HDFC Life Saral Pension, a single premium, non-linked, non-participating product with life-long assured annuity rates, has been launched. HDFC Life Saral Pension is a conventional, individual, immediate annuity product with features that assist one in making an educated decision about retirement planning.
HDFC Life Saral Pension is a basic, individual, immediate annuity product with simple features and standard terms and conditions that allows consumers to make an educated decision about retirement planning. These programs can protect against market volatility and declining interest rates. After acquiring the product, one begins receiving regular payments, ensuring consistent and regular income with locked-in annuity rates for the remainder of their life.
Some of the plan’s key features include no medical examination required, single premium payment option, guaranteed income source, option to surrender if the policyholder, spouse, or any of the policyholder’s children is diagnosed with any of the listed critical illnesses, return of purchase price on death, and the benefit of higher annuity rates for large purchases.
Given the absence of social security in India, experts believe annuities are an essential product category. It allows a person to continue getting a regular income even after retirement. The longer life expectancy, improved healthcare facilities, and the growing tendency of nuclear families all need retirement preparation. Annuity plans ensure that one may continue to live a comfortable life.
On surrender approval, the policyholder will receive 95% of the Purchase Price, less any outstanding loan amount and loan interest, if any.
According to Srinivasan Parthasarathy, Chief Actuary of HDFC Life, “Annuity plans are appropriate for those who are nearing or have retired.” These programs can protect against market volatility and declining interest rates. After acquiring the product, one begins receiving regular payments, ensuring consistent and regular income with fixed annuity rates for the remainder of one’s life. HDFC Life Saral pension is a straightforward and basic plan. It is a useful tool for retirement planning, and we hope people make use of it.”
HDFC Life Saral Pension allows you to pick how you want to receive your annuity — monthly, quarterly, bi-annually, or yearly.
Furthermore, according to industry experts, the joint-life option is ideal for individuals who wish to extend the benefit to their spouse.
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