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Guaranteed Income Plan

Guaranteed Income Plan

UIN: 136N067V01

As you move towards different life stages in your life, there are important goals that you come across which are uncompromising in nature such as educating your child or planning for her marriage or enhancing your own life style or providing financial security to a loved one. How can you make sure that such important goals are always achieved?
We present you 'Canara HSBC Oriental Bank of Commerce Life Insurance Guaranteed Income Plan' that offers guaranteed benefits so that you can fulfil your dreams uninterrupted.

Guaranteed Income Plan Product Parameters Product Parameters

Guaranteed Income Plan Age Criteria

Age Criteria

  • Entry Age
    Plan Options Minimum Entry Age Maximum Entry Age
    1. Guaranteed Cashback Option

    0 years 60 years
    2. Guaranteed Cashback with Premium Protection Option 18 years 55 years

    3. Guaranteed Income Advantage Option

    0 years 60 years
    4. Guaranteed Single Pay Advantage Option Death Cover Option A Death Cover Option B Death Cover Option A Death Cover  Option B
    8 years 8 years For PT 5: 45 years 65 years
    For PT 7: 43 years
    For PT10 : 40 years
  • Maturity Age

    1. Guaranteed Cashback Option

    18 years 75 years

    2. Guaranteed Cashback with Premium Protection Option

    28 years 75 years
    3. Guaranteed Income Advantage Option 18 years 75 years
    4. Guaranteed Single Pay Advantage Option Death Benefit Option A Death Benefit Option B Death Benefit Option A Death Benefit Option B
    18 years 18 years 50 years 75 years
Guaranteed Income Plan Term

Premium Payment Term
and Policy Term


Plan Options Premium Payment Term Policy Term
1. Guaranteed Cashback Option and
2. Guaranteed Cashback with Premium Protection Option
5 10,15
7 12,15
10 15,20
3. Guaranteed Income Advantage Option 7 14
10 20
4. Guaranteed Single Pay Advantage Option 1 (Single Pay) 5,7,10
Guaranteed Income Plan Sum Assured

Sum Assured and Premium

Plan Options

Minimum Sum Assured (Rs.)

Maximum Sum Assured

Guaranteed Cashback Option

49,600

No Limit as it is subject to the Board Approved Underwriting Policy of the Company.

Guaranteed Cashback with Premium Protection Option

49,500

Guaranteed Single Pay Advantage Option

46,955

Plan Options

Minimum Income (Rs.)

Maximum Income

Guaranteed Income Advantage Option

5,000

No Limit as it is subject to the Board Approved Underwriting Policy of the Company.

Guaranteed Income Plan Premium Payment Details

Premium Payment Details


Single pay, Annual, Half-Yearly, Quarterly & Monthly modes are available

Plan option

Mode

Modal Factors

1. Guaranteed Cashback Option
2. Guaranteed Cashback with Premium Protection Option
3. Guaranteed Income Advantage Option

Annual

1.00

Half-Yearly

0.51

Quarterly

0.26

Monthly

0.09

4. Guaranteed Single Pay Advantage Option

Single

NA

  • Provides life cover for the entire term while you pay premium only for a limited period/one time.
  • Guaranteed Maturity Benefit: Guaranteed benefits payable on maturity, provided all due premiums have been paid.
  • Better Value For Higher Premium - High Premium Booster to ensure that you get extra benefit for making a higher premium commitment.
  • Flexibility to choose a payment term suitable for you - Choice of premium payment terms which can closely align to your premium payment capacity and horizon.
  • Customize your savings horizon to your important financial goals - Multiple policy term options to help you select the best suited policy term which is closely aligned to your financial goals.
  • You may be entitled for Tax Benefits# under Section 80C and Section 10(10D), as per the Income Tax Act, 1961 as amended from time to time. For tax related queries, contact your independent tax advisor.

What's More:

  • You could also plan payouts For Child's Education through Guaranteed Annual Cashback payouts aligned closely to your child's educational milestones (under Guaranteed Cashback Option & Guaranteed Cashback with Premium Protection Option)
  • Or you could plan to get Guaranteed Annual Income payable at the end of every year after the premium payment term till maturity (under Guaranteed Income Advantage Option)

The benefits under the plan vary as per the plan option chosen.

The definitions below will help you understand better, the benefits of the plan:

Sum Assured on Death is the amount which is higher of:
  • 11 times the Annualized Premium, or
  • 105% of all premiums paid as on date of death, or
  • Guaranteed Sum Assured Maturity, which is equal to Sum Assured, or
  • Absolute amount assured to be paid on death, which is also equal to Sum Assured

*The above Sum Assured on Death definition is applicable for Guaranteed Cashback Option (Plan Option 1), Guaranteed Cashback with Premium Protection Option (Plan Option 2) and Guaranteed Income Advantage Option (Plan Option 3).

Guaranteed Sum Assured on Maturity is equal to Sum Assured. Sum Assured will be equal to basic sum assured plus the applicable boosters, if any.
  • For Death Cover Option A under Guaranteed Single Pay Advantage Option (Plan Option 4)
    Sum Assured on Death is the amount which is higher of:-
    • 10 times the Single Premium, or
    • Guaranteed Sum Assured on Maturity, which is equal to Sum Assured, or
    • Absolute amount assured to be paid on death, which is also equal to Sum Assured
  • For Death Cover Option B under Guaranteed Single Pay Advantage Option (Plan Option 4)
    Sum Assured on Death is the amount which is higher of:-
    • 1.25 times of Single Premium, or
    • Guaranteed Sum Assured on Maturity, which is equal to Sum Assured, or
    • Absolute amount assured to be paid on death, which is also equal to Sum Assured

Guaranteed Cashback Option (Plan Option 1) & Guaranteed Cashback with Premium Protection Option (Plan Option 2)

Survival Benefit

You will receive the Guaranteed Annual Cashback at the end of each of the last 4 policy years before the maturity year provided that all due premiums are paid.

At the end of policy year:

Guaranteed Cashback as % of Guaranteed Sum Assured on Maturity

Policy Term minus 4

15%

Policy Term minus 3

15%

Policy Term minus 2

15%

Policy Term minus 1

15%

Maturity Benefit

On survival till the policy term (provided that all due premiums are paid), you will receive

  • Guaranteed Sum Assured on Maturity, plus
  • Guaranteed Yearly Addition(s), plus
  • Guaranteed Loyalty Addition

On payment of above benefits, your policy will terminate and no further benefit will be payable.

Death Benefit

Death Benefit under Guaranteed Cashback Option (Plan Option 1)

In case of the Life Assured's unfortunate death during the policy term, provided the policy is in-force, the death benefit payable to your Nominee/ Legal Heir as the case may be will be as follows:

  • Sum Assured on Death, plus
  • Cumulative Guaranteed Yearly Addition(s) added, as on date of death

On payment of above benefits, the policy will terminate and no further benefit will be payable. The survival benefit (Guaranteed Annual Cashback) already paid will not be deducted from the benefit payable on death.

Death Benefit under Guaranteed Cashback with Premium Protection Option (Plan Option 2)

In case of the Life Assured's unfortunate death during the policy term, provided all due premiums have been paid, Sum Assured on Death will be payable. Further, the policy will continue till maturity with all future benefits accruing as if the policy was in-force, the death benefit payable to your Nominee/ Legal Heir as the case may be will be as follows:

  • Sum Assured on Death is payable immediately plus
  • All future premiums (if any) are not payable and the policy shall continue to be in force for the remaining policy term. The policy will also continue to accrue Guaranteed Yearly Addition(s).
  • All Guaranteed Annual Cashback as scheduled will continue to be payable at the end of each of the last 4 policy years before the maturity year.
  • On maturity - Guaranteed Sum Assured on Maturity plus Guaranteed Yearly Addition (s) plus Guaranteed Loyalty Addition.

On payment of above benefits, the policy will terminate and no further benefit will be payable. The survival benefit (Guaranteed Annual Cashback) already paid will not be deducted from the benefit payable on death.


Guaranteed Income Advantage (Plan Option 3)

Survival Benefit

You will receive the Guaranteed Annual Income at the end of each of the policy years after the completion of premium payment term till Maturity.

Maturity Benefit

On survival till the end of policy term (provided that all due premiums are paid), you will receive Guaranteed Sum Assured on Maturity.

On payment of above benefits, your policy will terminate and no further benefit will be payable.

Death Benefit

In case of the Life Assured's unfortunate death during the policy term, provided the policy is in-force, the death benefit payable to your Nominee/ Legal Heir as the case may be will be Sum Assured on Death.

On payment of above benefit, the policy will terminate and no further benefit will be payable. The survival benefit (Guaranteed Annual Income) already paid will not be deducted from the benefit payable on death.


Guaranteed Single Pay Advantage (Plan Option 4)

Maturity Benefit

On survival till the policy term, you will receive

  • Guaranteed Sum Assured on Maturity, plus
  • Guaranteed Loyalty Addition

On payment of above benefits, your policy will terminate and no further benefit will be payable

Death Benefit

In case of the Life Assured's unfortunate death during the policy term, provided the policy is in-force, the death benefit payable to your Nominee/ Legal Heir as the case may be will be Sum Assured on Death.
On payment of above benefit, the policy will terminate and no further benefit will be payable.

You can customize the policy to suit your financial goals and requirements in just 3 simple steps:

Step 1 - Choose your plan option

i. If your goal is to get protection during the policy term, liquidity in last 4 years and lump-sum on maturity, we recommend you to opt for either 'Guaranteed Cashback with Premium Protection Option (Plan Option 2) or Guaranteed Cashback Option (Plan Option 1)' as per your requirement.

ii. If your goal is to get protection during the policy term and Guaranteed Annual Income after the completion of premium payment term, we recommend you to opt for 'Guaranteed Income Advantage Option' (Plan Option 3).

iii. If your goal is to receive lump-sum payout on maturity on payment of single premium, we recommend you to opt for ‘Guaranteed Single Pay Advantage Option (Plan Option 4)’.

Step 2: Choose your premium

Choose your premium amount. You can check the guaranteed amount available at policy maturity and the guaranteed survival benefits that you will be receiving during the policy term to ensure that your financial needs are met.

Step 3: Choose your premium payment term, premium payment mode and policy term:

Choose how long you would like to pay premium, at what frequency and your policy term, to align with your payment preference, savings horizon and future goals.

The Sum Assured in this plan will be determined basis your age and the options chosen above. If your annualised premium is eligible for High Premium Booster, the Sum Assured/Guaranteed Annual Income will be enhanced by the High Premium Booster %