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Life Insurance Corporation clocks 11.5% growth in premium income in 9MFY18
16-Feb-2018 (20:22)
Over 5,000 life insurance claims under PMJDY scheme so far: says RTI reply
15-Feb-2018 (09:38)
HDFC Life Insurance unveils its new Pension Guaranteed Plan
13-Feb-2018 (10:01)

HDFC Life has announced the launch of 'HDFC Life Pension Guaranteed Plan', a single premium annuity product.

The product offers guaranteed deferred annuity rates for a life-time, right at the time of purchase.

"In the absence of social security, annuity plans are the safest and most preferred means of regular income for retired individuals," HDFC Life said.

"In case of 'Immediate Annuity' plans prevalent today, one starts receiving regular payments right after purchasing the product. This is suitable for individuals who are closer to retirement age or have retired,ö it said.

"Deferred annuity options prevalent today are usually opted for by those who want to plan in advance for their retirement. In case of deferred annuity, the rate is as per the prevailing rates during the time the annuity starts," HDFC Life stated.

"The plan rewards those who plan in advance for the long-term by offering higher annuity rates. One can purchase the plan and choose to receive the annuity, say 10 years later," it said. "However, the rate of the annuity to be given 10 years later will be fixed right at the time when the policy is purchased; i.e., on February 12. This comes with the return of purchase price to ensure that one can leave a corpus behind for their loved ones," HDFC Life said.

"The deferred annuity option rewards early planners by offering an annuity rate that is guaranteed for life, right at the time of purchase. One does not need to wait until retirement to know the annuity rate," said Srinivasan Parthasarathy, senior executive vice president, - chief actuary and appointed actuary, HDFC Life.

"Although annuity rates may be acceptable today, if interest rates were to fall, annuity bought at retirement may be lesser than today's rate," said.

HDFC Life Pension Guaranteed Plan offers the flexibility to choose how one receives annuity - one can choose to receive it monthly, quarterly, bi-annually or annually. "Further, the joint life option works well for those who want to extend the benefit to their spouse," it said.
Life Insurance private players APE grow 15 percent in January
13-Feb-2018 (09:38)
Insurance industry set to touch USD 280 billion by 2020: says Vice President
12-Feb-2018 (10:18)
Life Insurance Corporation buys additional 2% stake in Indiabulls Housing Finance
10-Feb-2018 (15:38)
Insurance regulator IRDAI appoints Vasantha Krishna as insurance ombudsman for Chennai
09-Feb-2018 (19:50)
Max Financial to raise Rs 5,000 crore to fund insurance business
09-Feb-2018 (16:56)
Shriram Life Insurance tie up with SureBuddy to offer free insurance cover
08-Feb-2018 (17:12)
Insurance regulator IRDAI asks insurers to transfer unclaimed amounts to senior citizens fund
08-Feb-2018 (09:50)
Insurance regulator IRDAI nixes TPAs' move to run PSU health schemes
07-Feb-2018 (17:56)
Merger most likely by end of next financial year: says CMD, National Insurance
06-Feb-2018 (14:58)
New India Assurance net profit surges to Rs 6.17 billion in Q3
03-Feb-2018 (19:02)
Budget 2018: Jaitley announces health insurance cover of Rs 5 lakh for India's 'vulnerable' families
01-Feb-2018 (12:16)
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