Canara Guaranteed Income4Life

What is Canara Guaranteed Income4Life?

Canara Guaranteed Income4Life Plan is a life insurance plan offered by Canara HSBC Life Insurance. It is designed to provide both guaranteed benefits and a regular income stream to help you meet your financial goals throughout life. This is a non-linked, non-participating plan, so the benefits are fixed and not tied to the market performance.

The plan lets you choose from various terms, premium payment options, and income payout structures. This flexibility ensures you can customise the plan to your specific needs, whether you're looking for lifelong protection for yourself and your spouse, funding your child's education, planning for early retirement, or simply generating extra income. With Canara Guaranteed Income4Life Plan, you can have peace of mind knowing you'll have the financial resources to fulfil your commitments at every stage of life.

Features of Canara Guaranteed Income4Life

Features of Canara Guaranteed Income4Life are:

• Protection: Canara Guaranteed Income4Life offers financial protection for your family in case of your unfortunate demise.

• Guaranteed Benefits: All policy benefits are guaranteed upfront at the policy's start.

• Income Payouts: Instead of a lump sum, receive your maturity proceeds as a regular income stream, making it easier to manage ongoing expenses.

• Safeguard Your Child's Future: Choose the Premium Protection Cover Option. If an unfortunate event occurs, premiums are waived, and income continues to be paid as planned, securing your child's financial future.

• Flexibility: Get your regular income annually, semi-annually, quarterly, or even monthly – whichever best suits your needs. You can also opt for a discounted lump sum of your future income at any time.

• Maximize Your Income: Pay higher premiums to receive an enhanced regular income.

• Assured Loyalty Additions: Get loyalty additions of up to 900% of your annualized premium, boosting the overall benefit payout.

• Tax Advantages: Enjoy tax benefits as per applicable laws (subject to change).

People also read: Canara HSBC Child Plan

Eligibility Criteria for the Canara Guaranteed Income4Life

Investment

Secure

Secure your child’s future with or without you

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₹10,000/Month

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₹1 Crore^*

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*Standard T & C Apply

Benefits of the Canara Guaranteed Income4Life

The benefits of Canara Guaranteed Income4Life are: 

• Maturity Benefit: Receive a guaranteed regular income stream after the policy term ends. You can choose the income payout period and frequency to best suit your needs.

• Flexibility to Choose a Lump Sum: You have the option to receive all your remaining guaranteed income payments as a lump sum at once.

• Death Benefit: Provides financial security for your loved ones. In case of death during the policy term, the nominee receives the sum assured on death along with any accrued loyalty additions. The policy terminates after this payout.

• Enhanced Protection with Premium Protection Cover (Optional):

  • Death Benefit: If you choose premium protection, all future premiums are waived upon death, and the policy continues to provide the maturity benefit (regular income) as if the policy were still active.

  • Accidental Total and Permanent Disability (ATPD) Benefit: In case of accidental total and permanent disability, all future premiums are waived, and the policy continues to provide all benefits, including death benefit and maturity benefit (regular income).

Additional Features

• Loan Facility: Access a loan against your policy's surrender value to meet unexpected financial needs. (Subject to terms and conditions)

• High Premium Booster: Increase your regular income by opting for a higher premium amount.

• Potential Tax Benefits: The plan may offer tax benefits under the Income Tax Act, 1961. However, it's recommended to consult an independent tax advisor for personalized advice.

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Policy Details of the Canara Guaranteed Income4Life

1. Loan Facility:

   You can avail of a loan once your policy has a Surrender Value. The minimum loan amount is Rs. 20,000, up to 80% of the Surrender Value. Loan tenure matches the outstanding Policy Term, with interest rates reviewed annually on 31st December. The applicable loan interest rate for 2020-21 is 7.90% per annum.

2. Policy Revival:

   You have 5 years from the first unpaid premium to revive your policy. Post-revival, benefits are reinstated fully. The interest rate for revival is based on a 10-year G-Sec rate plus a margin of 200 bps, reviewed annually on 31st December.

3. Free Look Period:

   You have 15 days (30 days for distance marketing) to cancel the policy if terms are disagreeable, with a refund minus certain deductions.

4. Grace Period:

   A 30-day grace period (15 days for monthly mode) is provided for premium payment, keeping the policy active.

5. Minor Life:

   For policies issued on a minor's life, the risk cover starts immediately, and the policy vests on the minor at 18 years of age. Benefits are linked to the minor's life until then.

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Exclusions Under the Canara Guaranteed Income4Life

1. Suicide Exclusion: 

   If the Life Assured commits suicide within 12 months from the policy's start or revival date, benefits will be 80% of the total premiums paid or surrender value, whichever is higher. The policy will terminate with no further benefits.

2. Accidental Total and Permanent Disability (ATPD) Exclusions: 

   Benefits are not payable for ATPD conditions resulting from:

   • Pre-existing conditions within 48 months before policy issuance or reinstatement.

   • Participation in hazardous activities like extreme sports, flying non-commercial aircraft, self-inflicted injury, substance abuse, military service, war-related incidents, criminal activities, nuclear exposure, or physical/mental impairments.