HDFC Life Guaranteed Pension Plan
Posted: Apr 20, 2020
The HDFC Life Guaranteed Pension Plan is a very good annuity plan that allows you to build up an excellent retirement corpus. It is a handy way to save and also to take advantages of additional benefits such as life cover and tax savings. Take a look at this article to know more about the HDFC Life Guaranteed Pension Plan and understand how you can make this policy work in your favour.
What is the HDFC Life Guaranteed Pension Plan?
The HDFC Life Guaranteed Pension Plan, as the name suggests, is a deferred annuity pension plan. A pension plan is a type of life insurance which combines the elements of investment and insurance. However, the amount you invest is used chiefly to take care of your retirement years when your regular income stops. If you invest properly, you can enjoy a relaxed and comfortable phase after you retire. if at any time during the policy duration you happen to die, your nominee receives a death benefit. So as you can see, the plan indeed combs together the aspects of life insurance and investment in an effective and easy-to-understand manner.
Features of the HDFC Life Guaranteed Pension Plan
To understand the plan better, listed below are the most beneficial features of the HDFC Life Guaranteed Pension Plan:
- Helps you to save for your retirement over time - If you realise one day before your retirement that you have no money to fall back upon because you haven’t saved up, you won't have time to build up a corpus. This is why you need to begin early on in life when you earn a steady income. All you have to do is put away very small portions of your income regularly and invest them in the corpus the HDFC Life Guaranteed Pension Plan has. You can begin as early as 18 years and save up gradually for your retirement. As a young person you may feel like your retirement is an entire lifetime away, but frankly speaking, it is never too early to start planning for your retirement.
- Offers a deferred annuity option - As is a well-known fact, the retirement plans available in India are of two types - the immediate annuity plans and the deferred annuity plans. The HDFC Life Guaranteed Pension Plan is a deferred annuity plan that allows you to save now and reap the benefits later. You do not have to present a lump sum amount when you retire in order for your post-retirement income to begin. You can save over time, build up a corpus at your own pace and then get the regular p[ayouts from that very corpus after you retire.
- Provides a life cover - You get a comprehensive life cover with this plan as well. You can, therefore, focus on securing your retirement without having to worry about the financial needs of your family after your demise. If unfortunately, you happen to die before the policy matures, your nominees will receive the death benefit. They will also receive the accumulated fund that you had been building for your retirement. So when you buy the HDFC Life Guaranteed Pension Plan, you get the dual benefit of a retirement plan and a life cover as well.
- Offers a tax benefit - As stated, the HDFC Life Guaranteed Pension Plan is essentially a life insurance policy. Hence, you get a tax deduction for the premium you pay every year, under the clauses stated in Section 80 C of the Indian Income Tax Act. you can claim a tax deduction of Rs 1.5 lacs in one year for the premium you pay. This is a good and legal way in which you can save your tax money and it is also an added advantage of buying the HDFC Life Guaranteed Pension Plan.
- Is easy to buy and maintain - The HDFC Life Guaranteed Pension Plan is very easy to buy and maintain. You can buy the plan online in just a few minutes. You do not have to visit the office of HDFC Life or approach an insurance agent. You can simply go online and make your purchase. Furthermore, the premiums can also be paid online from the comforts of your own home or office. This is a very handy and useful benefit of the HDFC Life Guaranteed Pension Plan. Additionally, if you need any assistance, you can always reach out to HDFC Life as the company has an excellent customer support team who are eager to help you at all times.
Keeping these factors in mind, it can safely be said that the HDFC Life Guaranteed Pension Plan is an excellent retirement plan that anyone can buy.
Who needs the HDFC Life Guaranteed Pension Plan?
But who exactly needs the HDFC Life Guaranteed Pension Plan the most? Well, there is no one category that fits here, as many people from different walks of life can benefit from buying this plan. Some of them include:
- Young executives - As already mentioned, the HDFC Life Guaranteed Pension Plan is available for everyone, even people as young as 18 years of age. In fact, this particular retirement plan is an excellent option for young executives who have recently started their careers. As a young executive in your 20s or early 30s, you may be single and free of many responsibilities. At such a time, it would be much easier for you to save money and keep some away each month or year towards the retirement fund. Get the HDFC Life Guaranteed Pension Plan early on in life and get all the time to comfortably build up a large corpus, while also keeping your own life insured.
- Middle-aged people - If you are in your 40s and are now a parent of young children who has many other responsibilities, you can buy this plan as well. You still have ample time to build up your retirement fund. At this stage of life, you may still be able to spare some money towards your retirement planning so grasp the opportunity with both hands.
- People who are above 50 - If you are fifty years of age or above, your retirement may just be around the corner. This is a crucial time for you to start planning for your retirement if you have not done so yet. There is not a lot of time left, but perhaps you have a higher income now and you can spare some money for the HDFC Life Guaranteed Pension Plan. get the plan and utilise the time you have left before your retirement to build up a healthy corpus for the next stage of your life.
Whether you are a salaried person or an entrepreneur, you possibly cannot continue to work till the last day of your life. You will need to retire someday and your income will stop. At such a time, you would definitely not like to depend on anyone, especially after leading a financially independent life thus far. This is why you, no matter which of the above-mentioned categories you belong to, should consider getting the HDFC Life Guaranteed Pension Plan. The plan is affordable and packed with features which makes it very advantageous for you to have.
In a nutshell
The HDFC Life Guaranteed Pension Plan is a very useful life insurance plan that helps you to plan for your retirement. It presents many benefits to the policyholder and also serves multiple purposes. If you are looking for a good pension plan, go ahead and buy the HDFC Life Guaranteed Pension Plan and make a smart choice.
I am Tanuja Koshy working with one of the leading online insurance aggregators as a General Manager. I manage and drive online investments, short term and long term insurance like home insurance, travel insurance, health insurance, term insurance.