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customerservice@canarahsbclife.in
UIN: 136N074V01
Each stage in life comes with unique requirements; our long-term goals in life demand a guaranteed and stable income. But uncertainty often makes securing that income a daunting task. We present ‘Canara HSBC Life Insurance Guaranteed Income4Life’, a non-linked, non-participating individual 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.
A highly customizable life insurance plan that offers various flexibilities in terms/ premium payment options etc. so as to align the plan to an individual’s life stages and needs. Whether it is lifelong protection for you and your spouse or fulfilling your child’s education needs, preparing you for early retirement or giving you that extra income to make sure every promise is fulfilled; we have it all covered.
Depending upon your income need, you can select your savings plan option (any ONE) from the following available options under this product.
Regular Income based on the Income Period and Income Frequency selected by you will be paid on the Income Payout Dates.
You also have an option to receive all future Regular Income payouts as a lump sum.
Death Benefit during the Policy Term
If you have chosen Premium Protection Cover
(i) Incase of Death
(ii) Incase of Accidental total and permanent disability (ATPD)
Loan Facility
To meet any contingent need, you may avail the loan facility in this plan, once the policy acquires a Surrender Value, of Rs. 20,000 to upto 80% of prevailing Surrender Value.
High Premium Booster
The Regular Income for your policy will be increased due to High Premium Booster, for choosing a higher premium.
Tax Benefit
You may be entitled for tax benefits under 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 4 simple steps:
Step 1: Choose how much you want to save. That is your Annualized Premium
Step 2: Choose your Premium Payment Term (PPT)/ Deferment Period (DP), premium payment mode and income frequency. Your Policy Term will be PPT+DP
Step 3: Choose Premium Protection Cover (PPC), if required by you
Step 4: The Regular Income in this plan will be determined on the basis of your age, the options chosen above and Assured Loyalty Additions accrued in the policy, if any.
For example:
Sohan, aged 40 years, has a 3 years old child - Riaan. He is planning to buy a limited pay guaranteed insurance plan to ensure guaranteed income for the benefit of Riaan’s education. To fulfill this need, he opts for Canara HSBC Life Insurance Guaranteed Income4Life – Guaranteed Income.
He opts for a Premium Payment Term of 10 years and Deferment Period of 5 years. His Policy Term becomes 15 years and that’s when he wants Regular Income for Riaan’s higher & professional education. He makes a commitment to pay Rs. 1,00,000 at the start of every policy year (before applicable Goods and Services Tax & applicable cess (es)/levy, if any). He also opts for Premium Protection Cover.
Below are two scenarios illustrating benefits which will be payable under each of them.
3 years
(18 years in case Premium Protection Cover is chosen)
60 years
(55 years in case Premium Protection Cover is chosen)
18 years
(24 years incase Premium Protection Cover is chosen)
75 years
Premium Payment Term
5
7
10
Deferment Period
1 to 5
1 to 5
1 to 5
Policy Term (PPT+DP)
6 to 10
8 to 12
11 to 15
Income Period
5
7
10
Income Period starts as soon as the Policy Term ends
Annual
Half-Yearly
Quarterly
Monthly
24,000
12,000
6,000
2,000
No limit (Subject to Board Approved Underwriting Policy of the Company)
Monthly, Quarterly, Half-Yearly, Annual
Chosen at the Policy inception and can be changed anytime during the Policy Term and / or Income Period under your policy.
Regular Income based on the Income Period and Income Frequency selected by you will be paid on the Income Payout Dates.
You also have an option to receive all future Regular Income payouts as a lump sum.
Death Benefit during the Policy Term
If you have chosen Premium Protection Cover
(i) Incase of Death
(ii) Incase of Accidental total and permanent disability (ATPD)
Loan Facility
To meet any contingent need, you may avail the loan facility in this plan, once the policy acquires a Surrender Value, of Rs. 20,000 to upto 80% of prevailing Surrender Value.
High Premium Booster
The Regular Income for your policy will be increased due to High Premium Booster, for choosing a higher premium.
Tax Benefit
You may be entitled for tax benefits under 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 4 simple steps:
Step 1: Choose how much you want to save. That is your Annualized Premium
Step 2: Choose your Premium Payment Term (PPT)/ Deferment Period (DP), premium payment mode and income frequency. Your Policy Term will be PPT+DP
Step 3: Choose Premium Protection Cover (PPC), if required by you
Step 4: The Regular Income in this plan will be determined on the basis of your age, the options chosen above and Assured Loyalty Additions accrued in the policy, if any.
For example:
Rohan, aged 40 years, is happily married and has 2 children. To take care of the increasing household expenses in future, he is planning to buy a limited pay guaranteed insurance plan to ensure supplemental income for him for 15 years. To fulfill this need, he opts for Canara HSBC Life Insurance Guaranteed Income4Life – Guaranteed Long-term Income.
He opts for a Premium Payment Term of 7 years and Deferment Period of 5 years. His Policy Term becomes 12 years and that’s when he wants Regular Income to start. He makes a commitment to pay Rs. 1,00,000 at the start of every policy year (before applicable Goods and Services Tax & applicable cess (es)/levy, if any).
Below are two scenarios illustrating benefits which will be payable under each of them.
1 years
(18 years in case Premium Protection Cover is chosen)
60 years
(55 years in case Premium Protection Cover is chosen)
18 years
(24 years incase Premium Protection Cover is chosen)
75 years
Premium Payment Term
5
7
10
12
Deferment Period
1 to 5
1 to 5
1 to 5
1 to 5
Policy Term (PPT+DP)
6 to 10
8 to 12
11 to 15
13 to 17
Income Period
15 or 20
Income Period starts as soon as the Policy Term ends
Annual
Half-Yearly
Quarterly
Monthly
24,000
12,000
6,000
2,000
No limit (Subject to Board Approved Underwriting Policy of the Company)
Monthly, Quarterly, Half-Yearly, Annual
Chosen at the Policy inception and can be changed anytime during the Policy Term and / or Income Period under your policy.
Upon survival of Life Assured/ Lives Assured at the end of Policy Term (provided that all due premiums are paid), you will start getting the Regular Income based on the Income Period and Income Frequency selected by you, on the Income Payout Dates.
You also have an option to receive all future Regular Income payouts as a lump sum.
Single Life Policy
Joint Life Policy
Loan Facility
To meet any contingent need, you may avail the loan facility in this plan, once the policy acquires a Surrender Value, of Rs. 20,000 to upto 80% of prevailing Surrender Value.
High Premium Booster
The Regular Income for your policy will be increased due to High Premium Booster, for choosing a higher premium.
Tax Benefit
You may be entitled for tax benefits under 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 4 simple steps:
Step 1: Choose how much you want to save. That is your Annualized Premium/ Single Premium
Step 2: Choose your Premium Payment Term (PPT)/ Deferment Period (DP), premium payment mode and income frequency. Your Policy Term will be PPT+DP
Step 3: Choose to cover your close one in the same policy, if required by you
Step 4: The Regular Income in this plan will be determined on the basis of your/ joint life’s age, the options chosen above and Assured Loyalty Additions accrued in the policy, if any.
SINGLE LIFE EXAMPLE: Mohan, aged 45 years, is successful businessman. To ensure he lives a comfortable retirement, he is planning to buy a limited pay guaranteed insurance plan to ensure income during his retired life. To fulfill this need, he opts for Canara HSBC Life Insurance Guaranteed Income4Life – Guaranteed Life-Long Income.
He opts for a Premium Payment Term of 12 years and Deferment Period of 5 years. His Policy Term becomes 17 years and that’s when he wants Regular Income to start. He makes a commitment to pay Rs. 1,00,000 at the start of every policy year (before applicable Goods and Services Tax & applicable cess (es)/levy, if any).
Below are two scenarios illustrating benefits which will be payable under each of them.
45 years
65 year
50 years
80 years
Premium Payment Term
5
7
10
12
Single Pay
Deferment Period
1 to 5
1 to 5
1 to 5
1 to 5
5
Policy Term (PPT+DP)
6 to 10
8 to 12
11 to 15
13 to 17
5
Income Period
99 years less age last birthday as at the end of Policy Term*
Income Period starts as soon as the Policy Term ends
Annual
Half-Yearly
Quarterly
Monthly
Single Premium
24,000
12,000
6,000
2,000
1,00,000
No limit (Subject to Board Approved Underwriting Policy of the Company)
Monthly, Quarterly, Half-Yearly, Annual
Chosen at the Policy inception. You can change it anytime during the Policy Term and / or Income Period under your policy.
* In case of Joint Life Policy, Regular Income will be paid till age 99 years less Age last birthday as at the end of Policy Term of the younger of the two Lives Assured