Canara HSBC Pension Plans

4.5 / 5 based on 23 User Reviews
*Please note that the quotes shown will be from our partners

Canara HSBC was launched on 16th June 2008 and it’s a joint venture between Canara Bank (51%) and HSBC (28%) and Oriental Bank of Commerce (23%). It offers a combined experience of over 300 years in the financial business territory of our country. The business strategy followed by them testifies their understanding of the market especially when it comes to looking for a bank partner or scaling up their bancassurance channels.

What are Pension Plans?

These plans come in two versions and provide a source of income to people in their older ages when they have retired from active employment. Immediate Annuity plans are where the policyholder pays a bulk amount to the company to buy the plan and then annuity payouts start from the next frequency without any delay. No money is payable if the policyholder dies during the annuity phase. Deferred annuity plans are those where the annuity payments are delayed. The policyholder buys the plan for a specific term, called the deferment period, makes payments for the premium required during this period and when the period expires is eligible to receive annuity. If he dies during this period, a specific benefit is paid as death benefit. The policyholder can only withdraw 1/3rd of the accumulated amount in cash while the remainder has to be used to avail annuity.

Canara HSBC Pension Plans

Canara HSBC Life Insurance Company has two variants in the pension plan category which require a detailed discussion as done below.

Canara HSBC Immediate Pension Plan

It is a traditional immediate annuity plan which promises annuity payouts for the complete lifetime of the policyholder. Other aspects of the plan include:

  • The annuity will be paid either starting from the next year or half-year or quarter or month after paying off the lump sum premium
  • The annuity payouts are guaranteed to be paid till the lifetime of then annuitant
  • No medical tests are required to be undertaken to buy the plan
  • Premiums paid will be tax free under the provisions of Section 80CCC

Eligibility Details

 

Minimum

Maximum

Entry Age

45 years

70 years

Annual Annuity amount

Rs.3000

No limit

Purchase Price

Depending on the minimum annuity amount and age

No limit

Annuity Payout Frequency

Yearly, half-yearly, quarterly or monthly

 

Canara HSBC Smart Immediate Income Plan

A traditional immediate annuity plan where guaranteed payouts are available on a single as well as joint life basis. The features and benefits of the plan are as follows:

  • Under the plan, the annuity payments will start immediately from the next chosen frequency (monthly, quarterly, half-yearly or annually) after the payment of the single premium
  • The annuity payouts can be availed on a single life which will be guaranteed for the annuitant’s life or on a joint life basis which will be guaranteed for the annuitant’s life till he is alive and post his death, for the secondary annuitant’s life
  • The secondary annuitant can be either the spouse, child, parent or parent-in-law
  • There are two annuity options available under the plan and both options return the Purchase Price paid to avail annuity on death.
  • Under the first annuity option, lifetime annuity is paid to annuitant and post his death the entire Purchase Price is returned.
  • Under the second option of Joint Life, Last Survivor Annuity, annuity payouts are guaranteed for the lifetime of the annuitant and on his death the payouts continue till the secondary annuitant is alive. In case of the second death, i.e. of the secondary annuitant, the total Purchase Price is returned.
  • The plan promises higher annuity payouts for higher levels of Purchase Price
  • The annuity can also be utilized to meet the Reverse Mortgage Scheme.
  • The premium paid to buy the plan is exempt from taxation under Section 80CCC of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

30 years

No limit

Annual Annuity amount

Single Life – Rs.12, 300

Joint Life – 13, 494

No limit

Purchase Price

Rs.2 lakhs

No limit

Annuity Payout Frequency

Yearly, half-yearly, quarterly or monthly

 

Applying for a Pension Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Pension Plans through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Retirement under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  8. This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

Who needs an Annuity Plan?

An annuity plan, also known as a retirement plan, as the name suggests is best suited for retired people. However, though the plan benefits the retired folk, it is very important to note here that the plan should be bought by the individual well before his retirement. So in essence, an annuity plan should be taken by a person who is planning ahead for his retirement years as such a plan would provide the person with all the financial assistance needed in that phase of his life.

  • I am a 45 year old person. Do I need an annuity plan?

If you are 45 and still have not taken an annuity plan, you most definitely need to do so at the earliest! An annuity plan substitutes the policyholder’s regular income after his retirement by paying out regular ‘salaries’. But where does this salary come from? The policyholder, known as an annuitant here, builds up a fund while he still can afford it by paying regular premiums. This is known as the accumulation phase of an annuity plan. The annuity phase begins when he retires. Therefore, the earlier the accumulation phase begins, the easier it is for the policyholder to build up a healthy corpus that is large enough to help him pay his bills during the annuity phase.

Canara HSBC Pension Plans - FAQs

1. How to pay a premium? What are the modes of payment available?

The Canara HSBC Oriental Bank of Commerce Life insurance company Ltd. offers 2 modes of premium payment namely:

  • Cash/ cheque payment at the branch
  • Online Payment

For the online payment mode, the policyholder can pay via;

  • Credit Card,
  • Debit Card
  • Net banking

2. How can I check policy status for Canara HSBC pension plans?

Regisitered users can check their policy status online by loging into e-Portal

3. What is the policy renewal process for Canara HSBC pension plans?

You can pay your renewal premium in 5 easy steps online, if you are a registered user:

Step1: Enter your Client ID and Date of Birth to login into e-portal

Step2: Choose the policy for which you want to pay

Step3: Select the payment option – Debit/Credit Card or Net Banking to pay

Step 4: Upon successful payment completion print/save the premium deposit receipt

4. What is the company’s process to settle claim for Canara HSBC pension plans?

The nominee can visit the branch personally with the policy document and death certificate. The nominee must fill a claim intimation form and then the company will provide a reference number to him. Usually within the 30 days the death claim without investigation cases gets cleared.

5. What is the policy cancellation process for Canara HSBC pension plans?

You can the nearest branch personally with your policy documents and a duly filled surrender form. Upon successful acceptance at the counter, your policy will be cancelled and refunds directly credited in your bank account.

Canara HSBC Pension Plans Reviews

TOTAL REVIEWS (23)
Hitesh
Chittaurgarh
July 18, 2016

Pension Policy

I have pension plan from canara hsbc obc life insurance. The plan is good with low premiums. Policy coverage is high and claims are easy to cleared. Service provided by the staff members of the company is fantastic. Updates are regularly mailed to my email id.

Jitender
Nagaur
July 07, 2016

Future Investment Policy

The insurance policy i purchase secure my future with full health and wealth care. Service of the staff is good and behaviour too. Policy cover maximum expenditure and claims are high too. Claiming is easy due to fast service given by the staff and executives.

Robin
Amritsar
June 28, 2016

Good Plan

My pension plan is good and now I'm relax for my future. The policy coverage is nice and premium is low. The service is fantastic and claims are okay. Easy to sanction the claiming amount due to fast service provided by the executives. I'm happy to invest my money for my future.

Surjeet
Bengaluru
April 12, 2016

Trustworthy

Service is bit slow but the work is completed with full terms and conditions. Claims are good and the policy coverage is high around 95%. Premiums are normal ~55 K per year and the returns are Rs.47 K per month after policy get mature. Awesome pension policy plan which i buy from canara hsbc life insurance.

Dixit
Sonipat
April 12, 2016

Super Pensuion Plan

I purchase canara hsbc pension policy plan. The policy is really very nice with its many benefits. The policy coverage is approx. 92% and the claims are around minimum 24 L before policy get mature and after the time period ends the final amount is ~Rs.45 K per month. The services are very fast and the behaviour of the executives and staff members are nice. Very responsive for any query or help.

Akrosh
Hyderabad
April 12, 2016

Satisfactory

Recently took pension policy plan with canara hsbc Life Insurance. Great future investment policy plan with low premiums and high policy coverage ~94%. The service providers facilitate the very nice benefits with calm behaviour. Claims are easily sanctioned and time period is less. Nice policy plan, satisfied with it.

Japendra
Gwalior
April 12, 2016

Fantastic Pension Plan

I got a very good policy plan from canara hsbc Life Insurance. The policy is great for future investment nice pension policy plan. The coverage is good ~89%, service is great, even the claims are better. Great policy, very happy with it.

Dinesh
Udupi
April 12, 2016

Great Policy

I have a policy plan for getting pension in future time. The policy is great with high returns and in low premiums. Policy coverage is also nice ~97% and service is fast and on time. Really good job guys, you provide best policy i.e., canara hsbc life insurance pension plans. I like it very much.

Lokesh
Mohali
April 12, 2016

Good Service

I own the canara hsbc life insurance pension plans. The investment is low and the returns is huge. Policy coverage is 88% and claims are good. The service is awesome and fast with very calm behaviour from executives and team members. Nice future investment which saves taxes too. Extra 5% less for women on premiums.

Vabhav
Haldwani
April 12, 2016

Awesome

I bought a pension policy plan with canara hsbc life insurance. Investment is low but the returns are high. Services are bit slow but the policy coverage is 78% and the amount of Rs.39 K per month is given after policy maturity. Good response from executives and staff members. The policy is good for future investment and tax savers also. I like my policy.

Ishant
Rai_bareilly
April 12, 2016

Future Security

I purchase canara hsbc life insurance pension plan. Plan is good with nice services and always on time. Policy coverage is 95% and the claim are high, the amount after maturity of policy is of Rs.41 K per month. Investment is low and returns are high, what else i needed now and future. The behaviour of the executives and staff members is nice. Good work.

Pankaj
Bhojpur
April 12, 2016

Manageable And Satisfied

I have pension plan from canara hsbc life insurance. Policy doesn't work for me. Except policy coverage which is 79%, the rest of the things and stuff are not good. Service is bit slow. Claims are normal. The good thing is it save my money by reducing my taxes. Manageable plan.

Jigar
Jaipur
April 12, 2016

Simple Pension Plan

I found pension policy plan and canara hsbc life insurance provide low premiums and high returns. Claims and policy coverage are good but the service is always up to the mark till last visit. The good treatment serve from executives and staff members. Nice future investment and one more thing it save taxes also. Happy with my policy plan.

Bhupesh
Nainital
April 11, 2016

Fantastic plan

I have pension policy plan with canara hsbc life insurance. The plan is having low investment and the policy coverage is 89%. In fact the claim is high and the amount in return is 41 K per month after policy ends. Overall nice policy with good services provided by executives and staff members.

Gautam
Bilaspur
April 11, 2016

Fine

My pension policy plan is suggestion of the friend, So i took it from canara hsbc life insurance. Staff members and executives provide good and quick services. Policy coverage is good approx. 91% but the premiums are normal. Good terms in compare with other companies.

Kamal
Agra
April 11, 2016

Above Average

I recently buy canara hsbc life insurance pension policy plan. Policy is really good with good policy coverage around 87%. Claims are high and after policy maturity the amount approx. Rs.39 K per month. Premium is for 20 years and policy mature after 35 years. Service is quick that's the best part of the policy.

Lalit
Lonavla
April 11, 2016

Okay Policy

I buy canara hsbc life insurance pension plan. The policy coverage is 65%. Claims are fine according to premiums. Service is okay and main thing is that this is good investment for future which saves taxes too. Just improve your web services.

Hemant
Greater_noida
April 11, 2016

Nice Policy

I invest my money with canara hsbc life insurance by taking pension policy plan. Plan is good and the premium is less. Policy coverage is 89% and claims are high. The payback returns are ~33 K per month after policy get mature. The services provided by the executives and staff members are really very good with nice behaviour.

Devesh
Noida
April 11, 2016

Trustworthy

I have a pension policy plan from canara hsbc life insurance. The policy is great with high returns and low premiums. Policy coverage is also good and service is fast and always on time. Really good job guys, you provide best pension plans. Even the behaviour of the executives and staff members are very nice. I like the policy very much.

Jayant
Chittoor
April 11, 2016

Poor Policy

I buy pension plan from canara hsbc life insurance but the policy is not that good as i expected. Service is very slow and claim are take long time to sanctioned. Even policy coverage is less ~59 %. Bad experience. The web services are also slow. Please improve the policy and its service.

Saahir
Bikaner
April 11, 2016

Fantastic plan

My pension policy plan is with canara hsbc life insurance. The policy has good coverage approx. 91% with low premium. Claims are also high and the returns is Rs.35 K per month after policy end. Service is fantastic and the executives do best work. Good investment for future and taxes are also reduced.

Prashant
Mumbai
April 11, 2016

Good Investment

Canara hsbc life insurance pension policy plan is introduce by an agent of policybazaar and i took the policy plan. Policy coverage is good 91% as i expected. Service is fast and always on time. Claims are also easily sanction. Good future investment and tax saver too.

Abhishek
Laxmipur
April 11, 2016

Nice Policy

I have canara hsbc life insurance pension policy plan which has low premiums and payed thrice time per year. Policy coverage is 91% and claims are high and the payback amount is around Rs.39 K per month. Service is very good and fast. The policy is nice investment for future and it is good tax saver too. Nice plan, I like it.