HDFC Life Strengthens Pension Portfolio with Two New Plans

Mumbai, Maharashtra, India, Thursday, July 04, 2013 -- (Business Wire India) 
Launches 2 new traditional pension plans making the total pension portfolio of 4
HDFC Life, India's leading long-term private life insurance solutions provider,
announced the launch of two traditional pension plans in June 2013 – HDFC Life
Personal Pension Plus, a participating plan and HDFC Life Guaranteed Pension
Plan, a non-participating plan. 
Announcing the launch of the plans, Sanjay Tiwari, Vice President - Products,
HDFC Life said, “After the successful launch of two unit linked pension plans,
I am extremely delighted to announce the launch of two new traditional pension
plans. Now, we have a strong portfolio of four pension products catering to
diverse needs of customers. HDFC Life Value Notes Life Freedom Index, a survey
conducted last year in 11 tier I and tier II cities to understand the current
state of financial planning in urban India, revealed that only 13% of youth and
women are extremely confident that they have adequate retirement planning in
place. Though the Wisdom investor segment (45 years and above) scored better in
the level of confidence, their percentage stood at only 24%. These trends
outline a strong need for retirement planning to build an adequate corpus to
sustain desired lifestyle after working years.”  
HDFC Life was the first company to launch pension plans based on the new IRDA
regulations. The company had launched two unit linked pension plans in December,
"Our new pension products are suitable for all age bands starting from 18 years
until 65 years. These plans are best suited for customers looking for secure and
stable returns over a long- term horizon of 10-40 years,” he added.  
Advantages - HDFC Life Personal Pension Plus 
-- Participates in Profits/Bonuses: Simple revisionary bonuses paid annually, if
declared. Once added it is guaranteed to be paid on vesting or on death,
whichever is earlier Terminal and interim bonuses, if declared will be added 
-- Assured benefit on vesting: 101% of all premiums (excluding taxes) paid till
-- Vesting Benefit: Higher of sum assured on vesting plus accrued bonuses or
assured benefit. Vesting benefit will be used to provide guaranteed regular
income i.e. an annuity which is to be purchased from HDFC Life.  
-- Death Benefit: Assured death benefit of 101% of all premiums (excluding
taxes) paid till date plus accrued bonuses. The minimum death benefit will be
105% of all premiums paid. 
-- Tax benefit: Premiums paid are eligible for tax benefit u/s 80 CCC of the
Income Tax Act, 1961. You can take up to 1/3rd of the vesting benefit as tax
free corpus as per current tax laws 
Advantages - HDFC Life Guaranteed Pension Plan 
-- Limited Pay Premium: Choice of premium paying term of 5,7, and 10 years 
-- Guaranteed addition: 3% of Sum Assured on vesting for each completed policy
-- Vesting addition: Ranges from 30% to 60% of sum assured on vesting starting
for 10-20 years policy term  
-- Vesting Benefit: Aggregate of Sum Assured on vesting, Guaranteed Additions
and Vesting Addition. 
-- Death Benefit: Assured Death Benefit of total premiums paid to date
accumulated at a guaranteed rate of 6% per annum compounded annually. The
minimum death benefit will be 105% of all premiums paid 
-- Tax advantage: Premiums paid are eligible for tax benefit u/s 80 CCC of the
Income Tax Act, 1961. You can take up to 1/3rd of the vesting benefit as tax
free corpus as per current tax laws. 
About HDFC Life 
Established in 2000, HDFC Life is India's leading long-term life insurance
solutions provider offering a range of individual and group insurance solutions
that meet various customer needs such as Protection, Pension, Savings,
Investment, and Health. The company also offers Women's Plans to meet specific
needs of women. Customers have the added advantage of customizing plans, by
adding optional benefits called riders, at a nominal price. The company
currently has 35 retail and 10 group products in its portfolio, along with 10
We promote high integrity in business practices and shun short cuts and
unethical practices, as we aspire to be the most trusted company, the easiest to
deal with, and offer the best value for money. Since our inception, we have
consistently focused on setting benchmarks in all aspect of insurance business.
HDFC Life continues to have the widest reach with about 500 branches in India
touching customers in over 900 cities and towns. The company has also
established a liaison office in Dubai. The company has a strong presence in its
existing markets with a strong base of Financial Consultants.  
HDFC Life is a joint venture between Housing Development Finance Corporation
Limited (HDFC), India's leading housing finance institution and Standard Life
plc, the leading provider of financial services in the United Kingdom.  
For more information, please visit our website, You may also
connect with us on Facebook, Twitter, Youtube, Linkedin, and Google+. 
Media contact details 
Supriya Saxena Negi,
HDFC Life,
+91 (22) 67516324, 
Contributed via: Bloomberg Publisher WEB Service 
Provider ID: 2b60443db629418896723efa8b9e23f4 
-0- Jul/04/2013 12:23 GMT
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