Canara HSBC Secure Bhavishya Plan

Planning for one's future during your life's active phase gives the ultimate joy and contentment in building a healthy retirement corpus. In the investment plans under the pension category, the Canara HSBC Secure Bhavishya Plan offers to be a wise option to provide a steady post-retirement income to meet any healthcare or personal expenses. This plan allows you to plan to choose your retirement age and build funds with this in mind.

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Canara HSBC Secure Bhavishya Plan Details:

Parameters Details
Policy Tenure Minimum: 10 years Maximum: 80 years less entry age For Regular & Limited Pay, maximum policy term: 35 years For Single pay, maximum policy term: 30 years 
Premium Paying Term
  • Single-Premium
  • Limited Premium – Minimum 5 years, Maximum 34 years
  • Regular Premium- Minimum 10 years, Maximum equal to the policy term
Premium Paying Mode Annual and monthly modes available 
Entry Age 25 -70 years
Maturity Age 40 -80 years
Grace Period 30 days for annual mode and 15 days for monthly mode
Sum Assured Guaranteed maturity benefits based on the policy term and market movements.
Liquidity Partial withdrawals allowed after 6th year of the policy.

Benefits of Canara HSBC Secure Bhavishya Plan

Canara HSBC Secure Bhavishya Plan has the following set of core benefits:

  1. Death Benefit

    This is applicable wherein the higher of the fund value or up to 105% of all the regular plus top-up premiums paid until death is applicable. 

  2. Maturity Benefit

    A guaranteed maturity benefit is applicable subject to payments of all due premiums and remains pegged at 101% of the total premiums paid.

    You get the flexibility to pay any number of additional top-ups depending on your ever-changing retirement needs.

  3. Loyalty Additions

    The Canara HSBC Secure Bhavishya Policy will boost your fund value every five years, after the 10th policy year, by including loyalty additions. 

  4. Fund Choice

    Based on your risk profile, you can choose from different available funds. While Pension Growth funds are high in risk and returns, pension debt funds are a safer choice. Also, there is a Pension Balanced fund if you want moderate returns and willing to take some risks.

  5. Tax Benefit

    The premiums paid for the Canara HSBC Secure Bhavishya Policy qualify for certain tax benefits under the Income Tax Act.

* Tax benefit is subject to changes in tax laws

The Premium for Canara HSBC Secure Bhavishya Plan

The premium payable under this plan can be broadly categorized into three groups:

  • Single Pay – One-time premium payment starting from Rs. 3,00,000
  • Regular/Limited Pay – Monthly and Annual modes of premium payment. Amounts of premium vary as per the number of years.
  • Top-ups – Allows top-up premiums starting from Rs.10,000

Canara HSBC Secure Bhavishya Plan premium offers flexibility and ease while planning to build your retirement corpus.

Additional Riders for Canara HSBC Secure Bhavishya Plan

Not Available.

Eligibility for Canara HSBC Secure Bhavishya Plan

Entry Age: 25 to 70 years

  • Vesting Age: 40 to 80 years
  • The Vesting Age is 55 to75 years if the policy is issued under QROPS

What are the Documents Required to Buy this Policy?

To buy Canara HSBC Secure Bhavishya Plan, the below documents are required:

  • Identity proof, such as Aadhar card or passport
  • Address proof, such as ration card or voter's ID
  • Recent photograph

How to Buy this Plan Online?

The option for online Canara HSBC Secure Bhavishya Plan is currently not available. It can be purchased offline by following the below-mentioned steps:

  • Go to the “Meet our Advisor” section on the product page
  • Fill in your name, email id, city, pin code, and mobile number and submit
  • An advisor from the insurer’s team will reach out to you to discuss the plan in detail
  • Decide your investment strategy and vesting age (retirement age)
  • Choose your premium paying term, mode, and amount
  • The advisor will help you arrive at your final premium amount and benefits applicable
  • Refer to the case study or use the Canara HSBC Secure Bhavishya Plan calculator to arrive at your premium and retirement benefits

Exclusions of Canara HSBC Secure Bhavishya Plan

Suicide Exclusion – If the insured person dies by suicide within 12 months of the policy start date or policy revival date, the nominee or the claimant is eligible for fund value as available on the date of intimation of death. Any previously recovered charges before the insured’s death will also be returned to the claimant.

FAQ's

  • Q: What is the minimum guaranteed interest rate I can expect?

    Ans: IRDAI declares this from time to time. The current minimum guaranteed interest rate applicable to the discontinued policy fund is 4% (if surrendered within the first 5 years). Frequently check your Canara HSBC Secure Bhavishya Plan policy status to see the prevailing interest rate.
  • Q: What is the free look period that applies to this policy?

    Ans: It is the individual's right to review the policy terms and conditions. In case they are not satisfied, it is possible to return this Canara HSBC Secure Bhavishya policy within fifteen days from the original policy's receipt date.
  • Q: What is the refund applicable if I cancel the policy during the free-look period?

    Ans: The insurer will refund the fund value as on the cancellation date. Any unallocated premium amount and unit cancellation charges will be refunded after deducting risk premium and stamp duty expenses incurred.
  • Q: Can I expect loyalty additions?

    Ans: Yes, starting from the 10th policy year, and at an interval of every five policy years, loyalty addition will be added to your funds provided the insured person is alive and all due premiums get paid. This holds well when Canara HSBC Secure Bhavishya Plan policy status is active.
  • Q: What are the different investment funds available in this plan?

    Ans: The insurer has stated that the below investment funds are available to choose from based on the risk appetite of the individual:
    • Pension Growth Fund
    • Pension Balanced Fund
    • Pension Debt Fund
  • Q: Can I switch between the different funds?

    Ans: The insurer has provided some flexibility here. You can switch from Pension Balanced fund to Pension Debt Fund during the last five policy years. The minimum amount you can switch is Rs. 10,000. Canara HSBC Secure Bhavishya Plan Reviews point at not allowing for switching of funds in all other combinations.
  • Q: What is the switching charge applicable for me?

    Ans: The insurer will charge Rs. 250 per switch. However, the first six switches in a policy year are free of charge, and unutilized switches will not be carried forward to the next policy year.

*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
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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