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IncomeNow - Canara HSBC Life Insurance

IncomeNow

Delivering with Speed and Guarantee
  • Life Cover
  • Choose from 2 Plans to Fit your Goal
  • Opt for Accumulating Income/Offsetting Premiums
  • Secure Guaranteed Returns

Delivering with Speed and Guarantee
  • Life Cover
  • Choose from 2 Plans to Fit your Goal
  • Opt for Accumulating Income/Offsetting Premiums
  • Secure Guaranteed Returns

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Application Status

Name

Date of Birth

Plan Name

Status

Unclaimed Amount of the Policyholder as on

Name of the policy holder

Policy Holder Name

Policy No.

Policy Number

Address of the Policyholder as per records

Address

Unclaimed Amount

Unclaimed Amount

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About IncomeNow

A Non-Linked Participating Individual Life Insurance Savings Plan

UIN - 136N121V01

Imagine a life free from financial worries—where your loved ones are secure, your goals are achievable, and every milestone is a celebration. In today’s uncertain world, true financial planning means creating a future of security and freedom.

Presenting Canara HSBC Life Insurance IncomeNow – a Non-Linked, Non-Participating, Individual Life Insurance Savings cum Protection Plan. It offers guaranteed income, life cover, and flexibility to help you build wealth, protect your family, and enjoy your golden years. IncomeNow is your key to confidence in an uncertain world.

Key Highlights of IncomeNow

  1. Guaranteed Benefits with Early Liquidity: Get a lump sum at maturity and start receiving income from the first policy month for both long-term security and immediate liquidity.

  2. Protection Against Rising Costs: Choose guaranteed income that begins early and grows over time.

  3. Flexible Cover, Enhanced Returns: Opt for lower life cover to enjoy a higher guaranteed income.

  4. Savings Wallet & Premium Offset: Accumulate income for future needs with Savings Wallet or use Premium Offset feature to adjust your future premiums for added convenience.

  5. Tax Benefits: Tax benefits under this product may be available as per prevailing Income Tax laws in India. You are requested to consult your tax advisor for advice on Tax Benefits.

Choose a Plan Option

Depending upon your need, you can select your plan option from the following available options under this product:

  • Guaranteed income starts from the first policy year, plus a lump sum at maturity and life cover for complete security.
  • Choose income in advance or arrears - opt for arrears and enjoy 107.5% of guaranteed income for extra value.
  • Customise your protection - choose life cover of 11X or 7X your annual premium to match your needs
  • Flexibility at its best - accumulate guaranteed income in a Savings Wallet for future needs or use it to offset premiums for added convenience
  • Tax benefits, as per prevailing tax laws
  • Guaranteed income begins in the first year and increases at regular intervals, with a lump sum at maturity and life cover.
  • Customize your protection - choose life cover of 11X or 7X your annual premium to match your needs
  • Flexibility at its best - accumulate guaranteed income in a Savings Wallet for future needs or use it to offset premiums for added convenience
  • Tax benefits, as per prevailing tax laws

Early Income

Benefits

Survival Benefit: Guaranteed Income is payable in advance or arrears (as chosen at policy inception) from the first policy year till the end of the Policy Term; if the Policy is in-force and the Life Assured is alive as on each payout date.

Maturity Benefit: A lumpsum benefit shall be payable at the end of the policy term along with the balance in the Savings Wallet, if any; provided the Policy is in-force and the Life Assured is alive as on each payout date.

Death Benefit: Higher of:

  • Sum Assured on Death, or
  • Prevailing Surrender Value

Where Sum Assured on Death is higher of Sum Assured (i.e. 11 or 7 times the Annualized Premium), or 105% of Total Premiums Paid.

Additionally, any balance in the Savings Wallet will also be paid along with the death benefit.

  1. Savings Wallet: You can save your guaranteed income payouts instead of taking them immediately. Starting from Year 1, you can add payouts to your Savings Wallet and accumulate them at a rate linked to the 10-Year G-Sec minus 2% (floored at 0%). You can opt in or out anytime, withdraw funds partially or fully, and enjoy more control over your liquidity and financial planning. Any balance is paid out on death, surrender, or maturity, whichever is earlier.

  2. Premium Offset: Use your guaranteed income to pay future premiums with the Premium Offset option, available under all plan options at policy inception.

    Note:         Premium Offset is disabled if you take a loan and cannot be combined with Savings Wallet.

  3. High Premium Incentives: will be available if the annual premium under the policy is ₹1,00,000 or more.

Feature

Details

Minimum Entry Age

0 years

Maximum Entry Age

50 years

Minimum Maturity Age

18 years

Maximum Maturity Age

80 years

Premium Payment Term, Policy Term and Income Start Year

Premium Payment Term

Policy Term

Income Pay-out Period

Income Start Year

2 / 3 / 4

20, 25, 30, 35, 40

Equal to the Policy Term

1st year

5

15, 20, 25,30,35,40

7

15, 20, 25, 30, 35, 40

10

20, 25, 30, 35, 40

12

20, 25, 30, 35, 40

Annualized Premium (₹)

Minimum Annualized Premium

Maximum Annualized Premium

PPT 2 – 5,00,000

PPT 3 / 4 – 2,00,000

PPT 5 and above – 50,000

No Limit, Subject to Board Approved Underwriting Policy

Sum Assured

11 or 7 times the Annualized Premium


This can be chosen at policy inception and cannot be modified post that.

Premium & Income Payment Frequency

Annual

Income Payout Mode

Advance / Arrears

 

This can only be chosen at policy inception and cannot be modified. In case the customer takes the income in Arrears, the income payable shall be 107.5% of the income payable in advance.

Step-up Income

Survival Benefit: Guaranteed Income shall be payable in advance from the first policy year till the end of the Policy Term; if the Policy is in-force and the Life Assured is alive as on each payout date.
The Guaranteed Income payable will grow progressively:

  • First one-third of the Policy Term (i.e. Premium Payment Term): The payable benefit shall be Guaranteed Income.
  • Second one-third of the Policy Term (same tenure as Premium Payment Term): The income payable is enhanced & You shall receive 150% of the Guaranteed Income paid during the Premium Payment Term.
  • Final one-third of the Policy Term (same tenure as Premium Payment Term): The income payable will be further enhanced & the income payable will be 200% of the Guaranteed Income paid during the Premium Payment Term.

Maturity Benefit: A lumpsum benefit shall be payable at the end of the policy term along with the balance in the Savings Wallet, if any; provided the Policy is in-force and the Life Assured is alive as on each payout date.

 

Death Benefit: Higher of:

  • Sum Assured on Death, or
  • Prevailing Surrender Value

Where Sum Assured on Death is higher of Sum Assured (i.e. 11 or 7 times the Annualized Premium), or 105% of Total Premiums Paid.

Additionally, any balance in the Savings Wallet will also be paid along with the death benefit.

  1. Savings Wallet: You can save your guaranteed income payouts instead of taking them immediately. Starting from Year 1, you can add payouts to your Savings Wallet and accumulate them at a rate linked to the 10-Year G-Sec minus 2% (floored at 0%). You can opt in or out anytime, withdraw funds partially or fully, and enjoy more control over your liquidity and financial planning. Any balance is paid out on death, surrender, or maturity, whichever is earlier.

  2. Premium Offset: Use your guaranteed income to pay future premiums with the Premium Offset option, available under all plan options at policy inception.

    Note:     Premium Offset is disabled if you take a loan and cannot be combined with Savings Wallet.

  3. High Premium Incentives will be available if the annual premium under the policy is ₹1,00,000 or more. 

Feature

Details

Minimum Entry Age

0 years

Maximum Entry Age

50 years

Minimum Maturity Age

18 years

Maximum Maturity Age

80 years

Premium Payment Term, Policy Term and Income Start Year

Premium Payment Term

Policy Term

Income Pay-out Period

Income Start Year

5

15

Equal to the policy term

1st year

7

21

8

24

10

30

12

36

Annualized Premium (₹)

Minimum Annualized Premium

Maximum Annualized Premium

50,000

No Limit, Subject to Board Approved Underwriting Policy

Sum Assured

11 or 7 times the Annualized Premium

This can be chosen at policy inception and cannot be modified post that.

Premium & Income Payment Frequency

Annual

Income Payout Mode

Advance

Download Forms
Policy Document
Customer Information Sheet
Product Brochure