Canara HSBC Saral Pension Plan

The Canara HSBC Saral Pension Plan is a Single Premium, Non-Linked, Non-Participating Individual Immediate Annuity Plan designed to provide financial security during retirement. It offers flexible annuity options for both Single and Joint Life. This is a single-pay plan, meaning you pay once and start receiving regular annuity payments right away.

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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.

What is Canara HSBC Saral Pension Plan?

The Canara HSBC Life Insurance Saral Pension is a Single Premium Non-Linked Non-Participating Individual Immediate Annuity Plan. It offers both Single and Joint Life annuity options. The plan provides various Annuity options to cater to different needs. One of the key features is the return of 100% of the purchase price. Additionally, the plan includes a Surrender option on 20 covered Critical Illnesses. It is a Single pay plan, meaning the entire premium is paid upfront.

Features of Canara HSBC Saral Pension Plan

Below are the features of Canara HSBC Saral Pension Plan: 

  • Two Annuity Options:

    • Option 1 - Single Life Annuity with Return of 100% of Purchase Price: This option guarantees you a regular income for the rest of your life. Even if you don't outlive your expected lifespan, your family will receive 100% of the purchase price.

    • Option 2 - Joint Life Last Survivor Annuity with Return of 100% of Purchase Price: This option ensures that you and your spouse will receive a regular income for as long as either of you is alive. Upon the death of the last survivor, your family will receive 100% of the purchase price.

  • Safety Net for Family: 100% return of purchase price on death. Critical Illness Surrender Option: Get a portion of your purchase price back if diagnosed with a critical illness.

  • Flexible Annuity Installment Frequency: Choose the annuity installment frequency that best suits your needs. You can opt for monthly, quarterly, half-yearly, or yearly payments.

  • Higher Purchase Price Incentive: The more you invest, the higher the annuity amount you can receive. This incentive allows you to customize your retirement income based on your specific financial goals.

Eligibility Criteria for Canara HSBC Saral Pension Plan

Parameters  Minimum  Maximum
Entry Age  40 years  80 years
Purchase Price  Minimum: would depend upon chosen annuity option, frequency of annuity payment, entry age and gender of annuitant and spouse, if applicable
Maximum: No limit
Premium Payment Term Purchase Price will be received as single premium only
Annuity Term Whole life
Annuity Installment
Annuity Frequency  Minimum Annuity
Installment 
Maximum Annuity
Installment 
Monthly Rs. 1,000  No Limit
Quarterly Rs. 3,000 No Limit
Half-yearly Rs. 6,000 No Limit
Yearly Rs. 12,000 No Limit
Annuity Installment Frequency Annuities can be paid in Monthly, Quarterly, Half-yearly & Yearly 

Benefits of Canara HSBC Saral Pension Plan

Below are the benefits of the Canara HSBC Saral Pension Plan: 

  • Annuity Options

    • Life Annuity with Return of 100% of Purchase Price:

      • Annuity Payouts: You will receive a regular annuity income for the rest of your life.

      • Death Benefit: Upon your death, the policy will terminate, and your nominee will receive 100% of the purchase price.

    • Joint Life Last Survivor Annuity with Return of 100% of Purchase Price:

      • Annuity Payouts: The annuity will be paid as long as either of the two annuitants is alive.

      • Death Benefit: If one annuitant dies, the surviving annuitant will continue to receive the full annuity. Upon the death of the second annuitant, the policy will terminate, and your nominee will receive 100% of the purchase price.

  • No Maturity Benefit: There is no fixed maturity date for this plan, and therefore, no maturity benefit is available.

  • Loan Facility: You can avail a loan against your policy after six months from its commencement date to meet any financial needs.

  • Higher Purchase Price, Better Annuity Rates: The higher the purchase price, the better the annuity rates you will receive.

Policy Details of Canara HSBC Saral Pension Plan

  1. Loan Facility:

    • You can avail a loan up to 75% of the Purchase Price, with a minimum loan amount of ₹50,000.

    • The maximum loan is limited so that the annual interest payable on the loan does not exceed 50% of the annual annuity amount under the policy.

    • The interest rate on the loan is linked to the 10-year G-Sec rate as of 1st April each year, plus 200 basis points. For the Financial Year 2024-25, the applicable rate is 9.06% per annum.

    • Loan interest is calculated on a simple interest basis and will be deducted from the annuity payments.

    • Interest accrues based on the frequency of annuity payments, and the loan principal, including outstanding interest, can be repaid partially or fully during the annuity payment term.

    • In the event of death, under Annuity Option 2, the loan can be availed by the Annuitant’s spouse.

  2. Free Look Period:

    In the free look period if  you are not satisfied with the policy’s terms and conditions, you have the right to cancel the policy within 30 days from the receipt of the policy document (physically or electronically). Upon cancellation, the insurer will refund the purchase price after deducting stamp duty charges and any paid annuity installments.

  3. Special Conditions:

    • If the policy was purchased using proceeds from a pension product where an Open Market Option is available, the refund will be transferred to the chosen insurer.

    • For policies issued to NPS subscribers, refunds will be transferred as per PFRDA regulations.

    • Policies purchased from the company’s pension products, where the Open Market Option is unavailable, do not have a free look option. However, policyholders can change their annuity option within 30 days from receiving the policy document.

FAQs

  • What is the Canara HSBC Saral Pension Plan?

    The Canara HSBC Saral Pension Plan is a Single Premium, Non-Linked, Non-Participating Immediate Annuity Plan that provides regular annuity payments to secure your financial future post-retirement. It offers both Single Life and Joint Life annuity options.
  • What are the available annuity options under this plan?

    The plan offers Single Life and Joint Life annuity options. With Single Life, only the annuitant receives payments, while in Joint Life, the annuity continues to the spouse upon the annuitant’s death.
  • Can I get back the purchase price under this plan?

    Yes, the plan offers a Return of 100% of the Purchase Price option, ensuring that the purchase price is returned either upon death of the annuitant or in other specific cases, depending on the chosen annuity option.
  • Is there a critical illness benefit under this plan?

    Yes, the plan includes a surrender option if the policyholder is diagnosed with any of the 20 covered Critical Illnesses, providing flexibility to access funds in times of medical need.
  • How do I pay for this plan?

    This is a single-pay plan, meaning you only need to make a one-time payment (Purchase Price) to start receiving annuity payments.

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. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). 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
*Please note that the quotes shown will be from our partners
^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 Saral Pension Plan 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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