Canara HSBC Pension Plans

Canara HSBC was launched on 16th June 2008 and it’s a joint venture between Canara Bank (51%) and HSBC (28%) and Oriental Bank of Commerce (23%).It offers a combined experience of over 300 years in the financial business territory of our country.The business strategy followed by them testifies their understanding of the market especially when it comes to looking for a bank partner or scaling up their bancassurance channels.

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  • 4.8~ Rated
  • 7.7 Crore Registered Consumer
  • 50 Partners Insurance Partners
  • 4.2 Crore Policies Sold
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We are rated~
rating
7.7 Crore
Registered Consumer
50
Insurance Partners
4.2 Crore
Policies Sold
Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

What are Pension Plans?

These plans come in two versions and provide a source of income to people in their older ages when they have retired from active employment. Immediate Annuity plans are where the policyholder pays a bulk amount to the company to buy the plan and then annuity payouts start from the next frequency without any delay. No money is payable if the policyholder dies during the annuity phase. Deferred annuity plans are those where the annuity payments are delayed. The policyholder buys the plan for a specific term, called the deferment period, makes payments for the premium required during this period and when the period expires is eligible to receive annuity. If he dies during this period, a specific benefit is paid as death benefit. The policyholder can only withdraw 1/3rd of the accumulated amount in cash while the remainder has to be used to avail annuity.

Canara HSBC Pension Plans

Canara HSBC Life Insurance Company has two variants in the pension plan category which require a detailed discussion as done below.

Canara HSBC Immediate Pension Plan

It is a traditional immediate annuity plan which promises annuity payouts for the complete lifetime of the policyholder. Other aspects of the plan include:

  • The annuity will be paid either starting from the next year or half-year or quarter or month after paying off the lump sum premium

  • The annuity payouts are guaranteed to be paid till the lifetime of then annuitant

  • No medical tests are required to be undertaken to buy the plan

  • Premiums paid will be tax free under the provisions of Section 80CCC

Eligibility Details

  Minimum Maximum
Entry Age 45 years 70 years
Annual Annuity amount Rs.3000 No limit
Purchase Price Depending on the minimum annuity amount and age No limit
Annuity Payout Frequency Yearly, half-yearly, quarterly or monthly

Canara HSBC Smart Immediate Income Plan

A traditional immediate annuity plan where guaranteed payouts are available on a single as well as joint life basis. The features and benefits of the plan are as follows:

  • Under the plan, the annuity payments will start immediately from the next chosen frequency (monthly, quarterly, half-yearly or annually) after the payment of the single premium

  • The annuity payouts can be availed on a single life which will be guaranteed for the annuitant’s life or on a joint life basis which will be guaranteed for the annuitant’s life till he is alive and post his death, for the secondary annuitant’s life

  • The secondary annuitant can be either the spouse, child, parent or parent-in-law

  • There are two annuity options available under the plan and both options return the Purchase Price paid to avail annuity on death.

  • Under the first annuity option, lifetime annuity is paid to annuitant and post his death the entire Purchase Price is returned.

  • Under the second option of Joint Life, Last Survivor Annuity, annuity payouts are guaranteed for the lifetime of the annuitant and on his death the payouts continue till the secondary annuitant is alive. In case of the second death, i.e. of the secondary annuitant, the total Purchase Price is returned.

  • The plan promises higher annuity payouts for higher levels of Purchase Price

  • The annuity can also be utilized to meet the Reverse Mortgage Scheme.

  • The premium paid to buy the plan is exempt from taxation under Section 80CCC of the Income Tax Act.

Eligibility Details

  Minimum Maximum
Entry Age 30 years No limit
Annual Annuity amount Single Life – Rs.12, 300 Joint Life – 13, 494 No limit
Purchase Price Rs.2 lakhs No limit
Annuity Payout Frequency Yearly, half-yearly, quarterly or monthly

Applying for a Pension Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Pension Plans through PolicyBazaar

  • On the PolicyBazaar homepage, click on Retirement under the Personal tab.

  • Click New Quotes to compare and choose from top insurance providers.

  • Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.

  • Fill in your name, email address, city, country code, and mobile number. Click Continue.

  • You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.

  • After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.

  • You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.

  • This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

Who needs an Annuity Plan?

An annuity plan, also known as a retirement plan, as the name suggests is best suited for retired people. However, though the plan benefits the retired folk, it is very important to note here that the plan should be bought by the individual well before his retirement. So in essence, an annuity plan should be taken by a person who is planning ahead for his retirement years as such a plan would provide the person with all the financial assistance needed in that phase of his life.

I am a 45 year old person. Do I need an annuity plan?

If you are 45 and still have not taken an annuity plan, you most definitely need to do so at the earliest! An annuity plan substitutes the policyholder’s regular income after his retirement by paying out regular ‘salaries’. But where does this salary come from? The policyholder, known as an annuitant here, builds up a fund while he still can afford it by paying regular premiums. This is known as the accumulation phase of an annuity plan. The annuity phase begins when he retires. Therefore, the earlier the accumulation phase begins, the easier it is for the policyholder to build up a healthy corpus that is large enough to help him pay his bills during the annuity phase.

Read Also: Annuity Meaning| Types of Annuity

Canara HSBC Pension Plans - FAQs

  • Q1. How to pay a premium? What are the modes of payment available?

    Ans: The Canara HSBC OBC Life insurance company Ltd. offers 2 modes of premium payment namely:
    • Cash/ cheque payment at the branch
    • Online Payment
    For the online payment mode, the policyholder can pay via;
    • Credit Card,
    • Debit Card
    • Net banking
  • Q2. How can I check policy status for Canara HSBC pension plans?

    Ans: Regisitered users can check their policy status online by loging into e-Portal
  • Q3. What is the policy renewal process for Canara HSBC pension plans?

    Ans: You can pay your renewal premium in 5 easy steps online, if you are a registered user:

    Step1: Enter your Client ID and Date of Birth to login into e-portal
    Step2: Choose the policy for which you want to pay
    Step3: Select the payment option – Debit/Credit Card or Net Banking to pay
    Step 4: Upon successful payment completion print/save the premium deposit receipt

  • Q4. What is the company’s process to settle claim for Canara HSBC pension plans?

    Ans: The nominee can visit the branch personally with the policy document and death certificate. The nominee must fill a claim intimation form and then the company will provide a reference number to him. Usually within the 30 days the death claim without investigation cases gets cleared.

    You may also like read about National Pension Scheme

  • Q5. What is the policy cancellation process for Canara HSBC pension plans?

    Ans: You can the nearest branch personally with your policy documents and a duly filled surrender form. Upon successful acceptance at the counter, your policy will be cancelled and refunds directly credited in your bank account.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Canara Hsbc Pension Plans Insurance Reviews & Ratings
4.6 / 5 (Based on 126 Reviews)
(Showing Newest 10 reviews)
Hitesh
Chittaurgarh, January 16, 2025
Pension Policy
I have pension plan from canara hsbc obc life insurance. The plan is good with low premiums. Policy coverage is high and claims are easy to cleared. Service provided by the staff members of the company is fantastic. Updates are regularly mailed to my email id.
Hemant
Greater_noida, January 16, 2025
Nice Policy
I invest my money with canara hsbc life insurance by taking pension policy plan. Plan is good and the premium is less. Policy coverage is 89% and claims are high. The payback returns are ~33 K per month after policy get mature. The services provided by the executives and staff members are really very good with nice behaviour.
Devesh
Noida, January 16, 2025
Trustworthy
I have a pension policy plan from canara hsbc life insurance. The policy is great with high returns and low premiums. Policy coverage is also good and service is fast and always on time. Really good job guys, you provide best pension plans. Even the behaviour of the executives and staff members are very nice. I like the policy very much.
Saahir
Bikaner, January 16, 2025
Fantastic plan
My pension policy plan is with canara hsbc life insurance. The policy has good coverage approx. 91% with low premium. Claims are also high and the returns is Rs.35 K per month after policy end. Service is fantastic and the executives do best work. Good investment for future and taxes are also reduced.
Prashant
Mumbai, January 16, 2025
Good Investment
Canara hsbc life insurance pension policy plan is introduce by an agent of policybazaar and i took the policy plan. Policy coverage is good 91% as i expected. Service is fast and always on time. Claims are also easily sanction. Good future investment and tax saver too.
Abhishek
Laxmipur, January 16, 2025
Nice Policy
I have canara hsbc life insurance pension policy plan which has low premiums and payed thrice time per year. Policy coverage is 91% and claims are high and the payback amount is around Rs.39 K per month. Service is very good and fast. The policy is nice investment for future and it is good tax saver too. Nice plan, I like it.
Dixit
Sonipat, January 16, 2025
Super Pensuion Plan
I purchase canara hsbc pension policy plan. The policy is really very nice with its many benefits. The policy coverage is approx. 92% and the claims are around minimum 24 L before policy get mature and after the time period ends the final amount is ~Rs.45 K per month. The services are very fast and the behaviour of the executives and staff members are nice. Very responsive for any query or help.
Vabhav
Haldwani, January 16, 2025
Awesome
I bought a pension policy plan with canara hsbc life insurance. Investment is low but the returns are high. Services are bit slow but the policy coverage is 78% and the amount of Rs.39 K per month is given after policy maturity. Good response from executives and staff members. The policy is good for future investment and tax savers also. I like my policy.
Dinesh
Udupi, January 16, 2025
Great Policy
I have a policy plan for getting pension in future time. The policy is great with high returns and in low premiums. Policy coverage is also nice ~97% and service is fast and on time. Really good job guys, you provide best policy i.e., canara hsbc life insurance pension plans. I like it very much.
Lalit
Lonavla, January 16, 2025
Okay Policy
I buy canara hsbc life insurance pension plan. The policy coverage is 65%. Claims are fine according to premiums. Service is okay and main thing is that this is good investment for future which saves taxes too. Just improve your web services.
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