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New Immediate Annuity Plans
Introduction/Overview HDFC SL New Immediate Annuity Plan is a traditional pension plan where annuity starts immediately. The annuity payouts occur from the next chosen frequency immediately after payment of lump sum premium and the payouts are available under various options Key Features It is an Immediate Annuity Plan with single premium option where the annuity starts immediately after premium payment from the next chosen date The Purchase Price is returned on death or on Critical Illness The annuity options can be chosen for a single life (policyholder) or for joint life (policyholder and spouse) The annuity options are: Life Annuity Lifetime Annuity with Return of 100% of Purchase Price Lifetime Annuity with Return of Balance of Purchase Price Life Annuity guaranteed for 5/10/15 or 20 years and thereafter payable for life Life Annuity increasing at a simple rate of 5% p.a. Lifetime Annuity with Return of Purchase Price in parts Lifetime Annuity with Return of 100% of Purchase Price on diagnosis of Critical Illness or death Joint Life Last Survivor with 100% annuity to the secondary annuitant Joint Life Last Survivor with 50% annuity to the secondary annuitant Joint Life Last Survivor with 100% annuity to the secondary annuitant and Return of 100% of Purchase Price Joint Life Last Survivor with 50% annuity to the secondary annuitant and Return of 100% of Purchase Price
Product Specification
Policy Details Grace Period: Grace period is not applicable. Policy Termination or Surrender Benefit: the policy can be surrendered only in case of 3 options. The options and the respective Surrender Values are: Life Annuity with Return of 100% of Purchase Price – 10% of Purchase Price Life Annuity with Return of 100% of Purchase Price in case of Critical Illness or Death – 10% of Purchase Price Life Annuity with Return of Purchase Price in parts – 10% of Purchase Price if surrendered within 7 years and 7% thereafter Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim. Inclusions Loan is not available under the plan Additional Features or Riders The annuity rates are higher for higher Purchase Price of 250,000 and above
Benefits
Annuity payouts will be paid as per the frequency chosen immediately after the premium paid Under the option of Life Annuity with Return of Purchase price in parts, if the annuitant survives 7 years, 30% of the purchase price is paid and the annuity continues. On death anytime beyond 7 years, 70% of the Purchase Price is paid to the nominee Under the Lifetime Annuity with Return of 100% of Purchase Price on diagnosis of Critical Illness or death, the annuity payouts cease and 100% of the purchase price is returned if the policyholder dies or is diagnosed with a critical illness before the age of 85 years Income tax benefit on the premium paid as per Section 80CCC of the Income Tax Act.
Documents Required
Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and other KYC documents.
New Immediate Annuity Plans
Introduction/Overview HDFC SL New Immediate Annuity Plan is a traditional pension plan where annuity starts immediately. The annuity payouts occur from the next chosen frequency immediately after payment of lump sum premium and the payouts are available under various options Key Features It is an Immediate Annuity Plan with single premium option where the annuity starts immediately after premium payment from the next chosen date The Purchase Price is returned on death or on Critical Illness The annuity options can be chosen for a single life (policyholder) or for joint life (policyholder and spouse) The annuity options are: Life Annuity Lifetime Annuity with Return of 100% of Purchase Price Lifetime Annuity with Return of Balance of Purchase Price Life Annuity guaranteed for 5/10/15 or 20 years and thereafter payable for life Life Annuity increasing at a simple rate of 5% p.a. Lifetime Annuity with Return of Purchase Price in parts Lifetime Annuity with Return of 100% of Purchase Price on diagnosis of Critical Illness or death Joint Life Last Survivor with 100% annuity to the secondary annuitant Joint Life Last Survivor with 50% annuity to the secondary annuitant Joint Life Last Survivor with 100% annuity to the secondary annuitant and Return of 100% of Purchase Price Joint Life Last Survivor with 50% annuity to the secondary annuitant and Return of 100% of Purchase Price
Product Specification
Policy Details Grace Period: Grace period is not applicable. Policy Termination or Surrender Benefit: the policy can be surrendered only in case of 3 options. The options and the respective Surrender Values are: Life Annuity with Return of 100% of Purchase Price – 10% of Purchase Price Life Annuity with Return of 100% of Purchase Price in case of Critical Illness or Death – 10% of Purchase Price Life Annuity with Return of Purchase Price in parts – 10% of Purchase Price if surrendered within 7 years and 7% thereafter Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim. Inclusions Loan is not available under the plan Additional Features or Riders The annuity rates are higher for higher Purchase Price of 250,000 and above
Benefits
Annuity payouts will be paid as per the frequency chosen immediately after the premium paid Under the option of Life Annuity with Return of Purchase price in parts, if the annuitant survives 7 years, 30% of the purchase price is paid and the annuity continues. On death anytime beyond 7 years, 70% of the Purchase Price is paid to the nominee Under the Lifetime Annuity with Return of 100% of Purchase Price on diagnosis of Critical Illness or death, the annuity payouts cease and 100% of the purchase price is returned if the policyholder dies or is diagnosed with a critical illness before the age of 85 years Income tax benefit on the premium paid as per Section 80CCC of the Income Tax Act.
Documents Required
Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and other KYC documents.