Canara HSBC Life Insurance Guaranteed Assured Income Plan

Eligibility Criteria for the Canara HSBC Life Insurance Guaranteed Assured INcome Plan

Features of the Canara HSBC Life Insurance Guaranteed Assured INcome Plan

Here are the key features of the plan:

• Guaranteed income benefits are provided, provided all premiums are paid on time
• Life cover throughout the policy term
• Final Benefit equal to 100% of Total Premiums Payable
• Choice of income frequency at inception
• Optional Step-Up Income (5% increase each year on a simple interest basis, available with Short Term and Long Term options)
• The Immediate Income option is available under Early Income

You can choose how often you wish to receive income: monthly, quarterly, half-yearly, or annually, based on your financial needs.

Benefits of the Canara HSBC Life Insurance Guaranteed Assured Income Plan

Below are the benefits of this Canara HSBC Life Investment plan:

1. Death Benefit

   If the life assured passes away during the policy term while the policy is in force, the nominee receives the higher of:

   • Sum Assured, or
   • 105% of Total Premiums Paid as on the date of death

   The policy terminates after payment of the death benefit.

2. Survival Benefit

   Depending on the plan option:

   • Early Income Option: Immediate Income Instalment is payable from the second policy year till the end of the premium payment term. After completion of the premium payment term, Assured Income Instalment plus Loyalty Income Instalment becomes payable till the end of the policy term.
   • Short Term / Long Term Options: Assured Income Instalment plus Loyalty Income Instalment is payable after completion of the premium payment term and deferment period.

3. Maturity Benefit

   If you survive till the end of the policy term, you receive the final benefit, which is equal to 100% of Total Premiums Payable.

   This Canara HSBC Life savings policy can be considered among the best Investment plans in India for individuals seeking guaranteed returns with life coverage.

Policy Details of the Canara HSBC Life Insurance Guaranteed Assured Income Plan

Have a look at the policy details of the Canara HSBC Life Insurance Guaranteed Assured Income Plan:

1. Grace Period

   You get a grace period of 15 days for the monthly mode and 30 days for the annual, half-yearly, and quarterly modes from the premium due date.

2. Free Look Period

   You can cancel the policy within 30 days from the date of receipt of the policy document, provided no claim has been made.

3. Surrender

   The policy acquires Guaranteed Surrender Value after payment of at least two consecutive full policy years’ premiums. Special Surrender Value may be available after completion of the first policy year, provided one full year’s premium has been paid. The surrender value payable will be the higher of the Guaranteed Surrender Value or the Special Surrender Value.

4. Loan

   Policy loan facility is available as per policy terms.

Exclusions Under the Canara HSBC Life Insurance Guaranteed Assured Income Plan

Suicidal Cover:

If someone dies by suicide within the time frame set by the policy for starting or renewing it, the benefit amount will depend on the policy conditions and any applicable laws.