Canara HSBC Pension Plans

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.

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    Under Sec 80 C & 10(10D)

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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

  • On the PolicyBazaar homepage, click on Retirement under the Personal tab.

  • Click New Quotes to compare and choose from top insurance providers.

  • 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.

  • Fill in your name, email address, city, country code, and mobile number. Click Continue.

  • 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.

  • After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.

  • 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.

  • 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.

Read Also: Annuity Meaning| Types of Annuity

Canara HSBC Pension Plans - FAQs

  • Q1. How to pay a premium? What are the modes of payment available?

    Ans: The Canara HSBC OBC 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
  • Q2. How can I check policy status for Canara HSBC pension plans?

    Ans: Regisitered users can check their policy status online by loging into e-Portal
  • Q3. What is the policy renewal process for Canara HSBC pension plans?

    Ans: 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

  • Q4. What is the company’s process to settle claim for Canara HSBC pension plans?

    Ans: 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.

    You may also like read about National Pension Scheme

  • Q5. What is the policy cancellation process for Canara HSBC pension plans?

    Ans: 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.
Pension Plan 1
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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Average Rating
(Based on 23 Reviews)
Pension Plan 3
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Canara HSBC Pension Plans Reviews & Ratings

4.5 / 5 (Based on 23 Reviews)
(Showing Newest 10 reviews)
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.
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