These funds are then invested for the investor’s benefit in the future. You save - not only for short-term goals and emergencies, but for your retirement as well. And to do so, every individual in their 30s opts for a retirement plan. 17/day* - HDFC Life Click 2 Protect 3D plus. The choice among the various ULIP funds is made by the investor. ^On survival, at the end of the policy term, receive lumpsum benefit as aggregate of: i) Sum Assured of Maturity ii) Accrued Guaranteed Additions. Creating a source of income after retirement is important so that you can continue your lifestyle undisturbed without making any financial compromise. This is also the amount that qualifies for tax deduction from total income under Section 80C of the Income-tax Act, 1961. Protect your loved ones with life insurance cover of Rs 50 lakh. You also don’t need to do anything different or take additional risk to have large retirement savings. What is term insurance plan and how does it work? Thus, while EPF Account creates a retirement corpus, Employee Pension Scheme ensures that you get annuities after you retire. How to apply for a Driving License Online? Quick buy online and Get a 20 lakh cover @ Rs 5 / day. For any complaints, services related issues or policy, claim related queries/ customer can reach us on - our toll free number 1800-266-0101 Or address mail to, For escalations customer can write to us at or call us at +91-9833248023, For more details on complaints and grievances, customers are requested to visit Online Premium Calculator, generate an instant illustration for Premium. How to check Max Life Insurance policy details? All Rights Reserved, Aditya ARN: EC/06/2017/9792. You can pay your retirement plan premiums online via: Netbanking Credit card/ Debit card Debit Card with PIN SI on card, In case of any queries related to plan or form filling pls call our toll free number 1800 266 9777 or contact us at For submitting documents or any other query after premium payment, you can write us at or call us on toll free number 1800 266 0315. : 437 437, Copyright © 2020 FOYER, Luxembourg, Europe, Supplementary pension scheme for self-employed workers, Directors and officers liability insurance, Supplement the State pension for your employees with a deferred occupational income, Protect your family in the event of death or incapacity, Increase personal motivation and satisfaction, Have an additional advantage to offer in your recruitment strategy, Analyse your expectations as regards supplementary pensions scheme, Define your needs in savings and risk covers, Adapt their scope and financing to suit your budgetay constraints, Draw up the rules for your supplementary pension scheme, Register your scheme with the Inspection Générale de la Sécurité Sociale" (IGSS). This results in the investor losing every benefit of the plan, including the assured sum and life insurance cover. The joint life annuity can be taken between any two lineal descendant/ascendant of a family (i.e. Save my name, email, and website in this browser for the next time I comment. A company pension scheme enables you to provide your staff with attractive extra-legal advantages. This is the time when your wealth starts accumulating in order to build a good amount of corpus. Keeping this in mind we offer a large range of life insurance plans such as term insurance plan, women's plan, health insurance plans, pension plans for retirement planning, child education plans, ULIPs, saving and investment plans. This feature makes sure that you are always prepared for an … This limit is lower of INR 1250/month or 8.33% of the employer’s contribution to the EPF Account, Investment in the scheme continues till you reach 58 years of age, You can start receiving a reduced pension amount after you reach 50 years of age, You can also postpone the date of receiving annuities. you may change your nominee or the percentage of nomination during the tenure of the retirement plan You have to submit the duly filled and signed Policy Servicing Request Form along with the original policy document at any HDFC Life branch. This pension plan is designed to help you secure your retirement fund. In this stage, also take into account the retirement income needs of your spouse and family members, such as a financial dependent member with special needs. Now if you invested the same amount starting at the age of 35, you’d have only Rs.440,000 at 65. You can also contribute additional amounts to your EPF account if you want, EPS contributions are limited to INR 1250 per month even if the amount is below 8.33% of your basic pay, Partial withdrawals are allowed from the EPF Account, Partial withdrawals are not allowed from EPS, Only a part of the employer’s contribution is directed towards the EPS scheme. Your EPS corpus is, therefore, created without you having to part with your salary or pay taxes on your investments, Your pensions are created even when you do not invest yourself. card customer care number, Documents Pension Plans Pension during your old age. Required fields are marked *. For both categories of life insurance pension plans, the life insurance company may provide additional rewards for staying invested in the form of paying additional amounts, typically a percentage of the life insurance coverage amount as loyalty additions or guaranteed additions. We shall be available to guide/assist you. Wide range of annuity options to cater to your needs. At HDFC Life, we provide retirement plans to help you meet the high cost of living and rising inflation. You can opt for an annuity that provides regular income or pension during the rest of your life. How to Apply for a Duplicate Driving Licence? However, if you have not completed 10 years of service and you withdraw the EPS corpus completely when you change jobs, the EPS contribution would become zero. Let’s understand the scenarios in details –, Pensions are payable in the following cases –. When buying a pension plan from a life insurance company, get a sense of the time till which you will need to make the premium payment. In this formula, the concepts of pensionable salary and service are defined below: When is a pension payable under Employee Pension Scheme? Answer Save. How to Apply for an International Driving Licence? As per the reports issued by the world bank, the life expectancy in 2017 in India was 68.78 years. How to Apply for Driving Licence in Uttar Pradesh? You can consider an ULIP fund that invests a large amount of its money in equities. ), Buy,track and renew with ease.Download the HDFC Life App. These are as follows –, Amount of monthly pension = (pensionable salary * pensionable service) / 70. The benefit at term depends on the form of capitalisation selected, at a guaranteed rate or in Investment fund (unit of account). When the EPF account is transferred, the EPS account would also be transferred automatically. Under any other retirement investment scheme you have to invest your money to create a pension. Plan your financial aid for your retired life. 101. You are requested to contact the toll free number of your Insurance Company or refer the respective section of your Policy terms and conditions. A nominee is the person who would receive the sum assured or benefits in the eventuality of the policyholders' death. Life insurance: The benefits of life insurance come into use once you pass away and it means that your family will be financially looked after. If the EPS member dies and there is no surviving widow but children, an orphan pension would be payable for the surviving child/children. To simplify the decision of when to buy a suitable term plan. No medical. In life insurance pension plans and mutual fund pension schemes, investors make regular investments during work life. Other advantages of EPS are as follows –. Public receiving such phone calls are requested to lodge a police complaint. This collected fund is provided to the policyholder after retirement for buying an immediate annuity plan.