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Guaranteed Income 4 Life

Guaranteed Income4Life Plan

Income Assured. Promises Insured.

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Guaranteed Income4Life Plan

Guaranteed Income4Life
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Annual Income (In Lacs)

About Guaranteed Income4Life

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 Oriental Bank of Commerce 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.

Choose from our top plans

Depending upon your income need, you can select your plan option (any ONE) from the following available options under this product.

Guaranteed Income

Provides income for short to medium term of up to 10 years

Guaranteed Regular Income up to 10 years

Safeguard your child’s future with Premium Protection Cover option

Assured Loyalty Additions of up to 900% of an Annualized premium

Enhanced Regular Income for higher premiums

Pay premium for limited years

Guaranteed Long-term Income

Provides income for long term of 15 or 20 years

Supplementary Guaranteed Regular Income up to 15 or 20 years

Option to choose Premium Protection Cover

Assured Loyalty Additions of up to 1080% of an Annualized premium

Enhanced Regular Income for higher premiums

Pay premium for limited years

Guaranteed Life-Long Income

Provides income for lifetime i.e. up to 99 years of age

Guaranteed Regular Income for lifetime to meet post retirement expenses

Option to cover your spouse

Assured Loyalty Additions of up to 1080% of an Annualized premium

Enhanced Regular Income for higher premiums

Option to pay premium in single go or limited years

Guaranteed Income

Why Buy


  • Protection: Ensure financial protection for your family in case of eventuality
  • Guaranteed Benefits: All the policy benefits are upfront guaranteed at start of the policy
  • Income Payouts: Maturity proceeds are paid in form of Regular Income to take care of the recurring expenses
  • Income to safeguard your child’s future: With Premium Protection Cover Option, in case of an eventuality, further premiums are waived and income will be paid as planned
  • Flexibility in plan: Regular Income can be annual/ semi-annual/ quarterly/ monthly – the way you want. In case required, take the discounted value of your future Regular Income at any time
  • Enhanced Regular Income for higher Premiums
  • Assured Loyalty Additions of up to 900% of an Annualized premium
  • Tax Benefits as per applicable laws as amended from time to time

READ MORE
Maturity

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.

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 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.

Parameters
Minimum
Maximum
Entry Age as on Last Birthday

3 years
(18 years in case Premium Protection Cover is chosen)

60 years
(55 years in case Premium Protection Cover is chosen)

Maturity Age as on Last Birthday

18 years
(24 years incase Premium Protection Cover is chosen)

75 years

Premium Payment Term, Deferment Period, Policy Term & Income Period (In 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

Premium (in Rupees)

Annual

Half-Yearly

Quarterly

Monthly

24,000

12,000

6,000

2,000


No limit (Subject to Board Approved Underwriting Policy of the Company)

Income Frequency

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.

Guaranteed Long Term Income

Why Buy


  • Protection: Ensure financial protection for your family in case of eventuality
  • Guaranteed Benefits: All the policy benefits are upfront guaranteed at start of the policy
  • Income Payouts: Maturity proceeds are paid in form of Regular Income to take care of the recurring expenses
  • Income to safeguard your child’s future: With Premium Protection Cover Option, in case of an eventuality, further premiums are waived and income will be paid as planned
  • Flexibility in plan:: Regular Income can be annual/ semi-annual/ quarterly/ monthly – the way you want. Incase required, take the discounted value of your future Regular Income at any time
  • Enhanced Regular Income for higher Premiums
  • Assured Loyalty Additions of up to 1080% of an Annualized premium
  • Tax benefits as per applicable laws as amended from time to time

READ MORE
Maturity

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.

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 Oriental Bank of Commerce 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.

Parameters
Minimum
Maximum
Entry Age as on Last Birthday

1 years
(18 years in case Premium Protection Cover is chosen)

60 years
(55 years in case Premium Protection Cover is chosen)

Maturity Age as on Last Birthday

18 years
(24 years incase Premium Protection Cover is chosen)

75 years

Premium Payment Term, Deferment Period, Policy Term & Income Period (In 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

Premium (in Rupees)

Annual

Half-Yearly

Quarterly

Monthly

24,000

12,000

6,000

2,000


No limit (Subject to Board Approved Underwriting Policy of the Company)

Income Frequency

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.

Guaranteed Life Long Income

Why Buy


  • Protection: Ensure financial protection for your family in case of eventuality
  • Guaranteed Benefits: All the policy benefits are upfront guaranteed at start of the policy
  • Retirement Income: Maturity proceeds are paid in form of Regular Income to take care of the post retirement days
  • Joint-life Retirement Income: Cover your close one in the same policy and ensure income for his/ her lifetime
  • Flexibility in plan: Regular Income can be annual/ semi-annual/ quarterly/ monthly – the way you want. Incase required, take the discounted value of your future Regular Income
  • Premium Payment Option: Choose to pay a single premium or to pay for a limited term depending upon your convenience
  • Enhanced Regular Income for high Premium
  • Assured Loyalty Additions of upto 1080% of an Annualized premium or 90% of a Single Premium
  • Tax benefits as per applicable laws as amended from time to time

READ MORE
Maturity

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.

Death Benefit during the Policy Term

Single Life Policy

  • Sum Assured on Death plus accrued Assured Loyalty Addition(s), if any is paid
  • And the policy will terminate

Joint Life Policy

  • The surviving Life Assured will receive 7 times the Annualized Premium in case of limited premium payment policy or 1.25 times the Single Premium, in case of single pay policy
  • Policy will continue, subject to payment of premiums, with all the benefits post the first death
  • On death of the surviving Life Assured, Nominee/ Legal Heir will receive the Sum Assured on Death plus accrued Assured Loyalty Addition(s), if any
  • On payment of this benefit, the policy will terminate.

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 Oriental Bank of Commerce 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.

Parameters
Minimum
Maximum
Entry Age as on Last Birthday

45 years

65 year

Maturity Age as on Last Birthday

50 years

80 years

Premium Payment Term, Deferment Period, Policy Term & Income Period (In 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

Premium (in Rupees)

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)

Income Frequency

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

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