Toll Free: 1800-103-0003 | SMS: 97790-30003
NEW CUSTOMER
EXISTING CUSTOMER
GET A CALL BACK

GET A CALL BACK

Looking For
Captcha
Smart Immediate Income Plan

Smart Immediate Income Plan

UIN: 136N034V03

Canara HSBC Oriental Bank of Commerce Life Insurance Smart Immediate Income 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.

Smart Immediate Income Plan Product Parameters Product Parameters

Smart Immediate Income Plan Age Criteria

Age Criteria

  • Entry Age

    Minimum

    30years

    Maximum

    No Limit
Premium Mode & Modal Factors

Purchase Price (Single Premium)


  • Minimum Purchase Price:
    2,00,000 (excluding taxes)
  • Maximum Purchase Price:
    No Limit
Premium Mode & Modal Factors

Annuity Options


 

1. Lifetime annuity with Return of 100% of purchase price (excluding Goods and Services Tax & applicable cess (es)/levy, if any) 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 Goods and Services Tax & applicable cess (es)/levy, if any) on the death of the last survivor

Annuity Installment Frequency / Mode

 


The modal factors are:
Annual :1.000
Semi-Annual :0.969
Quarterly :0.954
Monthly :0.945

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.

  • Guaranteed lifetime income directly credited to your bank account to cater to your needs
  • Option to receive regular payments for as long as you or your partner is alive
  • Your family gets the safety net through return of purchase price in case of your death
  • Flexibility to choose annuity installment frequency as Annual, Semi-Annual, Quarterly or Monthly
  • Benefit of higher annuity installment for large purchase price
Death Benefit

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.

Annuity Term

Single life - till the death of the annuitant.
Joint life - till the death of the last survivor.

Higher Annuity Installment for High Purchase Price

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 Goods and Services Tax & applicable cess (es)/levy, if any)
Additional annualised annuity rate
(per 1000 of purchase price)
< 2,00,000 Nil
> 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
> 1,000,000 2.00
Tax Benefits

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
account

Brochure & PDFs

Please read the brochure in conjunction to the currently applicable annuity rates and benefit illustration.