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A senior man enjoying in the garden; image used for HSBC India Guaranteed Income Advantage Plan

Guaranteed Income Advantage Plan

A plan that provides guaranteed benefits as well as regular income along with life cover for medium to long term financial goals

Why choose a Guaranteed Income Advantage Plan?

To help you ensure that none of your goals are compromised, we present Canara HSBC Oriental Bank of Commerce Life Insurance Guaranteed Income Advantage Plan, an individual non-linked non-par 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.
  • Provides life cover for the entire term while you pay premium only for a limited period.
  • Guaranteed Annual Income payable on survival at the end of every policy year, after the premium payment term till maturity, provided all due premiums have been paid.
  • Guaranteed maturity benefit is a guaranteed benefit payable on maturity, provided all due premiums have been paid.
  • Better value for higher premium: High premium booster that provides marginally better benefits for making a higher premium commitment.
  • Tax Benefits under Section 80C and Section 10(10D), as per the Income Tax Act, 1961 as amended from time to time may be available. Please conduct your independent assessment of the applicable tax implications and contact your tax advisor for any tax related queries.

Plan UIN Number:

136N069V02

 

Ways to open:

Branch, Online

How it works

You can customise the policy to suit your financial goals and requirements in just two simple steps:

Step 1: Choose your Annualised Premium3

Step 2: Choose your premium payment term / policy term and premium payment mode

The Sum Assured in this plan will be determined based on your age and the options chosen above. If your annualised premium is eligible for high premium booster, the Guaranteed Annual Income will be enhanced by the high premium booster percentage.

Benefits

Survival Benefit: You get Guaranteed Annual Income at the end of each policy year after the completion of Premium Payment Term till maturity. Guaranteed Annual Income will be equal to basic Guaranteed Annual Income plus the applicable boosters, if any.

You will receive both the Guaranteed Annual Income and the Maturity Benefit in the last policy year.
Premium Payment Term
Policy Term
Total number of income pay outs
Timing of income pay outs
Income payout percentage
Basic guaranteed annual income
7 12 5 End of policy year
140%

(Income Payout Percentage)

 

X (Annualised Premium)

10 15 5 End of policy year
200%

(Income Payout Percentage)

 

X (Annualised Premium)

You will receive both the Guaranteed Annual Income and the Maturity Benefit in the last policy year.
Premium Payment Term
7
Policy Term
12
Total number of income pay outs
5
Timing of income pay outs
End of policy year
Income payout percentage
140%
Basic guaranteed annual income

(Income Payout Percentage)

 

X (Annualised Premium)

Premium Payment Term
10
Policy Term
15
Total number of income pay outs
5
Timing of income pay outs
End of policy year
Income payout percentage
200%
Basic guaranteed annual income

(Income Payout Percentage)

 

X (Annualised Premium)

Maturity: On survival till the end of policy term (provided that all due premiums are paid),4 you will receive Guaranteed Sum Assured on Maturity.2

On payment of above benefit, your policy will terminate and no further benefit will be payable.

Death Benefit: In case of the life assured's unfortunate death during the policy term, provided the policy is in force, the death benefit payable to your nominee / legal Heir, as the case may be, will be Sum Assured1 on Death.

On payment of the above benefit, the policy will terminate and no further benefit will be payable.

The survival benefit (Guaranteed Annual Income) already paid, will not be deducted from the benefit payable on death.

About the Plan

Entry age as on last birthday:

  • Minimum entry age: 3 years (for policy term 15 years); 6 years (for policy term 12 years);
  • Maximum entry age: 60 years

Maturity age as on last birthday:

  • Minimum maturity age: 18 years
  • Maximum maturity age: 75 years
Premium Payment Term (PPT) and Policy Term
Premium Payment Term (in years)
Available Policy Term (in years)
7 12
10 15
Premium Payment Term (PPT) and Policy Term
Premium Payment Term (in years)
7
Available Policy Term (in years)
12
Premium Payment Term (in years)
10
Available Policy Term (in years)
15
Premium Payment Mode and Modal Factors
Mode
Modal Factors
Annual
1.00
Half-Yearly
0.51
Quarterly
0.26
Monthly
0.09
Premium Payment Mode and Modal Factors
Mode
Annual
Modal Factors
1.00
Mode
Half-Yearly
Modal Factors
0.51
Mode
Quarterly
Modal Factors
0.26
Mode
Monthly
Modal Factors
0.09

Annual, half-yearly, quarterly & monthly modes are available

For example, multiply the annual premium with 0.09 to determine the monthly installment premium payable.

The policyholder can choose to change the mode of premium payment subject to application of modal factor.

Sum Assured: Sum Assured will be determined by multiplying the annualised premium with the Sum Assured factor. The sum assured factor varies based on the entry age and Policy Term / Premium Payment Term.

Premium Amount & Premium Payment Modes
Mode
Minimum installment premium (INR)
Maximum premium
Annual
100,000
Maximum Premium: No limit (Subject to board approved underwriting policy of the company)
Half-Yearly
51,000
Maximum Premium: No limit (Subject to board approved underwriting policy of the company)
Quarterly
26,000
Maximum Premium: No limit (Subject to board approved underwriting policy of the company)
Monthly
9,000
Maximum Premium: No limit (Subject to board approved underwriting policy of the company)
Premium Amount & Premium Payment Modes
Mode
Annual
Minimum installment premium (INR)
100,000
Maximum premium
Maximum Premium: No limit (Subject to board approved underwriting policy of the company)
Mode
Half-Yearly
Minimum installment premium (INR)
51,000
Maximum premium
Maximum Premium: No limit (Subject to board approved underwriting policy of the company)
Mode
Quarterly
Minimum installment premium (INR)
26,000
Maximum premium
Maximum Premium: No limit (Subject to board approved underwriting policy of the company)
Mode
Monthly
Minimum installment premium (INR)
9,000
Maximum premium
Maximum Premium: No limit (Subject to board approved underwriting policy of the company)

Premiums paid include the modal premium as well as Underwriting Extra Premium.

Above minimum installment premium are exclusive of Goods and Services Tax & applicable cess(es) / levy, if any.

1Sum Assured on Death is the amount which is higher of:

  • 11 times the Annualised Premium
  • 105% of Total Premiums Paid as on date of death
  • Guaranteed Sum Assured on Maturity
  • Absolute amount assured to be paid on death

2Guaranteed Sum Assured on Maturity is equal to Sum Assured.

3Annualised Premium is the premium chosen by you, payable in a year, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

4Total Premiums Paid means total of all the premiums received, excluding any rider premium and taxes.

Key things you should know:

  1. Provides life cover for the entire term while you pay premium only for a limited period
  2. Guaranteed Annual Income payable on survival at the end of every policy year after the premium payment term till maturity, provided all due premiums have been paid
  3. Guaranteed Maturity Benefit is a guaranteed benefit payable on maturity, provided all due premiums have been paid
  4. Better Value for Higher Premium – High Premium Booster that provides marginally better benefits for making a higher premium commitment
  5. Tax Benefits under Section 80C and Section 10(10D), as per the Income Tax Act, 1961 as amended from time to time, may be available. For tax related queries, contact your independent tax advisor
  6. Risk of capital loss if policy is surrendered before completion of full policy term
  7. Guaranteed benefits may not yield positive inflation adjusted returns incase the inflation rate is higher than expected
  8. Non-resident customers should take into consideration the statutory and regulatory requirements of their respective jurisdictions and shall ensure compliance with the same before buying this product. By facilitating purchase of this product, HSBC India makes no representation that the product is suitable for any particular customer or is appropriate in accordance with any applicable local laws, rules or regulations
  9. This product is offered to existing HSBC India customers only
  10. If you are purchasing this product online by clicking on 'Apply now', please note that the first premium payment for this product can only be made online through either HSBC India Credit or Debit Card
  11. You must disclose all your health details appropriately in the proposal form to avail life cover benefits in this Policy
  12. Purchase of insurance product is purely voluntary and is not linked to availing of any other facility from the bank
  13. You should go through the entire document to have a complete understanding of the policy you are purchasing

Product Brochure:

Important information

Terms & Conditions

  • This product would not be offered to customers having residence in Japan/US or nationality of Japan/US
  • Insurance is the subject matter of the solicitation.
  • The Insurance product is offered and underwritten by the insurer Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (IRDA Regn. No. 136), 2nd Floor, Orchid Business Park, Sector-48, Sohna Road, Gurugram-122018, Haryana, India.
  • The Hongkong and Shanghai Banking Corporation Limited, India (IRDAI Regn. No. CA0016) (HSBC India) whose India corporate office is at 52/60, M. G. Road, Fort, Mumbai 400 001, is the Corporate Agent of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited and does not underwrite the risk or act as an insurer.
  • The contract of insurance is between the insurer and the insured and not between the bank and the insured.
  • For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale:
        Website: www.canarahsbclife.com.
        Call: 1800-103-0003/1800-180-0003 (MTNL / BSNL)
        E-mail: customerservice@canarahsbclife.in
        SMS your query to: 9779030003 to get a call back within 48 hours
  • Beware of spurious / fraud phone calls!
    IRDAI is not involved in activities like selling Insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint
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