Mumbai: HDFC Life, one of the leading life insurance companies in India, announced the launch of HDFC Life Saral Pension, a single premium, unbound and non-participating product that offers guaranteed annuity rates for life, upon purchase.
HDFC Life Saral Pension is a standard, individual and immediate annuity product with simple features and standard terms and conditions that enables clients to make an informed decision to plan for their retirement.
Speaking at the launch, Srinivasan Parthasarathy, Chief Actuary, HDFC Life, said: “Annuity plans are suitable for people approaching retirement age or who have retired. These plans can serve as protection against market volatility and falling interest rates. One begins to receive regular payments right after purchasing the product, which ensures a stable and regular income with locked-in annuity rates for the rest of one’s life.
HDFC Life Saral pension is a simple and easy to understand product. It is a useful tool for retirement planning and we hope clients get the most out of it. “
HDFC Life Saral Pension: Main features
- No need to undergo a medical examination
- Payment of the single premium
- Provides a guaranteed source of income for life
- Option to surrender if the Annuitant or the Annuitant’s Spouse or one of the Annuitant’s children is diagnosed with one of the critical illnesses listed *
- Reimbursement of the purchase price on death
- Benefit from higher annuity rates for the higher purchase price
- Availability of the policy loan
HDFC Life Saral Pension offers the possibility to choose how one receives the annuity – one can choose to receive it monthly, quarterly, semi-annually or annually. In addition, the cohabitation option works well for those who wish to extend the benefit to their spouse.
An annuity is an important product category given the lack of social security in India. It allows an individual to continue to receive a regular income even after retirement.
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