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HDFC Life introduced Systematic Retirement Plan, this is the specialty

HDFC Retirement Plan: HDFC Life has launched ‘HDFC Life Systematic Retirement Plan’ which gives you the opportunity to save for the years after your retirement. HDFC Life in its statement said, “With rising life expectancy and inflation in India, retirement planning is imperative. In addition, changes in social structures such as growth of nuclear families, migration of the younger generation for jobs, education etc. have timely led to The need for a retirement plan has deepened further as a retirement plan not only ensures additional income but also enables a person to deal with medical and financial emergencies.”

Highlights of HDFC Life Systematic Retirement Plan:

  • An individual has the option to choose the premium paying term of 5 to 15 years.
  • A deferment period of up to 15 years can be chosen.
  • The policy will be issued within 24 hours without any medical and underwriting requirements (subject to completion of all required documents and pre-conversion verification via chat).
  • Get guaranteed income for life by paying premiums for a limited payout term.
  • Annuity rate will be guaranteed at the time of inception which will remain unchanged for the term of the policy.
  • The amount of Guaranteed Income will depend on the premium paid subject to the applicable terms and conditions.
  • One can choose an annuity payout date with the “Save the Date” feature to select birthdays, anniversaries and other special occasions.

Eligibility for HDFC Life Systematic Retirement Plan

  • To opt for the plan, the minimum age of an individual should be 45 years and maximum 75 years, subject to annuity starting from the age of 80 years.
  • The premium paying term ranges from 5 to 15 years.
  • The deferment period starts from the premium paying term up to 15 years.
  • Annuity payments can be monthly, quarterly, half-yearly or yearly depending on the preference of the individual.
  • Annuity payments can be monthly, quarterly, half-yearly or yearly depending on the preference of the individual.

Disclaimer: (The information provided here is for informational purposes only. Always consult an expert before investing money as an investor. No one is ever advised to invest money from ABPLive.com here.)

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Shivam Bangwal

Shivam Bangwal is a young entrepreneur who is professional full time tech, travel and coding enthusiast with a post graduation degree of Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Branding Panther and Digital Leader.

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