You strive hard for years to save for your retirement from the day you start working. HDFC Life Smart Pension Plus is a traditional non-linked non-participating individual/group annuity savings plan that ensures you have your financial independence with a secure and regular stream of income in the golden years just the way you want.
The product offers flexibility in terms of annuity payouts for all plan options with an option to choose from immediate or deferred payouts. The mode of receiving the annuity payout can also be selected from Monthly, Quarterly, Half-yearly or Yearly modes and the regular income will be paid out as per the options selected
Guaranteed Annuity Income for whole of life by paying premiums for a Single or Limited payment term
One plan catering to both Single and Joint Life
Single plan offering both Immediate Annuity and Deferred Annuity
Flexible payout options to receive your Annuity amount
Monthly, Quarterly, Half-yearly or Yearly
4 annuity options to choose from:
A. Life Annuity
B. Life annuity with Return of % of Total Premiums Paid
C. Life Annuity with Early Return
D. Increasing Annuity
Option to defer Annuity payouts by choosing the deferment period
Minimum Age at Entry(1) (last birthday) Age (in years)
Plan Option
SL /Primary Annuitant
Secondary Annuitant
(in case of JL)
(in case of JL)
Life Annuity
SP: 20 years
Life Annuity with
LP: 45 Years
Return of % of
Total Premiums
Paid
Life Annuity with
SP: 30 Years
SP: 30 Years
Return
LP: 45 Years
Increasing Annuity
SP: 20 years
(1) Annuitant(s) below this age will only be accepted where the proceeds are from a contract issued or administered by HDFC Life Insurance Co. Ltd. where compulsory purchase of an annuity is required. If this product is purchased as QROPS through transfer of UK tax relieved assets, the minimum entry age will be 55 years.
(2) Higher ages at entry may be allowed for
Life Annuity with Return of % of Total Premiums Paid
option to cater to the needs of NPS subscribers as per extant PFRDA guidelines. SP: Single Pay | LP: Limited Pay | SL: Single Life | JL : Joint Life
Group Size (For Group Policies)
Minimum : 10 members
Maximum: No limit. Acceptance of any case is subject to Board Approved Underwriting Policy (BAUP).
Minimum Annuity Amount :
Rs. 12,000 (Annual)| Rs. 6,000 (Half Yearly)
Rs. 3,000 (Quarterly) | Rs. 1,000 (Monthly
Maximum Annuity Amount :
No Limit (subject to Board approved underwriting policy)
Annuity Payout Mode:
Yearly, Half -Yearly, Quarterly & Monthly
For Immediate Annuity, the deferment period will be 0 years.
For Deferred Annuity, the limits will be as below:
Option:
Life Annuity
Life Annuity with Return of % of Total Premiums Paid
Life Annuity with Early Return(3)
Minimum (in years) : SP: 1 year / LP: Equal to PPT
Maximum (in years) : SP: 10 years for age(s) less than 30 and 15 years for age(s) 30 onwards LP: 15 years
Increasing Annuity - SP: 1 year
In the case of Joint life annuities, the age limits for the allowed deferment period apply to both lives. Deferment period shall start from policy inception date and can be different from the premium paying term. (3) The deferment period shall be such that the age of the annuitant (primary annuitant in case of JL) at the end of deferment period shall be less than or equal to the first milestone age.
1. Life Annuity
I. Immediate Annuity - No Benefits will be paid upon death under this option
II. Deferred Annuity
During deferment period :
105% of the Total Premiums Paid
After deferment period :
No Benefits will be paid upon death after the deferment period
2. Life Annuity with Return of % of Total Premiums Paid
I. Immediate Annuity
x% of Total Premiums Paid
II. Deferred Annuity
During Deferment Period :
Higher of
1. Total Premiums Paid accumulated at 6% p.a. compounded
on a daily basis till date of death
2. 105% of the Total Premiums Paid
After Deferment Period
Higher of
1. Total premiums paid accumulated at 6% p.a. compounded on a daily
basis till end of deferment period less Total Annuity Payouts made till
date of death
2. x% of the Total Premiums Paid
3. Life Annuity with Early Return
I. Immediate Annuity
Total Premiums Paid less survival benefit on milestone
age(s) already paid till date of death
II. Deferred Annuity
During Deferment Period
Higher of
1. Total Premiums Paid accumulated at 6% p.a. compounded on a daily basis
till date of death
2. 105% of the Total Premiums Paid
After Deferment Period
Higher of
1. Total Premiums Paid accumulated at 6% p.a. compounded on a daily basis
till end of deferment period less Total Annuity Payouts made till date of death
2. Total Premiums Paid
less
survival benefit on milestone age(s) already paid till date of death
4. Increasing Annuity
I. Immediate Annuity
Single Premium Paid, if ROPP is selected, nil otherwise
II. Deferred Annuity
During Deferment Period
a. If ROPP is selected: Higher of
1. Single Premium Paid accumulated at 6% p.a. compounded on a
daily basis till date of death
2. 105% of the Single Premium Paid
b. If ROPP is not selected: 105% of Single Premium Paid
After Deferment Period
a. If ROPP is selected: Higher of
1. Single Premium Paid accumulated at 6% p.a. compounded on a
daily basis till end of deferment period less Total Annuity Payouts
made till date of death
2. Single Premium Paid
b. If ROPP is not selected: Nil
1. Life Annuity
The annuity will be paid in arrears post deferment period (if any), as per the payment frequency chosen by the policyholder, as long as the annuitant(s) is/are alive.
Single Pay : Annuity Rate x Single Premium
Limited Pay : Annuity Rate x Annualized Premium
2. Life Annuity with Return of % of Total Premiums Paid
The annuity will be paid in arrears post deferment period (if any), as per the payment frequency chosen by the policyholder, as long as the annuitant(s) is/are alive.
Single Pay: Annuity Rate x Single Premium
Limited Pay: Annuity Rate x Annualized Premium
3. Life Annuity with Early Return
The annuity will be paid in arrears post deferment period if any, as per the payment
frequency chosen by the policyholder, as long as the annuitant(s) is/are alive.
Single Pay : Annuity Rate x Single Premium
Limited Pay : Annuity Rate x Annualized Premium
Survival till milestone age(s):
Option I : 50% Return of Premiums Paid
Single Life: Paid as a lump sum on the annuitant attaining Age 75
Joint Life : Paid as a lump sum if the joint life status is active at Age 75
Option II : 100% of Return of Premiums Paid
Single Life: Paid as a lump sum on the annuitant attaining Age 75
Joint Life : Paid as a lump sum if the joint life status is active at Age 75
Option III : 50% of Return of Premiums Paid
Single Life: Paid as a lump sum on the annuitant attaining Age 80
Joint Life : Paid as a lump sum if the joint life status is active at Age 80
Option IV : 100% of Return of Premiums Paid
Single Life: Paid as a lump sum on the annuitant attaining Age 80
Joint Life : Paid as a lump sum if the joint life status is active at Age 80
Option V : 5% p.a. of Total Premiums Paid
Single Life: Paid in arrears as per the payment frequency chosen, on the
annuitant attaining each of the ages between 76 to 95 (both inclusive)
Joint Life : Paid in arrears as per the payment frequency chosen, if the joint life
status is active at each of the ages between 76 to 95 (both inclusive)
For non-annual payment frequency, the above amount will be divided equally
between the installments payable in a year.
4. Increasing Annuity
The annuity will be paid in arrears post deferment period (if any), as per the
payment frequency chosen by the policyholder, as long as the
annuitant(s) is/are alive.
Single Pay : Annuity Rate (t) x Single Premium
Annuity Rate (t) represents the rate applicable for policy year
t
A. Free look Provisions
In case the Policyholder is not agreeable to any terms and conditions stated under this product, the insured shall have the option of returning the policy to us stating the reasons thereof, within 15 days from the date of receipt of the policy, as per IRDA (Protection of Policyholders
Interests) Regulations, 2017. If the insured has purchased the policy through the Distance Marketing mode, this period will be 30 days. On receipt of the letter along with the original policy document, the premium shall be refunded subject only to deduction of a proportionate risk charges, expenses incurred by Us for medical examination (if any) and stamp duty (if any).
transferred to any other annuity provider as selected by you, in case this annuity product was purchased from the proceeds of a pension plan with Open Market Option (OMO); or
returned to you, in case this annuity product was not purchased from the proceeds of any pension plan
Free look cancellation shall not be applicable where the Policyholder has to compulsorily purchase annuity from HDFC Life Insurance using the proceeds of a pension plan. However, the policyholder shall have option to change the type of annuity, if available any.
For the QROPS Policyholder the proceeds from cancellation in free look period can only be transferred back to the UK /Ireland Registered Scheme from where the money was received.
The Company shall additionally ensure that any obligation of policyholder towards QROPS requirement as per HMRC regulations, which he/she made by way of declarations at the time of transferring of pension corpus are met.
If a policy is purchased out of proceeds of a deferred pension plan of any insurance company, the proceeds from cancellation will be transferred back to that insurance company.
Distance Marketing refers to insurance policies sold through any mode apart from face-to-face interactions such as telephone, internet etc (Please refer to
Guidelines on Distance Marketing of Insurance Product
for exhaustive definition of Distance Marketing)
Free-Look under Group Policy
By Master Policy Holder:
(1) In case you, the Master Policyholder, are not satisfied with the terms and conditions specified in the Master Policy Document, you have the option of returning the Master Policy Document to us stating the reasons thereof, within 15 days from the date of receipt of the Master Policy Document, as per IRDAI (Protection of Policyholders
Interests) Regulations, 2017
(2) In case of the Product is sold through Distance Marketing mode, the period will be 30 days from the date of receipt of the letter along with Master Policy Document
(3) On receipt of the letter along with the Master Policy Document, we shall arrange to refund the premium paid by you, subject to deduction of the proportionate risk premium for period on cover plus the expenses incurred by us on stamp duty (if any)
By Scheme Member:
(1) In case the Member is not satisfied with the terms and conditions specified in the Certificate of Insurance, he/she has the option of returning the Certificate of Insurance to us stating the reasons
thereof, within 15 days from the date of receipt of the Certificate of Insurance, as per IRDAI (Protection of Policyholders
Interests) Regulations, 2017
(2) In case of the Product is sold through Distance Marketing mode, the period will be 30 days from the date of receipt of the letter along with Certificate of Insurance
(3) On receipt of the letter along with the Certificate of Insurance, we shall arrange to refund the premium, subject to deduction of the proportionate risk premium for period on cover plus the expenses incurred by us on stamp duty (if any) For administrative purposes, all Free-Look requests should be registered by you, on behalf of Scheme Member
Grace Period means the time from the due date for the payment of premium, without any penalty or late fee, during which time the policy is considered to be in-force with the risk cover without any interruption, as per the terms and conditions of the policy. The grace period for payment of premium will be fifteen (15) days, where the policyholder pays the premium on a monthly basis; and 30 days in case of other applicable premium payment frequencies.
The Insurer shall be responsible to honor any valid claims brought under this policy in instances wherein the Master Policyholder has collected/ deducted the Premium but has failed to pay the same to the Insurer within the Grace Period due to administrative reasons.
Surrender value payable will be equal to the higher of Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
Guaranteed Surrender Value (GSV)
The policy acquires Guaranteed Surrender Value (GSV) immediately on payment of premium in case of Single Pay and on payment of at least two years
premiums in case of Limited Pay
GSV will be applicable only for policies where deferment option is selected and the surrender is
during the deferment period
For all the other cases, there won
t be any GSV applicable
The GSV will be calculated as:
GSV = GSV Factor x Total Premiums Paid
The policy can be revived within a period of 5 years from the date of first unpaid premium by submitting the proof of continued insurability to the satisfaction of the prevailing Board Approved Underwriting Policy of the company prevailing from time to time and making the payment of all due premiums together with payment of late fee calculated at such rates as may be prevailing at the time of the payment. Also the overdue annuity payments are made once the outstanding premiums (along with revival interest) are received and the policy gets revived.
The interest rate is set as 10 Year G-Sec Yield at the beginning of the year + 1%, rounded up to a multiple of 50 bps points. The rate will be reviewed annually. The revival interest rate for the financial year 2022-23 is 9.5% p.a. simple interest.
During revival campaigns, the company may offer reduced interest rates subject to the rules of the special revival campaign. The rebates offered under the revival campaign may vary from year to year. The maximum interest rate rebate may be set up to the prevailing revival interest rate.
Exclusions
There are no exclusions in the product. For exclusions on Critical Illness Rider, please refer the Rider brochure.
You can choose any of the following annuity options at inception.
A. Life Annuity
B. Life Annuity with Return of % of Total Premiums Paid
C. Life Annuity with Early Return
D. Increasing Annuity
Brief summary of the plan options available under the product:
Plan
Name
Premium
Single Life/
Deferment
Option
Payment Option
Joint Life
Option
A Life Annuity
SP/LP
SL/JL
Yes
B Life Annuity with
SP/LP
SL/JL
Yes
Return of % of Total
Premiums Paid
C Life Annuity with
SP/LP
SL/
Yes
Early Return
JL (only with SP)
D Increasing Annuity
SP
SL/JL
Yes
SP: Single Pay | LP: Limited Pay
SL: Single Life | JL : Joint Life
In a Joint Life annuity, the Primary Annuitant will be the primary person entitled to receive the annuity payments. In the event of death of the Primary Annuitant, the Secondary Annuitant will be entitled to receive the annuities.
The secondary annuitant can be the spouse/children/parents/parents-in-law or siblings of the primary annuitant. Other relationships maybe considered as long as there is an insurable interest^ between the annuitants.
In case of Joint Life annuity, the annuity payments will continue for as long as either of the annuitant is alive and the death benefit (as applicable) will be paid on later of the deaths of the two annuitants.
You can choose any one of the four annuity options at inception. Plan option once selected cannot be changed. The annuity rate will be guaranteed at the inception of the plan.
^Annuitants are said to have an
insurable interest
in the other when they stand to gain or benefit from the continued existence and wellbeing of the other, and would suffer a financial loss if there is a damage to the other.
| Claim Ratio | Solvency Ratio |
|---|---|
| 100% (2023-24) | 2% (March 2024) |
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