• Canara HSBC Samridh Bhavishya Plan

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    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.

    Eligibility – Who is the Canara HSBC Samridh Bhavishya Plan for?

    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
    1. Lifetime Annuity
    2. Lifetime Annuity with assured payment period of 5/10/15/20 years
    3. Joint Life, Last Survivor

     

    Sum Assured and Premium Range – What you get and what it costs

    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
    • Annually
    • Half-yearly
    • Quarterly
    • Monthly

    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
    • Lifetime Annuity – As long as annuitant is alive
    • Lifetime Annuity with assured payment period of 5/10/15/20 years – As long as annuitant is alive or equal to policy term chosen (higher among the two)
    • Joint Life, Last Survivor – Policy is active until demise of last survivor
    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.

    Plan Coverage – What the Canara HSBC Samridh Bhavishya Plan covers

    Annuity The annuity paid depends on the annuity option chosen at time of purchasing the policy.
    • Lifetime Annuity – In this case the annuity amount is paid throughout the life of the annuitant. Payment stops on his/her death.
    • Lifetime Annuity with guaranteed payment period – In this case annuity is paid for the term opted by the annuitant or until his/her demise (later of the two options).
    • Joint Life, Last Survivor – In this case annuity is paid for as long as one annuitant lives. Payment will stop on death of last annuitant.
    Death Benefit No death benefit is payable under this plan.
    Maturity Benefit There is no maturity benefit under this plan.

     

    Riders/Add-on plans – Additional coverage under the Canara HSBC Samridh Bhavishya Plan

    There are no rider options offered with this plan.

    Exclusions – What the Canara HSBC Samridh Bhavishya Plan does not cover

    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.

    Other Key Features

    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.
    Revival NA
    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.

     

    Tax Benefits – How you can save with the Canara HSBC Samridh Bhavishya Plan

    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.

    Why you should buy the Canara HSBC Samridh Bhavishya Plan

    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.

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