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Retirement - Pension Plans

A retirement plan helps you build financial discipline to secure your future. An annuity plan and pension policy helps you build a corpus for a comfortable and financially secure retirement. ...Read More

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Pension Schemes and Retirement Plans
Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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What are Retirement/Pension Plans?

Retirement plans are financial policies that enable you to plan for the future, even when you no longer have a steady income. There are two types of plans:


Pension Plans:These investment plans allow you to systematically save money over the years so that you can enjoy a steady income once you retire. With a pension plan, you can maintain your financial independence, even when your income stops post retirement. Most importantly, a pension plan in India allows you to deal with inflation without compromising on your standard of living.


Annuity Plans: An annuity plan helps you secure your financial future with regular income payments for the rest of your life. With a pension policy, you have something called an accumulation phase. During this time, you put money into the policy periodically. When you choose to retire, you can purchase an annuity with these accumulated funds. The annuity then provides you with regular payments as per the terms and conditions of the plan you purchased. 


Depending on when you’d like to start receiving the annuity benefits, you can select between two types of annuity plans:


Immediate Annuity: Immediate annuity plans start providing payouts on a monthly basis right after you purchase the plan. These plans benefit individuals who have just retired and have a corpus to purchase the annuity plan.


Deferred Annuity: A deferred annuity plan, on the other hand, has an accumulation phase first. Individuals can purchase an annuity and put funds into it regularly. The amount gets invested by the insurance company to grow the corpus. You can then select a date to start receiving payouts from the accumulated corpus. Since the payments happen after a period of time, it’s known as a deferred annuity.

Have you saved enough to meet your expenses post-retirement?

  • Listing Bullet Inflation can eat away your dwindling retirement income easily.
  • Listing Bullet With increasing life expectancy, the longer you live, the more you spend.
  • Listing Bullet Start preparing early to save enough to support your needs and wants.
Have you saved enough to meet your expenses post-retirement?

Why Do You Need Retirement Plans?

Do I need a Retirement Pension Plan?

Retirement plans allow you to plan your finances so that you always have a steady source of income. They help you grow your money for the future, ensuring you can maintain your standard of living, despite inflation. Annuity plans also come with a joint life option within which in case anything happens to you, your spouse will continue to enjoy lifelong payouts.

Start planning NOW & retire on your OWN TERMS

Our top recommended solutions depending on age and goal

Guarantee yourself a steady source of income for life by investing lumpsum in HDFC Life annuity plans.

Build corpus with Annunity Plans

You should go for these, if you:

  • Have a substantial lumpsum amount / corpus to invest
  • Looking to create alternate source of regular income post retirement
  • Are retired or are few years away from your retirement (eg: 1 - 15 years)

Note: These are generic features and they may vary depending on the product selected. Please read the product brochure carefully of the selected product

Concerned about your post retirement life? Start now with HDFC Life pension plans and build your retirement corpus to enjoy a worry-free retirement

Create retirement corpus with pension plans

You should go for these, if you:

  • Are Looking to accumulate and createlumpsum retirement corpus
  • Want to start planning for your retirement from an early age (Plans available from age 18 years onwards)
  • Know the amount you want to invest every year
  • Can start with investment as low as ₹ 2000 per month

Note: These are generic features and they may vary depending on the product selected. Please read the product brochure carefully of the selected product 

Retirement/Pension Calculator

Calculate how much you need to grow your wealth to ensure a smooth and hassle free post retirement life with HDFC Life's Retirement Planning and Pension Calculator.


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Features of Pension Plans

Stable Post-Retirement Income with Pension Plans

Stable Post-Retirement Income

Pension plans offers guaranteed, stable payouts once you retire.

Tax Efficiency with Pension Plans

Tax Efficiency

Pension plans like the NPS and Atal Pension Yojana enjoy tax benefits under Section 80C of the Income Tax Act of 19615.

Emergency Liquidity with Pension Plans

Emergency Liquidity

Some pension plans allow partial withdrawals during the accumulation phase in emergencies.

Life Coverage with Pension Plans

Life Coverage

Pension plans offer life coverage and provide the beneficiary with a payout if something happens to the policyholder.

Features of Annuity Plans

Get Regular Payment Option with Anunnity Plans

Regular Payments

Annuity plans provide a regular income stream in the form of periodic payments, usually monthly, to the annuitant. The payments can be fixed or variable, depending on the terms of the annuity plan.

Tax-deferred Growth

Tax-deferred Growth

Annuity plans offer the advantage of tax-deferred growth, which means that the money you contribute to the plan grows tax-free until you start receiving payments. It helps your money grow faster over time.

Annunity Plans are great Investment Options

Investment Options

Annuity plans offer various investment options, such as stocks, bonds, and mutual funds, which can help you diversify your portfolio and potentially earn higher returns. For calculating your retirement corpus you can use the retirement calculator and if you want to find out your pension requirement then you can use the pension calculator.

Get Flexible Payment Option with Annunity Plans


Annuity plans offer some degree of flexibility in terms of payment options and timing. For example, some plans allow you to choose between fixed or variable payments, and some plans allow you to choose when you want to start receiving payments.

Life Cover with Retirement Annunity Plans

Life Coverage

Annuity plans may offer life coverage, which means that if the annuitant passes away before receiving all the payments, the balance will be paid to a designated beneficiary.

Know more about Retirement Pension Plans


Have pension fund in the UK and looking to migrate it to India?


  • Tax efficient transfer of pension funds from UK to India

  • Enjoy steady income in India post retirement

  • Avail attractive annuity rates and fund growth

A QROPS or Qualifying Recognised Overseas Pension Scheme helps Indians move their pension funds from the UK back to India. QROPS schemes must meet certain eligibility criteria set by HM Revenue and Customs. HDFC Life QROPS will facilitate the tax-efficient transfer of the pension amount accumulated in the UK to India.


QROPS Transfer Pension to India

Retirement Plans is incomplete without these riders.

They help you deal with those additional risks life brings.

HDFC Life Income Benefit on Accidental Disability Rider

HDFC Life Income Benefit on Accidental Disability Rider


UIN: 101B013V03

Get additional income benefits over and above your Sum Assured in the event of total permanent disability due to an accident.

HDFC Life Critical Illness Plus Rider

HDFC Life Critical Illness Plus Rider


UIN: 101B014V02

We pay a lump sum amount equal to Rider Sum Assured upfront if diagnosed with of any of the specified critical illnesses.

HDFC Life Protect Plus Rider

HDFC Life Protect Plus Rider


UIN: 101B016V01

Get protected with a proportion of Rider Sum Assured in case of accidental death or partial/total disability due to accident or diagnosed with Cancer

Why Should You Invest in Retirement Plans Now?

Why invest in Retirement Plans?

When it comes to planning for your retirement, the earlier you start, the better. Individuals today want to become financially independent quickly and retire early. Many people use the FIRE (Financial Independence, Retire Early) model to save and invest in their 20s and 30s. The model promotes extreme savings and investments in plans that allow good growth to save up a corpus for the future. Individuals who start saving and investing for retirement at 30 have more time to build up a corpus. Those who start in their 40s or later have less time and often end up with less than they require.

How Much Do I Need to Retire?

When you start planning for retirement, you must first understand how much you would need once you retire. Let’s see how to calculate the amount:

Check Your Monthly Outgoings

Evaluate your current monthly outgoings. You may not have to worry about a few expenses, such as daily travel or your home loan EMI and child’s school fees, once you retire. However, you would still have to take care of groceries, monthly utility bills, and property taxes. Understanding how much you need now will help you estimate how much you could need in the future.


Consider Your Retirement Goals

Once you retire, do you intend to set up a consultancy business or travel the world with your loved ones? Think about the additional costs you may incur to fulfil your retirement goals.


Calculate Expected Income After Retirement

Your investments will yield returns once you retire. Understand how much your various investments will provide based on your retirement timeline. 


Think About Inflation

Finally, consider how inflation would impact current costs in the next 20 or 30 years. Always consider a higher rate of inflation to ensure that you don’t fall short.

Who Should Buy Retirement Plans?

Let’s look at the different types of people who should purchase retirement plans:

Retirement Plan for Young Professionals

Young Professionals

Young individuals who have just started working benefit the most from purchasing a retirement plan. The retirement plan enables them to invest in their future. Since they start early, they have more time to invest and build up a significant corpus for the future.

Systematic Retirement Plan for Parents


Parents want to retain their financial independence even when they retire. They do not want to depend on their children in a financial emergency. Buying a retirement plan early enables them to retain their independence after retiring.

Why Independent Women should buy a Retirement plan?

Independent Women

Many young women today focus on their careers and looking after their parents and loved ones. Buying a retirement plan allows them to also invest in their future. It provides them with financial independence once they retire.

Retirement Plans for Newlyweds


When you get married, you have more financial responsibilities. You also have to look after your spouse. Buying a retirement plan once you get married enables you and your spouse to plan for a time when you no longer have to work and want to see the world together or pursue your hobbies together.

Why Choose HDFC Life Systematic Retirement Plan?

When you plan your retirement with the HDFC Life Systematic Retirement Plan, you enjoy:
  • Guaranteed income

    Guaranteed income for the rest of your life with a limited premium-paying term.

  • Option of choosing Deferred Annuity

    Ability to choose a deferred annuity payment term.

  • Flexibility to decide the frequency of annuity payments.

    Flexibility to decide the frequency of annuity payments.

  • Get the return of all premiums paid on death.

    Option to get the return of all premiums paid on death.

Why Choose HDFC Life’s Top-Selling Annuity Plan HDFC Life New Immediate Annuity Plan?

When you choose HDFC Life’s New Immediate Annuity Plan, you benefit from:


Option to choose a single or joint-life annuity.


Attractive annuity rates.


Option to get the return of all premiums paid on death or diagnosis of a critical illness.


Flexibility to decide the frequency of annuity payments.

Features of Retirement Plans in India

If you’re deciding whether a retirement plan is a good option, here’s a look at the features they offer:
Steady Flow of Income with Retirement Plans

Steady Flow of Income

Retirement plans offer you a guaranteed1 income on retirement, so you don’t have to worry about not having a steady income once you retire. Additionally, depending on the policy you opt for, you can secure your spouse’s financial future even if something happens to you.

Vesting Age in Retirement Pension Plans

Vesting Age

The vesting age is the time from when you become eligible to start receiving your pension payments. In India, most plans offer a minimum vesting age of 40 or 50 years since people retire and start receiving their pension when they are 60. You can find a plan that offers you what you need based on your retirement plans and goals

Surrender Value in Pension Plans

Surrender Value

If you opt to surrender your pension plan before it matures, you will forfeit any additional benefits it offers. Your pension plan will be considered a limited value plan, and you can commute a portion of the fund value and purchase an annuity with the remaining amount.

Accumulation Period  in Pension Plans

Accumulation Period

You can opt to make a lump sum investment into your pension plan or make regular monthly or annual payments. Over time, your wealth grows since the money gets invested for you. The longer your accumulation period, the more money you will likely enjoy at maturity. If you start the accumulation period at the age of 40 and want to start your pension payments at 65, you invest for 25 years. The corpus you build up over that time will provide you with the bulk of your pension payments.

Flexible Payouts with Retirement Plans

Payment Period

Once the accumulation period gets over, you start receiving your pension payments. This phase is called the payment period. With annuity plans, the payments continue for as long as you are alive. So, you choose when you’d like to start the payment period. 

What are the Steps to Buy Retirement Plan?

A retirement plan is a multi step process that evolves with time. The following steps will help you map out a retirement plan:

  • Set a budget

    Step 1

    Set a budget - list out 30 things in order of priority breaking them into short, medium and long term goals. Allocate your current income to get an estimate.

  • Evaluate Finance

    Step 2

    Evaluate your current financial position - examine your current financial position versus your financial goals, be more proactive about savings, investments and income.

  • Identify income sources

    Step 3

    Identify your income sources - consider all your income sources including insurance, investment portfolios, assets, and an option to do a part-time job to take charge of your retirement funds.

  • Re-evaluate your investment

    Step 4

    Are you running short? Re-evaluate your investment, make catch-up and bite-sized contributions to fill the gap.

Steps for retirement planning Steps for retirement planning

Retirement Plan Buying Guide

1 3 Reasons You Need To Start Your Retirement Planning Today

By your mid-thirties, chances are that your standard of living has seen a great improvement since your twenties, when you first joined the workforce. But have you stopped to think about what happens when you are no longer able to work for a living? No, retirement planning is not something you need to worry about when you’re older. It’s something you need to act on today. Getting an early start on building that retirement nest egg can make a world of a difference to the security of your financial future. Here’s why you should start planning for your retirement today.


More Savings, More Earnings

We all know the burden of taxes can be a hard one to bear, especially when you have a family to provide for. With the weight of these financial burdens, it can be easy to neglect yourself and your future financial security. You tell yourself that you’ll start saving for retirement once you get that promotion, once you turn 40 or once your kids go off to college.


However, the sooner you begin the better. In fact, investing money in your retirement plan can even help you save on taxes. By investing in retirement schemes such as the Public Provident Fund (PPF) and New Pension Scheme (NPS), you can avail up to Rs.1.5 lakhs in tax deductions under Section 80C.


What’s more, the power of compounding has a lot to offer you. Say you begin investing Rs.300 per month at the age of 25. Assuming an interest rate of 8%, you’d have over Rs.1 million by the time you are 65. Now if you invested the same amount starting at the age of 35, you’d have only Rs.440,000 at 65. In this case, starting a decade earlier would more than double your final amount.


Maintaining Your Independence

When you’ve spent your life supporting and providing for your children, it’s likely that they will want to help you out financially in your old age. However, being too dependent on them could mean them delaying their own financial goals as young adults. Wouldn’t it be better instead for you to have your own source of income? The earlier you start on your retirement savings, the bigger corpus you’ll have to fall back on. Perhaps you will even be able to help your children as they get settled!


And should something happen to you, a retirement plan or a pension plan will help ensure that your spouse and children are looked after in your absence.


Reaping Rewards

Sometimes it seems that the harder you work, the more inflation gets ahead of you. But what do you do about it? You save - not only for short-term goals and emergencies, but for your retirement as well. Even if it is only a small sum that you can manage to stash away at the end of the month, it’s better than nothing, and the small sum will grow eventually.


So don’t hesitate to start investing. Start small and let compounding do its job, so you don’t have to live small later in life. It’s possible to maintain your current standard of living after you retire or even go on that dream vacation. All it takes is the right approach.


Now that you’ve seen how early retirement planning can help you continue to live life on your own terms even after you’ve stopped earning, your next step is to start investing in a retirement plan. With the abundance of options available in the market, it can be difficult to zero in on the retirement plan for you. At HDFC Life, we provide retirement plans to help you meet the high cost of living and rising inflation. Choose from our range of pension schemes to find the one that best suits your needs.


2 Factors to Consider While Buying Pension Plan in India

You are convinced that you need to buy a pension plan for a financially secure retirement. However, you are not sure how to get started and the various steps to take. Here are some major aspects about pension plans that you need to keep in mind before buying them.

  • Determine retirement savings target
    When you are saving for your retirement through regular in retirement plans, or in a pension plan or a pension scheme, you need to figure out the savings you require at retirement. This will help you figure out the regular investment you need to make in pension plans. Remember to take into account your retirement savings from other sources like provident fund. In this stage, also take into account the retirement income needs of your spouse and family members, such as a financial dependent member with special needs. If this sounds a little complex for you, take the help of online calculators or the help of a financial advisor with proven expertise.

  • Start early
    To have ample retirement savings, you need to buy the pension plan early in your work life. This will make sure you have ample time to make small investments so that you can save a large amount.

  • Premium payment period
    When buying a pension plan in India from a life insurance company, get a sense of the time till which you will need to make the premium payment. This will keep you informed about your financial commitments to the pension plan.

  • Determine the kind of retirement income needed
    The amount of regular investments you need to make in pension plans also depends on the retirement income arrangements you expect to have in place. For instance, if you have company pensions or superannuation funds, these, along with provident fund and gratuity, will mean that you will need to reinvest these retirement savings at retirement, or create regular income through, among other things, annuities. Since two thirds of retirement savings in pension plans or retirement plans have to be converted into regular retirement income, you need to have a sense of your retirement income needs.

  • Look beyond tax savings
    Sure, pension plans in India provide annual tax deduction from total income under Section 80CCC of the Income-tax Act, 1961, for amounts upto Rs 1.5 lakh but that should not the main reason for buying a pension plan. Pension plans help you address the risk of outliving your money in retirement. You need to manage the risk in any case. Therefore, ensure that you eyes are firmly on your retirement income needs when buying a pension plan. In India, retired life is no longer a small period. The right decisions taken while buying a pension plan may well make a difference between you digging deeper in your pockets in retirement and leading a carefree retired life.

3 Best Time to Invest in a Pension Scheme

The best time to start investing in a pension scheme is right now. When it comes to saving up for your retirement, the earlier you start, the better. The longer you stay invested, the more time you have to build up a significant corpus for your golden years.

Eligibility Criteria for Retirement Plans

Individuals who want to purchase a retirement plan must be at least 18. Many companies will not allow individuals over 65 or 75 to buy retirement plans.

Documents to Be Kept Handy

Sr. No


Identity Proofs

Address Proofs






Voter’s Identity Card issued by Election Commission of India




Permanent Driving License




Aadhaar Card




Central KYC Identifier (can be accepted, if the downloaded documents are from the list of Officially Valid Documents (OVD) reflecting across Sr. No. 1 to 4 and there is no change in the address basis the document downloaded from Centralized KYC Registry (CKYCR) database as mentioned on the proposal form)



How to Calculate the Return on a Pension Scheme?

Calculate your Returns on Pension Scheme

Calculating the return on your pension scheme isn’t always easy. Understanding how much you need to invest to gain a certain amount in the future requires a lot of strategic planning. You can use our retirement calculator to figure out how much you would possibly need in the future. Our calculator will also provide you with an estimate of how much you need to start putting into your pension plan fund today based on when you’d like to retire.

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Retirement Plans - FAQ's

We’ll tell you everything you need to know about Retirement Plans.

1 When should I start planning for retirement?

Retirement planning really depends on what stage of life you are. When you want to start really depends on you, your needs at 30 versus at 50 will be very different, so plan wisely.


  • If you are 20-30 years away from retirement then you need to be focused on accumulating retirement assets. At this stage try to get through the crunch years in decent overall financial shape (without credit, debts, etc.).


  • If you are 10-15 years away from retirement then it’s crunch time, and fine-tuning your retirement plan. Look at your income options, your retirement assets and align your retirement goals to them.


  • If you are just about to retire then it’s all about adjustments to minimize tax, maximize your income, and manage your assets. It’s about making your assets last as long as you can.


The earlier the retirement planning the better but the closer you get to your retirement, you will have to pay close attention to details.

2 What is the importance of insurance in retirement planning?

Many of us view life insurance as a way to protect families with death benefits. It is not just a savings or investment vehicle, but if needed, it can provide flexibility and access to a policy’s cash value, making it a valuable addition if properly utilized in a comprehensive retirement income plan.

Having an appropriate type with the correct amount of life insurance in your retirement will accomplish multiple things. It can help protect your income, provide tax-free cash flow, manage taxes, help your loved ones recover from any financial risks, and also improve the total returns in your portfolio.

In short, life insurance can provide more than just protection as it has the potential to provide protection and benefits throughout your retirement years.

3 Can I change the nominee of the policy?

Yes, you can change the nominee on your policy. You can complete the process online by signing into your account and managing your policy online. Click the My Policy Tab and then select the Change in Nominee/Beneficiary Name option. Fill in the requisite details and submit your application to change the policy nominee. 

4 What is the vesting date?

When talking about pension plans, the vesting date is the maturity date. So, it is the date when the policyholder starts receiving the benefits or the pension or when the pension corpus is invested into an annuity.

5 How can I Pay the Pension Plan Premiums?

You can pay your retirement plan premiums online via:

  1. Netbanking
  2. Credit card/ Debit card
  3. Debit Card with PIN
  4. SI on card

6 Whom should I contact for queries?

In case of any queries related to plan or form filling pls call our toll free number 1800 266 9777 or contact us at [email protected]
For submitting documents or any other query after premium payment, you can write us at [email protected] or call us on toll free number 1800 266 0315.
Post policy Issuance you can reach out our customer service desk on +912268446530 (Local call charges apply) or write to us at [email protected]

7 How do I calculate the retirement corpus?

You can use a mathematical formula to calculate your retirement corpus. This formula, known as the present value formula, is:


Present Value = Future Value · (1+r)n


Here, r is the rate of returns and n is the number of years.

8 What are the tax benefits on pension plans in India?

You can claim tax deductions on contributions you make to your pension plan up to INR 1, 50,000 per year. The deduction terms are outlined under Section 80CCC of the Income Tax Act, 19615. Certain pension plans in India also offer additional tax benefits under Section 80CCD. 

9 What are participating and non-participating pension plans?

Participating pension plans, also known as par policies, allow the policyholder to share the insurance company’s profits. So, whenever the company earns profits, the policyholder will earn a portion of these profits in addition to the pension plan’s guaranteed benefits. The benefits are known as bonuses, incentives or dividends.


In non-participating pension schemes, individuals do not earn additional incentives. They only get the guaranteed pension on the plan’s maturity.

10 What is annuity?

An annuity is a type of financial plan that allows individuals to receive regular payments for the rest of their lives after making a lump sum contribution. When you opt for an annuity plan, your insurance provider invests the money on your behalf and pays out regular sums at given intervals.

11 I already have a provident fund account. Do I need a pension plan?

When it comes to planning for the future, you can never be too careful. While a provident fund account also allows you to save for the future, the kind of withdrawals you can make are limited. On the maturity of a provident fund, you can only withdraw a small portion of the funds. You must use the rest to purchase annuity.

With a pension plan, you can build up a corpus for the future and use it any way you wish since there is no cap on the amount you can withdraw on maturity.

12 Can I have multiple pension plans?

Yes, you can choose to invest in multiple pension plans. However, there is a limit on the maximum amount you can contribute across all policies, especially if you’d like to enjoy tax benefits5.

13 Does the pension plan in India end after the policyholder’s death?

No, most annuity plans come with a life insurance component. So if the policyholder passes away, the nominee will receive the benefits of the policy. They can choose to withdraw the entire amount or use a part of the amount to purchase an immediate annuity.

Key Highlights

Retirement Plans offer:
  • key points

    Financial independence once you retire.

  • key points

    Means to fulfil your retirement goals.

  • key points

    Life coverage, offering financial stability to your loved ones.

  • key points

    Tax savings.

  • key points

    Guaranteed returns in your golden years.

  • key points

    Low entry age of 18.

  • key points

    Limited premium-paying term.

  • key points

    Options to choose payment frequency.

Key Takeways of Retirement Plans
HDFC life
HDFC life


Reviewed by Life Insurance Experts


We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

  1. The word “Guaranteed” and “Guarantee” mean that annuity payout is fixed once the policy has been purchased.
  2. Only for policies that are in-force. (3% of sum assured on vesting) that will get accrued for each completed policy year. Subject to policy being in force and all due premiums being paid. Conditions Apply.
  3. Available only under ‘Life Annuity with Return of Purchase Price on diagnosis of Critical Illness’ option.
  4. No entry and exit charge mean no premium allocation and no discontinuance charge respectively. Only Fund Management & Investment Guarantee Charges as applicable under this plan.
  5. As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.
  6. Provided all due premiums have been paid.
  7. In the case of Joint Life annuities the payout continues till either of the lives chosen in the policy is alive.
  8. The age mentioned is the age as per the last birthday.
  9. Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.
  10. Amount of guaranteed income will depend upon premiums paid subject to applicable terms and conditions.
  11. Loyalty addition would be added to the fund starting from 10 policy anniversary for the other than ‘Single Premium’ policies paying annualized premium of ₹ 1,00,000 at least and for all the Single Premium paying policies.
  12. Depends on the policy term and the chosen premium paying term.
    *T&C Apply

ARN – PP/04/24/10615