Private insurer HDFC Life today announced the launch of two market-linked pension plans and a traditional annuity product.
The pension plans, Pension Super and Pension Super Plus, are unit-linked and designed to build a sizable corpus for post retirement income, HDFC Life Managing Director and CEO Amitabh Chaudhry said.
Both the plans offer assured benefit on death and vesting and is targeted at people in age group of 35 to over 45 years.
HDFC Life Pension Super Plus offers assured death benefit of total premiums paid to date accumulated at a guaranteed rate of 6 per cent per annum and an assured vesting benefit of 101 per cent of total premiums paid. The Single Premium Pension Super offers assured benefit of 101 per cent of total premiums paid on death and vesting.
The private insurer also launched New Immediate Annuity Plan, a traditional annuity product with a wide range of annuity options that ensures a regular income stream post retirement.
"In India, there has been a paradigm shift in retirement trends and the increase in life expectancy. Individuals opt for retirement as early as at 40-45 years and go on to live beyond 80-85 years. This emerging trend is expected to boost the Annuity market substantially in the next few years, Executive Vice President of the company Sanjay Tripathy said.
HDFC Life is a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life plc, the leading provider of financial services in the UK.