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HDFC Life launches New Immediate Annuity Plan

HDFC Life ‘New Immediate Annuity Plan’ offers a wide range of annuity options to cater to customer needs after retirement

December 03, 2012 4:56 IST | India Infoline News Service
HDFC Life has launch of ‘HDFC Life New Immediate Annuity Plan’, a traditional annuity product with a wide range of annuity options that will ensure a regular income stream post retirement.

Sanjay Tripathy, Executive Vice President and Head, Marketing, Product and Direct Channel, HDFC Life said, “In India, there has been a paradigm shift in retirement trends and the increase in life expectancy.  Individuals opt for retirement as early as at 40-45 years and go on to live beyond 80-85 years. This emerging trend is expected to boost the Annuity market substantially in the next few years.

The entry age of our Immediate Annuity Plan ranges from 30-85 years catering to the diverse spectrum of customers across all age bands with 11 different annuity options for both individual and joint lives (two lives),” Mr Tripathy said.

The plan provides benefit of higher annuity rates for large purchase price. The product also offers return of purchase price option on death and critical illness.
The minimum purchase price is Rs. 2 lakh. For customers whose purchase price is Rs 2.5 lakh and above will have the benefit of higher annuity rates.

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