Retire in style with a regular income source
The Canara HSBC Life Insurance Smart Guaranteed Pension plan works as hard as you to provide regular income in your retirement. You can choose when to pay your premiums and get your annuity payouts. Plus, you can share the benefits of your plan with your loved ones.
What you get with a Canara HSBC Life Insurance Smart Guaranteed Pension plan
Choose your annuity to help life run smoothly
- Single life annuityGet a consistent income stream in your retirement.
- Single life annuity with return of premiums for critical illness, accident and disability, or deathEnjoy a steady stream of income in your retirement with premiums paid to your loved ones should the unexpected happen.
- Single life annuity with return of premiumsBenefit from a consistent income stream in your retirement, and peace of mind knowing your premiums will go to your loved ones.
- Joint life annuity with return of premiumsPlan retirement for 2 with a joint life annuity plan, plus a return of premiums option.
How to customise your plan
Choose the terms and payment frequencies that will meet your financial goals.
Choose your premium
Select how much you want to pay in premiums in order to buy your annuity.
Select your payment, deferment, and payout options
Choose your premium payment term, deferment term, premium payment frequency, and annuity payout frequency.
Choose your annuity option
Select the annuity that works best for your financial needs.
Confirm your plan
Confirm your annuity amount. This is calculated based on what you've told us about your premiums, deferment, and payout options as well as factors like your age and gender.
Important information about your plan
Premium payment terms and deferment period
| Item | Time |
|---|---|
| Premium payment term (PPT) | 4 to 10 years |
| Deferment period | PPT, PPT+3 years, PPT+5 years |
| Item | Premium payment term (PPT) |
|---|---|
| Time | 4 to 10 years |
| Item | Deferment period |
| Time | PPT, PPT+3 years, PPT+5 years |
The deferment period means how long it takes until your benefits are paid out to you.
Minimum premium and annuity
| Minimum Annuity | Minimum premium |
|---|---|
| Premiums which generate an annuity of at least INR1,000 per month | Depends on entry age, annualised premium, premium payment frequency, annuity option, deferment period, and gender |
| Minimum Annuity | Premiums which generate an annuity of at least INR1,000 per month |
|---|---|
| Minimum premium | Depends on entry age, annualised premium, premium payment frequency, annuity option, deferment period, and gender |
Higher annuities for higher annualised premiums
| Annualised premium band | High premium incentive |
|---|---|
| Minimum to less than INR100,000 | 0 |
| INR100,000 to INR250,000 | 1.5% |
| INR250,000 to INR500,000 | 2.25% |
| INR500,000 or more | 3% |
| Annualised premium band | Minimum to less than INR100,000 |
|---|---|
| High premium incentive | 0 |
| Annualised premium band | INR100,000 to INR250,000 |
| High premium incentive | 1.5% |
| Annualised premium band | INR250,000 to INR500,000 |
| High premium incentive | 2.25% |
| Annualised premium band | INR500,000 or more |
| High premium incentive | 3% |
Premium payment frequency and modal factors
| Payment frequency | Modal factor |
|---|---|
| Annual | 1.00 |
| Half-yearly | 0.51 |
| Quarterly | 0.26 |
| Monthly | 0.09 |
| Payment frequency | Annual |
|---|---|
| Modal factor | 1.00 |
| Payment frequency | Half-yearly |
| Modal factor | 0.51 |
| Payment frequency | Quarterly |
| Modal factor | 0.26 |
| Payment frequency | Monthly |
| Modal factor | 0.09 |
For example, a monthly premium of INR9,000 (0.09 × INR100,000) is equal to an annual premium of INR100,000.
Annuity installment frequency and modal factors
| Installment frequency | Modal factor |
|---|---|
| Annual | 1.00 |
| Half-yearly | 0.51 |
| Quarterly | 0.26 |
| Monthly | 0.09 |
| Installment frequency | Annual |
|---|---|
| Modal factor | 1.00 |
| Installment frequency | Half-yearly |
| Modal factor | 0.51 |
| Installment frequency | Quarterly |
| Modal factor | 0.26 |
| Installment frequency | Monthly |
| Modal factor | 0.09 |
Your monthly annuity rate is calculated as follows: applicable annuity rate × 0.96 ÷ 12. If you have an annual annuity instalment of INR100,000 then you will get 12 monthly instalments of INR8,000.
What you need to know
Are you eligible?
To be eligible for the Canara HSBC Life Insurance Smart Guaranteed pension plan, you must:
- Be at least 30 years old and no more than 80 years old (based on your last birthday)
- Not be a resident or national of Japan or the US
Ready to get started?
If you've ready to apply for the Canara HSBC Life Insurance Smart Guaranteed Pension plan, you can apply using our online form. We recommend using the latest version of Chrome or Safari to do so.
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Notes
- Canara HSBC Life Insurance Smart Guaranteed Pension plan is a non-linked non-participating individual deferred annuity plan.
- Guaranteed lifetime income/payout in form of Annuity Instalments will be paid post completion of deferment period.
- Tax Benefits as per the Income Tax Act, 1961 as amended from time to time, may be available. For tax related queries, contact your independent tax advisor.
- There is a risk of capital loss if policy is surrendered before completion of full policy term.
- Guaranteed benefits may not yield positive inflation adjusted returns in case the inflation rate is higher than expected.
- Non-resident customers should take into consideration the statutory and regulatory requirements of their respective jurisdictions and shall ensure compliance with the same before buying this product. By facilitating purchase of this product, HSBC India makes no representation that the product is suitable for any particular customer or is appropriate in accordance with any applicable local laws, rules or regulations.
- Purchase of insurance product is purely voluntary and is not linked to availing of any other facility from the bank.
- You should go through the entire product brochure document to have a complete understanding of the policy you are purchasing.
- This product would not be offered to customers having residence in Japan/US or nationality of Japan/US.
- Insurance is the subject matter of the solicitation.
- The Insurance product is offered and underwritten by the insurer Canara HSBC Life Insurance Company Limited (formerly known as Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited) (IRDA Regn. No. 136) having its head office at 139 P, Sector 44, Gurugram – 122003, Haryana, India.
- The Hongkong and Shanghai Banking Corporation Limited, India (IRDAI Regn. No. CA0016) (HSBC India) whose India corporate office is at 52/60, M. G. Road, Fort, Mumbai 400 001, is the Corporate Agent of Canara HSBC Life Insurance Company Limited and does not underwrite the risk or act as an insurer.
- The contract of insurance is between the insurer and the insured and not between the bank and the insured.
- HSBC will receive commission from Canara HSBC Life Insurance Company Limited for this product in its capacity as a corporate agent of Canara HSBC Life Insurance Company Limited. Canara HSBC Life Insurance Company Limited is a joint venture promoted by Canara Bank and HSBC Insurance (Asia Pacific) Holdings Limited. Please note that HSBC and HSBC Insurance (Asia Pacific) Holdings Limited being a part of the HSBC Group, may give rise to real, perceived, or potential conflicts of interest. HSBC has a policy in place to identify, prevent and manage such conflict of interest.
- For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale. Website: canarahsbclife.com. Call: 1800-103-0003/1800-180-0003/1800-891-0003. Email: customerservice@canarahsbclife.in. SMS your query to 9779030003 to get a call back within 48 hours.