Canara HSBC OBC Samridh Bhavishya Life Insurance Plan and Policy - Canara HSBC Oriental Bank of Commerce Life Insurance Samridh Bhavishya ensure a regular guaranteed income stream post retirement. It provides you annuity installments throughout your lifetime, thereby ensuring that you enjoy your post retirement years the way that you want to.
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:
First installment of annuity is payable at the end of the modal period.
As you near your retirement, the most important thought on your mind would be to lead a secure and comfortable life as always without any dependence on others. Everyone loves financial independence, to enjoy and live a worry free and comfortable lifestyle. 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.
There is no death benefit under this product.
You can choose one of the following annuity options at inception:
For annuity options (1) and (3) - till the death of the annuitant (Single Life); till the death of the last survivor (Joint life).
For annuity options (2)âtill the death of the annuitant or end of guaranteed payment period, whichever is higher.
The annuity rates vary by purchase price band and therefore you would benefit from higher annuity rates if the purchase price (excluding taxes) is `2,00,000 or above. The purchase price bands and additional annualized annuity rate are specified below:
|Purchase Price Band
|Additional annualised annuity rate
(per 1000 of purchase price)
|>= 2,00,000 to < 3,00,000||1.10|
|>= 3,00,000 to < 5,00,000||1.50|
|>= 5,00,000 to < 10,00,000||1.80|
You can avail tax benefit on the premium paid subject to current applicable provisions of Section 80 C of income Tax Act, 1961. Please note that tax laws are subject to amendments from time to time.
#Tax benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor.
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