Canara HSBC OBC Life Insurance Secure Bhavishya Plan
Canara HSBC Oriental Bank of Commerce Life Secure Bhavishya Plan is a non-participating unit linked guaranteed maturity (benefit) pension plan where you get loyalty additions and can choose your premium payment term. You can choose your maturity (vesting) age as well.
Key Features
Guaranteed Vesting Benefit of 101% of premiums paid (including top-up premiums, if any), provided all due premiums are paid
Unlimited top-ups can be paid depending upon your retirement needs
Option to choose Vesting age and premium payment term as per your requirements
Flexibility to choose Annual or Monthly premium payment modes
Loyalty Additions to boost your fund value after every 5 years, starting from 10 policy year
Benefits
In case of death of the Life Insured within the Policy Tenure, the Nominee would be paid the higher of the following:
- Fund Value or
- 105% of the cumulative premiums paid (including top-up premiums, if any) Options available on Death.
The nominee shall have the option to utilize the death benefit in one of the following ways:
1.He/she can use the entire amount or can use a part thereof for purchasing an immediate annuity at the then prevailing rate from Us, which shall be guaranteed for life at the then prevailing annuity/pension rates.
2.Withdraw the entire amount of the policy
Once the policyholder survives the entire term he is eligible to get a maturity benefit. Maturity benefit will be
Higher of Fund Value or guaranteed* maturity benefit,
where the guaranteed* maturity benefit is 101% of total premiums paid (including top-up premiums)
Benefit is guaranteed subject to payment of all due premiums.
The premiums paid and benefits received are eligible for tax benefits under Section 80C, Section 80 (D) and Section 10(10D) of the Income tax Act, 1961.
How it works
Fund Name | Fund Philosophy | Asset Allocation | Risk Profile | |
Pension Growth Fund | To achieve capital appreciation through a judicious mix of investments in equities and fixed income securities. | Equity# | 10%-60% | Medium to high |
Debt Securities | 20%-100% | |||
Money Market Instrument & Others* | 0%-80% | |||
Pension Balanced Fund | To achieve a balance between capital protection and returns through a judicious mix of investments in equities and fixed income securities. | Equity# | 0%-30% | Medium |
Debt Securities | 20%-100% | |||
Money Market Instrument & Others* | 0%-80% | |||
Pension Debt Fund | To provide capital protection and accumulation of income through investment in fixed income securities. | Equity# | 0% | Low |
Debt Securities | 20%-100% | |||
Money Market Instrument & Others* | 0%-80% |
Eligibility
Minimum | Maximum | |
Entry Age | 25 years | 70 years |
Vesting Age | 40 years | 80 years |
For QROPS policies = (55 Years to 75 Years) | ||
Premium Payment Term (PPT) | For Single pay – One time premium only Term (PPT) For Regular/Limited pay: Minimum: 5 years Maximum: Equal to the Policy Term PPT - Minimum Regular Pay: 10 years PPT - Maximum Limited Pay: 34 years For policy sourced under QROPS, only Single pay option is available |
|
Premium Payment Modes | Regular / Limited pay – Annual & Monthly modes are available. For Monthly Mode: It is mandatory to pay first three months premium in advance. For QROPS policies, only Single pay option is available. |
|
Minimum Premium | For Single pay - Rs. 3,00,000 (If it is purchased from the company's pension plan then there is no minimum premium limit) For Regular / Limited pay: Annual Premium (for premium payment term of 5 to 9 years): Rs. 50,000 Annual Premium (for premium payment term of 10 years and above): Rs. 25,000 Monthly Premium (for premium payment term of 5 to 9 years): Rs. 5,000 Monthly Premium (for premium payment term of 10 years and above): Rs. 3,000 For Top-ups - Rs. 10,000 |
|
Policy Term | Vesting age less entry age, subject to following conditions:
Maximum policy term is (80 years - entry age)
Minimum policy term is 10 years For Regular / Limited pay, maximum policy term is limited to 35 years For Single pay variant, maximum policy term is limited to 30 years |