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HDFC Standard Life Pension Maximus



HDFC Standard Life Pension Maximus is a single premium pension plan with policy term restricted to 10 years. Adhering to IRDA norms, the scheme offers guaranteed returns based on RBI's reverse repo rate, which is calculated as simple interest on the gross premium amount at the end of each financial year. The company has offered a minimum guaranteed interest rate of 5.44% per annum (pa) for FY12 subject to a maximum of 6% pa. At the end of the policy term, the policyholder is entitled to receive either the guaranteed returns or the fund value whichever is higher. However, in case of the death of the policyholder during the term of the policy, the nominee shall be entitled only to the fund value plus a fixed amount of sum assured.

Unique Feature

Pension plans, usually, do not offer any sum assured to the policyholders. HDFC SL Pension Maximus, however, offers a fixed sum assured of 1,000 to the nominee of the policyholder along with the fund value in the event of the death of the policyholder.

For Existing Customers

It does not really make sense for existing investors to exit the scheme as they have already paid quite a bit of charges. Since the scheme has a limited policy term of 10 years, investors should rather focus on choosing the insurer that provides the best possible annuity rates at the end of their policy term.

For Those Looking to Invest

The only USP of this single-premium pension plan is the surety of a fixed sum assured of 1,000 to the nominee in case of the death of the policyholder, which is quite mediocre in the current times and more so if one considers the time value of money for the coming 10 years. The scheme, as such, appears expensive in comparison to its peers with no significant value addition.
 

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