Pension for Life Plan

Pension4Life Plan

About Pension4Life Plan

As you approach your retirement, the most important thought on your mind is to lead a secure and comfortable life as you have always led, without any dependence on others. Everyone loves to be financially independent, to enjoy and to live a worry free and comfortable life. This is even more important in your golden years as after so many years of hard work, money should not be a concern for you to decide how you would spend your retirement years.

A smart way to ensure a regular guaranteed income stream as per your needs post retirement, is to buy Canara HSBC Oriental Bank of Commerce Life Insurance Pension4life Plan, that is an annuity product where you will receive defined level of annuity instalments in exchange of a Purchase Price.

Product Parameters

Options under the Plan

1. Option 1- Immediate Life Annuity (Single Life)
2. Option 2- Immediate Life Annuity with Return of Purchase Price (Single Life)
3. Option 3- Immediate Life Annuity with Return of Balance Purchase Price (Single Life)
4. Option 4- Immediate Life Annuity with Return of Purchase Price on Critical Illness (CI) or Accidental Total & Permanent Disability (ATPD) or Death (Single Life)
5. Option 5- Immediate Joint Life Annuity with Return of Purchase Price
6. Option 6- Deferred Life Annuity with Return of Purchase Price (Single Life)
7. Option 7- NPS - Family Income (option available only for National Pension System (NPS) subscribers)

Why Buy

1. Wide range of annuity options to choose from
2. Guaranteed lifetime income directly credited to your bank account to cater to your needs
3. Option to receive regular payments for as long as you or your partner* is alive
4. Option to receive immediate or deferred annuity
5. Safety net for family through return of purchase price in case of your death
6. Flexibility to choose annuity installment frequency as Yearly, Half-yearly, Quarterly or Monthly
7. Benefit of higher annuity installment for higher purchase price
8. Options for banks / financial institutions in respect of annuity payments for their commitments to the home owners under Reverse Mortgage schemes

#Partner here refers to the Secondary Annuitant in case of joint life. The Secondary Annuitant can be spouse, child, parent, parent-in-law or sibling of the Primary Annuitant. Other relationships maybe considered as long as there is an insurable interest between the annuitants.

Benefits

The Benefits Under The Plan Vary As Per The Plan Option Chosen

The definitions below will help you understand better, the benefits of the plan:



How it works

You can customize the policy to suit your financial goals and requirements in just 5 simple steps:

1. Choose the purchase price (single premium) that you wish to pay to buy the annuity or choose the annuity instalment you wish to receive.
2. Choose your annuity option (If annuity option 6(Deferred Life Annuity with Return of Purchase Price) is chosen, choose the deferment period).
3. Choose your annuity instalment frequency - Yearly, Half-Yearly, Quarterly or Monthly
4. Provide yours and your partner's details (if applicable).
5. Pay purchase price and receive the annuity instalments through direct credit in your bank account.

Age Criteria



Option 4

Immediate Life Annuity with Return of Purchase Price on Critical Illness (CI) or Accidental Total & Permanent Disability (ATPD) or Death

Option 6

Deferred Life Annuity with Return of Purchase Price

Other Options

No Limit

NPS

As per PFRDA Regulations amended from time to time

For Entry Age exceeding 99 years, the Annuity Rate for the Entry Age 99 years shall be applicable Note: For a Policy purchased from the proceeds arising out of the Company's or any other insurer's Pension Products/ demise of NPS subscriber, the Minimum Entry Age shall be 0 years.

Maximum Maturity Age
Not Applicable

Purchase Price and Annuity Instalment



Annuity Options



Annuity Frequency