Home > Life Insurance > Pension Plan > Canara HSBC Oriental Bank of Commerce Life Insurance
canara-logo

Canara HSBC Oriental Bank of Commerce Life Insurance

  • We help in maximising your retirement corpus
  • Simple and uncomplicated comparisons of all plans
  • Clear features, benefits, and costs for each plan
  • Tax free corpus, maximum returns & right vesting age

Canara HSBC Oriental Bank of Commerce Life Insurance

Overview
There are multiple insurance plans offered by Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited to customers. The joint venture entity between Oriental Bank of Commerce, Canara Bank and HSBC Insurance was founded in the year 2008 and has access to more than 8, 000 branches of the parent companies and a network of 60 million customers. The organization offers innovatively tailored insurance and investment products to customers and counts market expertise, research and financial strength as its biggest USPs. Following a low-cost business model with streamlined operations across branches, the entity seeks to offer some of the lowest priced insurance policies to customers in the market today.

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited: Pension Plans
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited offers pension plans to customers. The Immediate Pension Plan ensures a secure and hassle free retirement by providing annuity payments throughout one’s lifetime. These payments help in ensuring a comfortable retired life and start within only a month of the premium payment for maximum convenience.

Documentation needed to apply for Canara HSBC Oriental Bank of Commerce Life Insurance
  • Age proof - (Any One)
    Driving License, Passport, Voter ID Card, Birth Certificate, etc
  • Identity proof – (Any One)
    Driving License, Passport, Voter ID card, PAN Card, Aadhar Card, or any document which proves citizenship
  • Income proof
  • Address proof – (Any One)
    Driving License, Passport and Utility Bill should clearly mention the permanent address
  • Income proof – (Any One)
    Salary Slip, Form 16, ITR
  • Recent passport size photograph

Canara HSBC Oriental Bank of Commerce Pension Plans
  • Canara HSBC Oriental Bank of Commerce Life Insurance Smart Immediate Income Plan: This is a traditional retirement plan offering annuity installments throughout your lifetime.
  • Canara HSBC Oriental Bank of Commerce Life Insurance Samridh Bhavishya: Canara An endowment plan that ensures a regular guaranteed income stream post retirement.
  • Canara HSBC Oriental Bank of Commerce Life Insurance Secure Bhavishya Plan: This plan offers freedom to plan your retirement with market linked returns.

1: Canara HSBC Oriental Bank of Commerce Life Insurance Smart Immediate Income Plan: This plan offers regular guaranteed income stream post retirement making it an ideal retirement plan assuring income for a lifetime.

Advantages and Benefits
  • Guaranteed lifetime income directly credited to your bank account.
  • Option to receive regular payments for as long as you or your partner is alive.
  • Benefit of higher annuity installment for large purchase price.
Features Description
Entry age Minimum: 30 years
Maximum: No limit.
Purchase Price (Single Premium) Minimum Purchase Price: Rs. 2,00,000 (excluding taxes).
Maximum Purchase Price: No limit
Annuity Options You can choose one of the following annuity options at inception:
1. Lifetime annuity with Return of 100% of purchase price (excluding service tax and education cess) on death of the annuitant
2. Joint Life, Last survivor with 100% annuity to the secondary annuitant on death of the primary annuitant with Return of 100% of purchase price (excluding service tax and education cess) on the death of the last survivor
Annuity Installment Frequency / Mode Annual, Semi-Annual, Quarterly or Monthly modes are available under this plan. The modal factors are:
Annual: 1.000
Semi-Annual: 0.969
Quarterly: 0.954
Monthly: 0.945

https://www.canarahsbclife.com/lifeinsurance/portal/canh/home/for-individual/smart-immediate-income-plan

2: Canara HSBC Oriental Bank of Commerce Life Insurance Samridh Bhavishya: This is a retirement plan tailor made to offer annuity installments throughout your lifetime assuring a financial cushion for post retirement years.

Advantages and Benefits
  • Guaranteed lifetime income directly credited to your bank account.
  • Option to choose Lifetime annuity with guaranteed payment period of 5/10/15/20 years.
  • High Purchase Price benefit through increase in annuity rates.
Features Description
Entry age Minimum: 30 years
Maximum: No limit.
Note: Annuity below age 30 years will be offered only in case the policy is purchased from the proceeds of group or individual pension accumulation plan of the Company.
Purchase Price (Single Premium) Minimum Purchase Price: 2,00,000 (excluding taxes).
Purchase price of less than 2,00,000 shall be allowed only in case the annuity is purchased from the proceeds of group or individual pension accumulation plan of the Company
Maximum Purchase Price: No limit
Please note that Purchase Price will be received as single premium only.
Annuity Installment Frequency / Mode Annual, Semi-Annual, Quarterly or Monthly modes are available under this plan. The modal factors are:
Annual:1.000
Semi-Annual:0.969
Quarterly:0.954
Monthly:0.945
First installment of annuity is payable at the end of the modal period.

https://www.canarahsbclife.com/lifeinsurance/portal/canh/home/for-individual/samridh-bhavishya

3: Canara HSBC Oriental Bank of Commerce Life Insurance Secure Bhavishya Plan: A unit linked retirement plan offering market linked returns along with the cushion of a guaranteed vesting benefit.

Advantages and Benefits
  • Guaranteed Maturity (Vesting) Benefit of 101% of premiums paid.
  • Loyalty Additions to boost your fund value after every 5 years, starting from 10th policy year.
  • Unlimited top-ups allowed ensuring maximum protection.
Features Description
Entry age Minimum: 25 years
Maximum: 70 years.
Vesting Age Minimum: 40 years
Maximum: 80 years>
If the policy is sourced under QROPS, the Age of the Life Assured on the Vesting date should be between 55 (Fifty Five) years and 75 (Seventy Five) as per the prevailing Her Majesty Revenue & Customs (HMRC) requirements.
Premium Payment Term (PPT) For Single pay – One time premium only
For Limited pay:
PPT-Minimum: 5 years
PPT - Maximum Limited Pay: 34 years
Regular
PPT -Minimum : 10 years
PPT- Maximum: Equal to the Policy Term For policy sourced under QROPS, only Single pay option is available
Premium Payment Modes Regular / Limited pay – Annual & Monthly modes are available Please note that it is mandatory to pay first 3 months premium in advance if you have chosen monthly mode of premium payment For policy sourced under QROPS, only Single pay option is available
Minimum Premium For Single pay – Rs. 3,00,000 However, in case the Single pay variant is purchased from the proceeds of company's pension plan, there is no minimum premium limit to purchase the single pay variant.
For Regular / Limited pay:
Annual Premium (for premium payment term of 5 to 9 years): Rs. 50,000
Annual Premium (for premium payment term of 10 years and above): Rs. 25,000
Monthly Premium (for premium payment term of 5 to 9 years): Rs. 5,000
Monthly Premium (for premium payment term of 10 years and above): Rs. 3,000
For Top-ups – Rs. 10,000
Policy Term Vesting age less entry age, subject to following conditions:
  • Maximum policy term is 80 years less entry age
  • Minimum policy term is 10 years
  • For Regular / Limited pay, maximum policy term is limited to 35 years
  • For Single pay variant, maximum policy term is limited to 30 years
Option to increase the Policy Term / accumulation period: At any time, Vesting age (Policy Term) can be extended (within the maximum limits prescribed above) by giving a written notice of at least 3 (Three) months prior to the Vesting Date provided you are less than 55 years of age as on that date.

For Regular pay variant, there will be an additional option to extend the accumulation period along with vesting age (wherein the customer shall pay the premiums as well).If the policy is sourced under QROPS, the Age of the Life Assured on the Vesting date should be between 55 (Fifty Five) years and 75 (Seventy Five)

https://www.canarahsbclife.com/lifeinsurance/portal/canh/home/for-individual/secure-bhavishya