Pension Plans at HDFC Standard life Insurance

The Retirement is a natural progression and only if you are financially secure during these years can you hope to live a comfortable retired life. Pension plans are designed to accumulate your savings during your earning years and thereafter provide you with a regular income after retirement so that you don’t have to depend on your children or society.

The premium payment in case of pension plans can be made as recurring payments for a fixed period of time or once as a lump sum (single premium). Either way, the amount and returns thereon are cumulated and paid out to the policy holder at the retirement date as a lump sum. Part of this lump sum is then used to purchase an annuity which provides post retirement income

Benefits:

These plans are flexible and so they allow you to choose your investment period, the premium amount and the premium frequency .

The Reversionary bonuses are usually declared by the insurance company annually and once declared are guaranteed.

There are tax benefits under the various sections of the Income Tax Act, 1961. A deduction is available from the total income up to Rs 1 lakh under section 80 CCC and 80 C.

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