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HDFC Standard Life Insurance Company Ltd (HDFC Life) will launch an immediate annuity plan in December, a top company official has said. HDFC Life has got insurance regulator IRDA’s approval for this product — HDFC New Immediate Annuity Plan — last week, said Sanjay Tripathy, Executive Vice-President, Marketing & Direct Channels. He said that the new product will offer 11 annuity options for single and joint lives. “Annuities are an established category in international market. We feel there is a lot of potential for growth in this category in India and hence the decision to launch an immediate annuity plan.’’ An immediate annuity is one that makes income payments immediately or very soon after the purchase of the contract. They do not have an accumulation period. One can go in for an immediate annuity when you want to start taking income at the earliest. This product may be best suited for those in the 55 plus age bracket and will go in for retirement in the next few years, Tripathy said. Immediate annuity is in sharp contrast to deferred annuity, where annuity payments are available only after a certain accumulation period. HDFC Life is also looking to launch more health insurance products in the coming days and IRDA approval has been sought for this purpose, he said.
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