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 / Accidental Total And Permanent Disability Benefit
Death Benefit during the Policy Term
- Sum Assured on Death plus accrued Assured Loyalty Addition(s), if any will be paid
- And policy will terminate
If you have chosen Premium Protection Cover
(i) Incase of Death
- Sum Assured on Death will be paid
- All future premiums under the policy will get waived and the policy will continue with maturity benefit as if the policy was in-force
- On maturity, Regular Income based on the Income Period and Income Frequency selected will be paid
(ii) Incase of Accidental total and permanent disability (ATPD)
- All future premiums under the policy will get waived and the policy will continue with all the benefits – Death and Maturity.
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.
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.
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 Oriental Bank of Commerce 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.
Entry Age as on Last Birthday
(18 years in case Premium Protection Cover is chosen)
(55 years in case Premium Protection Cover is chosen)
Maturity Age as on Last Birthday
(24 years incase Premium Protection Cover is chosen)
Premium Payment Term, Deferment Period, Policy Term & Income Period (In years)
Premium Payment Term
1 to 5
1 to 5
1 to 5
Policy Term (PPT+DP)
6 to 10
8 to 12
11 to 15
Income Period starts as soon as the Policy Term ends
Premium (in Rupees)
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.