Canara HSBC is one of the most prominent names in the insurance sector, providing top-notch insurance products that help in safeguarding the financial requirements of their customers. The insurance products are designed to offer economic protection and help them plan wisely for the future financial needs. The pension plans designed by Canara HSBC are launched to focus on satisfying financial requirements of investors in their post retirement golden years of life. Planning for post retirement phase is very crucial as there is no regular income flow, increasing rate of inflation and increasing cost of living makes it important to avail a pension plan that will take care of all requirements and help in living comfortably.
Pension Plans are insurance products that help in planning wisely for post retirement life. Planning for retirement is very crucial as nowadays, the cost of living and medication is increasing constantly. Post retirement as there is no regular income stream, to lead a financially independent and comfortable life, it is very important to start saving by opting for a pension plan that takes care of all future financial needs. Thus, a Canara HSBC pension plan will ensure relaxed and stress-free golden years of life.
Canara HSBC offers a wide range of retirement insurance plans that the investors can customize as per their retirement needs and financial goals. The pension plans offered by Canara HSBC are as under:
This pension plan of Canara HSBC is a one-stop retirement solution for all the financial needs arising in the post-retirement phase. The plan is created to offer stress-free retirement life. The unique features offered by the plan are as under:
| Particulars | Criteria |
|---|---|
| Age at entry | Minimum 25 Years Maximum 70 Years |
| Vesting Age | Minimum 40 Years Maximum 80 Years |
| Policy Tenure | Vesting Age (minus) Age at entry subject to the following conditions:
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| Premium Payment Tenure | For Single Premium policies: One time premium For Regular Premium pay policies: Min 10 Years and Max equivalent to policy tenure For Limited Premium Pay policies: Min 5 Years and Max 34 Years |
| Minimum Premium Amount | For Single Premium, Rs. 3,00,000.00
For Regular and Limited Pay Policies annualized and monthly premiums as under:
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| Premium Payment Modes | Single Pay / Annual / Monthly |
The Canara HSBC Smart Lifelong Plan is designed to help investors create wealth and provide whole life coverage. The Smart Lifelong Plan, as the name suggests, is designed to cater to various financial needs arising at various stages of life. Following are the unique features offered by the plan:
| Particulars | Criteria |
|---|---|
| Age at entry | Minimum 7 years Maximum 65 Years |
| Policy Tenure | Up to age 99 |
| Premium Payment Tenure | Minimum 10 Years Maximum 99 minus Entry Age |
| Premium Amount | Minimum: Monthly Rs 3000 and Annual: Rs. 25000 Maximum: No Limit |
| Premium Payment Modes | Monthly / Annual |
This plan is non-linked non-participating annuity plan that ensures guaranteed income flow during the post retirement phase. The plan offers payment of annuity in installments, so that the investor can lead a comfortable lifestyle. Following are the unique benefits offered by the plan:
| Particulars | Criteria |
|---|---|
| Age at entry | Minimum 30 Years Maximum NO LIMIT |
| Purchase Price | Minimum Rs. 2 Lakhs Maximum NO LIMIT |
| Annuity Payment Modes | Annual/ Half – Yearly/ Quarterly / Monthly |
The Smart Monthly Income Plan is designed to offer regular income stream to the policyholder. Following are the unique features offered by the plan:
| Particulars | Criteria |
|---|---|
| Age at entry | Minimum 18 Years Maximum 55 Years |
| Maturity Age | Minimum 43 Years Maximum 80 Years |
| Policy Tenure | 25 Years |
| Premium Payment Tenure | 15 Years |
| Minimum Premium Amount | Premium calculation based on age, income and premium payment mode opted by the policyholder |
| Premium Payment Modes | Annual / Monthly |
| Monthly Income | Min. Income is 2,000 per month |
This plan is designed to help investors plan wisely for the golden years of their life. The plan offers following unique benefits:
| Particulars | Criteria |
|---|---|
| Age at entry | Minimum 18 Years Maximum 55 Yeas |
| Maturity Age | Minimum 43 Years Maximum 80 Years |
| Sum Assured | 100 times the chosen monthly income |
| Policy Tenure | 25 Years |
| Premium Payment Tenure | 10 Years |
| Minimum Premium Amount | Premium calculation based on age, income and premium payment mode opted by the policyholder |
| Premium Payment Modes | Annual / Monthly |
| Monthly Income | Min. Income is 5,000 per month |
Canara HSBC offers very impressive annuity plan named as Smart Immediate Income Plan. This plan guarantees regular flow of income post retirement. The plan ensures that the policyholder receives annuity as per their requirement in installments throughout the post retirement phase and lifetime. Thus, with Canara HSBC Smart Immediate Income Plan, the policyholder can receive a regular flow of income, thereby satisfying all their financial needs and maintaining a comfortable lifestyle. Following are the eligibility criteria for availing the Canara HSBC Smart Immediate Income Plan:
| Parameter Particulars | Criteria |
|---|---|
| Age Criteria | Minimum age at entry: 30 Years Maximum age at entry: No limit |
| Purchase Price | This immediate annuity plan is available in Single Premium payment mode. Minimum Purchase price is RS 2.00 Lakhs Maximum Purchase Price is NO LIMIT |
| Annuity Options | Following 2 annuity options are available under this plan:
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| Annuity Installment Mode | Annuity installment mode is as under:
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| Annuity modal Factors | Modal Factors for annuity payment are as under:
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The pension plans offered by Canara HSBC are designed to offer pension to the policyholder during the golden years of their life. Post retirement is an important phase where every individual wants financial independence and pension plans are designed to offer financial freedom to investors during this time. The Canara HSBC pension plans work in the following manner:
What is the death benefit under a pension plan?
The death benefits receivable by the nominee under a pension plan is as under: The nominee can withdraw the entire death benefit proceeds offered under the plan, or The nominee can opt to utilize the partial death benefit proceeds or entire proceeds of death benefit to purchase an immediate annuity plan from the insurance provider.
Can I make an early withdrawal from my pension plan?
Yes, policyholders of pension plans can make an early withdrawal of funds from their policy, subject to certain terms and conditions. An early withdrawal of funds is possible by surrendering of policy.
What is meant by way of Annuity in a pension plan?
Annuity refers to the pension receivable by the policyholder. Way of annuity refers to the manner in which the policyholder shall receive the pension. The way of annuity is decided by the policyholder as it solely depends on the financial needs of the policyholder during the post retirement phase.
Are there tax advantages accompanying Pension Plans in India?
Policyholders are entitled to receive tax benefit as per the prevailing income tax laws prevailing under the Income Tax Act, 1961.
What are the premium payment modes for the Canara HSBC Pension Plan?
The modes of annuity payment of annuity shall be decided by the policyholder on the date of vesting of the pension plan.
How do I check the status of my policy for Canara HSBC pension plans?
Checking the pension policy status of Canara HSBC is very simple. Policyholder can walk-in to the nearest Canara HSBC branch office and get the current status of their pension plan. Alternatively, the policyholder can login to his Canara HSBC online account and check for the current pension plan status.
What is the process of renewal of my policy for the pension plan of Canara HSBC?
Policy renewal of Canara HSBC pension plan is real quick and easy. Policyholders can renew their plans in the following ways: Visit the nearest branch office of Canara HSBC Pay the premium amount online by login into the Canara HSBC account
What is the claim settlement process for the pension plan of Canara HSBC?
Claim settlement process is of two types: Maturity Benefit and Death Benefit. Following is the process to settle claim for Canara HSBC Pension Plan: In case of Maturity Claim settlement, the policyholder, after the date of vesting, has to visit the nearest Canara HSBC branch office and submit the relevant required documents like original policy document, duly filled maturity claim form and other required document and Canara HSBC shall credit the maturity claim amount in policyholder’s account. In case of death, the nominee has to contact the nearest Canara HSBC branch office and register the death claim along with required relevant documents like original policy document, KYC documents of the claimant/ nominee, duly filled claim form, treating hospital certificate etc.
What is the process of cancellation of your pension plan from Canara HSBC?
In case the policyholder does not agree with the terms and conditions of the pension plan, then Canara HSBC allows cancellation of pension plan during the free look period. Customer can cancel the pension plan by returning the policy document to the company stating the reason of non-acceptance. Canara HSBC allows a 15 days free look period and 30 days for policies sourced through online mode.
What is the entry age criteria for buying Canara HSBC pension plans?
Canara HSBC has numerous pension plans that the policyholders can avail as per their financial goals and needs.
What is the minimum and maximum maturity age under Canara HSBC pension plans?
The pension plans offered by Canara HSBC have different minimum and maximum maturity age. Policyholders need to carry thorough research as per their financial goals and decide the best pension plan to invest.
What are the premium paying term options available under Canara HSBC pension plans?
Canara HSBC Pension plans come in various premium paying terms like Single Pay, Limited Premium Payment term or Regular Premium payment term.
What are the options available for the term of Canara HSBC pension plans?
Canara HSBC pension plans offer various term options to customers. Customers can choose the policy term by keeping in mind their investment goals and needs.
Are there any riders available under Canara HSBC pension plans?
Rider benefit is not available for pension plans of Canara HSBC.
