Canara HSBC Oriental Bank of Commerce Life Insurance Smart Immediate Income Plan ensure a regular guaranteed income stream post retirement. It provides you annuity installments throughout your lifetime, thereby ensuring that you enjoy your post retirement years the way that you want to.
|Entry age||Minimum: 30 years
Maximum: No limit.
|Purchase Price (Single Premium)||Minimum Purchase Price: ` 2,00,000 (excluding taxes).
Maximum Purchase Price: No limit
|Annuity Options||You can choose one of the following annuity options at inception:
1. Lifetime annuity with Return of 100% of purchase price (excluding service tax and education cess) on death of the annuitant
2. Joint Life, Last survivor with 100% annuity to the secondary annuitant on death of the primary annuitant with Return of 100% of purchase price (excluding service tax and education cess) on the death of the last survivor
|Annuity Installment Frequency / Mode||Annual, Semi-Annual, Quarterly or Monthly modes are available under this plan. The modal factors are:
As you near your retirement, the most important thought on your mind would be to lead a secure and comfortable life as always without any dependence on others. Everyone loves financial independence, to enjoy and live a worry free and comfortable lifestyle. This is even more important in your golden years, as after so many years of hard work, money should not be a concern for you to decide how you would spend your retirement years.
In case of death of the annuitant (for single life) or last survivor (for Joint life), the purchase price (excluding taxes) shall be payable as Death Benefit. Any outstanding annuity installments till the date of death shall also be payable along with the Death Benefit.
However, all the Annuity Installments paid from Date of Death to Date of Intimation of Death to the Company shall be reduced from the Death Benefit payable.
Single life - till the death of the annuitant.
Joint life - till the death of the last survivor.
The annuity rates vary by purchase price band and therefore you would benefit from higher annuity rates if the purchase price (excluding taxes) is ` 2,00,000 or above. The purchase price bands and additional annualized annuity rate are specified below:
|Purchase Price Band
(excluding service tax and education cess)
|Additional annualised annuity rate
(per 1000 of purchase price)
|> 2,00,000 to < 3,00,000||1.10|
|> 3,00,000 to < 5,00,000||1.50|
|> 5,00,000 to < 10,00,000||1.80|
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.
#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.
Let us understand this through the case study of Arun, who is 45 years old, has 2 kids, aged 10 and 7. Although his present income is sufficient to meet his and his family's current needs, he wants to ensure a guaranteed source of supplemental income of ` 10,000 per month in case his mainstream income is insufficient.
Step 1: Choose the purchase price (single premium) that you wish to pay to buy annuity or choose the
annuity installment you wish to receive.
Step 2: Choose your Annuity option - single or joint life
Step 3: Choose your annuity installment frequency - Annual, Semi-Annual, Quarterly or Monthly
Step 4: Provide yours and your partner's details (if applicable)
Step 5: Pay purchase price and receive the annuity installments through direct credit in your bank
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