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Monday, October 29, 2012

HDFC Standard Life Launches New Immediate Annuity Plan

The market for immediate annuity plan is gaining new ground in India. Although traditionally insurance companies in India have more number of deferred annuity plans, the trend is set to change. At least this is what HDFC standard Life Insurance feels as they prepare to launch their new immediate annuity plan in December 2012. They have already received the IRDA approval for this new product – HDFC New Immediate Annuity Plan.

Executive Vice President (Marketing and Direct Channels) , Sanjay Tripathy feels that there is a lot of potential for growth of Immediate Annuity Plans  in India as their presence in the international market are already established. The new product will offer 11 annuity options for single and joint lives.
An Immediate Annuity Plan start paying you annuity right from day one once a lump sum payment is made. These are typically suitable for people aged above 50 years and having huge disposable income. Some of the immediate annuity plans are LIC Jeevan Akshay, ICICI Pru Immediate Annuity etc.
As opposed to Immediate Annuity Plan, Deferred Annuity Plans have an accumulation phase inbuilt in itself. Premiums are paid for X number of years and post retirement the investor starts receiving pension income. These are quite popular in India and some examples are LIC Jeevan Tarand, LIC Jeevan Nidhi, Bajaj Allianz Swarna Rakhsha etc. 

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