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Guaranteed Income4Life

Why Invest in Guaranteed Income4Life?

Each stage in life comes with unique requirements; our long-term goals in life demand a guaranteed and stable income. But uncertainty often makes securing that income a daunting task. We present ‘Canara HSBC Life Insurance Guaranteed Income4Life’, a non-linked, non-participating individual life insurance savings cum protection plan that offers guaranteed benefits as well as regular income to take care of both long-term and short-term financial goals.

A highly customizable life insurance plan that offers various flexibilities in terms/ premium payment options etc. so as to align the plan to an individual’s life stages and needs. Whether it is lifelong protection for you and your spouse or fulfilling your child’s education needs, preparing you for early retirement or giving you that extra income to make sure every promise is fulfilled; we have it all covered.

The plan ensures:
  • Financial protection to your family
  • Guaranteed Income Stream for you
  • Fully guaranteed benefits

Depending upon your income need, you can select your plan option (any ONE) from the following available options under this product.

1
Guaranteed Income - Provides income for short to medium term of up to 10 years

2
Guaranteed Long-Term Income - Provides income for long term of 15 or 20 years

3
Guaranteed Retirement Income - Provides income for lifetime i.e. up to 99 years of age

Why Buy?

  • Protection: Ensure financial protection for your family in case of eventuality
  • Guaranteed Benefits: All the policy benefits are upfront guaranteed at start of the policy
  • Income Payouts: Maturity proceeds are paid in form of Regular Income to take care of the recurring expenses
  • Income to safeguard your child’s future: With Premium Protection Cover Option, in case of an eventuality, further premiums are waived and income will be paid as planned
  • Flexibility in plan: Regular Income can be annual/ semi-annual/ quarterly/ monthly – the way you want. In case required, take the discounted value of your future Regular Income at any time
  • Enhanced Regular Income for higher Premiums
  • Assured Loyalty Additions of up to 900% of an Annualized premium
  • Tax Benefits as per applicable laws

Benefits

Maturity

Regular Income based on the Income Period and Income Frequency selected by you will be paid on the Income Payout Dates.

You also have an option to receive all future Regular Income payouts as a lump sum.

Death Benefit / Accidental Total And Permanent Disability Benefit

Death Benefit during the Policy Term

  • Sum Assured on Death plus accrued Assured Loyalty Addition(s), if any will be paid
  • And policy will terminate

If you have chosen Premium Protection Cover

(i) In case of Death

  • Sum Assured on Death will be paid
  • All future premiums under the policy will get waived and the policy will continue with maturity benefit as if the policy was in-force
  • On maturity, Regular Income based on the Income Period and Income Frequency selected will be paid

(ii) In case of Accidental total and permanent disability (ATPD)

  • All future premiums under the policy will get waived and the policy will continue with all the benefits – Death and Maturity.

Other Benefits

Loan Facility

To meet any contingent need, you may avail the loan facility in this plan, once the policy acquires a Surrender Value, of Rs. 20,000 to upto 80% of prevailing Surrender Value.


High Premium Booster

The Regular Income for your policy will be increased due to High Premium Booster, for choosing a higher premium.


Tax Benefit

You may be entitled for tax benefits under Income Tax Act, 1961 as amended from time to time. For tax related queries, contact your independent tax advisor.

Plan at a glance

Parameters

Minimum

Maximum

Entry Age as on Last Birthday

3 years
(18 years in case Premium Protection Cover is chosen)

60 years
(55 years in case Premium Protection Cover is chosen)

Maturity Age as on Last Birthday

18 years
(24 years in case Premium Protection Cover is chosen)

75 years

Premium Payment Term, Deferment Period, Policy Term & Income Period
(In years)

Premium Payment Term

Deferment Period

Policy Term (PPT+DP)

Income Period

5

1 to 5

6 to 10

5

7

1 to 5

8 to 12

7

10

1 to 5

11 to 15

10

Income Period starts as soon as the Policy Term ends

Annualized Premium (in Rupees)

Annual

24,000

Half-Yearly

12,000

Quarterly

6,000

Monthly

2,000

No limit (Subject to Board Approved Underwriting Policy of the Company)

Income Frequency

Monthly, Quarterly, Half-Yearly, Annual
Chosen at the Policy inception and can be changed anytime during the Policy Term and / or Income Period under your policy.

Why Buy?

  • Protection: Ensure financial protection for your family in case of eventuality
  • Guaranteed Benefits: All the policy benefits are upfront guaranteed at start of the policy
  • Income Payouts: Maturity proceeds are paid in form of Regular Income to take care of the recurring expenses
  • Income to safeguard your child’s future: With Premium Protection Cover Option, in case of an eventuality, further premiums are waived and income will be paid as planned
  • Flexibility in plan: Regular Income can be annual/ semi-annual/ quarterly/ monthly – the way you want. In case required, take the discounted value of your future Regular Income at any time
  • Enhanced Regular Income for higher Premiums
  • Assured Loyalty Additions of up to 1080% of an Annualized premium
  • Tax benefits as per applicable laws

Benefits

Maturity

Regular Income based on the Income Period and Income Frequency selected by you will be paid on the Income Payout Dates.

You also have an option to receive all future Regular Income payouts as a lump sum.

Death Benefit during the Policy Termt
  • Sum Assured on Death plus accrued Assured Loyalty Addition(s), if any will be paid
  • And policy will terminate

If you have chosen Premium Protection Cover

(iii) In case of Death

  • Sum Assured on Death will be paid
  • All future premiums under the policy will get waived and the policy will continue with maturity benefit as if the policy was in-force
  • On maturity, Regular Income based on the Income Period and Income Frequency selected will be paid

(iv) In case of Accidental total and permanent disability (ATPD)

  • All future premiums under the policy will get waived and the policy will continue with all the benefits – Death and Maturity.

Other Benefits

Loan Facility

To meet any contingent need, you may avail the loan facility in this plan, once the policy acquires a Surrender Value, of Rs. 20,000 to upto 80% of prevailing Surrender Value.


High Premium Booster

The Regular Income for your policy will be increased due to High Premium Booster, for choosing a higher premium.


Tax Benefit

You may be entitled for tax benefits under Income Tax Act, 1961 as amended from time to time. For tax related queries, contact your independent tax advisor.

Plan at a glance

Parameters

Minimum

Maximum

Entry Age as on Last Birthday

1 year
(18 years in case Premium Protection Cover is chosen)

60 years
(55 years in case Premium Protection Cover is chosen)

Maturity Age as on Last Birthday

18 years
(24 years in case Premium Protection Cover is chosen)

75 years

Premium Payment Term, Deferment Period, Policy Term & Income Period
(In years)

Premium Payment Term

Deferment Period

Policy Term (PPT+DP)

Income Period

5

1 to 5

6 to 10

15 or 20

7

1 to 5

8 to 12

10

1 to 5

11 to 15

12

1 to 5

13 to 17

Income Period starts as soon as the Policy Term ends

Annualized Premium (in Rupees)

Annual

24,000

Half-Yearly

12,000

Quarterly

6,000

Monthly

2,000

No limit (Subject to Board Approved Underwriting Policy of the Company)

Income Frequency

Monthly, Quarterly, Half-Yearly, Annual
Chosen at the Policy inception and can be changed anytime during the Policy Term and / or Income Period under your policy.

Why Buy?

  • Protection: Ensure financial protection for your family in case of eventuality
  • Guaranteed Benefits: All the policy benefits are upfront guaranteed at start of the policy
  • Retirement Income: Maturity proceeds are paid in form of Regular Income to take care of the post retirement days
  • Joint-life Retirement Income: Cover your close one in the same policy and ensure income for his/ her lifetime
  • Flexibility in plan: Regular Income can be annual/ semi-annual/ quarterly/ monthly – the way you want. In case required, take the discounted value of your future Regular Income
  • Premium Payment Option: Choose to pay a single premium or to pay for a limited term depending upon your convenience
  • Enhanced Regular Income for high Premium
  • Assured Loyalty Additions of upto 1080% of an Annualized premium or 90% of a Single Premium
  • Tax benefits as per applicable laws

Benefits

Maturity

Upon survival of Life Assured/ Lives Assured at the end of Policy Term (provided that all due premiums are paid), you will start getting the Regular Income based on the Income Period and Income Frequency selected by you, on the Income Payout Dates.

You also have an option to receive all future Regular Income payouts as a lump sum.

Death Benefit during the Policy Term

Single Life Policy

  • Sum Assured on Death plus accrued Assured Loyalty Addition(s), if any is paid
  • And the policy will terminate

Joint Life Policy

  • The surviving Life Assured will receive 7 times the Annualized Premium in case of limited premium payment policy or 1.25 times the Single Premium, in case of single pay policy
  • Policy will continue, subject to payment of premiums, with all the benefits post the first death
  • On death of the surviving Life Assured, Nominee/ Legal Heir will receive the Sum Assured on Death plus accrued Assured Loyalty Addition(s), if any
  • On payment of this benefit, the policy will terminate.

Other Benefits

Loan Facility

To meet any contingent need, you may avail the loan facility in this plan, once the policy acquires a Surrender Value, of Rs. 20,000 to upto 80% of prevailing Surrender Value.


High Premium Booster

The Regular Income for your policy will be increased due to High Premium Booster, for choosing a higher premium.


Tax Benefit

You may be entitled for tax benefits under Income Tax Act, 1961 as amended from time to time. For tax related queries, contact your independent tax advisor.

Plan at a glance

Parameters

Minimum

Maximum

Entry Age as on Last Birthday

45 years

65 years

Maturity Age as on Last Birthday

50 years

80 years

Premium Payment Term, Deferment Period, Policy Term & Income Period
(In years)

Premium Payment Term

Deferment Period

Policy Term (PPT+DP)

Income Period

5

1 to 5

6 to 10

99 years less age last birthday as at the end of Policy Term*

7

1 to 5

8 to 12

10

1 to 5

11 to 15

12

1 to 5

13 to 17

Single Pay

5

5

Income Period starts as soon as the Policy Term ends

Annualized Premium (in Rupees)

Annual

24,000

Half-Yearly

12,000

Quarterly

6,000

Monthly

2,000

Single Premium

1,00,000

No limit (Subject to Board Approved Underwriting Policy of the Company)

Income Frequency

Monthly, Quarterly, Half-Yearly, Annual
Chosen at the Policy inception and can be changed anytime during the Policy Term and / or Income Period under your policy.

* In case of Joint Life Policy, Regular Income will be paid till age 99 years less Age last birthday as at the end of Policy Term of the younger of the two Lives Assured.

Disclaimer

UIN: 136N074V01

Canara Bank (IRDAI Regn. No. CA0045) is the Corporate Agent of the Insurer.

The online journey is being enabled through the Insurance Self Network platform (ISNP) of the Company where Canara Bank is a market participant as the corporate agent of the insurer.

Purchase of any insurance products by a bank's customer is purely voluntary and is not linked to availment of any other facility from the bank.

Trade Logo of Canara HSBC Life Insurance Company Limited (formerly known as Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited) is used under license with Canara Bank and HSBC Group Management Services Limited.

The Insurance products are offered and underwritten by Insurer (IRDAI Regn. No. 136) having its head office at 139 P, Sector - 44, Gurugram - 122003, Haryana, India.

The premium mentioned is for standard lives. Premium rates for tobacco users will vary. Your actual premium will depend on the Company's assessment of risks on your health, lifestyle, occupation, etc. Annualized premium may vary for monthly mode.

For more details on risk factors, terms and conditions please read the Sales Brochure carefully before concluding a sale.

Website: www.canarahsbclife.com
Call (Toll free no.): 1800-103-0003/ 1800-180-0003/ 1800-891-0003
SMS: 9779030003
Missed Call: 0120-6927801
Email: customerservice@canarahsbclife.in

#Tax benefits under the plan will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor.

Collection of advance premium shall be allowed within the same financial year for the premium due in that financial year. However, where the premium due in a financial year is being collected in previous financial year, the premium may be collected for a maximum period of three months in advance of the due date of the premium. The premium so collected in advance shall only be adjusted on the due date of the premium. Such advance premium, if any, paid by the Policyholder shall not carry any interest.

Medical charges will be deducted in case of non-issuance of the policy.

BEWARE OF SPURIOUS / FRAUD PHONE CALLS!

  • IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

Canara HSBC Life Insurance Company Limited
IRDAI Registration no: 136

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©2022 Canara HSBC Life Insurance Company Limited

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