Canara HSBC Pension4Life

There is no feeling more incredible than the prospect of leading a financially independent retired life with the freedom to explore all that had been sidelined during the hard toil of working life. A smart choice that ensures a guaranteed steady income stream in the golden twilight years is to buy Canara HSBC Pension4Life to indulge all the desires unhindered.

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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.

The Canara HSBC Pension4Life Policy is an annuity plan which provides annuity installments against a purchase price in a structured manner. The array of options lined up in this policy is so vast enough to leave a savings legacy for the next generation. True to its name, the cover continues till the insured and the partner is alive. 

Canara HSBC Pension4Life

Parameters Description
Policy Tenure Single Life: Till the death of the annuitant, CI diagnosis, or ATPD, whichever is earlier
Joint Life: Until the last annuitant survives. 
Premium Paying Term  Purchase price accepted as a single premium
Premium Paying Mode Annuity received in Yearly, Half-yearly, Quarterly, or Monthly.
Entry Age  Minimum: 45 years Maximum: 80 years for some options while there is no limit for some; as per plan option
Maturity Age  Till the insured and the partner is alive
Grace Period  Not specified
Sum Assured  Purchase Price:
  • Minimum: Rs. 2 Lakh
  • Maximum: No limit
Liquidity Under this policy, a loan is available under Annuity Option 6 - 'Deferred Life Annuity with Return of Purchase Price' during the Deferment Period once the Policy acquires a Special Surrender Value.

Benefits of Canara HSBC Pension4Life

Since this policy works on the principle of the purchase price, very similar to the Single Pay option of premium payment, the Canara HSBC Pension4Life Policy status check is not necessary. 

The policy offers seven options, with the primary classification of annuities either immediate or Deferred. 

  • Plan Options:
    • Immediate Life Annuity (Single Life)
    • Immediate Life Annuity with ROPP (Return of Purchase Price - Single Life)
    • Immediate Life Annuity with ROBPP (Return of Balance Purchase Price Single Life)
    • Immediate Life Annuity with ROPP (Return of Purchase Price)  on CI, ATPD, or Death (Single Life)
    • Immediate Joint Life Annuity with ROPP (Return of Purchase Price)
    • Deferred Life Annuity with ROPP (Return of Purchase Price  - Single Life)
    • NPS – Family Income
  • Death Benefit: The benefit for each of the above-described plan options is suggestive in the names themselves. For single life cover, the annuity ceases upon the death of the annuitant. In joint life cover, the annuity installment will continue till the partner or the secondary annuitant survives. The choice in Deferred Annuity is between 1 and 10 years.
  • Maturity Benefit: None
  • Tax Benefits: The benefit is commensurate with the prevailing tax laws under the Income Tax Act, 1961. 

*Tax benefit is subject to changes in tax laws

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The Premium for Canara HSBC Pension4Life

The Canara HSBC Pension4Life premium is available as an Annuity Installment against the Purchase price. 

  • Minimum Annuity Installment: Rs.1,000
  • Maximum Annuity Installment: No limit

*Standard T&C Apply

Individuals can use the Canara HSBC Pension4Life calculator to determine various annuity installments under the plan.

Additional Riders for Canara HSBC Pension4Life

A great way to update the features is through the Canara HSBC Pension4Life reviews. On a thorough study, it is found that there are no additional riders on offer other than those inbuilt in the plan option no.4 for single life. 

Eligibility for Canara HSBC Pension4Life 

Entry Age:

  • Minimum: 45 years
  • Maximum: 80 years for some options while there is no limit for some.

Maturity Age: Until the secondary annuitant (partner) survives. 

What are the Documents Required to Buy this Policy?

Only the following copies of Official Valid Documents are accepted in the plan. However, the insurer may call for additional documents if required.  

  • Identity Proof
  • Age Proof
  • Address Proof
  • Income Proof
  • Bank Account Details
  • Recent Photograph

How to Buy this Plan Online?

The online Canara HSBC Pension4Life option is available at the insurer portal. The steps to purchase the policy are:

  • Choose the purchase price and the annuity installment to receive.
  • Choose the plan option from 1 to 6 as per specific needs. 
  • Choose the annuity installment frequency which any of Yearly, Half-yearly, Quarterly, or Monthly. 
  • Furnish details of self and the secondary annuitant. 
  • Pay the purchase price and start receiving the annuity directly in the bank account. 

Exclusions of Canara HSBC Pension4Life

  • Suicide Exclusions:  It deals with the suicidal death of the insured within twelve months of the policy inception or its revival. In this policy, it is treated as normal death, and the benefit is no different from that is payable in normal death. 
  • Other Exclusions: The additional inbuilt covers of Critical Illness and Accidental Total Permanent Disability ATPD require the insured to be aware of the exclusions. The CI covers 7 listed illnesses, and the exclusions are related to them. Similarly, for the ATPD, the exclusions are elaborate, covering many situations. It is prudent to consult the policy bond for the detailed list and its implications. 

FAQ's

  • Q: Can the annuity installment frequency be changed in the Canara HSBC Pension4Life Policy?

    Ans: Yes, it can be changed any time with a request made at least sixty days, but no less than fifteen days before the anniversary date, and the installment is a minimum of Rs.1000. the change, but the effect will be from the next policy anniversary.
  • Q: What are the conditions for a loan under the Canara HSBC Pension4Life Policy?

    Ans: The loan is granted only if the plan option no. 6 for Deferred Annuity is chosen, provided the policy has acquired a surrender value. The loan amount is a minimum of Rs.50000 and a maximum of 80% of the surrender value.
  • Q: How is a partner defined in the Canara HSBC Pension4Life Policy?

    Ans: Partner is used in the policy in general terms. It is, in reality, the Secondary Annuitant. While the Primary Annuitant is Self, the Secondary Annuitant can be Spouse, Parent, child, parent-in-law, or Sibling of the Primary Annuitant.
  • Q: How much is the deferred annuity period in the Canara HSBC Pension4Life Policy?

    Ans: The insured chooses the deferred annuity period at the inception of the policy, and it is between 1 and 10 years.
  • Q: Does the Canara HSBC Pension4Life Policy offer surrender benefit?

    Ans: Yes, there is a provision for the surrender of the policy, but only in Plan Option nos. 2 to 6.
  • Q: What are the avenues to save on the purchase price in the Canara HSBC Pension4Life Policy?

    Ans: There are several opportunities for the insured to reduce the purchase price. They are applied for high Purchase Price selection, Loyalty Addition, NPS Annuity, and the policy's online purchase.
  • Q: What is meant by survivorship certificate in the Canara HSBC Pension4Life Policy?

    Ans: The annuitant must mandatorily submit the certificate every year between 60 and 15 days before the policy anniversary to ensure the annuity installment continuity.

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 Pension4Life Reviews & Ratings

4.5 / 5 (Based on 23 Reviews)
(Showing Newest 10 reviews)
Hitesh
Chittaurgarh, July 18, 2016
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.
Jitender
Nagaur, July 07, 2016
Future Investment Policy
The insurance policy i purchase secure my future with full health and wealth care. Service of the staff is good and behaviour too. Policy cover maximum expenditure and claims are high too. Claiming is easy due to fast service given by the staff and executives.
Robin
Amritsar, June 28, 2016
Good Plan
My pension plan is good and now I'm relax for my future. The policy coverage is nice and premium is low. The service is fantastic and claims are okay. Easy to sanction the claiming amount due to fast service provided by the executives. I'm happy to invest my money for my future.
Surjeet
Bengaluru, April 12, 2016
Trustworthy
Service is bit slow but the work is completed with full terms and conditions. Claims are good and the policy coverage is high around 95%. Premiums are normal ~55 K per year and the returns are Rs.47 K per month after policy get mature. Awesome pension policy plan which i buy from canara hsbc life insurance.
Dixit
Sonipat, April 12, 2016
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.
Akrosh
Hyderabad, April 12, 2016
Satisfactory
Recently took pension policy plan with canara hsbc Life Insurance. Great future investment policy plan with low premiums and high policy coverage ~94%. The service providers facilitate the very nice benefits with calm behaviour. Claims are easily sanctioned and time period is less. Nice policy plan, satisfied with it.
Japendra
Gwalior, April 12, 2016
Fantastic Pension Plan
I got a very good policy plan from canara hsbc Life Insurance. The policy is great for future investment nice pension policy plan. The coverage is good ~89%, service is great, even the claims are better. Great policy, very happy with it.
Dinesh
Udupi, April 12, 2016
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.
Lokesh
Mohali, April 12, 2016
Good Service
I own the canara hsbc life insurance pension plans. The investment is low and the returns is huge. Policy coverage is 88% and claims are good. The service is awesome and fast with very calm behaviour from executives and team members. Nice future investment which saves taxes too. Extra 5% less for women on premiums.
Vabhav
Haldwani, April 12, 2016
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.
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