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In this policy the investment risk in investment portfolio will be borne by the policyholder
Finance your future today, to make sure you enjoy life tomorrow. Our retirement solutions have been created to ensure that you lead your life tension free.
Our Secure Bhavishya Plan gives you the freedom to plan your retirement so that you can enjoy it just the way you want!"
In today`s active working life, you do your best for your loved ones but at the same time you also need to plan for your own future. Investing in a pension plan is a wise decision, in order to build-up a retirement corpus that can be used to provide a steady post retirement income. Presenting Canara HSBC Life Insurance Secure Bhavishya Plan, a product that provides the benefit of equity participation to potentially enhance your retirement corpus, and at the same time offers 'capital protection' to your retirement corpus.
Key Features Of The Plan
Higher of Fund Value or 105% of the all premiums paid (including top-up premiums, if any)
The nominee/claimant shall have the option to utilize the death benefit in one of the following ways:
Higher of Fund Value or assured maturity benefit, where the assured maturity benefit is 101% of all due premiums paid (including top-up premiums)
1. Commute up to 60% and utilize the balance amount to purchase immediate/deferred annuity from us, which shall be guaranteed for life, at the then prevailing annuity/pension rates. However, you will have an option of purchasing an immediate/deferred annuity at the then prevailing rate from any other insurer to the extent of the percentage, stipulated by the Authority, currently 50%, of the entire proceeds of the policy net of commutation.
2. Utilize the entire proceeds of the policy for purchasing an immediate/deferred annuity at the then prevailing annuity rate of the Company. However, you will have the option to purchase immediate/deferred annuity from any other insurer at the then prevailing annuity rate to the extent of the percentage, stipulated by the Authority, currently 50%, of the entire proceeds of the policy net of commutation.
3. Extend the accumulation period or defer the Vesting date (subject to maximum Vesting age) within the same policy, with same terms and conditions, provided you are less than 60 years of age as on that date.
For option 3 above, for single pay or limited pay variant, only deferment of vesting date is allowed subject to maximum maturity age of 80 years. No premiums are to be paid for the extended period.
For regular premium policies, there will be an option to extend the accumulation period i.e. premium payment period along with deferment of vesting Date.
There are three investment funds in the plan. The investment and risk profile of each fund is described below:
Pension Growth Fund
To achieve capital appreciation through a judicious mix of investments in equities and fixed income securities.
Medium to high
Pension Balanced Fund
To achieve a balance between capital protection and returns through a judicious mix of investments in equities and fixed income securities.
Pension Debt Fund
To provide capital protection and accumulation of income through investment in fixed income securities.
*Others will include investments in Liquid Mutual Funds, FDs and other short term investments
- 100% of the premiums (including top-ups) are invested in this fund for the first 15 policy years.
- Gradual shifting in 5 quarterly tranches will happen during 15th policy year.
- Any premium / top-ups in 15th policy year shall also be invested in Pension Growth Fund
- All available Units under the Pension Growth Fund are switched out and moved to Pension Balanced by the beginning of 16th policy year
- 100% of the renewal premiums (including top-up's) are invested in this fund after first 15 policy years are over, which means for the last five years
- Option for switching and premium re-direction to Pension Debt Fund in last five policy years
- Any proportion of Funds can be switched from Pension Balanced Fund to Pension Debt Fund in last five policy years
- Switching is not allowed from Pension Debt Fund to any other Fund
- Renewal premium / Top-ups can be re-directed to Pension Debt Fund in last five policy years
You may be entitled to certain tax benefits as per the Income Tax Act, 1961. Tax benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor.
The assumed Total Vesting Benefits (at 4% p.a. and 8% p.a. investment return scenario) shown in the above illustrative example are not guaranteed, and they are not the upper or lower limits of what you might get back, as the value of your policy depends on a number of factors including performance of investment funds. The Total Vesting Benefits (Fund Value) shown in the above illustrative example are after deduction of all charges including applicable taxes and cess (es), if any.
The annuity amounts above would be payable annually in arrears from the vesting date, as long as the Life Assured is still alive. No other benefit would be payable. The above assumes that 100% of the Total Vesting Benefit is used to buy an annuity. The annuity amounts shown have been calculated using prevailing rates for Smart Immediate Income Plan (UIN: 136N034V04), which may change from time to time. The annuity amounts are shown above only to give an indication of the amount of annuity you may be able to purchase. Please refer to the Company's website for prevailing annuity rates. In practice this amount will depend on the annuity rate available at that time, which will in turn depend on the company's assessment of factors such as long term interest rates and mortality rates. To that extent there is a risk that targeted annuity rate will not be the same as illustrated above. The amount of annuity available to you will also depend on the type of annuity you select and the proportion of your Total Vesting Benefit used to buy the annuity.
On Vesting (Maturity of your policy), you may be required by applicable prevailing laws to use all or part of your Total Vesting Benefit to purchase an annuity.
The annuity at the time of Vesting will be provided by Canara HSBC Life Insurance Company Limited or any other insurer, as stipulated by the Authority, subject to the terms and conditions of the product.
If the policy is sourced under QROPS, the Age of the Life Assured on the Vesting date should be between 55 (Fifty Five) years and 75 (Seventy Five) as per the prevailing Her Majesty Revenue & Customs (HMRC) requirements.
At any time, Vesting age (Policy Term) can be extended (within the maximum limits prescribed above) by giving a written notice of at least 3 (Three) months prior to the Vesting Date provided you are less than 60 years of age as on that date.
For Regular pay variant, there will be an additional option to extend the accumulation period along with vesting age (wherein the customer shall pay the premiums as well). If the policy is sourced under QROPS, the Age of the Life Assured on the Vesting date should be between 55 (Fifty Five) years and 75 (Seventy Five) as per the prevailing Her Majesty Revenue & Customs (HMRC) requirements.
One time premium only
Equal to the Policy Term
Annual Premium (for premium payment term to 9 years): ₹ 50,000
Annual Premium (for premium payment term years and above): ₹ 25,000
Monthly Premium (for premium payment term to 9 years): ₹ 5,000
Monthly Premium (for premium payment term years and above): ₹ 3,000
Please note that it is mandatory to pay first 3 months premium in advance1 if you have chosen monthly mode of premium payment For policy sourced under QROPS, only Single pay option is available1 Collection of advance premium shall be allowed within the same financial year for the premium due in that financial year. However, where the premium due in a financial year is being collected in previous financial year, the premium may be collected for a maximum period of three months in advance of the due date of the premium. The premium so collected in advance shall only be adjusted on the due date of the premium. Such advance premium, if any, paid by the policyholder shall not carry any interest.