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Canara HSBC Pension Plans

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.

What Are Pension Plans?

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.

Features and Benefits of Canara HSBC Pension Plans

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:

Secure Bhavishya Plan

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:

  • The plan offers Guaranteed Maturity Benefit
  • Investor has the flexibility to choose the premium payment term
  • The plan offers loyalty additions to boost the vesting benefit
  • Investors are given the flexibility to choose and select the vesting age and the premium payment term as per their needs and requirements.
ParticularsCriteria
Age at entryMinimum 25 Years Maximum 70 Years
Vesting AgeMinimum 40 Years Maximum 80 Years
Policy TenureVesting Age (minus) Age at entry subject to the following conditions:
  • Max Policy tenure 80 years minus entry age
  • Min Policy tenure 10 years
  • For regular and limited premium payment mode, the maximum policy tenure is 35 years
  • For single premium payment mode, the maximum policy tenure is 30 years
  • Premium Payment TenureFor 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 AmountFor Single Premium, Rs. 3,00,000.00 For Regular and Limited Pay Policies annualized and monthly premiums as under:
  • Policy Tenure 5 years to 9 years: Annualized Premium Rs 50,000 and Monthly Premium Rs 5,000
  • Policy Tenure 10 years and above: Annualized Premium Rs 25,000 and Monthly Premium Rs 3,000
  • Premium Payment ModesSingle Pay / Annual / Monthly

    Smart Lifelong Plan

    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:

    • The plan offers lifelong coverage up till the age of 99 years.
    • The plan offers flexibility to the policyholder to choose the premium payment term for the policy.
    • The plan offers flexibility of switching and redirecting funds as per the market movement and as per the risk appetite of the investor.
    • In the case of financial emergency, the plan allows the policyholder to carry out partial withdrawal of money from 6th policy year.
    • From the 6th Policy Year, the policyholder is given the flexibility to increase or decrease the sum assured as per changing financial requirements subject to terms and conditions stipulated under the plan.
    • The plan offers Auto Funds Rebalancing option to the policyholder.
    ParticularsCriteria
    Age at entryMinimum 7 years Maximum 65 Years
    Policy TenureUp to age 99
    Premium Payment TenureMinimum 10 Years Maximum 99 minus Entry Age
    Premium AmountMinimum: Monthly Rs 3000 and Annual: Rs. 25000 Maximum: No Limit
    Premium Payment ModesMonthly / Annual

    Samridh Bhavishya Plan

    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:

    • Enjoy guaranteed lifetime income
    • Flexibility to extend the regular payments of annuity to your spouse
    • Flexibility to choose lifetime annuity with guaranteed payment period of 5 years / 10 Years/ 15 Years or 20 Years
    ParticularsCriteria
    Age at entryMinimum 30 Years Maximum NO LIMIT
    Purchase PriceMinimum Rs. 2 Lakhs Maximum NO LIMIT
    Annuity Payment ModesAnnual/ Half – Yearly/ Quarterly / Monthly

    Smart Monthly Income Plan

    The Smart Monthly Income Plan is designed to offer regular income stream to the policyholder. Following are the unique features offered by the plan:

    • The plan offers life coverage
    • The plan guarantees regular monthly income to the policyholder
    • The plan offers loan facility to meet financial contingencies
    • Enjoy guaranteed income and bonuses
    ParticularsCriteria
    Age at entryMinimum 18 Years Maximum 55 Years
    Maturity AgeMinimum 43 Years Maximum 80 Years
    Policy Tenure25 Years
    Premium Payment Tenure15 Years
    Minimum Premium AmountPremium calculation based on age, income and premium payment mode opted by the policyholder
    Premium Payment ModesAnnual / Monthly
    Monthly IncomeMin. Income is 2,000 per month

    Smart Future Income Plan

    This plan is designed to help investors plan wisely for the golden years of their life. The plan offers following unique benefits:

    • Enjoy an insurance coverage of 25 years
    • Enjoy Guaranteed Income and Benefits
    • Avail Loan Facility to tackle financial contingencies
    • Enjoy Tax Benefit as per the prevailing tax laws
    ParticularsCriteria
    Age at entryMinimum 18 Years Maximum 55 Yeas
    Maturity AgeMinimum 43 Years Maximum 80 Years
    Sum Assured100 times the chosen monthly income
    Policy Tenure25 Years
    Premium Payment Tenure10 Years
    Minimum Premium AmountPremium calculation based on age, income and premium payment mode opted by the policyholder
    Premium Payment ModesAnnual / Monthly
    Monthly IncomeMin. Income is 5,000 per month

    Canara HSBC Smart Immediate Income Plan

    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:

    Eligibility criteria and parameters of Smart Immediate Income Plan

    Parameter ParticularsCriteria
    Age CriteriaMinimum age at entry: 30 Years Maximum age at entry: No limit
    Purchase PriceThis 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 OptionsFollowing 2 annuity options are available under this plan:
  • Lifetime Annuity with Return of 100% of Purchase price on the death of the Annuitant.
  • Joint Life, Last Survivor with 100% annuity to the secondary annuitant on death of the primary annuitant with return of 100% of purchase price on the death of the last survivor.
  • Annuity Installment ModeAnnuity installment mode is as under:
  • Annual
  • Half-Yearly
  • Quarterly
  • Monthly
  • Annuity modal FactorsModal Factors for annuity payment are as under:
  • Annual: 1.000
  • Half-Yearly: 0.969
  • Quarterly: 0.954
  • Monthly: 0.945
  • How Canara HSBC pension plans work

    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:

    • Step 1: Define your financial goals and needs
    • Step 2: Choose the vesting age as this will determine from when the policyholder shall start receiving annuity
    • Step 3: Choosing the premium payment term. This will help in planning wisely for receiving annuity. For policyholders who are nearing retirement age, single premium pension plan or a limited period pension plan can be selected. While for customers who have started early, one can opt for any one of the following: regular premium payment term, single premium payment term or limited premium payment term as per their financial goals.
    • Step 4: Choosing the premium payment mode. The Canara HSBC pension plans allow premium payment modes as Single premium mode, Annual mode or Monthly mode as per the needs of the policyholder.
    • Step 5: Upon fulfilling all the required criteria, the pension plan shall commence.
    • Step 6: On the date of vesting, the policyholder can withdraw a certain corpus of maturity benefit and invest the remaining part in purchasing an immediate annuity plan. The payment of annuity shall be dependent on the mode chosen by the policyholder.

    FAQs on Canara HSBC Pension Plans

    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.

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