Login LOGIN
Login
Guaranteed Income Advantage Plan

Guaranteed Income Advantage Plan

Create Memories and Cherish Forever

Guaranteed Income Advantage Plan

Guaranteed Income Advantage Plan
Meet our Advisor
×

Meet our Advisor

About Guaranteed Income Advantage Plan

UIN: 136N069V02

It takes constant labor and perseverance to reach to the level of success that you have attained in life. Be it the goal to plan for your family's financial security in your unfortunate absence, your long term goal like sending your kids abroad for higher studies, or, a short term goal of ensuring a comfortable lifestyle you deserve every bit of it. Hence, it is imperative that your savings also assist you in your pursuit of fulfilling your goals.

To help you ensure that none of your goals are compromised, we present 'Canara HSBC Oriental Bank of Commerce Life Insurance Guaranteed Income Advantage Plan', an Individual Non-Linked Non- Par Life Insurance Savings cum Protection Plan that offers guaranteed benefits as well as regular income to take care of both long term and short term financial goals.

Why Buy

  • Provides life cover for the entire term while you pay premium only for a limited period.
  • Guaranteed Annual Income payable on survival at the end of every policy year after the premium payment term till maturity, provided all due premiums have been paid.
  • Guaranteed Maturity Benefit is a guaranteed benefit 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.
  • Tax Benefits under Section 80C and Section 10(10D), as per the Income Tax Act, 1961 as amended from time to time may be available. For tax related queries, contact your independent tax advisor.
  • #Tax Benefits under Section 80C and Section 10(10D), as per the Income Tax Act, 1961 as amended from time to time may be available. For tax related queries, contact your independent tax advisor

READ MORE

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

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

Sum Assured on Death is the amount which is higher of:

  • 11 times the Annualized Premium, or
  • 105% of Total Premiums Paid as on date of death, or
  • Guaranteed Sum Assured Maturity, or
  • Absolute amount assured to be paid on death

Guaranteed Sum Assured on Maturity is equal to Sum Assured.

Total Premiums Paid means total of all the premiums received, excluding any rider premium and taxes.

Survival Benefit


You will get Guaranteed Annual Income at the end of each of the Policy Years after the completion of premium term till maturity. Guaranteed Annual Income will be equal to Basic Guaranteed Annual Income plus the applicable boosters, if any.

Premium Payment Term
Policy Term
Total Number of Income Payouts
Timing of Income Payouts
Income Payout Percentage
Basic Guaranteed Annual Income

7

12

5

End of Policy Year

140%

(Income Payout Percentage) X (Annualized Premium)

10

15

5

End of Policy Year

200%

(Income Payout Percentage) X (Annualized Premium)

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 benefit, 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 the 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.

Loan Facility


To meet any contingent need, you may avail the loan facility in this plan, once the policy acquires a Surrender Value The minimum loan amount that can be availed is Rs. 20,000 and the maximum is 80% of prevailing Surrender Value at the time of availing the loan. Loan will be available for an in-force policy only.

The Company undertakes the review of the interest rate for Policy loans on 31st December every year with any changes resulting from the review being effective from the 1st of April of the following year.

The basis of calculation of such interest rate is approved by the Authority. Any change in basis of determination of interest rate for Policy Loan will be subject to prior approval of the Authority. The applicable loan interest rate for the financial year 2019-20 is 8.70% per annum.

Loan facility is available before the Guaranteed Annual Income starts. Loan facility is not available once the policy becomes paid up.

High Premium Booster


The basic Guaranteed Annual Income available for a given premium will be increased by the High Premium Booster % applicable as per the table below:

Annualised Premium (in Rs.)
High Premium Booster (as % of Basic Guaranteed Annual Income)

Less than 2,00,000

Nil

Greater than or equal to 2,00,000 to less than 5,00,000

1.00%

Greater than or equal to 5,00,000 to less than 10,00,000

1.75%

Greater than or equal to 10,00,000

2.00%

Tax Benefit


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.

You can customize the policy to suit your financial goals and requirements in just 2 simple steps:

Step 1: Choose your annualised premium

Step 2: Choose your premium payment term/ policy term and premium payment mode

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 Guaranteed Annual Income will be enhanced by the High Premium Booster percentage. (refer section "What are the other benefits in this plan?")

Entry Age


Minimum

3 years (for Policy Term 15 years)
6 years (for Policy Term 12 years)

Maximum

60 years

Maturity Age


Minimum

18 years

Maximum

75 years

Premium Payment Term (in years)
Available Policy Term (in years)

7

12

10

15

  • Minimum: is determined basis the minimum Annualised Premium, Entry Age, Policy Term/ Premium Payment Term
  • Maximum: Basis Board Approved Underwriting Policy of the Company

Sum Assured will be determined by multiplying the Annualised Premium with the Sum Assured Factor. The Sum Assured Factor varies basis the Entry Age and Policy Term/ Premium Payment Term.

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

Mode
Modal Factors

Annual

1.00

Half-Yearly

0.51

Quarterly

0.26

Monthly

0.09

For example, multiply the annual premium with 0.09 to determine the monthly instalment premium payable.

The Policyholder can choose to change the Mode of Premium Payment subject to application of modal factor.

Call BackCall Back Pay PremiumPay Premium