HDFC Life has launched HDFC Life Saral Pension, a single premium, non-linked, non-participating solution with life-extended assured annuity prices. HDFC Life Saral Pension is a common, person, instant annuity solution with features that support one make an informed selection for arranging their retirement.
Some of the crucial features of the program consists of, no require for health-related examination, single premium payment solution, supplies assured revenue supply, solution to surrender if the policyholder or the spouse or any of the policyholder’s children is diagnosed as suffering from any of the listed essential illnesses, return of buy value on death, the advantage of larger annuity prices for the huge buy value, and availability of policy loan.
On approval of surrender, 95 per cent of the Purchase Price, will be paid to the policyholder, right after deduction of outstanding loan quantity and loan interest, if any.
Experts say annuity is an essential solution category offered the absence of social safety in India. It enables an person to continue getting normal revenue even right after retirement. The boost in lifespan, improvement in healthcare facilities and the escalating trend of nuclear households, all these variables necessitate retirement arranging. Annuity plans assure that one continues to live a comfy life even right after retirement.
Srinivasan Parthasarathy, Chief Actuary, HDFC Life, says “Annuity plans are suitable for individuals who are closer to retirement age or have retired. These plans can act as a safeguard against market volatilities and falling interest rates. One starts receiving regular payments right after purchasing the product which ensures steady and regular income with locked-in annuity rates for the rest of their life. HDFC Life Saral pension is a simple and easy to understand product. It is a helpful instrument for retirement planning and we hope customers make the most of it.”
HDFC Life Saral Pension presents the flexibility to pick out how one receives annuity – one can pick out to obtain it month-to-month, quarterly, bi-annually or annually. Further, sector professionals say the joint-life solution performs properly for these who want to extend the advantage to their spouse.