HDFC Life · Retirement · Deferred Annuity
Pension Guaranteed Plan
A single-premium annuity plan that converts a lump sum into a guaranteed income for life, with an option to defer the start date and lock in today's rate.
Product data last fetched 26 August 2026. Features, premiums and availability may change — verify against the official brochure/policy wording before deciding.
The truth card
PurposeRetirement / Pension
CategoryDeferred Annuity
InsurerHDFC Life
Life CoverNot available in the current product data
PremiumNot available in the current product data
Policy TermNot available in the current product data
Premium-Paying TermNot available in the current product data
GuaranteeNot available in the current product data
Market ExposureNot available in the current product data
LiquidityNot available in the current product data
Lock-inNot available in the current product data
ChargesNot available in the current product data
Maturity BenefitNot available in the current product data
Death BenefitNot available in the current product data
SurrenderNot available in the current product data
Paid-upNot available in the current product data
Tax NotesDepends on policy structure, premium amount, issue date and applicable tax law — see our tax notes
XIRRNot available in the current product data
What this product is
A single-premium annuity plan that converts a lump sum into a guaranteed income for life, with an option to defer the start date and lock in today's rate.
You might need this if…
- You might need this if you've just retired and want to turn a lump-sum retirement corpus (PF, gratuity, sale proceeds) into predictable income you can't outlive.
- You might need this if you want a rate locked in today rather than one that changes with markets later.
- You might need this if you're planning jointly with a spouse and want payouts to continue as long as either of you is alive.
- You might need this if you can wait a few years before income starts and want a higher payout via deferment.
How it actually works
- It's a single-premium, non-participating annuity — you pay once, and payouts (monthly/quarterly/half-yearly/annual) start immediately or after a chosen deferment of 1-10 years.
- Three payout structures: Immediate Life Annuity (no death benefit, highest payout), Immediate with Return of Purchase Price (100% of purchase price returned to nominee on death), and Deferred with Return of Purchase Price.
- Entry age generally 30-45 to 70-85 depending on option; minimum purchase price around ₹42,076 and minimum annual payout of ₹12,000.
- Annuity payout = applicable annuity rate × purchase price, fixed for life once purchased.
- A top-up facility lets you add to your payout later at prevailing rates; a loan of up to 80% of surrender value is available (only for return-of-purchase-price options) at around 9.5% p.a.
- There is no maturity benefit — the plan simply pays for life; surrender is only allowed under return-of-purchase-price variants.
Worked example
For a ₹1 crore purchase price, an immediate annuity at age 50 (single life) pays about ₹7,27,075/year (₹60,590/month). Deferring 5 years at age 50 raises it to about ₹9,61,070/year (₹80,089/month). Deferring 10 years from age 45 gives about ₹9,72,619/year (₹81,052/month).
Worth knowing before you decide
- Choosing the plain Immediate Life Annuity option means nothing is returned to your family on death — the payments simply stop.
- Once purchased, the annuity rate is locked; you can't switch to a higher rate later even if market rates rise.
- Surrender is only possible under return-of-purchase-price variants, and the value is capped at the purchase price.
- Payouts are taxable as income, and TDS may apply.
Official source
⌟ Official product brochure
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