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HDFC Life brings back pension planning

First private life insurer to launch pension plans based on new guidelines by IRDA

December 03, 2012 4:48 IST | India Infoline News Service
HDFC Life has launched two pension plans. HDFC Life Pension Super Plus is a regular premium unit linked plan whereas HDFC Life Single Premium Pension Super is a single premium unit linked plan.

Amitabh Chaudhry, MD & CEO, HDFC Life said, “HDFC Life Single Premium Pension Super and HDFC Life Pension Super Plus are designed to build a sizeable corpus for post retirement income and offer assured vesting value with minimum guarantee benefits.

Both the plans offer assured benefit on death and vesting. HDFC Life Pension Super Plus offers assured death benefit of total premiums paid to date accumulated at a guaranteed rate of 6% per annum and an assured vesting benefit of 101% of total premiums paid. HDFC Life Single Premium Pension Super offers assured benefit of 101% of total premiums paid on death and vesting.

HDFC Life has also launched a traditional annuity plan, HDFC Life New Immediate Annuity Plan. As per IRDA’s new guideline, customers need to purchase immediate annuity from the proceeds of the Pension Plan from the same company.

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