HDFC IMMEDIATE ANNUITY PLAN

HDFC – IMMEDIATE ANNUITY

This plan is a contract between you and the company wherein the company will utilize your funds to provide you with a guaranteed gross income throughout your life depending upon the policy term of your choice.

Features:

• This income is guaranteed and remains unaffected even if there are any changes in the interest rates.

• It provides you with the option to fulfill all your financial needs.

• Your annuity will be paid throughout your life. It can be guaranteed to be paid for a term of 15 years, provided that your last payment should come before your 80^th birthday.

• Your annuity may rise yearly at a fixed rate of 5%.

• The minimum age required for this plan is of 30 years and maximum is of 85 years.

• You can choose to receive your income monthly, after 3 months, after 6 months or annually. The annuity can be paid at the start or the end of the payment term.

Benefits:

• If you want your income to be received by someone else after you die, this plan provides an annuity for a named individual specified in your application form. This annuity will be paid to the named individual after you die. The amount of their annuity can be the same as your annuity or a proportion of your annuity.

• You can choose to limit the payment period of annuity if you only require an income for a specified time. The annuity is payable for your selected term provided that you should be alive. No annuity is payable after the expiry of the term. You can choose to limit the payment term to between 5 and 25 years.

• Besides receiving your regular income you can also choose out a benefit that will pay a benefit on your death or if you have chosen to provide an annuity for a named individual, on the later of your and the named individual’s death. You can choose the level of death benefit:
  • No death benefit is allowable where a guarantee period is selected. No death benefit is allowable where a Joint Life annuity reducing on death of the first life has been selected
  • Capital protection option – the amount paid on death is equal to the purchase price less the gross annuity installments already paid under the annuity
  • Full purchase price or a proportion of the purchase price.