HDFC Life has launched two unit-linked pension plans based on new guidelines by the Insurance Regulatory Development Authority.

HDFC Life Pension Super Plus is a regular premium unit-linked plan that offers death benefit of total premiums paid to date accumulated at a guaranteed rate of 6 per cent per annum.

HDFC Life Single Premium Pension Super, a single premium unit-linked plan, offers benefit of 101 per cent of total premiums paid on vesting, the company statement said.

The life insurance company has also launched a traditional annuity plan, HDFC Life New Immediate Annuity Plan. As per IRDA’s new guidelines, customers need to purchase immediate annuity from the proceeds of the Pension Plan from the same company.

A survey -- HDFC Life Value Notes Life Freedom Index -- conducted earlier this year revealed that consumers are sceptical about the adequacy of their financial plans to meet their desired standard of living throughout their lifetime, the company said.

According to the survey, about 13 per cent of youth and women and about 24 per cent of those 45 years and above are confident that they have adequate retirement planning in place. This reflects that planning for retirement among all customer segments needs significant improvement.

Amitabh Chaudhry, MD & CEO, HDFC Life said, “HDFC Life Single Premium Pension Super and HDFC Life Pension Super Plus are designed to build a sizeable corpus for post retirement income and offer assured vesting value with minimum guarantee benefits.”

(This article was published on December 3, 2012)
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