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About Pension4life Plan
UIN: 136N071V10
As you approach your retirement, the most important thought on your mind is to lead a secure and comfortable life as you have always led, without any dependence on others. Everyone loves to be financially independent, to enjoy and to live a worry free and comfortable life. This is even more important in your golden years as after so many years of hard work, money should not be a concern for you to decide how you would spend your retirement years.
A smart way to ensure a regular guaranteed income stream as per your needs post retirement, is to buy Canara HSBC Life Insurance Pension4life Plan, that is an annuity product where you will receive defined level of annuity instalments in exchange of a Purchase Price.
Annuity Options
Options under the Plan
- Option 1- Immediate Life Annuity (Single Life)
- Option 2- Immediate Life Annuity with Return of Purchase Price (Single Life)
- Option 3- Immediate Life Annuity with Return of Balance Purchase Price (Single Life)
- Option 4- Immediate Life Annuity with Return of Purchase Price on Critical Illness (CI) or Accidental Total & Permanent Disability (ATPD) or Death (Single Life)
- Option 5- Immediate Joint Life Annuity with Return of Purchase Price
- Option 6- Deferred Life Annuity with Return of Purchase Price (Single Life)
- Option 7- NPS - Family Income (option available only for National Pension System (NPS) subscribers)
Please note that an Annuity option once chosen at policy inception cannot be changed at a later stage.
Why Buy
- Wide range of annuity options to choose from
- Guaranteed lifetime income directly credited to your bank account to cater to your needs
- Option to receive regular payments for as long as you or your partner* is alive
- Option to receive immediate or Deferred Annuity
- Safety net for family through return of purchase price in case of your death
- Flexibility to choose annuity installment frequency as Yearly, Half-yearly, Quarterly or Monthly
- Benefit of higher annuity installment for higher purchase price
- Options for banks / financial institutions in respect of annuity payments for their commitments to the home owners under Reverse Mortgage schemes
#Partner here refers to the Secondary Annuitant in case of joint life. The Secondary Annuitant can be spouse, child, parent, parent-in-law or sibling of the Primary Annuitant. Other relationships maybe considered as long as there is an insurable interest between the annuitants.
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- Benefits
- How it Works
- Age Criteria
- Purchase Price and Annuity Instalment
- Annuity Frequency
| Annuity Option | Benefits |
|---|---|
| Immediate Life Annuity (Single Life) | Annuity is payable throughout the life of the Annuitant On death of the Annuitant, all future annuity payout ceases. |
| Immediate Life Annuity with Return of Purchase Price (Single Life) | Annuity is payable throughout the life of the Annuitant. On death of the Annuitant, all future annuity payout ceases and Purchase Price shall be payable |
| Immediate Life Annuity with Return of Balance Purchase Price (Single Life) | Annuity is payable throughout the life of the Annuitant. On death of the Annuitant, the balance of Purchase Price, equal to Purchase Price less sum total of annuity Instalments paid till the date of death, shall be payable and all future annuity payout ceases. |
| Immediate Life Annuity with Return of Purchase Price on Critical Illness (CI) or Accidental Total & Permanent Disability (ATPD) or Death (Single Life) | Annuity is payable throughout the life of the Annuitant. On the Annuitant being diagnosed with any of the 7 covered Critical Illnesses or Accidental Total & Permanent Disability before age 85 or on death of the Annuitant, whichever occurs earlier, the annuity payments will cease and Purchase Price shall be payable. No additional benefit shall be payable |
| Immediate Joint Life Annuity with Return of Purchase Price | Annuity will be payable, as long as one of the two Annuitants is alive. On the death of the Primary Annuitant, Secondary Annuitant will receive 100% of original annuity throughout his / her life. On death of the last survivor, all future annuity ceases and Purchase Price shall be payable. |
| Deferred Life Annuity with Return of Purchase Price (Single Life) | Annuity will be payable post Deferment Period, for as long as the Annuitant is alive. On death of the Annuitant, all future annuity ceases immediately and the death benefit shall be payable which is higher of:
|
| NPS – Family Income (option available only for National Pension System (NPS) subscribers) | Under this option, the annuity benefit would be payable in accordance with the regulations prescribed by Pension Fund Regulatory and Development Authority (PFRDA) as amended from time to time. In case the subscriber chooses this Annuity Option and has a spouse, benefits will be payable as per the Annuity Option “Immediate Joint Life Annuity with Return of Purchase Price”. However, in case the subscriber does not have a spouse, benefits will be payable as per the Annuity Option “Immediate Life Annuity with Return of Purchase Price (Single Life)” |
You can customize the policy to suit your financial goals and requirements in just 5 simple steps:
- Choose the purchase price (single premium) that you wish to pay to buy the annuity or choose the annuity instalment you wish to receive.
- Choose your annuity option (If annuity option 6(Deferred Life Annuity with Return of Purchase Price) is chosen, choose the deferment period).
- Choose your annuity instalment frequency - Yearly, Half-Yearly, Quarterly or Monthly
- Provide yours and your partner's details (if applicable).
- Pay purchase price and receive the annuity instalments through direct credit in your bank account.
Entry Age (Age last birthday)
| Minimum : | 30 years |
| Maximum : | |
Option 4 -Immediate Life Annuity with Return of Purchase Price on Critical Illness (CI) or Accidental Total & Permanent Disability (ATPD) or Death (Single Life) | 80 years |
Option 6Deferred Life Annuity with Return of Purchase Price (Single Life) | |
Option 7 -NPS – Family Income (option available only for National Pension System (NPS) subscribers) | As per PFRDA Regulations amended from time to time |
| All other options | No Limit |
For Entry Age exceeding 99 years, the Annuity Rate for the Entry Age 99 years shall be applicable. Note: For a Policy purchased from the proceeds arising out of the Company’s or any other insurer’s Pension Products / demise of NPS subscriber, the Minimum Entry Age shall be 0 years.
Maximum Maturity Age
Not Applicable
| Purchase Price (Single Premium) & Annuity Instalment | Minimum Purchase Price: Rs.2,00,000 Minimum Annuity Instalments are Rs.12, 000, Rs.6,000, Rs.3,000 and Rs.1,000 respectively for Yearly, Half-Yearly, Quarterly and Monthly mode. Maximum Purchase Price: No limit Please note that Purchase Price will be received as single premium only. |
| Mode | Modal Factors |
|---|---|
| Yearly | 1.00 |
| Half-Yearly | 0.98 |
| Quarterly | 0.97 |
| Monthly | 0.96 |
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