Guaranteed Income Plan

As you move towards different life stages in your life, there are important goals that you come across which are uncompromising in nature such as educating your child or planning for her marriage or enhancing your own life style or providing financial security to a loved one. How can you make sure that such important goals are always achieved? First, you need an insurance plan that secures your life and allows you to save as per your requirement to reach your objective. Second, you want the insurance plan to give you assured returns that are not dependent upon the vagaries of the capital markets, or the bonuses declared by the insurance company. Third, you want the insurance plan to work and your goal to be achieved even if anything happens to you.

To help you ensure that none of your goals are compromised, we present you 'Canara HSBC Oriental Bank of Commerce Life Insurance Guaranteed Income Plan' that offers guaranteed benefits so that you can fulfil your dreams uninterrupted.

WHAT ARE THE OPTIONS UNDER THE PLAN?

You can opt for any one of the following options:
1. Guaranteed Cashback Option,
2. Guaranteed Cashback with Premium Protection Option,
3. Guaranteed Income Advantage Option, or
4. Guaranteed Single Pay Advantage Option

These options are explained in the "What are the key benefits of the plan?" section. The plan option can only be chosen at policy inception. The Guaranteed Sum Assured at Maturity under various options will vary for the same premium paid.

WHAT ARE THE KEY HIGHLIGHTS OF THE PLAN?

1. Provides life cover for the entire term while you pay premium only for a limited period/one time.

2. Payouts For Child`s Education - Guaranteed Annual Cashback payouts aligned closely to your child's educational milestones under Guaranteed Cashback Option (Plan Option 1) & Guaranteed Cashback with Premium Protection Option (Plan Option 2).

3. Guaranteed Annual Income payable at the end of every year after the premium payment term till maturity (under Guaranteed Income Advantage Option {Plan Option 3}).

4. Guaranteed Maturity Benefit: Guaranteed benefits payable on maturity, provided all due premiums have been paid.

5. Better Value For Higher Premium - High Premium Booster to ensure that you get extra benefit for making a higher premium commitment.

6. Flexibility to choose a payment term suitable for you - Choice of premium payment terms which can closely align to your premium payment capacity and horizon.

7. Customize your savings horizon to your important financial goals - Multiple policy term options to help you select the best suited policy term which is closely aligned to your financial goals.

8. You may be entitled for Tax Benefits# under Section 80C and Section 10(10D), as per the Income Tax Act, 1961 as amended from time to time. For tax related queries, contact your independent tax advisor.

HOW DOES THE PLAN WORK?

You can customize the policy to suit your financial goals and requirements in just 3 simple steps:

Step 1. Choose your plan option:

i. If your goal is to get protection during the policy term, liquidity in last 4 years and lump-sum on maturity, we recommend you to opt for either 'Guaranteed Cashback with Premium Protection Option (Plan Option 2) or Guaranteed Cashback Option' (Plan Option 1) as per your requirement.

ii. If your goal is to get protection during the policy term and Guaranteed Annual Income after the completion of premium payment term, we recommend you to opt for 'Guaranteed Income Advantage Option' (Plan Option 3).

iii. If your goal is to receive lump-sum payout on maturity on payment of Single Premium, we recommend you to opt for 'Guaranteed Single Pay Advantage Option (Plan Option 4)'.

Step 2: Choose your premium:

Choose your premium amount. You can check the guaranteed amount available at policy maturity and the guaranteed survival benefits that you will be receiving during the policy term to ensure that your financial needs are met.

Step 3: Choose your premium payment term, premium payment mode and policy term:

Choose how long you would like to pay premium, at what frequency and your policy term, to align with your payment preference, savings horizon and future goals.

The Sum Assured in this plan will be determined basis your age and the options chosen above. If your Annualised Premium is eligible for High Premium Booster, the Sum Assured/ Guaranteed Annual Income will be enhanced by the High Premium Booster %. (refer section "What are the other benefits in this plan?")