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HDFC Life Single Premium Pension Super Plan
HDFC Life Single Premium Pension Super Plan

HDFC Life Pension Super Plus
HDFC Life Pension Super Plus



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HDFC Life Single Premium Pension Super Plan
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HDFC Life Pension Super Plus

Single Premium Pension Super and Pension Super Plus Benefits

1 Loan And Benefits
1.1 Loan
8% Pension Plans Life insurance plans have it !
8% Pension Plans Life insurance plans have it !
1.2 Surrender
83% Pension Plans Life insurance plans have it !
83% Pension Plans Life insurance plans have it !
1.2.1 Surrender Value
Not Available
Not Available
1.3 Benefits
1.3.1 Tax
92% Pension Plans Life insurance plans have it !
92% Pension Plans Life insurance plans have it !
1.3.2 Tax Benefit Amount
Premiums paid are eligible for tax benefits under Section 80CCC of the Income Tax Act, 1961, subject to the provisions contained therein.
Premiums paid are eligible for tax benefits under Section 80CCC of the Income Tax Act, 1961, subject to the provisions contained therein.
1.3.3 Service Tax
Applicable
Applicable
1.3.4 Maturity
79% Pension Plans Life insurance plans have it !
79% Pension Plans Life insurance plans have it !
1.3.5 Maturity Benefit Amount
Policy vests at the end of the policy term, and Maturity (Vesting) Benefit will be the higher of the Fund Value or Assured benefit of 101% of total premiums paid i.e. single premium and top-up premium paid till date.
When the policy matures, the higher of Fund Value or 101% of Premium Paid +Top Up (if any) is accumulated as Maturity Benefit.
1.3.6 Death
96% Pension Plans Life insurance plans have it !
96% Pension Plans Life insurance plans have it !
1.3.7 Death Benefit Amount
In case of unfortunate demise before the end of policy term, nominee will receive the higher of the Fund Value or 105% of total premiums paid i.e. single premium and top-up premium.
The minimum death benefit will be at least 105% of the total premiums paid including top-ups premiums.
1.3.8 Annuity
75% Pension Plans Life insurance plans have it !
75% Pension Plans Life insurance plans have it !
1.4 Bonus
Not Applicable
Not Applicable

Availability of Loan

One can compare benefits of both policies based on aspects like availability of loan, surrender value, tax benefits, death benefits, etc. for HDFC Life Single Premium Pension Super Plan and HDFC Life Pension Super Plus. For an insurance policy, loan option may or may not be provided. For first policy, a person cannot apply for loan and second policy does not provide loan facility.Loan is a facility that is provided by the insurance companies so that in case of emergencies, you can borrow money against your life insurance policy. If loan is provided by an insurance company, its value is usually deducted from your fund value i.e. the amounts of premiums that you've paid up to the time of money borrow. Also some companies specify the period of time when the loan has to repaid.

Benefits Under Single Premium Pension Super and Pension Super Plus

Benefits Under Single Premium Pension Super and Pension Super Plus can an important point of comparison between the two plans.

For HDFC Life Single Premium Pension Super Plan:

  • Tax Benefit: Available
  • Maturity Benefit: Available
  • Death Benefit: Available
  • Annuity Benefit: Available

For HDFC Life Pension Super Plus:

  • Tax Benefit: Available
  • Maturity Benefit: Available
  • Death Benefit: Available
  • Annuity Benefit: Not Available

Tax benefit implies that a part of one's fund value and the premium that one pays against his insurance plan are eligible for deduction on tax returns. Maturity benefit can be availed at the end of the policy term of your plan. It is paid along with the sum assured. Death benefit is an amount of money paid to the family of the life insured in event of his demise before the end of the policy term. Annuity benefit offers you an opportunity to convert your funds at end of policy term to annuity. Annuity is a type of plan where you pay a lump sum amount at once and reap its benefits after your retirement.

Surrender Value of Single Premium Pension Super and Pension Super Plus

Surrender value of Single Premium Pension Super and Pension Super Plus is the amount of money that will be provided by the insurance company in case you want to surrender the policy before maturity. Surrender may not be allowed for all types of insurance policies. HDFC Life Single Premium Pension Super Plan allows surrender of policies before end of policy term. This means that you'll get the assured surrender value i.e. returns on the premiums paid till date. HDFC Life Pension Super Plus allows surrender of policy.

Bonuses Available for These Plans

Bonuses available for these plans include terminal bonus, reversionary bonus, interim bonus etc. Bonus is an important part of Single Premium Pension Super and Pension Super Plus benefits. Terminal bonus is provided by the insurance company to reflect the overall performance of your chosen policy. Reversionary bonus is an amount of money added to your returns on maturity. Terminal bonus is usually announced twice a year. If your policy matures at a date between these two bonus days, you may get an interim bonus.

  • Bonus provided under HDFC Life Single Premium Pension Super Plan: Not Applicable
  • Bonus provided under HDFC Life Pension Super Plus: Not Applicable

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