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Product Information
Other Plans Smart Immediate Income Plan (Traditional Plan)
Synopsis:
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Canara HSBC Oriental Bank of Commerce Life Insurance Smart Immediate Income Plan ensure a regular guaranteed income stream post retirement. It provides you annuity installments throughout your lifetime, thereby ensuring that you enjoy your post retirement years the way that you want to.

Highlights:

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  • Guaranteed lifetime income directly credited to your bank account to cater to your needs
  • Option to receive regular payments for as long as you or your partner is alive
  • Your family gets the safety net through return of purchase price in case of your death Flexibility to choose annuity installment frequency as Annual, Semi-Annual, Quarterly or Monthly
  • Benefit of higher annuity installment for large purchase price
Eligibility:
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Entry age Minimum: 30 years Maximum: No limit
Purchase Price (Single Premium) Minimum Purchase Price: 2,00,000 (excluding taxes) Maximum Purchase Price: No limit
Annuity Options You can choose one of the following annuity options at inception: 1. Lifetime annuity with Return of 100% of purchase price (excluding service tax and education cess) on death of the annuitant
2. Joint Life, Last survivor with 100% annuity to the secondary annuitant on death of the primary annuitant with Return of 100% of purchase price (excluding service tax and education cess) on the death of the last survivor
Annuity Installment Frequency / Mode Annual, Semi-Annual, Quarterly or Monthly modes are available under this plan. The modal factors are:
Annual: 1.000
Semi-Annual: 0.969
Quarterly: 0.954
Monthly: 0.945