HDFC Life Insurance Company is one of India’s leading private sector life insurance companies. Founded in the year 2000, the company is a joint venture between HDFC Ltd., India’s leading housing finance institution and Standard Life Aberdeen, a global investment company. HDFC Life Insurance Company offers a wide range of innovative individual and group life insurance products to cater to the needs of diverse customer segments in the country. With its wide network, multi-distribution channels, HDFC life is offering excellent service and insurance solutions to people of the country. Along with pure insurance plans, the company also offers savings plans, wealth plans, pension plans and unit-linked investment plans to address the varying needs of its customers.

HDFC Pension Plans – an Overview

Life post-retirement needs to be well planned in advance during the working career. Retirement planning is a crucial process in order to secure financial future post-retirement. To maintain the same lifestyle and for unforeseen events, post-working life, building enough corpus to avail regular income is really important. Pension plans are the specially crafted financial tools to avail future financial security. Pension plans are the investment products that help to build a big corpus through regular investments and provide regular income after retirement. HDFC Life Insurance offers a variety of pension plans with various attractive features. 

Types of HDFC Pension Plans

HDFC Life offers various pension plans each with its own unique feature to suit the requirements of people. Let’s take a look at various pension plans offered by the company.

Plan Name

Entry Age

Vesting Age

Policy Term

Premium Payment Term

HDFC Life Pension Guaranteed Plan

30 years to 80 years

Single pay

HDFC Life Guaranteed Pension Plan

35 to 65 years

55 to 75 years

10 to 20 years

5,7 and 10 years

HDFC Life New Immediate Annuity Plan

30 years to 85 years

HDFC Life Pension Super Plus

35 years to 65 years

55 years to 75 years

10 years to 20 years

Same as the policy term

HDFC Life Single Premium Pension Super Plan

40 years to 75 years

50 years to 85 years

10 years

Same as the policy term

HDFC Life Assured Pension Plan-ULIP

18 years to 65 years

45 years to 75 years

10 years, 15 years and 35 years

Single pay/limited pay (8,10 and 15 years)

HDFC Life Personal Pension Plus Plan

18 years to 65 years

55 years to 75 years

10 years to 40 years

Same as the policy term

HDFC Life Click 2 Retire Plan

18 years to 65 years

45 years to 75 years

10 years to 35 years

Single/limited pay/same as that of policy term in regular pay

1. HDFC Life Pension Guaranteed Plan

HDFC Life Pension Guaranteed Plan is a single premium annuity plan that aims to provide a regular stream of income after retirement for a lifetime. The plan comes with a wide range of annuity options along with death benefits involved. There are various attractive features and benefits offered by this plan.

Features and Benefits of HDFC Life Pension Guaranteed Plan

  • Flexibility to choose the preferred annuity options at policy inception. Following are the plan choices available:
    • Immediate annuity plan: The annuity will be payable in arrears as per the payment frequency was chosen as long as the annuitant is alive. In case of death, the payments will cease and no further benefits are paid.
    • Immediate life annuity with return of purchase price: The annuity will be payable in arrears as per the payment frequency was chosen as long as the annuitant is alive. In case of death, the death benefit in a lump sum is payable to the designated nominee. After this, the policy will be terminated and no further benefits are paid.
    • Deferred life annuity with return of purchase price: The annuity will be payable in arrears after the deferment period as per payment frequency was chosen as long as the annuitant is alive. In case of death, the death benefit in a lump sum is payable to the designated nominee. After this, the policy will be terminated and no further benefits are paid. Deferment period may vary from 1 to 10 years. 
  • Plan can be availed on a single life or on a joint life basis. Secondary annuitant in a joint-life annuity can be the spouse or child or parent or parents-in-law
  • The death benefit is paid in the policy depending on the annuity plan chosen. Following are the details:
    • For an immediate annuity plan: No death benefits 
    • For immediate life annuity with return of purchase price option: 100% of the purchase price of the annuity is payable as a death benefit
    • For deferred life annuity with return of purchase price: Death benefit is higher of 110% of the purchase price or purchase price + guaranteed additions – total annuity payouts till death. Where, guaranteed additions = purchase price X annuity rate/12
  • Flexibility to choose the annuity payment frequency – monthly/quarterly/half-yearly/yearly
  • Top-up facility to boost annuity payouts

Eligibility Criteria and Other Terms for HDFC Life Pension Guaranteed Plan

Eligibility Criteria

Minimum

Maximum

Entry age

  • immediate annuity plan
  • immediate life annuity with return of purchase price option
  • deferred life annuity with return of purchase price

30 years

30 years

45 years

85 years

Purchase price

  • immediate annuity plan
  • immediate life annuity with return of purchase price option
  • deferred life annuity with return of purchase price

INR 42,076

INR 1,60,261

INR 76,046

No limit

Annuity payout per instalment

  • Yearly
  • Half-yearly
  • Quarterly
  • Monthly

INR 12,000

INR 6,000

INR 3,000

INR 1,000

No limit

Premium payment term

Single pay

2. HDFC Life Guaranteed Pension Plan

HDFC Life Guaranteed Pension Plan is designed to provide financial security and stability after retirement with a regular stream of income with various amazing features. The plan can be availed only on a single life basis.

Features and Benefits of HDFC Life Guaranteed Pension Plan

  • Guaranteed additions of 3% of sum assured for each completed policy year
  • At the time of vesting, lump-sum vesting addition is also payable
  • The benefit is assured on death or at vesting. An annuity purchased at the time of vesting will provide lifelong income after retirement
  • The assured death benefit is payable in case of demise. Death benefit = total premium paid till the date of death accumulated at a guaranteed rate of 6% per annum compounded annually.
  • Premium paid is eligible for tax benefit under Section 80CCC of the Income Tax Act, 1961

Eligibility Criteria and Other Terms for HDFC Life Guaranteed Pension Plan

Eligibility criteria

Minimum

Maximum

Entry age

35 years

65 years

Vesting age

55 years

75 years

Policy term

10 years

20 years

Premium payment term

5,7 and 10 years

Premium payment frequency

Yearly/ half-yearly/quarterly/monthly

Premium rate

INR 24,000

No limit

3. HDFC Life New Immediate Annuity Plan

HDFC Life New Immediate Annuity Plan is a non-linked traditional annuity plan that provides financial security for golden yearly with regular annuity payouts. The product comes with many amazing features to provide financial independence post-retirement.

Features and Benefits of HDFC Life New Immediate Annuity Plan

  • Guaranteed income for as long as the annuitant or the joint annuitant lives. Annuity payout frequency can be chosen as per the requirement – yearly/half-yearly/quarterly/monthly
  • Wide range of annuity options to choose from based on individual need
  • Higher annuity rates for investments of INR 2, 50,000 and above
  • Death benefits are offered for annuity options that have the return of the purchase price. 
  • An annuity can be availed on single life as well as joint life basis

Eligibility Criteria and Other Terms for HDFC Life New Immediate Annuity Plan

Eligibility Criteria

Minimum

Maximum

Entry age

30 years

85 years

Annuity payout per instalment

  • Yearly
  • Half-yearly
  • Quarterly
  • Monthly

INR 10,000

INR 5,000

INR 3,000

INR 1,000

No limit

Annuity payment frequency

Yearly/ half-yearly/quarterly/monthly

Purchase price

Based on age and annuity option chosen

4. HDFC Life Pension Super Plus

HDFC Life Pension Super Plus plan provides an excellent solution for regular income during retirement life in order to maintain the lifestyle and financial stability. As the plan is linked to the market, helps in maximising the return of money invested in the plan.

Features and Benefits of HDFC Life Pension Super Plus

  • On vesting, the benefit payable is higher of the fund value or an assured benefit of 101% of the total premiums paid
  • The policyholder can purchase annuity out of the whole lump sum benefit available on vesting or the policyholder can commute 1/3rd of the total benefit and annuity can be purchased with the remaining 2/3rd of benefits
  • The policyholder can purchase an annuity on a single life as well as a joint life basis.
  • From the 11th policy year onwards, 102% of the premiums paid is allocated to the investment fund
  • In case of death, the benefit payable to the designated nominee is higher of the fund value or total premiums paid accumulated at the rate of 6% per annum or 105% of the total premiums paid till the date of death.

Eligibility Criteria and Other Terms for HDFC Life Pension Super Plus

Eligibility criteria

Minimum

Maximum

Entry age

35 years

65 years

Vesting age

55 years

75 years

Policy term

10 years

20 years

Premium payment term

Same as that of the policy term

Annual premium amount

INR 24,000

No limit

Annuity payment frequency

Yearly/ half-yearly/quarterly/monthly

5. HDFC Life Single Premium Pension Super Plan

HDFC Life Single Premium Pension Super Plan is a unit-linked, single premium retirement plan by HDFC Life that provides protection for the retirement life by maximising the returns on investment. This HDFC pension plan comes with various attractive features to provide a financial cushion in the later years of life.

Features and Benefits of HDFC Life Single Premium Pension Super Plan

  • If the policyholder is less than 55 years of age, vesting age can be extended
  • On vesting, the benefit payable is higher of the fund value or an assured benefit of 101% of the total premiums paid
  • The policyholder can purchase annuity out of the whole lump sum benefit available on vesting or the policyholder can commute 1/3rd of the total benefit and annuity can be purchased with the remaining 2/3rd of benefits or can purchase another single premium deferred annuity from HDFC Life 
  • The policyholder can purchase an annuity on a single life as well as a joint life basis.
  • In case of death, the benefit payable to the designated nominee is higher of the fund value or 105% of the total premiums paid till the date of death. The nominee can either purchase annuities out of the benefits or can withdraw the benefit.

Eligibility Criteria and Other Terms for HDFC Life Single Premium Pension Super Plan

Eligibility criteria

Minimum

Maximum

Entry age

40 years

75 years

Vesting age

50 years

85 years

Policy term

10 years

Premium payment term

Same as the policy term

Annual premium amount

INR 25,000

No limit

Annuity payment frequency

Yearly/ half-yearly/quarterly/monthly

6. HDFC Life Assured Pension Plan-ULIP

HDFC Life Assured Pension Plan is a unit-linked investment plan that provides market-linked returns with loyalty additions that aims to provide hassle-free retirement life. With the potential for higher returns, the plan helps in achieving retirement goals.

Features and Benefits of HDFC Life Assured Pension Plan-ULIP

  • The plan provides a combination of market gains and assured benefits on vesting
  • Loyalty additions in the form of pension multipliers every alternate year, starting in the 11th year
  • Three different investment funds to choose from 
  • Flexibility to choose between limited pay and single pay
  • In case of death, the benefit payable to the designated nominee is higher of the fund value of the policy at the time of death or 105% of the total premiums paid till the date of death
  • Income tax benefit under Section 80C and Section 10(10D) of the Income Tax Act, 1961

Eligibility Criteria and Other Terms for HDFC Life Assured Pension Plan-ULIP

Eligibility criteria

Minimum

Maximum

Entry age

18 years

65 years

Vesting age

45 years

75 years

Premium payment term 

Single pay/ limited pay (8,10 and 15 years)

Policy Term

10, 15 to 35 years

Premium payment frequency

Single/annually/half-yearly/quarterly/monthly

7. HDFC Life Personal Pension Plus Plan

HDFC Life Personal Pension Plus is a traditional participating HDFC pension plan that provides stable and regular income post-retirement for the corpus amount invested over the years. The plan can be availed only on a single life basis.

Features and Benefits of HDFC Life Personal Pension Plus Plan

  • Flexibility to choose the policy term based on the need
  • Assured benefit equal to 101% of total premium paid on death or on vesting
  • The policyholder can purchase annuity out of the whole lump sum benefit available on vesting or the policyholder can commute 1/3rd of the total benefit and annuity can be purchased with the remaining 2/3rd of benefits
  • Income tax benefit under Section 80C and Section 10(10D) of the Income Tax Act, 1961

Eligibility Criteria and Other Terms for HDFC Life Personal Pension Plus Plan

Eligibility criteria

Minimum

Maximum

Entry age

18 years

65 years

Vesting age

55 years

75 years

Policy term

10 years

40 years

Annual premium amount

INR 24,000

No limit

Premium payment frequency

Single/annually/half-yearly/quarterly/monthly

8. HDFC Life Click 2 Retire Plan

HDFC Life Click 2 Retire Plan is one of the popular HDFC pension plan online offered by HDFC Life for the investors seeking a good retirement investment option. It is a unit-linked plan that create wealth by maximising returns based on market performance. 

Features and Benefits of HDFC Life Click 2 Retire Plan

  • If the policyholder is less than 55 years of age, vesting age can be extended
  • The policyholder can purchase annuity out of the whole lump sum benefit available on vesting or the policyholder can commute 1/3rd of the total benefit and annuity can be purchased with the remaining 2/3rd of benefits or can purchase another single premium deferred annuity from HDFC Life 
  • Three different investment funds to choose from – pension equity plus fund, pension income fund and pension conservative fund
  • On vesting, benefit payable is = [101%+1%X(policy term-premium payment term)]X total premiums paid
  • In case of death, the benefit payable to the designated nominee is higher of the fund value of the policy at the time of death or 105% of the total premiums paid till the date of death

Eligibility Criteria and Other Terms for HDFC Life Click 2 Retire Plan

Eligibility criteria

Minimum

Maximum

Entry age

18 years

65 years

Vesting age

45 years

75 years

Policy term

10 years

35 years

Premium payment term

Single pay/same as that of policy term in regular pay

Annual premium amount

  • Single pay
  • Regular pay

INR 50,000

INR 25,000

No limit

Premium payment frequency

Single/annually/half-yearly/quarterly/monthly

7 Most Important Reasons to Choose HDFC Life Pension Plans:

There are numerous pension plans available in the market. HDFC Life offers one of the best retirement plans. There are a few reasons to choose HDFC pension plans. 

  1. HDFC retirement plans are a bundle of attractive features including guaranteed additions, death benefit, tax benefits and flexibility to suit each unique requirement of individuals. 
  2. HDFC pension plans aim to provide financial security along with life protection during retired life. 
  3. HDFC Life offers both traditional and new age unit linked non-participating plans which can be chosen based on each individuals risk profile and retirement needs
  4. HDFC pension plans come with flexibility in premium payment, annuity payment and benefit payout options.
  5. Policies can be customised with the additional riders offered by the insurance company to enhance the protection needs
  6. HDFC Life is a popular and well-known brand that offers excellent customer services along with diversified products.
  7. HDFC ULIP plans for retirement have delivered good returns over the past years.

How to Buy HDFC Pension Plans?

HDFC pension plans can be bought through both online and offline mode. Some policies are specially designed for the digital platform. It’s quite simple and convenient to buy HDFC pension plans online. HDFC retirement plans can be easily bought on Turtlemint platform also.

Following are the simple steps to follow for purchase online:

  • Log on to Turtlemint home page
  • Choose the category as ‘life insurance’
  • Once you click on the category, various plans available under that category will be displayed. Click on ‘retirement/pension plan’.
  • Provide your profile details such as gender, marital status, date of birth, income details and contact details etc 
  • You can compare the retirement plans offered by various life insurance companies as well as HDFC Life on the side by side basis and select the suitable HDFC pension plan as per your need
  • After choosing the plan, provide relevant details and continue to make payment to complete the buying process

How to Make Premium payments for HDFC Pension Plans?

Premium payment for HDFC pension plan can be done online in a few clicks. Following are the mode of premium payments available

  • NEFT (National Electronic Funds Transfer)
  • ECS (Electronic Clearing System)
  • Dropbox
  • Bill pay – EBPP (Electronic Bill Presentment and Payment)
  • Debit card/ credit card (YES/AXIS Bank)
  • Cash/Cheque payment

FAQ’s

Annuity plans pay regular income as per mode is chosen (monthly/quarterly/half-yearly/yearly) on the corpus invested by the investor. Basically, the amount invested over the period of time is accumulated and used to buy the annuity option. Once the payment is over, annuity payout will start to begin. For example, Mr Atul aged 45 has invested in HDFC retirement plan for 15 years of the term. Let’s say he makes a premium payment for 15 years. When he retires at the age of 60, vesting age, the premium paid along with other added benefits is accumulated as retirement corpus. Annuity phase will begin and he will start receiving his regular annuity payouts as per the mode that is chosen. Let’s assume he has taken life annuity plan which will pay him annuity regularly for lifetime.


The annuity plan should be opted based on the age at which you are investing and the age at which you are expecting to retire. If you are investing at the age which is close to retirement age, then it’s ideal to opt for an immediate annuity which will start paying regular annuity as soon as you invest. In case you are buying a plan much earlier, you can go with deferred annuity option which will start annuity payouts after a certain period of time.


HDFC retirement plan policy status can be checked online very easily and conveniently. Here is a simple process to follow

  • All you need to do is register on the official website of HDFC Life
  • You will be given access to the portal with user ID and password. 
  • Log in with your user credentials
  • Click on ‘check policy status’ for the policy number selected

Yes. HDFC pension plans can be renewed online just by making renewal premium payment.


For policy cancellation, you need to submit the surrender form along with all the relevant policy documents to nearest HDFC Life branch office. The cancellation process will begin within 72 hours of submission of the request. However, surrender may vary for each policy type depending on its terms and conditions.

HDFC Pension Plans – Details & Benefits, Buy Plans Online At Lowest Premium