HDFC Life Pension Super Plus Plan

Recommendations :No

Name of the policy :
HDFC Life Pension Super Plus Plan

A brief desciption :

HDFC Life Pension Super Plus Plan is a ULIP pension plan catering to your retirement needs that provides higher of Fund Value or Total Premiums paid, i.e. Regular Premium + Top Up (if any) as Death Benefit and higher of Fund Value or 101% of Premium Paid +Top Up (if any) is as Maturity Benefit. However there is no life cover provided under this policy, so the very phrase insurance policy is a misnomer, you would rather invest in a mutual fund.

Type of policy :
Insurance cum Investment

Category :
ULIP

Returns expected :
8%-10% (The performance would be less than a performing equity diversified mutual fund)

Entry age :
35-65 Years

Surrender :
If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

Minimum amount :
Min- 24,000 Max- No limit

Mortality Charges :
The amount is not clearly specified, it depends upon the age of the policy holder and cover taken

Unique features :
It is a regular premium deferred annuity ULIP plan providing 5 annuity options.


Fund Management Charge :1.35% p.a. of the fund value charged daily
Surrender/ Premium Discontinuance Charge Year 1 :For Annual Premium upto 25,000- Lower of 20% * (Annual Premium or Fund Value) but not exceeding Rs 3000, For Annual Premium more than 25,000- Lower of 6% * (Annual premium or Fund Value) but not exceeding 6000
Surrender/ Premium Discontinuance Charge Year 2 :For Annual Premium upto 25,000- Lower of 15% * (Annual Premium or Fund Value) but not exceeding Rs 2000, For Annual Premium more than 25,000- Lower of 4% * (Annual premium or Fund Value) but not exceeding 5000
Surrender/ Premium Discontinuance Charge Year 3 :For Annual Premium upto 25,000- Lower of 10% * (Annual Premium or Fund Value) but not exceeding Rs 1500, For Annual Premium more than 25,000- Lower of 3% * (Annual premium or Fund Value) but not exceeding 4000
Surrender/ Premium Discontinuance Charge Year 4 :For Annual Premium upto 25,000- Lower of 5% * (Annual Premium or Fund Value) but not exceeding Rs 1000, For Annual Premium more than 25,000- Lower of 2% * (Annual premium or Fund Value) but not exceeding 2000
Surrender/ Premium Discontinuance Charge Year 5 and above :Nil

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