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Canara HSBC OBC Smart Immediate Income Life Insurance Plan and Policy

Canara HSBC OBC Smart Immediate Income Life Insurance Plan and Policy - Canara HSBC Oriental Bank of Commerce Life Insurance Smart Immediate Income Plan 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.

Eligibility - Canara HSBC OBC Smart Immediate Income Life Insurance Plan and Policy

Parameter Description
Entry age
Minimum: 30 years
Maximum: No limit.
Purchase Price (Single Premium)
Minimum Purchase Price: ` 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

Policy Details - Canara HSBC OBC Smart Immediate Income Life Insurance Plan and Policy

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.

  • 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
  • Your family gets the safety net through return of purchase price in case of your death
  • Flexibility to choose annuity installment frequency as Annual, Semi-Annual, Quarterly or Monthly
  • Benefit of higher annuity installment for large purchase price

Benefits - Canara HSBC OBC Smart Immediate Income Life Insurance Plan and Policy

Death Benefit - Canara HSBC OBC Smart Immediate Income Life Insurance Plan and Policy

In case of death of the annuitant (for single life) or last survivor (for Joint life), the purchase price (excluding taxes) shall be payable as Death Benefit. Any outstanding annuity installments till the date of death shall also be payable along with the Death Benefit.

However, all the Annuity Installments paid from Date of Death to Date of Intimation of Death to the Company shall be reduced from the Death Benefit payable.

Annuity Term - Canara HSBC OBC Smart Immediate Income Life Insurance Plan and Policy

Single life - till the death of the annuitant.

Joint life - till the death of the last survivor.

Higher annuity installment for high purchase price - Canara HSBC OBC Smart Immediate Income Life Insurance Plan and Policy

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 
(excluding service tax and education cess)
Additional annualised annuity rate
(per 1000 of purchase price)
< 2,00,000 Nil
> 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
> 1,000,000 2.00

Tax Benefits - Canara HSBC OBC Smart Immediate Income Life Insurance Plan and Policy

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.

#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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