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.

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  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

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  • 4.8++ Rated
  • 9.7 Crore Registered Consumer
  • 51 Partners Insurance Partners
  • 4.9 Crore Policies Sold
Invest ₹6,000/month & Get Tax-Free* Monthly Pension of ₹60,000#
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9.7 Crore
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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

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

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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

  • Q: Can the annuity installment frequency be changed in the Canara HSBC Pension4Life Policy?

    Ans: Yes, it can be changed any time with a request made at least sixty days, but no less than fifteen days before the anniversary date, and the installment is a minimum of Rs.1000. the change, but the effect will be from the next policy anniversary.
  • Q: What are the conditions for a loan under the Canara HSBC Pension4Life Policy?

    Ans: The loan is granted only if the plan option no. 6 for Deferred Annuity is chosen, provided the policy has acquired a surrender value. The loan amount is a minimum of Rs.50000 and a maximum of 80% of the surrender value.
  • Q: How is a partner defined in the Canara HSBC Pension4Life Policy?

    Ans: Partner is used in the policy in general terms. It is, in reality, the Secondary Annuitant. While the Primary Annuitant is Self, the Secondary Annuitant can be Spouse, Parent, child, parent-in-law, or Sibling of the Primary Annuitant.
  • Q: How much is the deferred annuity period in the Canara HSBC Pension4Life Policy?

    Ans: The insured chooses the deferred annuity period at the inception of the policy, and it is between 1 and 10 years.
  • Q: Does the Canara HSBC Pension4Life Policy offer surrender benefit?

    Ans: Yes, there is a provision for the surrender of the policy, but only in Plan Option nos. 2 to 6.
  • Q: What are the avenues to save on the purchase price in the Canara HSBC Pension4Life Policy?

    Ans: There are several opportunities for the insured to reduce the purchase price. They are applied for high Purchase Price selection, Loyalty Addition, NPS Annuity, and the policy's online purchase.
  • Q: What is meant by survivorship certificate in the Canara HSBC Pension4Life Policy?

    Ans: The annuitant must mandatorily submit the certificate every year between 60 and 15 days before the policy anniversary to ensure the annuity installment continuity.

˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Canara HSBC Pension Plans Reviews & Ratings

4.6 / 5 (Based on 350 Reviews)
(Showing Newest 10 reviews)
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Prashant
Bahadrabad, January 16, 2025
Great Policy
I have pnb metlife life insurance pension policy plan which has low premiums and payed quarterly per year. Policy coverage is 89% and claims are high and the payback amount is around Rs.41 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.
Manish
Mangalore, January 16, 2025
Fair Policy
I got a very good policy plan from pnb metlife life insurance. The policy is great for future investment nice pension policy plan. The coverage is good ~87%, service is great, even the claims are the best. Good behaviour from executives and staff members. Great policy, very happy with it.
Lalit
Mahabaleswar, January 16, 2025
Fine
My friend suggested me to invest money for future so i buy pnb metlife life insurance and have pension policy plan. The policy coverage is high ~89% and the claim is around Rs.39 K per month after policy get mature. Great services with fast interface.
Rahul
Manipal, January 16, 2025
Very Nice
My pension policy plan is with pnb metlife life insurance. The policy has good coverage approx. 97% with low premium. Claims are also high and the returns is Rs.39 K per month after policy end. Service is fantastic and the executives do best work. Good investment for future and taxes are also reduced.
Jitender
Ratlam, January 16, 2025
Normal Policy
I invest my money for my future security with pnb metlife life insurance. I have pension policy plan. Policy coverage is 91% and claims are around 39 K. Service is good and executives behave well. Nice policy plan.
Bhavya
Sonipat, January 16, 2025
Perfect Plan
I buy pension policy for my parents. My parents are happy with the policy due to low premiums. The returns are high ~Rs.45 K per month for each. The policy coverage is high ~92% and service is rapid and on time. The online facilities are simple and easily accessible. Good job guys.
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