The Samridh Bhavishya Plan from Canara HSBC is designed for individuals looking to lead a stress-free life after retirement. The literal translation of this plan is ‘Complete Future’, with it providing annuity to members throughout their life. A non-linked and non-participating scheme, it is ideal for people who wish to be financially secure even after they stop working.
|Parameters||Criteria for eligibility|
|Minimum age at entry||30 years|
|Maximum age at entry||No limit|
|Maximum age at maturity||NA – Lifetime income|
|Annuity options to choose from||
Sum Assured/Annuity – As an annuity plan, policyholders are entitled to receive annuity based on the option chosen by them. The annuity amount depends on the purchase price, with higher the purchase price higher the annuity payable. Unlike traditional insurance plans, there is no death sum assured offered by this policy.
|Annuity amount||Based on purchase price|
|Annuity payment modes||
Premium/Purchase Price – An individual looking to avail the benefits of this plan is expected to pay a single amount at the time of purchase of policy. This is called the purchase price and it decides the annuity one is entitled to receive. One should pay an amount which provides annuity which is required to lead a lifestyle based on the expectations of the policyholder.
|Term of the policy||
|Premium/Purchase Price Payment Mode||Single – at time of purchase of policy|
|Minimum Single Premium Amount||Rs.2 lakh|
|Maximum Single Premium Amount||No upper limit|
*The premium varies based on the age of policyholder, sum assured, location, etc. With the implementation of GST the price of purchasing a policy has increased. Please check all rates at the time of purchase.
|Annuity||The annuity paid depends on the annuity option chosen at time of purchasing the policy.
|Death Benefit||No death benefit is payable under this plan.|
|Maturity Benefit||There is no maturity benefit under this plan.|
There are no rider options offered with this plan.
There is a suicide exclusion under this plan. This applies only in the case of Lifetime Annuity option, wherein the insurer will pay an amount equivalent to the annuity pending for the first year. This is applicable in case the annuitant commits suicide within 1 year of policy inception.
There are no exclusions for the other annuity options.
|Grace period||NA – since premium (purchase price) is paid before buying the policy.|
|Free look period||15 days if policy is purchased through direct marketing modes. 30 days if policy is purchased through distance marketing modes.|
|Surrender value||There is no provision to surrender this policy.|
|Loan||There is no loan facility under this plan.|
|High purchase price benefit||Individuals who pay a high purchase price (in excess of Rs.2 lakh) are entitled to an additional annuity rate based on the amount paid.|
|Secondary annuitant||This can be either the spouse, child, parent, or parent-in-law of the primary annuitant.|
The purchase price paid and the annuity received are eligible for tax benefits based on the current tax laws of the country. It is imperative that one check the benefits available while purchasing the policy.
The Samridh Bhavishya Plan can help you lead a comfortable lifestyle even in the absence of a regular job. The option to add a secondary annuitant helps secure the future of your dependant, offering peace of mind to everyone involved. In addition to the benefits of the plan, Canara HSBC OBC Life Insurance is regarded highly in the insurance circles, having won a number of awards for products and services over the years.
The company regularly reports profits, indicating that it is in a position to pay money without delays in case of claims. The claim settlement ratio was an impressive 92.99% for the FY 2015-16, with the grievances solved ratio being 99.60%.
Purchasing this plan helps one be financially independent, even after retirement, enabling one to live life on their terms.