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Pension4Life Plan

Pension4Life Plan

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Pension4Life Plan

Pension4Life Plan
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About Pension4Life Plan

UIN: 136N071V04

As you approach your retirement, the most important thought on your mind is to lead a secure and comfortable life as you have always led, without any dependence on others. Everyone loves to be financially independent, to enjoy and to live a worry free and comfortable life. 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.

A smart way to ensure a regular guaranteed income stream as per your needs post retirement, is to buy Canara HSBC Oriental Bank of Commerce Life Insurance Pension4life Plan, that is an annuity product where you will receive defined level of annuity instalments in exchange of a Purchase Price.

Product Parameters

Options under the Plan

  • Option 1- Immediate Life Annuity (Single Life)
  • Option 2- Immediate Life Annuity with Return of Purchase Price (Single Life)
  • Option 3- Immediate Life Annuity with Return of Balance Purchase Price (Single Life)
  • Option 4- Immediate Life Annuity with Return of Purchase Price on Critical Illness (CI) or Accidental Total & Permanent Disability (ATPD) or Death (Single Life)
  • Option 5- Immediate Joint Life Annuity with Return of Purchase Price
  • Option 6- Deferred Life Annuity with Return of Purchase Price (Single Life)
  • Option 7- NPS - Family Income (option available only for National Pension System (NPS) subscribers)

Please note that an Annuity option once chosen at policy inception cannot be changed at a later stage.


Why Buy

  • Wide range of annuity options to choose from
  • 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
  • Option to receive immediate or deferred annuity
  • Safety net for family through return of purchase price in case of your death
  • Flexibility to choose annuity installment frequency as Yearly, Half-yearly, Quarterly or Monthly
  • Benefit of higher annuity installment for higher purchase price
  • Options for banks / financial institutions in respect of annuity payments for their commitments to the home owners under Reverse Mortgage schemes
#Partner here refers to the Secondary Annuitant in case of joint life. The Secondary Annuitant can be spouse, child, parent, parent-in-law or sibling of the Primary Annuitant. Other relationships maybe considered as long as there is an insurable interest between the annuitants.
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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:

Death Benefit

Death benefit will be as per the Annuity Option chosen.

Maturity Benefit

Not applicable

Loan Facility

Loan facility is available in this product under the Annuity Option 6 - ‘Deferred Life Annuity with Return of Purchase Price’ during the Deferment Period provided that the Policy has acquired the Surrender Value.

Higher annuity instalment 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 Goods and Services Tax & applicable cess (es)/levy, if any) is Rs.5, 00,000 or above. The purchase price bands and additional annuity rate are specified below:


Purchase Price Band (excluding Goods and Services Tax & applicable cess (es)/levy, if any)


2,00,000 to less than 5,00,000

5,00,000 to less than10,00,000

10,00,000 to less than 25,00,000

25,00,000 to less than 50,00,000

Greater than or equal to 50,00,000

High Purchase Price Incentive
(per 1000 of purchase price)


Nil

1.0

2.0

2.25

2.5

You can customize the policy to suit your financial goals and requirements in just 5 simple steps:

  • Choose the purchase price (single premium) that you wish to pay to buy the annuity or choose the annuity instalment you wish to receive.
  • Choose your annuity option (If annuity option 6(Deferred Life Annuity with Return of Purchase Price) is chosen, choose the deferment period).
  • Choose your annuity instalment frequency - Yearly, Half-Yearly, Quarterly or Monthly
  • Provide yours and your partner's details (if applicable).
  • Pay purchase price and receive the annuity instalments through direct credit in your bank account.

Entry Age (Age last birthday)


Minimum

45 years

Maximum

80 years

Option 4

Immediate Life Annuity with Return of Purchase Price on Critical Illness (CI) or Accidental Total & Permanent Disability (ATPD) or Death

Option 6

Deferred Life Annuity with Return of Purchase Price

Other Options

No Limit

NPS

As per PFRDA Regulations amended from time to time

For Entry Age exceeding 99 years, the Annuity Rate for the Entry Age 99 years shall be applicable Note: For a Policy purchased from the proceeds arising out of the Company's or any other insurer's Pension Products/ demise of NPS subscriber, the Minimum Entry Age shall be 0 years.

Maximum Maturity Age


Not Applicable

Purchase Price (Single Premium) & Annuity Instalment

Minimum Purchase Price: Rs.2,00,000 Minimum Annuity Instalments are Rs.12, 000, Rs.6,000, Rs.3,000 and Rs.1,000 respectively for Yearly, Half-Yearly, Quarterly and Monthly mode. Maximum Purchase Price: No limit Please note that Purchase Price will be received as single premium only.

Annuity Options

You can choose one of the following annuity options at inception where annuity is payable at a constant rate in arrears as per payment frequency chosen.

  1. Immediate Life Annuity (Single Life)
  2. Immediate Life Annuity with Return of Purchase Price (Single Life)
  3. Immediate Life Annuity with Return of Balance Purchase Price (Single Life)
  4. Immediate Life Annuity with Return of Purchase Price on Critical Illness (CI) or Accidental Total & Permanent Disability (ATPD) or Death (Single Life)
  5. Immediate Joint Life Annuity with Return of Purchase Price
  6. Deferred Life Annuity with Return of Purchase Price (Single Life)
  7. NPS Family Income (option available only for National Pension System (NPS) subscribers)
*Annuities purchased under NPS payable to Non-Resident Indians (NRIs) / Overseas Citizens of India (OCIs) are subject to Tax Deducted at Source (TDS). Further, repatriation of the corpus, if any, will be subject to applicable laws and regulatory provisions of IRDAI / PFRDA / RBI.
Mode
Modal Factors

Yearly

1.00

Half-Yearly

0.98

Quarterly

0.97

Monthly

0.96

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