New Delhi, Feb 13 (PTI) HDFC Standard Life Insurance Company (HDFC Life) has come up with a single-premium annuity products for those who want to plan their retirement in advance.

Under ‘HDFC Life Pension Guaranteed Plan’ one has the choice to decide on the annuity rate at the date of purchase of the policy, which can go up to as high as 13 per cent, said Srinivasan Parthasarathy, Senior Executive Vice President, Chief Actuary and Appointed Actuary, HDFC Life.

“Customers need not wait for their retirement to decide on the annuity rate. The deferred annuity option gives the early planners the choice of a guaranteed annuity rate at the time of the purchase,” he said.

“Those planning in advance for their retirement are rewarded by way of higher annuity rates, which could beas high as 13 per cent depending upon the deferment period,” Parthasarthy added.

The annuity product comes in two variants of single life basis for self and a joint life basis for self and spouse.

This is published unedited from the PTI feed.