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Retirement Solutions & Child Plans

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RETIREMENT SOLUTIONS & CHILD INSURANCE

HDFC Life SL YoungStar Udaan

  • Participating Child Insurance Plan
  • Maturity benefits options
  • death benefit options to choose from
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RETIREMENT SOLUTIONS & CHILD PLANS

HDFC Life Pension Guaranteed Plan

  • Regular guaranteed income for lifetime
  • Receive immediate or deferred annuity
  • Take the plan on a Single or Joint Life basis
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RETIREMENT SOLUTIONS & CHILD PLANS

HDFC Life Click 2 Retire

  • Online Unit-linked Pension Plan
  • Entry age of 18 years
  • Maturity age of 45 yrs
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RETIREMENT SOLUTIONS & CHILD PLANS

HDFC Life New Immediate Annuity Plan

  • Lifelong assured income
  • Choose from various annuity options
  • Avail death benefit on certain options
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RETIREMENT SOLUTIONS & CHILD PLANS

Tata AIA Life Insurance Fortune Guarantee Pension

  • Multiple annuity options to suit your needs
  • High purchase price benefits to encourage you to save more
  • Option to increase annuity through Top-up premiums
  • Tax benefits may be applicable on premiums paid and benefits received as per applicable tax laws
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RETIREMENT SOLUTIONS & CHILD PLANS

Senior Citizen Red Carpet Health

  • Cover till 75 years
  • No pre-acceptance medical screening
  • Covers pre-existing diseases
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What are retirement solution plans?

A retirement plan is a type of life insurance plan designed to fulfil the post-retirement needs of an individual. It helps create a corpus amount and generate a regular income after retirement in the form of a pension. Hence, it is also known as a pension plan.

A good pension plan:

  • Outlives your lifespan and thus, helps you maintain your living standards.
  • Keeps your investment safe
  • Helps to beat inflation
     

Disclaimer:Tata Capital Limited (“TCL”) bearing License no. CA0896 valid till 21-Jan-2027, acts as a Composite Corporate Agent for TATA AIA Life Insurance Company Limited, HDFC Life Insurance Company Limited, BAJAJ Allianz Life Insurance Company Limited, Kotak Mahindra Life Insurance Company Limited, GO DIGIT Life Insurance Company Limited, TATA AIG General Insurance Company Limited, IFFCO Tokio General Insurance Company Limited, GO DIGIT General Insurance Company Limited, Cholamandalam MS General Insurance Company Limited, Magma HDI General Insurance Company Limited, The Oriental Insurance Company Limited, Star Health and Allied Insurance Company Limited, United India Insurance Co. Ltd, National Insurance Company Limited, and Niva Bupa Health Insurance Company limited.

Please note that, TCL does not underwrite the risk or act as an insurer. For more details on the risk factors, terms & conditions please read sales brochure carefully of the Insurance Company before concluding the sale. Participation to buy insurance is purely voluntary.

The Registered office of TCL is Tata Capital Limited, 11th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam, Marg, Lower Parel, Mumbai-400013

Different type of plans

  • Immediate Annuity

    An annuity is payable immediately, as per payment frequency chosen, at a constant rate in arrears. Premium is paid in lumpsum at beginning of annuity plan.These are pension plans more than investment plan for retirement. These plans are best used near or after retirement, once you have accumulated your retirement funds.

       

  • Deferred Annuity

    An annuity is payable post Deferment Period, as per payment frequency chosen, at a constant rate in arrears. Premium is paid in lumpsum at beginning of annuity plan.You can invest in multiple such plans to start your pension at or after retirement. Your investment continues to grow while you wait for the annuity to start in the deferment period.

       

  • With Cover Pension

    This pension plan includes an insurance cover that entitles your dependents to a lump sum amount in case of an unfortunate event.Such plans are best for you if your spouse is financially fully dependent on you and is younger than you.

  • Without Cover Pension

    This plan pays out the corpus built till date to the nominees in case an unfortunate event. There is no life cover (sum assured) in these plans.Due to lack of life cover benefit; this plan will only transfer the remaining corpus to your nominees upon your death.

  • Unit-linked Pension Plan

    Your premiums are invested in a combination of stocks, bonds, & securities depending on your risk appetite, to build a corpus that is paid out at maturity.These plans are great for long-term corpus growth. So, if your risk appetite and age allows for equity exposure use Unit-Linked pension plans to build your retirement funds faster.

    Stages of Retirement Planning

  • Accumulation

    In the first stage of retirement planning, you have to contribute regularly to the pension plan. The premiums have to be carved out from your monthly income. The corpus available at your disposal after retirement will depend solely on the number of contributions made to a pension plan during the accumulation phase.

  • Preservation phase

    Your expenses will change dramatically with age. The change in lifestyle fuels an increase in expenses as one nears retirement. The preservation phase kicks in 10-15 years prior to retirement. In the preservation stage, you can make a better analysis of your post-retirement requirements. Taking the required fund in an account, conduct a thorough review of existing investments.

  • Distribution Phase

    The distribution phase starts when your regular income stops. This is the final phase of retirement planning when the fruits of the decades-long labour ripen. In this phase, you begin receiving monthly income from the pension plan to support your post-retirement expenses.

Key Features and Benefits

  • Regular and Guaranteed Income

    It provides a regular and steady income after retiring or immediately after investing, depending upon the type and options chosen.

  • Income Tax Relief

    As per section 80CCC of the income tax act, 1961, a deduction of Rs.1.5 lakhs are applicable on investment in pension plans. It is important to note that this deduction cannot be claimed separately from section 80C. It simply means that the total tax relief claimed under section 80C and 80CCC cannot be more than Rs.1.5 lakhs which includes all 80-C eligible investments such as ELSS funds, tax-saving fixed deposits, PPF (Public Provident Fund), etc.

  • Lifetime Payment

    Payment duration is the total duration for which you keep receiving the pension after retirement. For instance, if your plan offers to pay you a regular income from the age of 60 to the age of 75, then the payment duration is 15 years. Some plans offer an option for pension for the lifetime of the insurer. In such cases, the payment duration is as long as the insurer lives.

  • Death benefits

    On any tragic and unforeseeable occurrence, such as the death of the insurer, the nominee receives an amount as death benefit from the insurance firm as compensation. It is common to add accident benefits too under this rider.

  • Diversification Option

    Many retirement plans, let you choose your funds’ asset allocation, providing you with the flexibility to diversify your funds based on your objectives and risk appetite.

  • Earn Bonus

    Some of the plans also provide a bonus every year after a few years to ensure your fund grows over time.  Such plan provides a bonus every year starting from the 6th year.

Note* The features above may or may not reflect in the plans sourced by our corporate agents. Please check our plans and their features to know more.

What are child insurance plan?

A retirement plan is a type of life insurance plan designed to fulfil the post-retirement needs of an individual. It helps create a corpus amount and generate a regular income after retirement in the form of a pension. Hence, it is also known as a pension plan.While you are building the corpus to fulfil these goals for your child, an insurance plan provides a safety cushion to the corpus in case of your untimely demise. In the unfortunate event of your passing away before fulfilling the goal, the plan can invest the money on your behalf and give the maturity amount you originally aimed for your child.

Thus, child insurance plans are part of broader child-specific financial products, which also include child education plans. Child insurance plans are a mix of insurance and investment products, which ensure the financial security of your child’s future. These plans pay the life cover as a lump-sum amount at the end of the policy term.

Child insurance plans are generally customisable with options to add a variety of riders that enhance the plan as per your child’s specific needs.

    How to Select The Right Child Insurance Plan?

    The best child education plan is the one which opens more doors for her in the future. Take note of the following factors with each step to select the most suitable child insurance plan for your child:

  • Step 1: Goal & Age

    The first step is to figure out how much money should you keep aside for your child’s education. This could be tricky while your child is still growing their first teeth and saying their first words. However, preparing conservatively helps in the long run.Also, if you have more than 15 years to invest in your child’s future, you can choose to invest more aggressively for better growth. Thus, your child’s current age will play a role.

  • Step 2: Investment Options

    There are two major classes of child education plans – ULIPs and guaranteed plans. While guaranteed plans are safer, ULIP can give you more investment options.If you want to invest aggressively for a longer period of time, ULIPs are better, as you can invest in equity funds and manage your portfolio automatically. Over a long period (usually more than 10 years) equity funds can add good value to your portfolio.However, if you are hard-pressed for time, and want assurance of goal achievement Guaranteed Savings Plan would be a better choice.Both plans will provide you with the goal protection option.

  • Step 3: Check the Pay Out Methods

    Higher education cost is not a one-time expense, instead, you may need to commit an annual amount in fees and living costs. Thus, it’s better to check the mode of payment from the saving plan for your child.ULIPs including Invest 4G Child Plan provides you with the options to withdraw money systematically in the final few years of investment or, in a lump sum.

  • Step 4: Check the Cost & Past Performance of ULIP Funds

    Past performance of ULIP funds and associated costs will give you an idea about the returns you can expect out of the ULIP plan. Online child plans like Invest 4G offer very low investment expenses.

  • Step 5: Check the Claim Settlement & Other Ratios

    The buying process of any life insurance plan cannot be complete without checking the claim settlement ratio, process and other financial ratios. While the claim settlement ratio gives you an idea about the robustness of the process with the insurer, others tell you about the financial strength.A claim settlement ratio of above 95% is good in Indian life insurance landscape.

Key Features and Benefits

  • Guarantee of Support to Child’s Goal

    Child plan will help you provide for your child’s important life goals regardless of your presence in his or her life. With life cover and goal protection options, child plan alone is enough to protect your child’s future whether through investment or life cover.

  • Boost to the Growth of the Investment

    Child education plans offer loyalty additions and other bonuses for long-term investors. The longer you stay invested the better your benefits become.

  • Tax Benefits

    Tax Benefits of child insurance plans are well known. You can reduce your taxable income by up to Rs. 1.5 lakhs every year if you invest in child plans. The maturity and partial withdrawals from the plans are also exempt from tax.Given the current scenario of higher education in India your child’s higher education can cost anywhere between Rs. 5 lakhs to Rs. 25 lakhs. Depending on the degree, course, college and duration of the course, you may end up spending even more than this amount.
    Add to this the long-term inflation expectation of an emerging economy, 10 to 15 years later you may have to shell out anywhere between Rs. 20 lakhs to Rs. 50 lakhs for the same.Considering all the time and a reasonable ROI, an investment of Rs. 1 to 2 lakhs per year would be enough to get you close to the goal.

Why choose Tata Capital

  • To be based on trusted brand of Tata

  • Have tie ups with renowned partners in the insurance industry

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