HDFC Life Guaranteed Pension Plan

Dr. Shivansh, who was recognized as a Covid Warrior, has been in medical profession for last 15 years. He has diversified all his investments in equity, mutual fund, fixed asset instruments and also has adequate insurance protection. HDFC Life Guaranteed Pension Plan can help Dr. Shivansh to exclusively plan for his retirement. The vesting benefit available under the

plan is:

• On survival till the vesting date and on full payment of premiums due throughout the premium paying term, he will receive sum of: Sum Assured on vesting, Guaranteed Additions and Vesting Addition

• On survival till the vesting date and on full payment of premiums due throughout the policy term, he will receive sum of: Sum Assured on vesting, Guaranteed Additions and Vesting Addition

• On survival till the vesting date and on full payment of premiums due throughout the policy term, he will receive sum of: Sum Assured on vesting

• None of the above

FLS Kishan explained HDFC Life Guaranteed Pension Plan to Mr. Kaustubh, an engineer in a fabrication company. Mr. Kaustubh is willing to buy this plan and want to cover his wife jointly. What is the maximum vesting age if both Mr. and Mrs. Kaustubh are covered under HDFC Life GPP?

• Bothe the statements are wrong

• This plan can be taken only on a single life basis. The maximum vesting age is 80 yrs.

• The maximum vesting age allowed under the plan is 80 yrs.

• Both the statements are correct

Mr. Girish Dena. A 30 year old personal banker finds HDFC Life Guaranteed Pension Plan a suitable match for his retirement planning. He wants to buy this plan for 30 years and need information on the vesting benefit available under the plan. Select the correct statement from the list below:

• Guaranteed Additions will be 3% of Sum Assured on vesting for each completed policy year.

• Vesting Addition shall be 90% of the Sum Assured

• Only for policies that are in-force. (3% of sum assured on vesting) that will get accrued for each completed policy year.

• All of the above statements are correct

Jigish Kalra is willing to buy HDFC Life Guaranteed Pension Plan. He chooses the policy term of 25 years and the premium payment term of 10 years. However he is concerned about the death benefit available under the plan. BDM Sujitkumar explains following death benefit to Mr. Jigish: Choose the correct statement made by Sujitkumar.

• The nominee will receive the Assured Death Benefit of total premiums paid to date accumulated at a guaranteed rate of 6% per annum compounded annually.

• The minimum level of death benefit at all times will be 110% of the premiums paid.

• Both the statements are correct

Ritika, a 30 year old fashion designer bought HDFC Life Guaranteed Pension Plan for the term of 20 years. The premium payment term chosen was 10 years. However due to unfavorable market, she could not pay the premiums for last two years of the premium payment term. FLS Harish explained policy proceeds as: At the vesting, Ritika will receive the paid up sum assured which is the ratio of the premiums paid to the premiums payable under the policy. State whether the statement is true or false:

• True

• False

FLS Rakesh, Ravish and Rajiv were discussing about the vesting benefit available under HDFC Life Guaranteed Pension Plan. Rakesh says that the customer can commute up to 60% of the vesting amount. Ravish says that the customer has no option of commutation and the entire policy proceeds have to be converted into annuities. Rajiv says that the customer can commute 1/3 of the vesting amount and the rest of the amount can be utilized for purchasing annuities. Who has mentioned the correct vesting benefit proceeds?

• Only Rajiv has mentioned it correctly

• Rakesh, Ravish and Rajiv all have mentioned it correctly

• Rakesh alone has mentioned it correctly

• Rakesh, Ravish and Rajiv all have mentioned it incorrectly

In case the proceeds of the policy on vesting is not sufficient to purchase minimum annuity as defined in Regulation 3(a) of IRDAI (Minimum Limits for Annuities and Other Benefits) Regulations, 2015. State whether the given statement is true or false:

• True

• False

The premium paid under HDFC Life Guaranteed Pension Plan means:

• The premiums are including applicable taxes and levies.

• Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

• Both the statements are correct

• Both the statements are incorrect

Mr. Palaru Satyamurthy, 55 year old owner of a dairy product outlet. He has never done any investment in equities as he believes that there is investment risk involved. He has also planned to hand over his business completely to his son Murugan and stay permanently at his native place. SSM Padmanabhan present HDFC Life Guaranteed Pension Plan to Mr. Palaru and explains him how this product offers guaranteed returns. Which of the benefits mentioned below by SSM Padmanabhan are true:

• The vesting benefit is the sum of: Sum Assured on vesting, Guaranteed Additions and Vesting Addition

• Sum Assured on vesting is the absolute amount of benefit which is guaranteed to become payable on vesting

• Both the statements are correct

• Both the statements are incorrect

Mr. Shamlal Mehta, a 75 year old businessman wants to buy HDFC Life Guaranteed Pension Plan. What combination of policy term and premium payment term mentioned below can be chosen by Mr. Mehta?

• Policy term: 30 Years & Premium Payment term 15 years

• Policy term: 30 Years & Premium Payment term 10 years

• Policy term: 10 Years & Premium Payment term 10 years

• All the options are incorrect