MEGA QUIZ-Pension Plans & Annuity Plans

Mr. Mayank Burman, a mechanical engineer aged 50 years, purchases Guaranteed Pension Plan Policy term of 20 years for a premium payment term of 12 years. He passes away in the 8th policy year. What Death Benefit will be payable to his wife, the nominee?

• Lump sum death benefit equals to 10 time of annualize premium or 105 % of total premium paid whichever is higher. 

• 110% of Death Benefit paid as income over 60 months

• Total premiums paid to date accumulated at a guaranteed rate of 6% p.a. compounded annually or 105% of Total premium paid whichever is higher.

On the date of vesting the policyholder shall be allowed To commute up to 60% and utilize the balance amount to purchase an immediate annuity or deferred annuity from us at the then prevailing annuity rates. Identify whether the above statement is true or false.

• TRUE

• FALSE

Mr. Manoj Sharma a mechanical engineer aged 40 years, wish to purchases Guaranteed Pension Plan for 5 year Policy Term.
Select the correct answer from the list below.

• Yes, he can opt for 5 years policy term as the plan offers Policy term of 5 to 40 Years

• No, he cannot opt for 5 years policy term as the plan offers Policy term of 8 to 40 Years

Select correct combination of PPT & Policy Term offered in Guaranteed Pension Plan.

• 5 to 12 PPT: 8 years to 40 years

• Single, Regular, Limited Pay (5 to 12 PPT): 8 years to 40 years

• 5 to 12 PPT: 5 years to 40 years

Mr. Raj, 45 runs printing business. He wants to buy Guaranteed Pension Plan with targeted vesting age of 60. Select Correct vesting benefit, Mr. Raj will get on Surviving till Maturity.

• Total premiums paid to date accumulated at a guaranteed rate of 6% p.a. compounded annually or Sum Assured on vesting Whichever is higher.

• Sum Assured on vesting, Accrued Guaranteed Additions, Terminal Bonus

• Sum Assured on vesting, Accrued Guaranteed Additions, Vesting Addition

Which opportunity does HDFC Life Systematic Retirement Plan allow to a customer with limited capital? Select the correct answer from the list below.

• To opt for premium payment and deferment period options of less than 5 years and derive additional annuity

• To purchase an annuity without investing large capital which is facilitated through limited premium payment feature and premium payment options

Mr.  Gautam, a Businessman aged 56 years, purchases HDFC Life Systematic Retirement Plan, Life Annuity option, for 5 Years PPT & 10 yrs deferment period. He passes away after taking 12 annuity payouts. What Death Benefit will be payable to his wife, the nominee?

• Annuity payouts shall be made in arrears as per the chosen payment frequency to the second annuitant.

• No death benefit & policy terminates

• The death benefit shall be the higher of Total Premiums paid accumulated
  at compounding interest of 6%p.a.
  till the date of death or 105% of Total premiums paid up
  to date of death
  

HDFC Life Systematic Retirement Plan can be given to a customer within 24 hours and without medicals, subject to closure of Further Requests (FRs), if any. Select the correct answer from the list below.

• No

• Yes

Identify the group of people who can opt for HDFC Life Systematic Retirement Plan to create a retirement kitty for them. Select the correct answer from the list below.

• Age groups 45 to 75

• Age groups 18 to 75

• Age groups 35 to 75

Identify whether the statement is true or false with regard to HDFC Life Systematic Retirement Plan.  Policy loans will be available during the Policy Term subject to terms and conditions of the policy.                                                                                 

• TRUE

• FALSE