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Canara HSBC OBC Life Smart Immediate Income Plan

What is the Plan all About?

Canara HSBC OBC Life Smart Immediate Income Plan is a non-linked & non-participating Immediate Annuity Plan that ensures a regular guaranteed income after the retirement. This plan provides annuity installments for your lifetime, so you don’t have any financial worries and enjoy your post retirement years.

What are the Key Features?

  • Guaranteed income for your life
  • Single & Joint life annuity options
  • Safety net for the family
  • Flexible annuity installment frequency
  • Higher annuity installment for high purchase price
  • Avail tax benefits

What are the Plan Benefits?

Annuity Options

    Lifetime annuity with Return of 100% of purchase price on death: A regular annuity at a constant rate is payable through the entire life of the annuitant. On death, the annuity payment will cease and the purchase price is payable.

    Joint Life, Last survivor with 100% annuity to the secondary annuitant on death of the primary annuitant with Return of 100% of purchase price on the death of the last survivor: The annuity installments are payable at a constant rate till survival of any one of the two annuitants. On the demise of the primary annuitant, surviving annuitant will receive 100% of the annuity installment throughout life. On the demise of the last survivor, 100% of the purchase price is payable.

    An Annuity option once chosen at the inception of the policy cannot be altered at a later date.

Death Benefit

    In the event of the demise of the annuitant (single life) or last survivor (Joint life), the purchase price is payable by the company. Any remaining annuity installments till the date of death is also payable with the Death Benefit.

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 can be acquired 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) Till The Death Of The Last Survivor (joint Life) -
Annuity Payout Frequency Annually, Semi Annually, Quarterly & Monthly -
Annual Annuity Installment Rs 12,300 (Single Life), Rs 13,494 (Joint Life) -
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?

Dhruv Singh, aged at 60 years is seeking for a plan that can ensure immediate annuity guaranteed for life. He thus opts for Canara HSBC OBC Life Smart Immediate Income Plan with ‘Lifetime annuity with Return of 100% of purchase price on death’ annuity option. He purchases an immediate annuity with the single premium of Rs 25,00,000 (excluding taxes).

Scenario A: On survival of Dhruv
Regular annual annuity i.e., Rs 1,93,850 is payable at a uniform rate throughout the life of the annuitant, as long as he is alive.
 

Canara HSBC OBC Life Smart Immediate Income Plan Scenario A


Scenario B: On demise of Dhruv
On the unfortunate death of Dhruv, the annuity payment will stop and the purchase price i.e., Rs 25,00,000 is payable.


Benefit Illustration:
 

Canara HSBC OBC Life Smart Immediate Income Plan Benefit Illustration