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Retirement & Pension Plans

Timely Planning is the way to #RetireOnYoursTerms!

Start saving today to enjoy a worry-free retirement life. Buy a retirement plan now.


Have you saved enough to meet your expenses post-retirement?

  • Listing Bullet Inflation can eat away your dwindling retirement income easily.
  • Listing Bullet With increasing life expectancy, the longer you live, the more you spend.
  • Listing Bullet Start preparing early to save enough to support your needs and wants.
Have you saved enough to meet your expenses post-retirement?

Retirement Plan

Get better equipped at dealing with your post retirement years.

HDFC Life New Immediate Annuity Plan

A traditional Retirement Plan with guaranteed returns1

UIN: 101N084V21

KEY FEATURES
  • Get GuaranteedIncome during retirement at your desired frequency.

  • Benefit from higher annuity rates at purchase price of ₹ 2,50,000 or higher.

  • Get Return of Purchase Price upon death or critical illness.3

  • Choose your payout frequency– monthly, quarterly, half-yearly, or yearly.

How much should I save for my retirement?

How much should I save for my retirement?

Use our quick and simple calculator to know what’s ideal for you.

LET'S CALCULATE

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The values shown here are only for illustration. The results are generated based on the information provided. It is not intended to be and must not alone be taken as the basis for an investment decision.

In this policy,the investment risks in the investment portfolio is borne by the policyholder

HDFC Life Click 2 Retire

A market linked retirement plan ideal to set your goals, if you are an early starter.

UIN: 101L108V04

KEY FEATURES
  • An unit linked pension plan with assured vesting benefits.

  • A plan with no premium allocation charges no policy administration charges and no exit charges.4
  • Start your Retirement Plan at as low as ₹ 2,000 per month.

  • Option to start as early as 18 years.8

  • Avail Tax Benefits as per the prevailing tax laws.5

Retirement Plan Buying Guide

1 What Are Pension & Retirement Plans?

Pension plans are investment plans that lets you allocate a part of your savings to accumulate over a period of time and provide you with steady income after retirement. Retirement & Pension Plans provide you with financial security so that when your professional income starts to ebb, you can still live with pride without compromising on your living standards. Given the high cost of living and rising inflation, Retirement planning has become all the more important.

2 Why You Need Pension & Retirement Plans?

Retirement & Pension Plans provide ample regular income in retirement with the help of money saved during work life. Your family can maintain its lifestyle without your regular pay cheque despite constantly rising living costs.

Adequate retirement planning also help you to meet unexpected expenses without a worry.

3 3 Reasons You Need To Start Your Retirement Planning Today

By your mid-thirties, chances are that your standard of living has seen a great improvement since your twenties, when you first joined the workforce. But have you stopped to think about what happens when you are no longer able to work for a living? No, retirement planning is not something you need to worry about when you’re older. It’s something you need to act on today. Getting an early start on building that retirement nest egg can make a world of a difference to the security of your financial future. Here’s why you should start planning for your retirement today.

More Savings, More Earnings

We all know the burden of taxes can be a hard one to bear, especially when you have a family to provide for. With the weight of these financial burdens, it can be easy to neglect yourself and your future financial security. You tell yourself that you’ll start saving for retirement once you get that promotion, once you turn 40 or once your kids go off to college.

However, the sooner you begin the better. In fact, investing money in your retirement plan can even help you save on taxes. By investing in retirement schemes such as the Public Provident Fund (PPF) and New Pension Scheme (NPS), you can avail up to Rs.1.5 lakhs in tax deductions under Section 80C.*

What’s more, the power of compounding has a lot to offer you. Say you begin investing Rs.300 per month at the age of 25. Assuming an interest rate of 8%, you’d have over Rs.1 million by the time you are 65. Now if you invested the same amount starting at the age of 35, you’d have only Rs.440,000 at 65. In this case, starting a decade earlier would more than double your final amount.

Maintaining Your Independence

When you’ve spent your life supporting and providing for your children, it’s likely that they will want to help you out financially in your old age. However, being too dependent on them could mean them delaying their own financial goals as young adults. Wouldn’t it be better instead for you to have your own source of income? The earlier you start on your retirement savings, the bigger corpus you’ll have to fall back on. Perhaps you will even be able to help your children as they get settled!

And should something happen to you, a retirement plan or a pension plan will help ensure that your spouse and children are looked after in your absence.

Reaping Rewards

Sometimes it seems that the harder you work, the more inflation gets ahead of you. But what do you do about it? You save - not only for short-term goals and emergencies, but for your retirement as well. Even if it is only a small sum that you can manage to stash away at the end of the month, it’s better than nothing, and the small sum will grow eventually.

So don’t hesitate to start investing. Start small and let compounding do its job, so you don’t have to live small later in life. It’s possible to maintain your current standard of living after you retire or even go on that dream vacation. All it takes is the right approach.

Now that you’ve seen how early retirement planning can help you continue to live life on your own terms even after you’ve stopped earning, your next step is to start investing in a retirement plan. With the abundance of options available in the market, it can be difficult to zero in on the retirement plan for you. At HDFC Life, we provide retirement plans to help you meet the high cost of living and rising inflation. Choose from our range of pension schemes to find the one that best suits your needs.

*http://profit.ndtv.com/news/budget/article-budget-2015-16-offers-additional-tax-benefit-on-pension-scheme-743241

4 Factors to Consider While Buying Pension Plans

You are convinced that you need to buy a pension plan for a financially secure retirement. However, you are not sure how to get started and the various steps to take. Here are some major aspects about pension plans that you need to keep in mind before buying them.

Determine retirement savings target

When you are saving for your retirement through regular in retirement plans, or in a pension plan or a pension scheme, you need to figure out the savings you require at retirement. This will help you figure out the regular investment you need to make in pension plans. Remember to take into account your retirement savings from other sources like provident fund. In this stage, also take into account the retirement income needs of your spouse and family members, such as a financial dependent member with special needs. If this sounds a little complex for you, take the help of online calculators or the help of a financial advisor with proven expertise.

Start early

To have ample retirement savings, you need to buy the pension plan early in your work life. This will make sure you have ample time to make small investments so that you can save a large amount.

Premium payment period

When buying a pension plan from a life insurance company, get a sense of the time till which you will need to make the premium payment. This will keep you informed about your financial commitments to the pension plan.

Determine the kind of retirement income needed

The amount of regular investments you need to make in pension plans also depends on the retirement income arrangements you expect to have in place. For instance, if you have company pensions or superannuation funds, these, along with provident fund and gratuity, will mean that you will need to reinvest these retirement savings at retirement, or create regular income through, among other things, annuities. Since two thirds of retirement savings in pension plans or retirement plans have to be converted into regular retirement income, you need to have a sense of your retirement income needs.

Look beyond tax savings

Sure, pension plans in India provide annual tax deduction from total income under Section 80CCC of the Income-tax Act, 1961, for amounts upto Rs 1.5 lakh but that should not the main reason for buying a pension plan. Pension plans help you address the risk of outliving your money in retirement. You need to manage the risk in any case. Therefore, ensure that you eyes are firmly on your retirement income needs when buying a pension plan. In India, retired life is no longer a small period. The right decisions taken while buying a pension plan may well make a difference between you digging deeper in your pockets in retirement and leading a carefree retired life.

Retirement Planning is simple.

Tune in to this video to know all about Pension Plans.


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We’ll tell you everything you need to know about Retirement Plans.

1 What are the Steps to Buy Retirement Plan?

A retirement plan is a multi step process that evolves with time. The following steps will help you map out a retirement plan:

  • Set a budget - list out 30 things in order of priority breaking them into short, medium and long term goals. Allocate your current income to get an estimate.

  • Evaluate your current financial position - examine your current financial position versus your financial goals, be more proactive about savings, investments and income.

  • Identify your income sources -  consider all your income sources including insurance, investment portfolios, assets, and an option to do a part-time job to take charge of your retirement funds.

  • Are you running short? Re-evaluate your investment, make catch-up and bite-sized contributions to fill the gap.

2 When should I start planning for retirement?

Retirement planning really depends on what stage of life you are. When you want to start really depends on you, your needs at 30 versus at 50 will be very different, so plan wisely.

  • If you are 20-30 years away from retirement then you need to be focused on accumulating retirement assets. At this stage try to get through the crunch years in decent overall financial shape (without credit, debts, etc.).

  • If you are 10-15 years away from retirement then it’s crunch time, and fine-tuning your retirement plan. Look at your income options, your retirement assets and align your retirement goals to them.

  • If you are just about to retire then it’s all about adjustments to minimize tax, maximize your income, and manage your assets. It’s about making your assets last as long as you can.

The earlier the planning the better but the closer you get to your retirement, you will have to pay close attention to details.

3 What is the importance of insurance in retirement planning?

Many of us view life insurance as a way to protect families with death benefits. It is not just a savings or investment vehicle, but if needed, it can provide flexibility and access to a policy’s cash value, making it a valuable addition if properly utilized in a comprehensive retirement income plan.

Having an appropriate type with the correct amount of life insurance in your retirement will accomplish multiple things. It can help protect your income, provide tax-free cash flow, manage taxes, help your loved ones recover from any financial risks, and also improve the total returns in your portfolio.

In short, life insurance can provide more than just protection as it has the potential to provide protection and benefits throughout your retirement years.

4 Can I change the Nominee of the policy?

A nominee is the person who would receive the sum assured or benefits in the eventuality of the policyholder's death. you may change your nominee or the percentage of nomination during the tenure of the retirement plan
You have to submit the duly filled and signed Policy Servicing Request Form along with the original policy document at any HDFC Life branch.

5 What is Vesting Date?

For Pension Plans or Retirement Plans, the vesting date is the Maturity date on which the policy holder can take 1/3 of the Maturity value as a cash lump sum and remaining should be used for purchasing Annuities/ policyholder can also use 100% of maturity value for purchasing Annuities.

*Annuity Kit is sent 30 days in advance to the correspondence address before the maturity of the pension policy.

6 How can I Pay the Pension Plan Premiums?

You can pay your retirement plan premiums online via:

  1. Netbanking
  2. Credit card/ Debit card
  3. Debit Card with PIN
  4. SI on card

7 Whom should I contact for queries?

In case of any queries related to plan or form filling pls call our toll free number 1800 266 9777 or contact us at [email protected]
For submitting documents or any other query after premium payment, you can write us at [email protected] or call us on toll free number 1800 266 0315.
Post policy Issuance you can reach out our customer service desk on 1860 267 9999 (Local call charges apply) or write to us at [email protected]

  1. The word “Guaranteed” and “Guarantee” mean that annuity payout is fixed once the policy has been purchased.
  2. Only for policies that are in-force. (3% of sum assured on vesting) that will get accrued for each completed policy year. Subject to policy being in force and all due premiums being paid. Conditions Apply.
  3. Available only under ‘Life Annuity with Return of Purchase Price on diagnosis of Critical Illness’ option.
  4. No entry and exit charge mean no premium allocation and no discontinuance charge respectively. Only Fund Management & Investment Guarantee Charges as applicable under this plan.
  5. As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.
  6. Provided all due premiums have been paid.
  7. In the case of Joint Life annuities the payout continues till either of the lives chosen in the policy is alive.
  8. The age mentioned is the age as per the last birthday.
  9. Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

ARN: EU/07/21/24463