Canara Guaranteed Income4Life

Canara HSBC Life Insurance Guaranteed Income4Life is a flexible, non-linked, non-participating plan offering guaranteed benefits and regular income. Customised to individual life stages, it provides lifelong protection, education funding, retirement planning, and additional income support, ensuring comprehensive financial coverage.

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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

Parameters  Minimum  Maximum 
Entry Age  3 years  60 years
Maturity Age  18 years  75 years
Premium Payment Term, Deferment Period, Policy Term & Income Period (In years)
PPT Deferment period Policy Term  Income Period
5 1 to 5  6 to 10 5
7 1 to 5 8 to 12  7
10 1 to 5 11 to 15  10
Income Period starts as soon as the Policy Term ends
Premium (in Rupees) Annual- ₹24,000
Half-Yearly- ₹12,000
Quarterly- ₹6,000
Monthly- ₹2,000
No Limit 
Income Frequency Monthly, Quarterly, Half-Yearly, Annual

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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.

Invest More Get More
Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

People also read: Child Education Plan

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.

People also read: Child Investment Plans

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.

FAQs

  • How does the Canara Guaranteed Income4Life plan work?

    The plan works in the following way:

    Step 1: Set your Annualized Premium.

    Step 2: Select your Premium Payment Term (PPT)/Deferment Period (DP), payment mode, and income frequency.

    Step 3: Opt for Premium Protection Cover (PPC) if needed.

    Step 4: Your Regular Income is based on age, chosen options, and accrued Assured Loyalty Additions.

  • What are the different savings plan options available?

    You can choose from three main options: Guaranteed Income, Guaranteed Long-Term Income, and Guaranteed Life-Long Income.
  • What does the Guaranteed Income plan offer?

    It provides income for a short to medium term of up to 10 years, with guaranteed regular income, Premium Protection Cover for your child's future, Assured Loyalty Additions, enhanced regular income, and the option to pay premiums for a limited number of years.
  • What does the Guaranteed Long-Term Income plan offer?

    This plan offers income for a longer term of 15 or 20 years, with supplementary guaranteed regular income, Premium Protection Cover, Assured Loyalty Additions, enhanced regular income, and the option to pay premiums for a limited number of years.
  • What does the Guaranteed Life-Long Income plan offer?

    It provides income for a lifetime, up to 99 years of age, with guaranteed regular income for post-retirement expenses, an option to cover your spouse, Assured Loyalty Additions, enhanced regular income, and the option to pay premiums in a single go or for a limited number of years.
  • How do Assured loyalty additions work?

    Assured loyalty additions can be as high as 900% or 1080% of the Annualized premium, depending on the plan chosen. They enhance your regular income and add value to your savings over time.
  • Can I customize my premium payment terms?

    Yes, you can choose premium payment terms that suit your needs, including paying premiums for a limited number of years or in a single go.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

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Canara HSBC Child Plans Reviews & Ratings

4.5 / 5 (Based on 25 Reviews)
(Showing Newest 10 reviews)
Neil
Baran, March 02, 2021
Save your money
I saved my money when I bought the child insurance plan of canara hsbc. I believe it is one of the best decision I did for my daughter. She is right now 4 years old and till age 18 a great corpus will become and that will be used for her education. Thanks a lot team.
Ishwar
Anjar, February 19, 2021
Low premium and great investment
I have recently bought a child insurance plan of canara hsbc child. It was all done from the website of the policybazaar. The premium rate of child plan is less and the investment is high. It is risk-free. I am happy.
Kamal
Bolpur, July 18, 2016
Claiming Is good
I have a child insurance plan which i buy from canara hsbc obc life insurance. The policy covers maximum expenditures occur in future and the future time is secured. Claiming is very easy because of quick service facilitate by the executives.
Manohar
Khalikote, July 07, 2016
Child Plan
The child insurance i purchase for my son is good policy. Service provider behave so well and the customer service is 24X7. Policy cover maximum expenditure and future of my son is secure with this insurance policy. Good claims too.
Yajan
Dangar, June 28, 2016
Nice Policy
My child plan which is very good in many ways. The premium is low and returns is good. Policy coverage is high and service facilitate by the company members is quick. Updates are regularly mailed and web service is easy to access. I'm tension free now for my child's future plans.
Omesh
Darjeeling, April 11, 2016
Marvelous Plan
Policy coverage is high ~97% and the policy claims are even better. Premiums are low approx. 30 k quarterly per year. Nice child policy plan which i buy from canara hsbc life insurance, is good investment for future and it save taxes also. Service is very good which facilitate by the executives and staff members. Good job guys.
Sandeep
Bengaluru, April 11, 2016
Great Deal
Recently i bought a child insurance policy plan for my child from canara hsbc Life Insurance. The policy having great deals and low premiums. The policy coverage is approx. 89.5% and the services are even better and on time till now, rest see in future. The claims are the best. Really happy with the policy plan.
James
Adaspur, April 11, 2016
Service Is Bit Slow
I had child policy plan for my child through canara hsbc life insurance child plan. The policy is nice, Good policy coverage ~86% and claiming amount is Rs.29.9 L after policy get mature. But the service is bit slow, please improve it. And the behaviour of the executives and staff members are nice.
Gautam
Srinagar, April 11, 2016
Good Future Investment
I found awesome child policy plan from canara hsbc life insurance. The claim is high and the policy coverage is 92%. Service you provided is fast and very quick. Daily updates are mail and texted to me. The policy is good for future investment and it saves taxes also.
Rahul
Nilgiris, April 11, 2016
Fair Policy
I purchase child policy plan by canara hsbc life insurance. Policy coverage is 89% and the claims are high. Premium is low and the services are fast and with great response from executives and staff members of the company. I'm happy with my policy plan, nice job guys.
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