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 donï¿½t 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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