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Canara HSBC OBC Life Samridh Bhavishya Plan

What is the Plan all About?

Canara HSBC OBC Life Samridh Bhavishya is a Non-Linked & Non-Participating Individual Immediate Annuity Plan that ensures a regular guaranteed income post retirement. This plan provides annuity installments through your lifetime, so you can lead a worry free and comfortable lifestyle after the retirement.

What are the Key Features?

  • Guaranteed lifetime income
  • Regular payments for your or your partner
  • Multiple annuity options
  • Option to receive payout for a guaranteed period
  • Flexibility to choose annuity payout frequency
  • Increase in annuity rates for high purchase price
  • Tax benefits

What are the Plan Benefits?

Annuity Options

    This plan provides following annuity options that can be chosen at the inception of the policy.

    Option A- Lifetime Annuity: The annuity installments are payable at a constant rate through the life of the annuitant. On death, the annuity payments will stop and no benefit is then payable.

    Option B- Lifetime annuity with guaranteed period of 5/10/15/20 years: The annuity payment at a fixed rate is payable through the entire life of the annuitant or till the completion of the guaranteed payment period of 5/10/15/20 years (as chosen), whichever is later.

    Option C- Joint Life, Last survivor with 100% annuity to the secondary annuitant on death of the primary annuitant: The annuity installments are payable at a uniform rate till survival of at least one of the two annuitants. In the event of the demise of the primary annuitant, secondary annuitant will be payable with 100% of the annuity installment through life. On death of the secondary annuitant, the annuity payments will stop and no amount is then payable.

Death Benefit

    For option B, on the death of the annuitant within the guaranteed period, the annuity payment is payable till completion of this guaranteed payment period.

    For option C, on the death of the primary annuitant, secondary annuitant will receive 100% of the annuity installment. On demise of the secondary annuitant, the annuity payments will cease.

Vesting/Maturity Benefit

    No maturity benefit is applicable.

Bonus

    No bonus is payable, as it is a non-participating annuity plan.

Loan Benefit

    No loan facility is available under this policy.

Surrender Value

    No Surrender Value is applicable under this policy.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 30 Years No Limit
Purchase Price (Single Premium) Rs 2,00,000 No Limit
Annuity Term Till The Death Of The Annuitant (single Life)- For Option A & C Till The Death Of The Annuitant Or End Of Guaranteed Payment Period, Whichever Is Higher- For Option B -
Annuity Payout Frequency Annually, Semi Annually, Quarterly & Monthly -
Annuity Installment Rs 1,000 (depending On Entry Age And Minimum Purchase Price) -
Freelook Period 15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period Nil -
Plan Type Offline -

Is any Rider Available with this Plan?

No rider is available for this plan.

Is the Plan, eligible for Tax Benefit?

This policy provides tax benefits as prescribed under the Income Tax Act, subject to prevailing tax laws.

How the Plan Works?

Mr. Verma aged at 60 years is looking to receive regular guaranteed income for lifetime that would continue for his wife after his demise. He decides to buy Canara HSBC OBC Life Samridh Bhavishya - ‘Joint Life, Last survivor with 100% annuity to the secondary annuitant on death of the primary annuitant’ annuity option with the purchase price of Rs 10,00,000.

Scenario A: On demise of Mr. Verma
On the unfortunate death of Mr. Verma, his wife will be payable with 100% of the annuity installment i.e., Rs 5,979 through life. On death of Mrs. Verma, the annuity payment will stop and the policy gets terminated.
 

Canara HSBC OBC Life Samridh Bhavishya Plan Scenario A


Scenario B: On survival of Mr. Verma
The annuity installments are payable throughout his life, as long as he is alive.