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Guaranteed Income Plan

Guaranteed Income Plan

Fulfil every wish with guaranteed income

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Guaranteed Income Plan

Guaranteed Income Plan
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About Guaranteed Income Plan

UIN: 136N067V02

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.

Why Buy

  • 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)
READ MORE

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 Total 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.

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 %

Entry Age


Plan Options
Minimum Entry Age
Maximum Entry Age

Guaranteed Cashback Option

0 years

60 years

Guaranteed Cashback with Premium Protection Option

18 years

55 years

Guaranteed Income Advantage Option

0 years

60 years

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

For PT 7: 43 years

For PT10: 40 years

65 years

Maturity Age


Guaranteed Cashback Option

18 years

75 years

Guaranteed Cashback with Premium Protection Option

28 years

75 years

Guaranteed Income Advantage Option

18 years

75 years

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

Plan Options
Premium Payment Term
Policy Term

Guaranteed Cashback Option and

5

10,15

7

12,15

10

15,20

Guaranteed Cashback with Premium Protection Option

5

10,15

7

12,15

10

15,20

Guaranteed Income Advantage Option

7

14

10

20

Guaranteed Single Pay Advantage Option

1 (Single Pay)

5,7,10

Plan Options
Minimum Sum Assured (₹)

Guaranteed Cashback Option

49,600

Guaranteed Cashback with Premium Protection Option

49,500

Guaranteed Income Advantage Option

5,000

Guaranteed Single Pay Advantage Option

46,955

Maximum Sum Assured

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

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

Plan option
Mode
Modal Factors

Guaranteed Cashback Option

Annual

1.00

Half-Yearly

0.51

Quarterly

0.26

Monthly

0.09

Guaranteed Cashback with Premium Protection Option

Annual

1.00

Half-Yearly

0.51

Quarterly

0.26

Monthly

0.09

Guaranteed Income Advantage Option

Annual

1.00

Half-Yearly

0.51

Quarterly

0.26

Monthly

0.09

Guaranteed Single Pay Advantage Option

Single

NA

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