Canara HSBC Pension Plans

Canara HSBC Pension Plans
  • 10k+ Branches all over India
  • 24x7 Customer Assistance
  • Most Trusted Insurer
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About Canara HSBC Life Insurance Company

Canara HSBC is one of the topmost life insurance companies. It is a joint venture between Canara Bank, Oriental Bank of Commerce and HSBC Insurance Holdings Limited. The company has served more than 115 million customers and around 10000 branches in all over India. Canara HSBC Life Insurance launched in 2008.

The company has received many awards and accolades during its journey which reflects the company's strength. It caters to different life insurance needs starting from protection to retirement plans. The company has a team of experts to come out with innovative solutions.

  • 10000+ Branches: The company has 10000+ branches all over India to serve customers with each and every insurance needs.
  • Customer Assistance: Customer Assistance is one of the strongest strengths of this organization. The company has teams of experts to assist you 24*7.
  • Trusted Insurer: With the experience of many years and support of public banks, the company has come out as the most trusted insurer.
Canara HSBC Pension Plans

Statistics

HeadquarteredGurgaon
Branches10000+
Business LineLife Insurance

Canara HSBC Pension Plans in India

Canara HSBC Life Insurance Company is offering a wide range of pension plans that you can buy online easily. Such pleas are designed in a way to cater to the different needs of customers. Below is the list of Canara HSBC Pension Plans.

1. Smart Future Income Plan

Smart Future Income Plan is a pension plan by Canara HSBC that helps you in planning for the golden years of your life. The plan offers guaranteed monthly income to meet your lifestyle and retirement needs. The plan comes out with several additional bonuses.

Key Features of Smart Future Income Plan

  • Guaranteed Income: The plan will keep on providing guaranteed income to you dso that you can deal easily with your lifestyle and retirement needs.
  • Lump-Sum Benefit: The Smart Future Income Plan also offers a lump sum benefits through bonuses. It will help you in the long run.
  • Guaranteed Protection: he plan allows you to do legacy planning for a family with guaranteed protection feature.
  • Loan Available: It provides the required flexibility with the help of loans. IT also provides tax benefits to you.

Eligibility of Smart Future Income Plan

Entry Age18 years-55 Years
Maturity Age43 years to 80 years
Policy Term15 years
Sum Assured100 times the chosen Monthly Income
Premium Payment Term10 Years

2. Smart Monthly Income Plan

Smart Monthly Income Plan is again a Canara HSBC Pension plan which is designed to provide the much needed assistance during your retirement days. It is a non-linked participating insurance plan that comes out with a life cover for 25 years. The plan will assist you in securing your golden years financially

Key Features of Smart Monthly Income Plan

  • Life Cover: With Smart Monthly Income Plan, you will get a life cover for 25 years by paying a premium for 15 years only. The plan is available at affordable prices.
  • Guaranteed Monthly Income: It will offer guaranteed monthly income to you for 5 years and that too starting from 11th year onwards.
  • Annual and Final Bonus: The plan will provide a lump-sum bonus through the annual and final bonus. The flexibility of the loan is also there.
  • Set Off Facility: The plan has the feature of a set-off facility that allows you to adjust from receivable income.

Eligibility of Smart Monthly Income Plan

Entry Age18-55 years
Policy Term25 years
Premium Payment Term15 years
Sum assured100 times the chosen Monthly Income
Maturity Age43-80 years

3. Samridh Bhavishya

Canara HSBC Samridh Bhavishya plan make sure that you receive a regular guaranteed income stream post-retirement. It offers lifetime annuity installments and ensures that you are enjoying your post-retirement days as you want it to be.

Key Features of Samridh Bhavishya

  • Guaranteed Income: The plan comes out with the option of a lifetime income that will be credited directly to your bank account and assist you to cater to different needs.
  • Regular Payments: It offers the option to receive regular payment as long as you or your partner is alive. Annuity Options:- Offers the opportunity to select lifetime annuity along with a guaranteed payment period.
  • High purchase: The plans come out with a high purchase price benefit with the increase in annuity rates.

Eligibility of Samridh Bhavishya

Entry Age30 Years- No Limit
Purchase PriceMinimum 200000
Tax BenefitAvailable

4. Smart Immediate Income Plan

Smart Immediate Income Plan provides a regular guaranteed income stream post-retirement. It also comes out with an annuity installment option throughout your lifetime. It makes sure that you enjoy your post-retirement life happily.

Key Features of Smart Immediate Income Plan

  • Guaranteed Life Income: The plan will provide guaranteed lifetime income that will be credited to your bank account directly
  • Safety Net: It offers the safety net that means you can receive regular payments in case of an eventuality as far as your partner live
  • Single & Joint Annuity Options: Your family gets the required safety net via the purchase price in case of your demise
  • Benefit of high Annuity Investment: The plan also offers the benefit of higher annuity installment for the large purchase price.

Eligibility of Smart Immediate Income Plan

Entry AgeMinimum -30 years
Maximum- No Limit
Purchase PriceMinimum 200000
Annuity Installment Frequency modeAnnual, Semi-Annual, Quarterly or monthly
Annuity optionsAvailable

Why Canara HSBC Pension Plan

Canara pension plan offers policies with a large variety of benefits for you and your family. Canara OBC life insurance offers numerous Retirement insurance for individuals, families, and so forth. Canara HSBC pension plan offers customized policies that could enclose almost any Retirement need which you may have.

Canara HSBC OBC Pension Plans Advantages

  • Death benefit: If the insured had died within the coverage duration, then the sum assured could be payable to their family contributors or nominee selected by using the Insured.
  • Maturity benefit: Maturity advantage applies to this pension insurance plan
  • Tax benefit: You can get tax benefit on Canara pension plan for charges paid underneath section 80C and sec 10(10D) of the Income Tax Act 1961 for the loss of life benefit acquired by the insured family members.
  • Guaranteed profits advantage: Assured monthly profits for 15 years

Canara HSBC Pension Plan Key Functions

The following are the retirement plans offered by Canara HSBC:

  • Lump Sum advantage with bonuses
  • Survival gain
  • Excessive Sum Assured Rebate
  • Flexibility through Loans
  • Flexible premium payment

Canara HSBC pension plan offers great retirement insurance for individuals, corporations, and couples. The Retirement plans provided by Canara HSBC Oriental Bank of Commerce have attractive features and advantages.

FAQs

For the same, you can use an online pension premium calculator that might ask you for basic details and will give an estimate about the payable premium.

Yes, by Investing in Pension plan you will be liable to avail tax benefits under Section 80C of the Income Tax Act. You must check the same in your plan.

The pension plan does carry several additional riders to enhance the benefits of the pension plan. Some of the top riders are

  • Accidental death and dismemberment rider
  • Term rider
  • Critical illness rider
  • Waiver of premium rider

Earlier withdrawals are allowed but it varies from insurer to insurer and plans to plan so it is vital to check your plan for the same.

If you want to change your premium payment frequency you must directly contact your pension plan provider as they might have their own rules and regulations.

Yes, these days companies are offering this option to make your payment digitally from the comfort of your home or any other place.

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Last updated on 05-11-2019