Secure Bhavishya Plan

Why Invest in Secure Bhavishya Plan?

In this policy the investment risk in investment portfolio will be borne by the policyholder.

In today`s active working life, you do your best for your loved ones but at the same time you also need to plan for your own future. Investing in a pension plan is a wise decision, in order to build-up a retirement corpus that can be used to provide a steady post retirement income. Presenting Canara HSBC Oriental Bank of Commerce Life Insurance Secure Bhavishya Plan, a product that provides the benefit of equity participation to potentially enhance your retirement corpus, and at the same time offers 'capital protection' to your retirement corpus.

Features

  • Guaranteed Maturity (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 10th policy year

Eligibility Criteria

Parameters
Minimum
Maximum
Entry Age

25 years

70 years

Vesting Age

40 years

80 years

If the policy is sourced under QROPS, the Age of the Life Assured on the Vesting date should be between 55 (Fifty Five) years and 75 (Seventy Five) as per the prevailing Her Majesty Revenue & Customs (HMRC) requirements.

Benefits

Death Benefit

Higher of Fund Value or 105% of the all premiums paid (including top-up premiums, if any) Options available on Death.

The nominee/claimant shall have the option to utilize the death benefit in one of the following ways:

  • Utilize the entire proceeds of the policy or part thereof for purchasing an immediate/deferred annuity at the then prevailing rate from us, which shall be guaranteed for life at the then prevailing annuity/pension rates. However, you will have an option of purchasing an immediate/deferred annuity at the then prevailing rate from any other insurer to the extent of the percentage, stipulated by the Authority, currently 50%, of the entire proceeds of the policy net of commutation.
  • Withdraw the entire proceeds of the policy

Maturity (Vesting) Benefit

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.


Options available on Vesting (Maturity)

  1. Commute up to 60% and utilize the balance amount to purchase immediate/deferred annuity from us, which shall be guaranteed for life, at the then prevailing annuity/pension rates. However, you will have an option of purchasing an immediate/deferred annuity at the then prevailing rate from any other insurer to the extent of the percentage, stipulated by the Authority, currently 50%, of the entire proceeds of the policy net of commutation.
  2. Utilize the entire proceeds of the policy for purchasing an immediate/deferred annuity at the then prevailing annuity rate of the Company. However, you will have the option to purchase immediate/deferred annuity from any other insurer at the then prevailing annuity rate to the extent of the percentage, stipulated by the Authority, currently 50%, of the entire proceeds of the policy net of commutation.
  3. Extend the accumulation period or defer the Vesting date (subject to maximum Vesting age) within the same policy, with same terms and conditions, provided you are less than 60 years of age as on that date.

For option 3 above, for single pay or limited pay variant, only deferment of vesting date is allowed subject to maximum maturity age of 80 years. No premiums are to be paid for the extended period.

For regular premium policies, there will be an option to extend the accumulation period i.e. premium payment period along with deferment of vesting Date.


Investment Funds and Investment strategy:

There are three investment funds in the plan. The investment and risk profile of each fund is described below:

Fund Name

Pension Growth Fund

Fund Philosophy

To achieve capital appreciation through a judicious mix of investments in equities and fixed income securities.

Asset Allocation

Equity

10%-60%

Money Market Instrument & Others*

0%-80%

Risk Profile

Medium to high


Fund Name

Pension Balanced Fund

Fund Philosophy

To achieve a balance between capital protection and returns through a judicious mix of investments in equities and fixed income securities.

Asset Allocation

Equity

0%-30%

Debt Securities

20%-100%

Money Market Instrument & Others*

0%-80%

Risk Profile

Medium


Fund Name

Pension Debt Fund

Fund Philosophy

To provide capital protection and accumulation of income through investment in fixed income securities.

Asset Allocation

Equity

0%

Debt Securities

20%-100%

Money Market Instrument & Others*

0%-80%

Risk Profile

Low

*Others will include investments in Liquid Mutual Funds, FDs and other short term investments


Examples

Policy Term : 20 Years

Pension Growth Fund

  • 100% of the premiums (including top-ups) are invested in this fund for the first 15 policy years.
  • Gradual shifting in 5 quarterly tranches will happen during 15th policy year.
  • Any premium / top-ups in 15th policy year shall also be invested in Pension Growth Fund

Pension Balanced Fund

  • All available Units under the Pension Growth Fund are switched out and moved to Pension Balanced by the beginning of 16th policy year
  • 100% of the renewal premiums (including top-up's) are invested in this fund after first 15 policy years are over, which means for the last five years
  • Option for switching and premium re-direction to Pension Debt Fund in last five policy years

Pension Debt Fund

  • Any proportion of Funds can be switched from Pension Balanced Fund to Pension Debt Fund in last five policy years
  • Switching is not allowed from Pension Debt Fund to any other Fund
  • Renewal premium / Top-ups can be re-directed to Pension Debt Fund in last five policy years

Tax Benefits#

You may be entitled to certain tax benefits as per the Income Tax Act, 1961. Tax benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time.

Disclaimer

UIN:136L042V04

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 Oriental Bank of Commerce Life Insurance Company Limited (Insurer) is used under license with Canara Bank, HSBC Group Management Services Limited and Oriental Bank of Commerce.

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 (BSNL/MTNL)
SMS: 9779030003
Missed Call: 0124-6156600
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.

The Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender/withdraw the monies invested in Linked Insurance Products completely or partially till the end of the fifth year.

Linked Insurance products are different from the traditional insurance products and are subject to the risk factors.

The premium paid in Linked Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is only the name of the insurance company and Canara HSBC Oriental Bank of Commerce Life Insurance Titanium Plus Plan is only the name of the linked insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.

Please know the associated risks and the applicable charges, from your insurance agent or the intermediary or policy document issued by the insurance company.

The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.

Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured returns.

The premiums & funds are subject to certain charges related to the fund or to the premium paid.

The premium shall be adjusted on the due date even if it has been received in advance.

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 Oriental Bank of Commerce Life Insurance Co Ltd
IRDAI Registration no: 136

Data collected by the company is subject to the Terms & Conditions laid out in the Privacy Policy.

©2021 Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.

x