Mumbai: Private insurer HDFC Life on Thursday launched two traditional pension plans - Personal Pension Plus, a participating plan - and Guaranteed Pension Plan - a non-participating plan.
The new pension products are suitable for all age bands starting from 18-65 years.
"These plans are best suited for customers looking for secure and stable returns over a long- term horizon of 10-40 years," HDFC Life vice president - product - Sanjay Tiwari said in a release issued here.
Key features of HDFC Life Personal Pension Plus are - participation in profits or bonuses, assured benefit on vesting that is 101 per cent of all premiums (excluding taxes) paid till date, vesting benefit, which will be used to provide guaranteed regular income, death and tax benefit.
HDFC Life Guaranteed Pension Plan offers limited pay premium term of 5, 7 and 10 years, guaranteed addition, vesting addition ranging from 48 per cent to 60 per cent of sum assured on vesting starting for 10-15 years policy term, vesting benefit, death and tax benefit.
The company is a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life, the leading provider of financial services in the United Kingdom.