HDFC Immediate Annuity:

HDFC Immediate Annuity is an agreement between the policy and the policy holder about the investment amount and the time frame required. Fluctuation in interest rates will not affect this plan hence allowing the policy holder to have a steady income always.

The advantages of purchasing a HDFC Immediate Annuity plan are,
For limited amount of income one should pay certain duration of the annuity.  Since the payment option is lifelong, one can opt to pay anytime between five years to twenty five years, if you have opted to pay during a limited period of time.

If one chooses an annuity that will provide your beneficiary with a death benefit, in the event of death during the annuity period the beneficiary mentioned in the policy will receive the full returns.

This plan gives you the choice of opting for the type of death benefit that you wish to receive.  According to one option, you can choose for your beneficiary to receive the whole cost price of the annuity or a part of the cost price of the annuity. 

By choosing the capital protection option one is eligible to receive a sum that is equal to the cost price of the annuity deducting the annuity installments that have already been paid to you.

This plan does not permit any death benefit if you have chosen to have a guarantee period separately.  If you have chosen a Joint Life annuity, then too you are not eligible to receive any death benefit. 

If you have chosen the Joint Life annuity, the annuity term will be decreased since one of the members of the joint life plan has passed away.

This is a unique plan since it is an annuity plan and provides an investment choice after you have received your maturity value by previously investing in a policy.  It also provides similar benefits to an original insurance policy and is covered under the prevailing tax benefits that are due to the plan.