HDFC Life, one of India’s leading life insurance companies, announced the launch of HDFC Life New Immediate Annuity Plan, a traditional annuity product with a wide range of annuity options that will ensure a regular income stream post retirement.
Commenting on the launch Mr. Sanjay Tripathy, Executive Vice President and Head, Marketing, Product and Direct Channel, HDFC Life said, In India, there has been a paradigm shift in retirement trends and the increase in life expectancy. Individuals opt for retirement as early as at 40-45 years and go on to live beyond 80-85 years. This emerging trend is expected to boost the Annuity market substantially in the next few years. The entry age of our Immediate Annuity Plan ranges from 30-85 catering to the diverse spectrum of customers across all age bands with 11 different annuity options for both individual and joint lives, Tripathy said.
The minimum purchase price is Rs.2 lacs. For customers whose purchase price is Rs 2.5 lakhs and above will have the benefit of higher annuity rates.
