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Canara HSBC OBC Secure Bhavishya Life Insurance Plan and Policy

Canara HSBC OBC Secure Bhavishya Life Insurance Plan and Policy - Canara HSBC Oriental Bank of Commerce Life Secure Bhavishya Plan.  Finance your future today, to make sure you enjoy life tomorrow. Our retirement solutions have been created to ensure that you lead your life tension free. Our Secure Bhavishya Plan gives you the freedom to plan your retirement so that you can enjoy it just the way you want!

Eligibility - Canara HSBC OBC Secure Bhavishya Life Insurance Plan and Policy

Parameter Description
Entry age
Minimum: 25 years
Maximum: 70 years.
Vesting Age
Minimum: 40 years
Maximum: 80 years>
If the policy is sourced under QROPS, the Age of the Life Assured on the Vesting date should be between 55 (Fifty Five) years and 75 (Seventy Five) as per the prevailing Her Majesty Revenue & Customs (HMRC) requirements.
Premium Payment Term (PPT)
For Single pay – One time premium only

For Limited pay:
PPT-Minimum: 5 years
PPT - Maximum Limited Pay: 34 years

Regular
PPT -Minimum : 10 years
PPT- Maximum: Equal to the Policy Term
For policy sourced under QROPS, only Single pay option is available
Premium Payment Modes
Regular / Limited pay – Annual & Monthly modes are available Please note that it is mandatory to pay first 3 month’s premium in advance1 if you have chosen monthly mode of premium payment For policy sourced under QROPS, only Single pay option is available
Minimum Premium
For Single pay - ` 3,00,000
However, in case the Single pay variant is purchased from the proceeds of company's pension plan, there is no minimum premium limit to purchase the single pay variant. 

For Regular / Limited pay:
Annual Premium (for premium payment term of 5 to 9 years): ` 50,000
Annual Premium (for premium payment term of 10 years and above): `25,000

Monthly Premium (for premium payment term of 5 to 9 years): ` 5,000
Monthly Premium (for premium payment term of 10 years and above): ` 3,000
For Top-ups - ` 10,000
Policy Term
Vesting age less entry age, subject to following conditions:
• Maximum policy term is 80 years less entry age
• Minimum policy term is 10 years
• For Regular / Limited pay, maximum policy term is limited to 35 years
• For Single pay variant, maximum policy term is limited to 30 years

Option to increase the Policy Term / accumulation period:
At any time, Vesting age (Policy Term) can be extended (within the maximum limits prescribed above) by giving a written notice of at least 3 (Three) months prior to the Vesting Date provided you are less than 55 years of age as on that date. 

For Regular pay variant, there will be an additional option to extend the accumulation period along with vesting age (wherein the customer shall pay the premiums as well).
If the policy is sourced under QROPS, the Age of the Life Assured on the Vesting date should be between 55 (Fifty Five) years and 75 (Seventy Five) as per the prevailing Her Majesty Revenue & Customs (HMRC) requirements.

1Collection of advance premium shall be allowed within the same financial year for the premium due in that financial year. However, where the premium due in a financial year is being collected in previous financial year, the premium may be collected for a maximum period of three months in advance of the due date of the premium. The premium so collected in advance shall only be adjusted on the due date of the premium. Such advance premium, if any, paid by the policyholder shall not carry any interest.

Policy Details - Canara HSBC OBC Secure Bhavishya Life Insurance Plan and Policy

In today`s active working life, you do your best for your loved ones but at the same time you also need to plan for your own future. Investing in a pension plan is a wise decision, in order to build-up a retirement corpus that can be used to provide a steady post retirement income. Presenting Canara HSBC Oriental Bank of Commerce Life Insurance Secure Bhavishya Plan, a product that provides the benefit of equity participation to potentially enhance your retirement corpus, and at the same time offers 'capital protection' to your retirement corpus.


KEY FEATURES
  • Guaranteed Maturity (Vesting) Benefit of 101% of premiums paid (including top-up premiums, if any), provided all due premiums are paid
  • Unlimited top-ups can be paid depending upon your retirement needs
  • Option to choose vesting age and premium payment term as per your requirements
  • Flexibility to choose Annual or Monthly premium payment modes
  • Loyalty Additions to boost your fund value after every 5 years, starting from 10th policy year

Benefits - Canara HSBC OBC Secure Bhavishya Life Insurance Plan and Policy

Death Benefit - Canara HSBC OBC Secure Bhavishya Life Insurance Plan and Policy

Higher of Fund Value or 105% of the cumulative premiums paid (including top-up premiums, if any) Options available on Death.
The nominee/claimant shall have the option to utilize the death benefit in one of the following ways:
1.Utilize the entire proceeds of the policy or part thereof for purchasing an immediate annuity at the then prevailing rate from Us, which shall be guaranteed for life at the then prevailing annuity/pension rates.
2.Withdraw the entire proceeds of the policy

Maturity (Vesting) Benefit - Canara HSBC OBC Secure Bhavishya Life Insurance Plan and Policy

Higher of Fund Value or guaranteed* maturity benefit, where the guaranteed* maturity benefit is 101% of total premiums paid (including top-up premiums) 
*Benefit is guaranteed subject to payment of all due premiums.

Options available on Vesting (Maturity) - Canara HSBC OBC Secure Bhavishya Life Insurance Plan and Policy

1.Commute up to the extent allowed under applicable prevailing laws and utilize the balance amount to purchase immediate annuity only from Us, which shall be guaranteed for life, at the then prevailing annuity/pension rates. 
2.Utilize the entire proceeds to purchase the single premium Pension plan from the Company 
3.Extend the accumulation period or defer the vesting date (subject to maximum vesting age) for the same policy, with same terms and conditions, provided you are less than 55 years of age as on that date. 
For option 3 above, for single pay or limited pay variant, only deferment of vesting date is allowed subject to maximum maturity age of 80 years. No premiums are to be paid for the extended period.

For regular premium policies, there will be an option to extend the accumulation period i.e. premium payment period along with deferment of vesting Date

Investment Funds and Investment strategy - Canara HSBC OBC Secure Bhavishya Life Insurance Plan and Policy

There are three investment funds in the plan. The investment and risk profile of each fund is described below:

Fund Name Fund Philosophy Asset Allocation Risk Profile
Pension Growth Fund To achieve capital appreciation through a judicious mix of investments in equities and fixed income securities. Equity# 10%-60% Medium to high
Debt Securities 20%-100%
Money Market Instrument & Others* 0%-80%
Pension Balanced Fund To achieve a balance between capital protection and returns through a judicious mix of investments in equities and fixed income securities. Equity# 0%-30% Medium
Debt Securities 20%-100%
Money Market Instrument & Others* 0%-80%
Pension Debt Fund To provide capital protection and accumulation of income through investment in fixed income securities. Equity# 0% Low
Debt Securities 20%-100%
Money Market Instrument & Others* 0%-80%

*Others will include investments in Liquid Mutual Funds, FDs and other short term investments

#All such equity related securities as may be permitted from IRDAI from time to time

Tax Benefit - Canara HSBC OBC Secure Bhavishya Life Insurance Plan and Policy

You may be entitled to certain tax benefits as per the Income Tax Act, 1961. 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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