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HDFC's |
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Unit Linked Pension Plus |
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Unit Linked Pension Plus is a unit linked pension plan from HDFC Standard Life Insurance Co. Ltd. |
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Unique selling proposition |
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Loyalty units at the end of every policy year are added to fund value at 0.10% of the units. This provides an incentive for the policyholder to continue with the insurance plan as the compounding effect of these regular additions will boost the final vesting benefits. |
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Policy benefit |
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On vesting, policy holder will get the value of the units. 1/3 of the lump sum can be commuted and the remaining can be used for purchasing an annuity plan. In case of death before the end of the policy term the nominee will receive the unit fund value. |
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Eligibility parameters |
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Age at entry: minimum – 18 years; maximum – 65 years |
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Age at vesting: minimum – 50 years; maximum – 75 years |
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Policy term: minimum – 10 years; maximum – 40 years |
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Annual premium: minimum – Rs.10,000 |
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Premium payment frequency: annual, semi-annual, quarterly and monthly |
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Policy charges |
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Policy administration charge: Rs.20 / month, levied by proportionate cancellation of units |
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Fund management charge: daily NAV reflects FMC of 0.8% p.a. |
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Switching charge: Rs.100 / switch after 24 'free-of-charge' switches every policy year |
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Partial withdrawal charge: Rs.250 / withdrawal request after 6 'free-of-charge' withdrawals every policy year |
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Revival charge: Rs.250 |
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Miscellaneous charge: Charge levied for any alteration within the insurance contract |
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Surrender charge: 50% of the difference between the regular premiums expected and those paid in the first year of the policy. |
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