Top of main content
A middle-aged woman is drawing; image used for HSBC India Pension4Life retirement insurance page

Pension4life Plan

Why choose the Pension4life plan?

As you approach your retirement, the most important thought on your mind is to lead a secure and comfortable life as you always have, without any dependence on others. Everyone loves to be financially independent, and to live a worry free and comfortable life. This is even more important in your golden years post retirement as after so many years of hard work, money should not be a concern for you to decide how you would spend these years.

Canara HSBC Oriental Bank of Commerce Life Insurance Pension4Life Plan is a smart way to ensure a regular guaranteed income stream as per your needs post retirement, where you will receive defined level of annuity instalments in exchange for a Purchase Price.

Plan UIN Number:

136N071V04

Ways to open:

Branch

Features & benefits

Options under the plan

  • Option 1 - Immediate Life Annuity (Single Life)
  • Option 2 - Immediate Life Annuity with Return of Purchase Price (Single Life)
  • Option 3 - Immediate Life Annuity with Return of Balance Purchase Price (Single Life)
  • Option 4 - Immediate Life Annuity with Return of Purchase Price on Critical Illness (CI) or Accidental Total & Permanent Disability (ATPD) or Death (Single Life)
  • Option 5 - Immediate Joint Life Annuity with Return of Purchase Price
  • Option 6 - Deferred Life Annuity with Return of Purchase Price (Single Life)

Please note that after your policy begins you cannot change your annuity option.

Key parameters:

Entry age (age as of last birthday)

Minimum: 45 years

Maximum entry age details:
Options
Age

Option 4 - Immediate Life Annuity with Return of Purchase Price on Critical Illness (CI) or Accidental Total & Permanent Disability (ATPD) or Death

 

Option 6 - Deferred Life Annuity with Return of Purchase Price

80 years
Other options
No limit
Maximum entry age details:
Options

Option 4 - Immediate Life Annuity with Return of Purchase Price on Critical Illness (CI) or Accidental Total & Permanent Disability (ATPD) or Death

 

Option 6 - Deferred Life Annuity with Return of Purchase Price

Age 80 years
Options
Other options
Age No limit

For Entry Age exceeding 99 years, the Annuity Rate for the Entry Age 99 years shall be applicable.

Note: For a Policy purchased from the proceeds arising out of the Company's or any other insurer’s Pension Products, the Minimum Entry Age shall be 0 years

Purchase price (Single Premium) & Annuity Instalment

  • Minimum purchase price: INR200,000 (excluding Goods and Services Tax & applicable cess (es) / levy, if any)
  • Minimum annuity instalments are INR12,000, INR6,000, INR3,000 and INR1,000 respectively for yearly, half-yearly, quarterly and monthly mode
  • Maximum purchase price: no limit
  • Maximum annuity instalment: no limit
  • Please note that the purchase price will be received as single premium only. Your annuity instalment depends on your entry age, purchase price, annuity option, and deferment period

Annuity instalment frequency / mode

Annuities can be payable in yearly, half-yearly, quarterly or monthly modes.

The modal factors are:

  • Yearly: 1.00
  • Half-yearly: 0.98
  • Quarterly: 0.97
  • Monthly: 0.96

Example: a monthly annuity rate will be calculated as (applicable annuity rate x 0.96 / 12). So a purchase price which yields an annual annuity instalment of INR100,000 would yield 12 monthly instalments of INR8,000 each.

Benefits:

The benefits under the plan vary as per the plan option chosen.

The details below will help you understand the benefits of the plan better:

Death, survival benefit

  1. Immediate Life Annuity (Single Life)
    1. Annuity is payable throughout the life of the Annuitant.
    2. On death of the Annuitant, all future annuity payouts cease immediately.
  2. Immediate Life Annuity with Return of Purchase Price (Single Life)
    1. Annuity is payable throughout the life of the Annuitant.
    2. On death of the Annuitant, all future annuity payouts cease immediately and Purchase Price shall be payable.
  3. Immediate Life Annuity with Return of Balance Purchase Price (Single Life)
    1. Annuity is payable throughout the life of the Annuitant.
    2. On death of the Annuitant, the balance of Purchase Price, which will be equal to the Purchase Price less sum total of annuity Instalments paid till the date of death, shall be payable and all future annuity payouts cease immediately.

      Note : If the balance of Purchase Price is negative, no benefit is payable on death.
  4. Immediate Life Annuity with Return of Purchase Price on Critical Illness (CI)1 or Accidental Total & Permanent Disability (ATPD) or Death (Single Life)
    1. Annuity is payable throughout the life of the Annuitant.
    2. Upon the Annuitant being diagnosed with any of the 7 covered Critical Illnesses (CIs) or Accidental Total & Permanent Disability (ATPD) before the Annuitant attains 85 years of age (as on last birthday) or on death of the Annuitant, whichever occurs earlier, the annuity payments will cease and Purchase Price shall be payable. Post annuitant attaining 85 years of age (as on last birthday), CIs or ATPD benefits won't be applicable and Annuity payouts will continue with Return of Purchase Price being payable only on death.

      1Note: Waiting Period of 90 days will be applicable from the risk commencement date.
  5. Immediate Joint Life Annuity with Return of Purchase Price
    1. The annuity will be payable, so long as at least one of the two Annuitants is alive. On the death of the Primary Annuitant, Secondary Annuitant will receive 100% of original annuity throughout his / her life.
    2. On death of the last survivor, all future annuity payouts cease immediately and Purchase Price shall be payable.
  6. Deferred Life Annuity with Return of Purchase Price (Single Life)
    1. The annuity will be payable post Deferment Period, for as long as the Annuitant is alive. The customer can opt for Deferment Period from 1 to 10 Years (Integer values) at inception of the Policy.
    2. On death of the Annuitant, all future annuity payouts cease immediately and the following benefit shall be payable:

Higher of:

  • Purchase Price plus Guaranteed Additions (GAs) less Total Annuity Payouts till date of death;
  • 105% of Purchase Price

Where GA = Purchase Price / 1000 * Applicable Annuity Rate and is accrued at the end of every Policy Year during the Deferment Period. GAs stop accruing after the end of the Deferment Period.

Maturity Benefit

No maturity benefit applicable

Surrender Benefit

Surrender Value is defined as the higher of {Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV)} subject to a minimum of zero.

(Please refer to the sales brochure for calculation of GSV and SSV)

For Annuity Option 6, Policy acquires a Guaranteed Surrender Value (GSV) from the beginning of the first Policy Year.

For Annuity Options 2, 4, 5 and 6, Policy acquires a Special Surrender Value (SSV) from the beginning of the second Policy Year.

Surrender is not allowed in case the annuity is purchased from the proceeds or part of the proceeds arising out of the Company’s or any other insurer’s pension plans,

On the payment of the surrender value, the policy shall terminate and all other benefits shall cease.

Surrender benefit is not available for Annuity Options 1 and 3.

Loan Facility

Loan facility is available in this product under the Annuity Option 6 - 'Deferred Life Annuity with Return of Purchase Price' during the Deferment Period provided that the Policy has acquired the Surrender Value.

Higher annuity instalment for high purchase price

The annuity rates vary by purchase price band and therefore you would benefit from higher annuity rates if the purchase price (excluding Goods and Services Tax & applicable cess (es)/levy, if any) is INR500,000 or above. The purchase price bands and additional annuity rate are specified below:
Purchase Price Band (excluding Goods and Services Tax & applicable cess (es) / levy, if any)
High Purchase Price Incentive (per 1000 of purchase price)
200,000 to less than 500,000
Nil
500,000 to less than 1,000,000 
1.0
1,000,000 to less than 2,500,000
2.0
2,500,000 to less than 5,000,000
2.25
Greater than or equal to 5,000,000
2.5
The annuity rates vary by purchase price band and therefore you would benefit from higher annuity rates if the purchase price (excluding Goods and Services Tax & applicable cess (es)/levy, if any) is INR500,000 or above. The purchase price bands and additional annuity rate are specified below:
Purchase Price Band (excluding Goods and Services Tax & applicable cess (es) / levy, if any)
200,000 to less than 500,000
High Purchase Price Incentive (per 1000 of purchase price)
Nil
Purchase Price Band (excluding Goods and Services Tax & applicable cess (es) / levy, if any)
500,000 to less than 1,000,000 
High Purchase Price Incentive (per 1000 of purchase price)
1.0
Purchase Price Band (excluding Goods and Services Tax & applicable cess (es) / levy, if any)
1,000,000 to less than 2,500,000
High Purchase Price Incentive (per 1000 of purchase price)
2.0
Purchase Price Band (excluding Goods and Services Tax & applicable cess (es) / levy, if any)
2,500,000 to less than 5,000,000
High Purchase Price Incentive (per 1000 of purchase price)
2.25
Purchase Price Band (excluding Goods and Services Tax & applicable cess (es) / levy, if any)
Greater than or equal to 5,000,000
High Purchase Price Incentive (per 1000 of purchase price)
2.5

Loyalty Booster

In case the Policy is sourced to the existing customers of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (the Insurance Company), the annuity rates shall be increased by 1%.

Existing customers refers to the customers having an individual policy of the Insurance Company which is in-force at the time of Proposal. It also includes customers who are proposing to utilise the proceeds from the Insurance Company's Individual Products to buy a Policy under this product, subject to such a request is made within 6 months from the date of receiving such proceeds.

How it works:

You can customise your policy to suit your financial goals and requirements in just 5 steps:

Step 1: Choose the purchase price (single premium) that you wish to pay to buy the annuity or choose the annuity instalment you wish to receive.

Step 2: Choose your annuity option (If annuity option 6 (Deferred Life Annuity with Return of Purchase Price) is chosen, choose the deferment period).

Step 3: Choose your annuity instalment frequency – Yearly, Half-Yearly, Quarterly or Monthly.

Step 4: Provide your and your partner's details (if applicable).

Step 5: Pay purchase price and receive the annuity instalments through direct credit in your bank account.

Important information

Terms & Conditions

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 {The Insurance Regulatory and Development Authority (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 {The Insurance Regulatory and Development Authority of India (IRDAI) Regn. No. CA0016} whose India corporate office is at 52/60, M. G. Road, Fort, Mumbai 400 001, (HSBC India) 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 HSBC India and the insured.

HSBC India will be entitled to a total commission of 20% on the single premium paid for this product.

For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale. You may also reach out to the insurer, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited at the contact details given below:

Website: www.canarahsbclife.com.

Call: 1800-103-0003/1800-180-0003 Mahanagar Telephone Nigam Limited (MTNL) / Bharat Sanchar Nigam Limited (BSNL)

E-mail: customerservice@canarahsbclife.in

SMS your query to: 9779030003 to get a call back within 48 hours

 

Beware of spurious or fraudulent 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.

Here's an easy way to share your thoughts, stay informed and join the conversation. Follow us: