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Canara HSBC OBC Life Smart Future Income Plan

What is the Plan all About?

Smart Future Income Plan is a traditional savings oriented life insurance monthly income with-profit plan that helps to fulfill your lifestyle and retirement needs. This plan enables you to enjoy the fine lifestyle during the golden years of your life.

What are the Key Features?

  • Guaranteed Monthly Income for 15 years
  • Lump Sum through Annual and Final bonuses
  • Legacy for your family
  • Enhance your lifestyle through Guaranteed Income and Bonuses
  • Limited premium payment term
  • Loan benefit to meet financial contingency
  • Enjoy High Sum Assured Rebate
  • Tax benefits

What are the Plan Benefits?

Death Benefit

    In the event of the demise of the life insured, the death benefit payable is higher of Death Benefit Sum Assured plus added annual bonus (any interim bonus) and final bonus or 105% of the total premiums paid. The Death Benefit Sum Assured is higher of Sum Assured or 10 times the annualized premium.

    The death benefit payable is irrespective of the Income Benefit already paid.

Vesting/Maturity Benefit

    In case of survival of the life insured till the date of maturity, added annual bonuses and final bonus are payable.

Guaranteed Income Benefit

    Guaranteed Monthly Income for 15 years - payable every month from the end of 121st policy month till the end of Policy Term.


    Bonuses are declared every year and it depends on the profits generated in with-profit fund managed by the company. Once added, the policy becomes guaranteed to be payable on maturity or death claim, whichever occurs earlier.

    Annual Bonus: This bonus is added every year, depending on the profits emerging from the with-profit fund. Annual Bonus is expressed as a percentage of Sum Assured. An interim bonus during the year of death of the life insured may also be payable.

    Final Bonus: The Final Bonus may also be payable and it is expressed as a percentage of Sum Assured.

Loan Benefit

    The minimum loan amount that can be availed under this policy is Rs 20,000 and the maximum loan benefit is available up to 80% of Surrender Value.

Surrender Value

    This policy acquires a Guaranteed Surrender Value after payment of at least three full policy years’ premium.

Early Exit Value

    For policies, when one full policy year premium has been paid subject to non-payment of premiums for three policy years, early exit value is payable. It is 10%/20% (of sum of premiums paid) for 1st annualized premium payment/2nd annualized premium payment, respectively.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 55 Years
Maturity Age 43 Years 80 Years
Policy Term 25 Years -
Premium Payment Term 10 Years -
Premium Paying Mode Annually & Monthly -
Monthly Income Rs 5,000 No Limit (subject To Underwriting)
Premium Amount Depends On The Entry Age, Monthly Income And Premium Mode Chosen No Limit (subject To Underwriting)
Sum Assured 100 Times The Chosen Monthly Income -
Freelook Period 15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days -
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. Arav, aged at 45 years is looking for a plan that can ensure guaranteed monthly income along with the life cover. He chooses to buy Canara HSBC Life Smart Future Income Plan with guaranteed monthly income of Rs 10,000 with life cover of Rs 10 Lacs. He pays the annualized premium of Rs 1,39,310.

Scenario A: On survival of Arav
In the event of survival of Arav till the date of maturity, added annual bonuses and final bonus are payable (as applicable).

Scenario B: On demise of Arav
On the unfortunate death of Arav, the Death Benefit Sum Assured of Rs 13,93,100 plus added annual bonus, final bonus and interim bonus is payable.

Benefit Illustration:

Canara HSBC OBC Life Smart Future Income Plan Benefit Illustration