Private life insurer HDFC Life today launched two unit-linked pension plans in the Uttar Pradesh market based on the new guidelines by Insurance Regulatory and Development Authority (IRDA).
HDFC Life Pension Super Plus is a regular premium plan, whereas HDFC Life Single Premium Pension Super is a single premium plan.
Prior to September 2010, there were various pension plans being offered in the Indian market by different life insurance companies, when IRDA decided to crack the whip.
IRDA felt that most pension plans were being sold as equity and short-term mutual fund products, much digressed from the core objectives. Besides, the regulator wanted that the pension plans should not erode the savings of the subscriber and offer non-zero positive returns, HDFC Life vice president (strategy and product) Sanjay Tiwari said here.
Taking leaf from IRDA guidelines announced in June 2012, HDFC Life has launched the two plans nationwide, which are being aimed at providing financial security post retirement.
Most pension plans are bought by male customers like in developed economies.
Meanwhile, the company has also launched a traditional annuity plan, HDFC Life New Immediate Annuity Plan. According to IRDA, customers need to purchase immediate annuity from the proceeds of the pension plan from the same company.
HDFC Life has 475 branches across 700 towns in India backed by a large network of financial consultants.
