HDFC Life Saral Pension Plan: Better health care facilities are getting costlier with time. This also needs to be taken into consideration while planning for retirement. In the absence of social security in India, it is very important to have a regular income, so keep your retirement corpus Invest wisely. Pension plans are a way to earn regular income even after retirement. These plans are suitable for those who are near or have retired, as these plans act as a safeguard against market volatility and falling interest rates.
HDFC Life has launched a standard pension plan named as Saral Pension Plan, which pays instant pension at a guaranteed rate throughout life, from the time of purchase. This pension will be life long and there is no maximum limit on the amount to be invested. It is a non-linked, non-participating, single premium plan and people between 40 years and 80 years can opt for this plan. It offers flexible options to receive annuity like monthly, quarterly, half yearly and annually.
SPECIAL FEATURES
-Single premium payment plan
-Life long guaranteed income
– no medical examination
Surrender option in case of serious illness
– Return of purchase price on death
-High annuity rate for large purchase price
-policy loan
annuity option
The plan offers two options – Lifetime Pension with return of purchase price and return of premium on death of the last survivor in joint-life.
return of purchase price
Saral Pension Plans are standard plans, which have the same features as all the insurers. In option 1 of these plans, the plan buyer will get life time annuity. In case of death, the full purchase price will be paid to the nominee or legal heirs.
In Option 2, the annuity will be payable as long as at least one of the two annuitants is alive. On the death of the primary annuitant, the secondary annuitant will continue to receive 100% of the original annuity for life. Thereafter, on the death of the spouse, the premium paid is returned to the nominee or legal heirs.
annuity rate
If a 60-year-old man invests Rs 5 lakh in the plan, he will get a monthly pension of Rs 2,210. Similarly, the monthly annuity for a 60-year-old male and a 55-year-old woman in the joint life option is Rs 2,174.
comparison
If a person invests Rs 10 lakh in LIC Saral Pension Plan, then he will get an income of Rs 4,304 every month. In case of joint life, the monthly pension is Rs 4262.
Experts say that usually a person will have to pay Rs 11 lakh at a time to get a monthly pension of Rs 5,000 under Tatkal Pension and Rs 21.50 lakh as a one-time amount for 10,000 monthly pension.
The average IRR (net yield) of these plans is 5.10%.
Loan
Loan against the policy can be taken after 6 months of purchasing the plan.
tax on plan
Pension is a taxable amount, so it will be taxed as per your income tax slab.
