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A Non-Linked, Non-Participating Individual/Group Annuity Savings Plan
Plan with extensive benefits that can help you live your life after retirement without any financial worries!
UIN: 101N173V13
Key Feautres
Guaranteed* Annuity Income for whole of life
One plan catering to both Single and Joint Life
Wide range of Annuity options
A Non-Linked Non-Participating Individual/Group Annuity Savings Plan
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
You can choose any of the four annuity options at inception. Plan option once selected shall remain the same for the duration of the policy
a) Life Annuity
b) Life Annuity with Return of % of Total Premiums Paid
c) Life Annuity with Early Return
d) Increasing Annuity
Life Annuity: The annuity will be paid in arrears post deferment period, as per the payment frequency chosen by the policyholder, as long as the annuitant(s) is/are alive.
Life Annuity with Return of % of Total Premiums Paid: The annuity will be paid in arrears post deferment period, as per the payment frequency chosen by the policyholder, as long as the annuitant(s) is/are alive.
In addition to annuity for life, a multiple (x%) of the Total Premiums Paid will be paid to the nominee on death of the annuitant(s).The multiple (x%) can range from 50% to 100%, as chosen by the policyholder at inception.
Life Annuity with Early Return: The annuity will be paid in arrears post deferment period, as per the payment frequency chosen by the policyholder, as long as the annuitant(s) is/are alive.
Survival till milestone age(s):
Option I: 50% of Total Premiums Paid, at Age 75
Option II: 100% of Total Premiums Paid, at Age 75
Option III: 50% of Total Premiums Paid, at Age 80
Option IV: 100% of Total Premiums Paid, at Age 80
Option V: 100% of Total Premiums Paid, between 76 to 95 (both inclusive)
For non-annual payment frequency, the above amount will be divided equally between the installments will be paid in a year.
Increasing Annuity
The annuity will be paid in arrears post deferment period, as per the payment frequency chosen by the policyholder, as long as the annuitant(s) is/are alive.
The policyholder has the choice to select from the below sub options at inception:
Option I – x% p.a. simple increase every year
Option II – x% p.a. compound increase every year
Where x can be between 1% to 5% (both inclusive)
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
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
The multiple (x%) can range from 50% to 100%, as chosen by the policyholder at inception.
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
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
Enhanced Terms
Enhanced benefit in the form of an additional annuity equivalent
Annuitisation Provisions
On death of the policy holder, nominee can exercise any of the following options: a) Utilize entire proceeds of the policy or a part thereof for purchasing an immediate annuity or deferred annuity b) Withdraw the entire proceeds of the policy
NPS – Family Income Option
This annuity benefit will be paid for life of the subscriber and his/her spouse as per Annuity ‘Plan Option B with 100% Return of Purchase Premium Paid’ on a Joint Life basis.This option is available specifically for National Pension System (NPS) subscribers only.
Liquidity Option
The policyholder will have an option to receive a lumpsum in return of reduction in annuity payments and other benefits. This option is only available under Plan option “Life Annuity with Return of % of Total Premiums Paid”.
Advanced Annuity Option
This is an option to withdraw present value of annuities payable in next 1 to 5 years in advance as a lump sum.
This product is purchased as QROPS
(Applicable for Individuals and Group both)
Particulars | Plan Option | ||||
Life Annuity | Life Annuity with Return % of Total Premiums Paid | Life Annuity with Early Return | Increasing Annuity | ||
Entry Age3 | Min | Single Pay: 18 years Limited Pay: 45 years | Single Pay: 18 years Limited Pay: 40 years | Single Life / Primary Annuitant (in case of Joint Life) Single Pay: 30 years Limited Pay: 45 years Secondary Annuitant (in case of Joint Life) Single Pay: 30 years | Min: For Single Life / Primary Annuitant (in case of Joint Life): Single Pay: 18 years Limited Pay: 45 years |
Max | Single Pay: Immediate Annuity: 100 years Deferred Annuity: 100 years1 Limited Pay: 75 years2 | LP 78* years *For Joint Life Annuity, the maximum Entry Age shall be 75 years | Single Life / Primary Annuitant (in case of Joint Life) Single Pay: i) 65 years for 50% Return of Premiums Paid at Age 75 and 100% Return of Premiums Paid at Age 75 ii) 70 years for the other sub options Limited Pay: i) 65 minus PPT for 50% Return of Premiums Paid at Age 75 and 100% Return of Premiums Paid at Age 75 ii) 70 minus PPT for the other sub options Secondary Annuitant (in case of Joint Life) Single Pay: 100 years | Max: Single Pay: Immediate Annuity: 100 years Deferred Annuity: 99 years1 | |
Policy Term | Whole Life | ||||
Premium Payment Term | Single Pay Limited Pay: 5 to 15 years | Single Pay Limited Pay: 2,3 and 5 to 15 years | Single Life - Single Pay Limited Pay: 5 to 15 years Joint Life - Single Pay | Single Life – Single Pay , Limited Pay – 5 to 15 years , Joint Life – Single Pay | |
Deferment Period for Immediate Annuity | 0 years | ||||
Deferment Period for Deferred Annuity | Min | Single Pay: 1 year Limited Pay: Equal to PPT | Single Pay: 1 year Limited Pay – Equal to PPT | ||
Max | Single Pay: 10 years for age(s) less than 30 and 15 years for age(s) 30 onwards Limited Pay – 15 years | ||||
Premium Amount |
Min: Single Pay: Rs. 50,000 Limited Pay: Rs. 30,000 (Annual) | Rs. 15,300 (Half Yearly) | Rs. 7,800 (Quarterly) | Rs. 2,625 (Monthly) Max: No Limit(subject to Board approved underwriting policy) | ||||
Annuity Amount | Min: Rs. 12,000 (Annual) | Rs. 6,000 (Half-Yearly) | Rs. 3,000 (Quarterly) | Rs. 1,000 (Monthly) Max: No Limit(subject to Board approved underwriting policy) | ||||
Annuity Payout Mode | Yearly, Half-Yearly, Quarterly & Monthly | ||||
Group Size (For Group Policies) | Min: 10 members Max: No limit. Acceptance of any case is subject to Board Approved Underwriting Policy (BAUP). The plan will be available to employer-employee groups on group platform | ||||
Eligibility Criteria for POSP Channel^
Particulars | Minimum | Maximum |
Entry Age | 40 years | 70 years |
Annuity Amount | Annual: Rs. 12,000; Half Yearly: Rs. 6,000; Quarterly: Rs. 3,000; Monthly: Rs. 1,000 | No Limit (subject to Board approved underwriting policy) |
Minimum Premium Amount | Single Pay : Rs. 50,000 | |
Premium Payment Term | Single Pay | |
Policy Term | Whole Life | |
Annuity Payout Mode | Yearly, Half-Yearly, Quarterly & Monthly | |
^Only “Life Annuity with Return of 100% Premium paid” And “Increasing Annuity” for Single Life with Single Pay can be sold via POSP channel
The plan can also be purchased online via company website www.hdfclife.com
The minimum annuity payouts shall be in accordance with Clause 5 of Schedule I of IRDAI (Insurance Products) Regulations, 2024 as amended from time to time
All ages are calculated as at last birthday. Risk cover starts from date of commencement of policy for all lives.
Check Your Eligibility
Particulars | Plan Option | ||||
Life Annuity | Life Annuity with Return % of Total Premiums Paid | Life Annuity with Early Return | Increasing Annuity | ||
Entry Age3 | Min | Single Pay: 18 years Limited Pay: 45 years | Single Pay: 18 years Limited Pay: 40 years | Single Life / Primary Annuitant (in case of Joint Life) Single Pay: 30 years Limited Pay: 45 years Secondary Annuitant (in case of Joint Life) Single Pay: 30 years | Min: For Single Life / Primary Annuitant (in case of Joint Life): Single Pay: 18 years Limited Pay: 45 years |
Max | Single Pay: Immediate Annuity: 100 years Deferred Annuity: 100 years1 Limited Pay: 75 years2 | LP 78* years *For Joint Life Annuity, the maximum Entry Age shall be 75 years | Single Life / Primary Annuitant (in case of Joint Life) Single Pay: i) 65 years for 50% Return of Premiums Paid at Age 75 and 100% Return of Premiums Paid at Age 75 ii) 70 years for the other sub options Limited Pay: i) 65 minus PPT for 50% Return of Premiums Paid at Age 75 and 100% Return of Premiums Paid at Age 75 ii) 70 minus PPT for the other sub options Secondary Annuitant (in case of Joint Life) Single Pay: 100 years | Max: Single Pay: Immediate Annuity: 100 years Deferred Annuity: 99 years1 | |
Policy Term | Whole Life | ||||
Premium Payment Term | Single Pay Limited Pay: 5 to 15 years | Single Pay Limited Pay: 2,3 and 5 to 15 years | Single Life - Single Pay Limited Pay: 5 to 15 years Joint Life - Single Pay | Single Life – Single Pay , Limited Pay – 5 to 15 years , Joint Life – Single Pay | |
Deferment Period for Immediate Annuity | 0 years | ||||
Deferment Period for Deferred Annuity | Min | Single Pay: 1 year Limited Pay: Equal to PPT | Single Pay: 1 year Limited Pay – Equal to PPT | ||
Max | Single Pay: 10 years for age(s) less than 30 and 15 years for age(s) 30 onwards Limited Pay – 15 years | ||||
Premium Amount |
Min: Single Pay: Rs. 50,000 Limited Pay: Rs. 30,000 (Annual) | Rs. 15,300 (Half Yearly) | Rs. 7,800 (Quarterly) | Rs. 2,625 (Monthly) Max: No Limit(subject to Board approved underwriting policy) | ||||
Annuity Amount | Min: Rs. 12,000 (Annual) | Rs. 6,000 (Half-Yearly) | Rs. 3,000 (Quarterly) | Rs. 1,000 (Monthly) Max: No Limit(subject to Board approved underwriting policy) | ||||
Annuity Payout Mode | Yearly, Half-Yearly, Quarterly & Monthly | ||||
Group Size (For Group Policies) | Min: 10 members Max: No limit. Acceptance of any case is subject to Board Approved Underwriting Policy (BAUP). The plan will be available to employer-employee groups on group platform | ||||
Eligibility Criteria for POSP Channel^
Particulars | Minimum | Maximum |
Entry Age | 40 years | 70 years |
Annuity Amount | Annual: Rs. 12,000; Half Yearly: Rs. 6,000; Quarterly: Rs. 3,000; Monthly: Rs. 1,000 | No Limit (subject to Board approved underwriting policy) |
Minimum Premium Amount | Single Pay : Rs. 50,000 | |
Premium Payment Term | Single Pay | |
Policy Term | Whole Life | |
Annuity Payout Mode | Yearly, Half-Yearly, Quarterly & Monthly | |
^Only “Life Annuity with Return of 100% Premium paid” And “Increasing Annuity” for Single Life with Single Pay can be sold via POSP channel
The plan can also be purchased online via company website www.hdfclife.com
The minimum annuity payouts shall be in accordance with Clause 5 of Schedule I of IRDAI (Insurance Products) Regulations, 2024 as amended from time to time
All ages are calculated as at last birthday. Risk cover starts from date of commencement of policy for all lives.
What is HDFC Life Smart Pension Plus?
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.
What is a deferment period?
Deferment Period shall begin from inception of the policy. At the end of the deferment period, the first annuity payment is made to the annuitant, in arrears as per the frequency chosen by the annuitant. The deferment period shall be chosen by annuitant at inception and it can be different from the premium payment term.
Can I change my premium payment term and deferment period during the policy?
No alterations are allowed in the policy. Premium payment term and deferment period once chosen shall remain the same for the duration of the policy.
What are the Key features under the plan?
HDFC Life Smart Pension Plus offers the following key features:
A. Life Annuity
B. Life annuity with Return of % of Total Premiums Paid
C. Life Annuity with Early Return
D. Increasing Annuity
What are the 4 easy steps to purchase HDFC Life Smart Pension Plus?
Step 1: Choose your premium you wish to pay or the annuity payout you wish to receive.
Step 2: Choose premium payment term and deferment period (in case opted) as per your convenience
Step 3: Choose your annuity option
Step 4: Choose your annuity payout frequency– monthly, quarterly, half-yearly, or yearly or any date of your choice
Receive your annuity payouts through direct credit to your bank account
What are the Annuity options available under this plan?
The following plan options are available:
A. Life Annuity
B. Life annuity with Return of % of Total Premiums Paid
C. Life Annuity with Early Return
D. Increasing Annuity
What is the death benefit available under this plan?
A. Life Annuity
1. Immediate Annuity - No Benefits will be paid upon death under this option
2. Deferred Annuity
During deferment period - 105% of the Total Premiums Paid
After deferment period - No Benefits will be paid upon death after the deferment period1
B. Life Annuity with Return of % of Total Premiums Paid
1. Immediate Annuity - x% of Total Premiums Paid
2. Deferred Annuity
During Deferment Period
Higher of:
After Deferment Period
Higher of:
The multiple (x%) can range from 50% to 100%, as chosen by the policyholder at inception.
C. Life Annuity with Early Return
1. Immediate Annuity - Total Premiums Paid less survival benefit on milestone age(s) already paid till date of death
2. Deferred Annuity
During Deferment Period
Higher of:
After Deferment Period
Higher of:
D.Increasing Annuity
1. Immediate Annuity - Single Premium Paid, if ROPP is selected, nil otherwise
2. Deferred Annuity
During Deferment Period
a. If ROPP is selected: Higher of
b. If ROPP is not selected: 105% of Single Premium Paid
After Deferment Period
a. If ROPP is selected: Higher of
b. If ROPP is not selected: Nil
Is the annuity under this plan guaranteed?
Yes, the annuity is guaranteed and shall be payable for as long as the annuitant(s) is alive.
What are the tax benefits under the plan?
Tax benefits shall be available as per the prevailing tax laws. Please contact your tax consultant for specific details.
What is the minimum and maximum premium amount under this plan?
The minimum premium across different frequencies is as follows:
a. Single Pay (SP): Rs. 50,000
b. Limited Pay (LP): Rs. 30,000 (Annual) | Rs. 15,300 (Half Yearly) | Rs. 7,800 (Quarterly) | Rs. 2,625 (Monthly)
There is no limit on maximum premium. Acceptance of any case is subject to Board Approved Underwriting Policy (BAUP).
What is the minimum and maximum annuity amount receivable under this plan?
The minimum annuity payout across different frequencies is as follows:
Annual: ₹ 12,000
Half Yearly: ₹ 6,000
Quarterly: ₹ 3,000
Monthly: ₹ 1,000
There is no limit on maximum annuity payout. Acceptance of any case is subject to Board Approved Underwriting Policy (BAUP).
Can this plan be sold via POSP channel?
Yes, only “Life Annuity with Return of 100% Premium Paid” and “Increasing Annuity” for Single Life with Single Pay can be sold via POSP channel.
*Annuity rate is fixed once the policy has been purchased and shall remain the same for the duration of the policy. Amount of guaranteed income will depend upon Premium(s) paid subject to applicable terms and conditions
ARN : PP/02/26/31718
