retirement goals and get beneficial options.
  • HDFC Life Guaranteed Pension Plan: Ensuring a retirement with added benefits, this plan is crafted for ages between 35 to 65. It comes with an additional 3% of the sum assured annually and assures a death benefit with a guaranteed 6% compounded yearly. With tax benefits and options for annuity post-vesting, this is the plan for those wanting guaranteed perks alongside their pension.
  • HDFC Life New Immediate Annuity Plan: For those desiring prompt returns, the HDFC Life New Immediate Annuity Plan provides instant results. Catering to ages between 30 to 85, it promises guaranteed income for life. With a plethora of annuity options and special rates for investments above INR 2,50,000, this plan is a fit for individuals looking for immediate and flexible payouts.
  • HDFC Life Pension Guarantee Plan: This plan comes packed with a myriad of annuity options. Catering to various age groups, it offers both immediate and deferred annuity choices.

With options to boost annuity payouts and its suitability for banks and institutions, especially for reverse mortgage schemes, it's a versatile choice for diverse financial needs.

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Some of the key features of the annuity deposit schemes of HDFC bank are tabled below:

Name of HDFC Plan Entry Age Retirement Age (Vesting Age) Policy Term Mode of Premium Payment
HDFC Life Click 2 Wealth 30 days to 60 years 99 years 99 minus entry age 10 years to 70 years minus entry age
HDFC Life Personal Pension Plus 18 years to 65 years 55 years to 75 years 10 years to 40 years Same as the policy’s term 
HDFC Life Assured Pension Plan – ULIP 18 years to 65 years 45 years to 75 years 10, 15, and 35 years Limited/ Single pay in 8 years, 10 years, and 15 years
HDFC Life Click 2 Retire 18 years to 65 years 45 years to 75 years 10 years to 35 years Limited or single pay — same as that of the term of the policy
HDFC Life Guaranteed Pension Plan 35 years to 65 years 55 years to 75 years 10 years to 20 years 5 years, 7 years, and 10 years
HDFC Life New Immediate Annuity Plan 30 years to 85 years - - -
HDFC Life Pension Guarantee Plan 30 years to 80 years - - Single Pay

Advantages of HDFC Annuity Plans

Let’s take a look at the key features and advantages of annuity deposit schemes of HDFC -

Name of HDFC Annuity Plan Features and Advantages
HDFC Life Click 2 Wealth
  • Life cover till 99 years
  • Offers tax-free retirement income
  • 101% of the premium allocated to investment for the first 5 years
  • Includes premium waiver benefits
  • Provides maturity and death benefits 
  • Settlement option for maturity benefits available
HDFC Life Click 2 Retire Plan
  • Option to extend vesting age if below 55
  • Three different investment options 
  • Benefits calculated on vesting 
  • Death benefit is higher of the policy's fund value or 105% of the premiums.
  • Option to purchase annuity from lump sum advantage
HDFC Life Personal Pension Plus
  • Flexibility in choosing the policy term 
  • Option to purchase annuity from lump sum vesting benefit
  • Assured benefits of 101% of the total premiums paid 
  • Tax benefits under sections 10D and 80C
HDFC Life New Immediate Annuity Plan
  • Guaranteed income for life 
  • Flexible payout frequencies 
  • Wide range of annuity options 
  • Higher annuity rates for investments of Rs. 2,50,000+
  • Available on a joint or single life basis 
  • Offers death benefits for certain annuity options
HDFC Life Assured Pension Plan – ULIP
  • Combination of assured benefits and market gains
  • Loyalty additions starting from the 11th year
  • Offers three investment funds 
  • Flexibility in payment modes
  • Death benefit payable is the higher of 105% of the premium or fund value 
  • Tax benefits under sections 10D and 80C
HDFC Life Guarantee Pension Plan
  • Provides an additional 3% of the sum assured annually
  • Lump sum vesting benefit 
  • Assured death benefit with a guaranteed 6% compounded yearly
  • Tax benefits under section 80CC
  • Option to purchase an annuity post-vesting
HDFC Life Pension Guarantee Plan
  • Wide range of annuity options 
  • Option for deferred or immediate annuity 
  • Can be purchased on a joint or single life basis 
  • Annuity payout options include monthly, half-yearly, quarterly, or yearly
  • Annuity payouts can be increased via a top-up option 
  • Suitable for banks and institutions for reverse mortgage schemes

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Eligibility Criteria for HDFC Annuity Plans

To be eligible for HDFC annuity deposit schemes, you need to fulfil the criteria as per your chosen plan. These criteria usually involve factors such as entry age, vesting age, policy term, frequency of premium payment, and others.

Here’s a tabulated breakdown of the eligibility requirements for each plan -

HDFC Annuity Plan Eligibility Criteria
HDFC Life Click 2 Wealth
  • Entry Age: 30 days to 60 years
  • Age at Maturity: Up to 99 years 
  • Premium Payment Term: 10 minus entry age to 70 minus entry age 
  • Policy Term: 99 minus entry age 
  • Premium Payment Frequency: Half-Yearly
HDFC Life Click 2 Retire Plan
  • Entry Age: 18 to 65 years 
  • Policy Term: 10 to 35 years 
  • Vesting Age: 45 to 75 years 
  • Premium Payment Frequency: Single, monthly, quarterly, half-yearly, and yearly
HDFC Life Personal Pension Plus
  • Entry Age: 18 to 65 years 
  • Policy Term: 10 to 40 years 
  • Vesting Term: 55 to 75 years 
  • Premium Payment Frequency: Single, monthly, quarterly, half-yearly, and yearly
HDFC Life New Immediate Annuity Plan
  • Entry Age: 30 to 85 years 
  • Annuity Payment Frequency: Monthly, quarterly, half-yearly, and yearly
HDFC Life Assured Pension Plan – ULIP
  • Entry Age: 18 to 65 years 
  • Premium Payment Term: Limited pay or Single pay (8, 10, and 15 years) 
  • Vesting Age: 45 to 75 years 
  • Policy Term: 10, 15, or 35 years 
  • Premium Payment Frequency: Monthly, quarterly, half-yearly, and yearly
HDFC Life Guarantee Pension Plan
  • Entry Age: 35 to 65 years 
  • Policy Term: 10 to 20 years
  • Vesting Age: 55 to 75 years 
  • Premium Payment Term: 5, 7, and 10 years 
  • Premium Payment Frequency: Monthly, quarterly, half-yearly, and yearly
HDFC Life Pension Guarantee Plan
  • Entry Age for Immediate Life Annuity: 30 to 85 years 
  • Entry Age for Deferred Life Annuity with Return of Purchase Price: 45 years minimum 
  • Annuity Payout Frequency: Monthly, quarterly, half-yearly, and yearly 
  • Minimum Group Size (For group plans): Five

The Takeaway

Under the annuity deposit scheme HDFC, one can find a myriad of plans tailored to suit diverse financial needs. The wide range of HDFC annuity plans ensures that every individual, regardless of their age or financial goals, has a suitable option to get a secure and steady income, especially during their retirement years. Whether it's the flexibility of the HDFC Life Click 2 Wealth or the instant returns of the HDFC Life New Immediate Annuity Plan, there's something for everyone.

The comprehensive breakdown of the annuity deposit scheme in HDFC Bank not only highlights the institution's commitment to financial excellence but also helps individuals make informed decisions about their financial well-being. HDFC, with its legacy and trust, continues to be a frontrunner in safeguarding a secure financial future for its customers.

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