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.

Read more
Best Investment Plans
  • Save Upto ₹46,800 in tax under Sec 80C

  • Inbuilt Life Cover

  • Tax Free Returns Unlike FD

*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
Buy Online & Get upto 4% extra#
Get Guaranteed returns along with life cover
invest in 100% Guaranteed Return Plans Tax benefits under sec 80C & No Tax on returns*
+91
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp
We are rated
rating
58.9 million
Registered Consumers
51
Insurance
Partners
26.4 million
Policies
Sold

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. 

FAQ's

Investment Plan
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Investment Plan 2
Average Rating
(Based on 0 Reviews)
Investment Plan 3

Investment plans articles

Recent Articles
Popular Articles
Types of Endowment Life Insurance Policy

07 Feb 2023

An endowment plan is an infamous life insurance policy available
Read more
Wealth Creation

06 Feb 2023

The term 'wealth' has different meanings. Wealth could be the
Read more
Best Way to Invest 20,000 Rupees

31 Jan 2023

Saving is a primary goal, especially for a middle-class
Read more
Best Investment Plan for Students

31 Jan 2023

People are dependent on different sources of income for wealth
Read more
HDFC RD Interest Rates

30 Dec 2022

HDFC Bank is India's largest private sector bank and the world's
Read more
Best LIC Policies For Investment in 2023
When it comes to purchasing a life insurance plan, LIC policies can be a good investment choice given that it is a
Read more
Post Office Monthly Income Scheme - MIS Interest Rate 2022
Are you looking for an investment avenue that is safe and secure, earns substantial returns with a short locking
Read more
Short Term Investments Options
Short-term investments can be described as temporary investments or marketable securities, which can be easily
Read more
Best NRE Savings Accounts for NRIs in 2023
India is a growing economy and is getting a lot of global recognition these days. It has shown immense growth in
Read more
SBI Life Insurance Plans in India
SBI Life Insurance, a joint venture between State Bank of India (SBI) and BNP Paribas Assurance, provides
Read more

top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL