HDFC Life Insurance launches New Immediate Annuity Plan

HDFC Life, one of India’s leading life insurance companies, announced the launch of HDFC Life New Immediate Annuity Plan, a traditional annuity product with a wide range of annuity options that will ensure a regular income stream post retirement.

Commenting on the launch Mr. Sanjay Tripathy, Executive Vice President and Head, Marketing, Product and Direct Channel, HDFC Life said, 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. The entry age of our Immediate Annuity Plan ranges from 30-85 catering to the diverse spectrum of customers across all age bands with 11 different annuity options for both individual and joint lives, Tripathy said.

The minimum purchase price is Rs.2 lacs. For customers whose purchase price is Rs 2.5 lakhs and above will have the benefit of higher annuity rates.