HDFC Life announces new pension plans - Pension Super Plus and Single Premium Pension
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HDFC Life today announced the launch of two pension plans- HDFC Life Pension Super Plus, a regular premium unit linked plan and HDFC Life Single Premium Pension Super, a single premium unit linked plan.
Speaking at the launch, Amitabh Chaudhry, MD & CEO, HDFC Life said here today that "HDFC Life is the first private life insurance company to bring back pension plans to customers under the new regulatory regime."
Chaudhry informed that a survey conducted to understand the current state of financial planning in urban India had revealed that consumers are skeptical about the adequacy of their financial plans to meet their desired standard of living throughout their lifetime. In fact, only 13% of youth and women were 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%. This reflects that planning for retirement among all customer segments needs significant improvement.
"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," Chaudhry added. Both the plans offer assured benefit on death and vesting. HDFC Life Pension Super Plus offers assured death benefit of total premiums paid to date accumulated at a guaranteed rate of 6% per annum and an assured vesting benefit of 101% of total premiums paid. HDFC Life Single Premium Pension Super offers assured benefit of 101% of total premiums paid on death and vesting.
Sanjay Tripathy, Executive Vice President and Head, Marketing, Product and Direct Channel, HDFC Life said, "In India, there has been a paradigm shift in retirement trends and the increase in life expectancy. Individuals opt for retirement as early as at 40-45 years and go on to live beyond 80-85 years." Tripathy said.
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