Canara HSBC Pension4Life

There is no feeling more incredible than the prospect of leading a financially independent retired life with the freedom to explore all that had been sidelined during the hard toil of working life. A smart choice that ensures a guaranteed steady income stream in the golden twilight years is to buy Canara HSBC Pension4Life to indulge all the desires unhindered. The Canara HSBC Pension4Life Policy is an annuity plan which provides annuity installments against a purchase price in a structured manner. The array of options lined up in this policy is so vast enough to leave a savings legacy for the next generation. True to its name, the cover continues till the insured and the partner is alive. 

Canara HSBC Pension4Life

Parameters Description
Policy Tenure Single Life: Till the death of the annuitant, CI diagnosis, or ATPD, whichever is earlier
Joint Life: Until the last annuitant survives. 
Premium Paying Term  Purchase price accepted as a single premium
Premium Paying Mode Annuity received in Yearly, Half-yearly, Quarterly, or Monthly.
Entry Age  Minimum: 45 years Maximum: 80 years for some options while there is no limit for some; as per plan option
Maturity Age  Till the insured and the partner is alive
Grace Period  Not specified
Sum Assured  Purchase Price:
  • Minimum: Rs. 2 Lakh
  • Maximum: No limit
Liquidity Under this policy, a loan is available under Annuity Option 6 - 'Deferred Life Annuity with Return of Purchase Price' during the Deferment Period once the Policy acquires a Special Surrender Value.

Benefits of Canara HSBC Pension4Life

Since this policy works on the principle of the purchase price, very similar to the Single Pay option of premium payment, the Canara HSBC Pension4Life Policy status check is not necessary. 

The policy offers seven options, with the primary classification of annuities either immediate or Deferred. 

  • Plan Options:
    • Immediate Life Annuity (Single Life)
    • Immediate Life Annuity with ROPP (Return of Purchase Price - Single Life)
    • Immediate Life Annuity with ROBPP (Return of Balance Purchase Price Single Life)
    • Immediate Life Annuity with ROPP (Return of Purchase Price)  on CI, ATPD, or Death (Single Life)
    • Immediate Joint Life Annuity with ROPP (Return of Purchase Price)
    • Deferred Life Annuity with ROPP (Return of Purchase Price  - Single Life)
    • NPS – Family Income
  • Death Benefit: The benefit for each of the above-described plan options is suggestive in the names themselves. For single life cover, the annuity ceases upon the death of the annuitant. In joint life cover, the annuity installment will continue till the partner or the secondary annuitant survives. The choice in Deferred Annuity is between 1 and 10 years.
  • Maturity Benefit: None
  • Tax Benefits: The benefit is commensurate with the prevailing tax laws under the Income Tax Act, 1961. 

*Tax benefit is subject to changes in tax laws

The Premium for Canara HSBC Pension4Life

The Canara HSBC Pension4Life premium is available as an Annuity Installment against the Purchase price. 

  • Minimum Annuity Installment: Rs.1,000
  • Maximum Annuity Installment: No limit

*Standard T&C Apply

Individuals can use the Canara HSBC Pension4Life calculator to determine various annuity installments under the plan.

Additional Riders for Canara HSBC Pension4Life

A great way to update the features is through the Canara HSBC Pension4Life reviews. On a thorough study, it is found that there are no additional riders on offer other than those inbuilt in the plan option no.4 for single life. 

Eligibility for Canara HSBC Pension4Life 

Entry Age:

  • Minimum: 45 years
  • Maximum: 80 years for some options while there is no limit for some.

Maturity Age: Until the secondary annuitant (partner) survives. 

What are the Documents Required to Buy this Policy?

Only the following copies of Official Valid Documents are accepted in the plan. However, the insurer may call for additional documents if required.  

  • Identity Proof
  • Age Proof
  • Address Proof
  • Income Proof
  • Bank Account Details
  • Recent Photograph

How to Buy this Plan Online?

The online Canara HSBC Pension4Life option is available at the insurer portal. The steps to purchase the policy are:

  • Choose the purchase price and the annuity installment to receive.
  • Choose the plan option from 1 to 6 as per specific needs. 
  • Choose the annuity installment frequency which any of Yearly, Half-yearly, Quarterly, or Monthly. 
  • Furnish details of self and the secondary annuitant. 
  • Pay the purchase price and start receiving the annuity directly in the bank account. 

Exclusions of Canara HSBC Pension4Life

  • Suicide Exclusions:  It deals with the suicidal death of the insured within twelve months of the policy inception or its revival. In this policy, it is treated as normal death, and the benefit is no different from that is payable in normal death. 
  • Other Exclusions: The additional inbuilt covers of Critical Illness and Accidental Total Permanent Disability ATPD require the insured to be aware of the exclusions. The CI covers 7 listed illnesses, and the exclusions are related to them. Similarly, for the ATPD, the exclusions are elaborate, covering many situations. It is prudent to consult the policy bond for the detailed list and its implications. 


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