Canara HSBC Oriental Bank of Commerce Life Insurance Samridh Bhavishya plan ensures 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 you want to.
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.
There is no death benefit under this product.
You can choose one of the following annuity options at inception:
For annuity options (1) and (3) - till the death of the annuitant (Single Life); till the death of the last survivor (Joint life).
For annuity options (2) - till the death of the annuitant or end of guaranteed payment period, whichever is higher.
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
|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|
You can avail tax benefit on the premium paid subject to current applicable provisions of Section 80C of Income Tax Act, 1961. Please note that tax laws are subject to amendments from time to time.
Step 1: Choose the purchase price (single premium) that you wish to pay to buy the annuity or choose the annuity installment you wish to receive.
Step 2: Choose amongst the available Annuity options
Step 3: Choose your annuity installment frequency - Annual, Semi-Annual, Quarterly or Monthly
Step 4: Fill the simple proposal form and provide all details
Step 5: Pay purchase price and receive the annuity installments through direct credit in your bank account