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HDFC Life Assured Pension ULIP Insurance Plan

HDFC Life Assured Pension ULIP Insurance Plan - "HDFC Life Assured Pension Plan – ULIP" is a Unit Linked Plan that offers you market linked returns, with Loyalty additions and helps you achieve your retirement goals by planning well in advance.

HDFC Life Assured Pension ULIP Insurance Plan (Features):

  • Secure your retirement with assured vesting benefit and also gain from upside in the market
  • Loyalty additions in the form of Pension Multipliers every alternate year, starting in the 11th year
  • Option to start as early as 18 years
  • Lower vesting/maturity age of 45 years
  • Limited Pay & Single Pay – Options available in one product
  • Death benefits to the nominee which will be higher of the fund value of your policy at the time of death or 105% of premiums paid till then
  • Tax Benefits1 under Section 80C and Sec 10(10D) of Income Tax Act 1961

HDFC Life Assured Pension ULIP Insurance Plan (Advantages)

  • A) Pension Multiplier

    Loyalty additions in the form of Pension Multipliers will be added to the fund value, if all due premiums have been paid, every alternate year starting from the end of 11th policy year. These additions will be equivalent to 1% of average fund value for immediately preceding two years

    B) Vesting Benefit:

    Your policy vests at the end of the policy term, and your Maturity (Vesting) Benefit will be the higher of the following

    Fund Value or Assured Vesting Benefit

    Assured Vesting Benefit can be calculated as:

    [101% +1% * (Policy Term minus Premium Paying Term)] * Total premiums paid

    C) Deferment of vesting date
    • 1) The deferment of vesting date (retirement date) can be intimated any time before annuitisation.
    • 2) You can postpone the vesting date any number of times subject to the maximum vesting age of 75 years,provided you are below an age of 55 years.
    • 3) On postponement of vesting date, Assured Vesting Benefit and Death Benefit will continue to apply. The Assured Vesting Benefit will be the same as that calculated on the policy term chosen at the inception of the policy.
    • 4) The funds will move to Pension Conservative Fund and all applicable charges will continue to be deducted.
    D) Death Benefit:

    In case of your unfortunate demise before the end of policy term, your nominee will receive the higher of the following:

    • 1) Fund Value,
    • 2) 105% of the premium(s) paid.

    The policy will terminate thereafter and no more benefits will be payable.

  • Charges
    Premium Allocation Charge: This is a premium-based charge. After deducting this charge from your premium, the remainder is invested to buy units. The remaining percentage of your premium that is invested to buy units is called the Premium Allocation Rate. This charge is guaranteed for the term of the policy.

    For Regular & Limited Pay Option

    Premium Allocation Charge
    (as % of Premium)
    Annual Mode Non-Annual Modes
    Year 1 - 5 5% 3.9%
    Year 6 onwards 4% 3.9%

    For Single Premium Pay Option

    Premium Band Premium Range Premium Allocation Charge
    (as % of Single Premium)
    Band 1 Upto Rs. 9,99,999/- 2.5%
    Band 2 Rs. 10,00,000/- to Rs. 24,99,999/- 1.5%
    Band 3 Rs. 25,00,000/- and above 1.0%

    Fund Management Charge: The Fund Management Charge is 1.35 % p.a. of fund value. This charge is charged daily, and is a percentage of the unit funds. The Fund Management Charge for Discontinued Policy Fund shall be 0.50% p.a. These charges are guaranteed for the entire policy term. This charge may be increased to the maximum cap allowed by IRDAI, subject to prior approval from them

    Policy Administration Charge:

    Year For Regular and Limited Pay Options
    (as % of annualised premium)
    For Single Pay Option
    (as % of Single Premium)
    Year 1 to 5 0.18% per month 2.5%
    Year 6 onwards 0.50% per month 1.5%
    0.09% per month

    This charge will be levied by cancelling units from the fund. This charge will be deducted monthly, subject to a maximum charge of Rs. 500 per month.

    This charge may be increased subject to prior approval from IRDAI and is subject to the cap of Rs 500 as mentioned above.

    Mortality Charges: Nil. This charge is guaranteed for the term of the policy.

    Investment Guarantee Charge:

    Pension Equity Plus Fund SFIN - ULIF06001/04/14PenEqPlsFd101 0.50% p.a.
    Pension Income Fund SFIN - ULIF06101/04/14PenIncFund101 0.50% p.a.
    Pension Conservative Fund SFIN - ULIF06201/04/14PenConsvFd101 0.10% p.a.

    This charge is charged daily, and is a percentage of the unit funds. This charge is charged only while the policy is in-force and is not charged on the ‘Discontinued Policy Fund’. This charge can be increased to the maximum cap as allowed by IRDAI, subject to prior approval from IRDAI. Currently, the maximum cap on this charge is 0.50%.

    Statutory Charges – The Statutory Service Tax and Education Cess as applicable would be charged

    Discontinuance Charge: This charge depends on year of discontinuance and your annualised premium. There is no charge after 5th policy year. The table below gives the discontinuance charge applicable

    The discontinuance charges for Regular & Limited pay policies are as follows

    Where the policy is discontinued during the policy year Discontinuance charges for policies having annualised premium up to and including Rs.25,000/- Discontinuance charges for policies having annualised premium above Rs.25,000/-
    1
    Lower of 20% * (AP or FV) subject to maximum of Rs. 3,000/- Lower of 6% (AP or FV) subject to maximum of Rs. 6,000/-
    2
    Lower of 15% * (AP or FV) subject to maximum of Rs. 2,000/- Lower of 4% * (AP or FV) subject to maximum of Rs. 5,000/-
    3
    Lower of 10% * (AP or FV) subject to maximum of Rs.1,500/- Lower of 3% * (AP or FV) subject to maximum of Rs.4,000/-
    4
    Lower of 5% * (AP or FV) subject to maximum of Rs.1,000/- Lower of 2% * (AP or FV) subject to maximum of Rs.2,000/-
    5 and onwards
    NIL NIL

    AP – Annual Premium

    FV – Fund Value on the date of discontinuance

    The discontinuance charges for Single Pay policies are as follows

    Where the policy is discontinued during the policy year Discontinuance Charges for policies having single premium above Rs.25,000/-
    1
    Lower of 1% * (SP or FV) subject to maximum of Rs.6,000/-
    2
    Lower of 0.5% * (SP or FV) subject to maximum of Rs.5,000/-
    3
    Lower of 0.25% * (SP or FV) subject to maximum of Rs.4,000/-
    4
    Lower of 0.1% * (SP or FV) subject to maximum of Rs.2,000/-
    5 and onwards
    NIL

    SP – Single Premium

    FV – Fund Value on the date of discontinuance

    This charge will be deducted by cancellation of units.

    Miscellaneous Charge(s): Any Policy alteration request initiated by the policyholder will attract a charge of Rs. 250 per request. This charge may be increased subject to an upper limit of Rs. 500, subject to prior approval from IRDAI. This charge will be levied by cancellation of units.

    This is a unit linked plan; the premiums you pay in this plan are subject to investment risks associated with the capital markets. The unit prices of the funds may go up or down, reflecting changes in the capital markets.

    FUND SFIN DETAILS ASSET CLASS RISK & RETURN RATING
    Money
    Market Instruments, Cash & Deposits
    Government Securities, Fixed Income Instruments & Bonds Equity
    FUND COMPOSITION
    Pension Equity Plus Fund ULIF06
    001/04/
    14PenEq
    PlsFd101
    To generate long term capital appreciation in line or better than Nifty index returns 0% to 20% 0% to 20% 80% to 100% Very High
    Pension Income Fund ULIF06
    101/04/
    14PenInc
    Fund101
    To deliver High potential returns due to investments in instruments with higher duration and credit exposure 0% to 20% 80% to100% - Moderate
    Pension Conservative Fund ULIF06
    201/04/
    14PenCon
    svFd101
    To invest in high grade fixed income instruments and Government securities at the short end of the yield curve,to deliver stable returns 0% to 60% 40% to 100% - Low

HDFC Life Assured Pension ULIP Insurance Plan (Eligibility):

Entry Age and Vesting Age
Age at entry4 Minimum 18 years
Maximum 65 years
Vesting Age4 Minimum 45 years
Maximum 75 years
Premium Payment Term (Years) Policy Term (Years)
Single Pay 10, 15 to 35
8 Pay 10, 15 to 35
10 Pay 10, 15 to 35
15 Pay 15 to 35

WHAT ARE THE LIMITS FOR MINIMUM AND MAXIMUM PREMIUMS?

There is no limit on the maximum premium which you can pay. The minimum premiums required will depend on choice of option and premium payment frequency that you choose

Premium / Payment Frequency Regular & Limited
Pay Options
Single Pay Options
Minimum Premium Annual 24000 NA
Half Yearly 12000 NA
Quarterly 6000 NA
Monthly5 2000 NA
Single Pay NA 50000
Maximum Premium No Limit6

5Subject to our prevailing operational rules, it may be required for Monthly Frequency to be taken with ECS/SI and to pay first 3 months premium in advance.6 Subject to our Board Approved Underwriting Policy

For more details on risk factors, charges, terms and conditions, please read the Product Brochure carefully and/or consult Financial Consultant before taking a decision.

HDFC Life Insurance Retirement Plans and Policy

 

Disclaimers:

Starting premiums for this plan are Rs. 24000 per year and the plan is available only on an annual mode

HDFC Life Smart Woman Plan (Form No: P501, UIN: 101L082V02). This is a unit linked non participatory product. For more details on risk factors, terms and conditions and exclusions please read the product brochure or consult financial consultant before conclusion of sale. Unit linked insurance plans are different from traditional plans and are subject to different market risks. The investment risk in the portfolio is borne by the policyholder. (hdfclife.com)

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