Canara HSBC Life Insurance Guaranteed Assured Income Plan

This Canara HSBC Life Insurance Guaranteed Assured Income Plan offers three plan options: Short Term Income, Long Term Income, and Early Income. Depending on the option selected, you can receive immediate income during the premium payment term or assured income after completion of the premium payment term and deferment period.

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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

Eligibility Criteria for the Canara HSBC Life Insurance Guaranteed Assured INcome Plan

Parameter Minimum Maximum
Entry Age On Last Birthday 0 years 60 years
Maturity Age As On Last Birthday 18 years 99 years
Premium Payment Term,  Deferment Period, Policy  Term & Income Pay-out Period (in years)  Short-Term Income:
Premium Payment Term (Years) Deferment Period (Years) Income Pay-out Period (Years) Policy Term (PPT + DP + IPP)
5 0 to 5 5 10 to 15
7 0 to 5 7 14 to 19
Long-term income:
Premium Payment Term (Years) Deferment Period (Years) Income Pay-out Period (Years) Policy Term (PPT + DP + IPP)
5 0 to 5 10 / 15 / 20 / 25 / 30 15 to 40
7 0 to 5 10 / 15 / 20 / 25 / 30 17 to 42
10 0 to 5 10 / 15 / 20 / 25 / 30 20 to 45
12 0 to 5 10 / 15 / 20 / 25 / 30 22 to 47
Availability of Policy Term will be subject to a minimum maturity age of 18 years and a maximum maturity age of 99 years 
Premium (in Rupees)
Premium Payment Mode Minimum Premium (Rs. )
Annual 36,000
Half-Yearly 18,360
Quarterly 9,360
Monthly 3,240
No limit (Subject to Board Approved Underwriting Policy of the Company) 
Premium Payment Mode and Modal Factors  Annual, Half-Yearly, Quarterly & Monthly modes are available. Chosen at the Policy inception and can not be changed later 
Mode Modal Factor
Annual 1
Half-Yearly 0.51
Quarterly 0.26
Monthly 0.09
Income Frequency 
Income Frequency Income Frequency Factor
Annual 100% / 1
Half-Yearly 98% / 2
Quarterly 97% / 4
Monthly 96% / 12

Features of the Canara HSBC Life Insurance Guaranteed Assured INcome Plan

Here are the key features of the plan:

  • Guaranteed income benefits are provided, provided all premiums are paid on time
  • Life cover throughout the policy term
  • Final Benefit equal to 100% of Total Premiums Payable
  • Choice of income frequency at inception
  • Optional Step-Up Income (5% increase each year on a simple interest basis, available with Short Term and Long Term options)
  • The Immediate Income option is available under Early Income

You can choose how often you wish to receive income: monthly, quarterly, half-yearly, or annually, based on your financial needs.

Benefits of the Canara HSBC Life Insurance Guaranteed Assured Income Plan

Below are the benefits of this Canara HSBC Life Investment plan:

  1. Death Benefit

    If the life assured passes away during the policy term while the policy is in force, the nominee receives the higher of:

    • Sum Assured, or
    • 105% of Total Premiums Paid as on the date of death

    The policy terminates after payment of the death benefit.

  2. Survival Benefit

    Depending on the plan option:

    • Early Income Option: Immediate Income Instalment is payable from the second policy year till the end of the premium payment term. After completion of the premium payment term, Assured Income Instalment plus Loyalty Income Instalment becomes payable till the end of the policy term.
    • Short Term / Long Term Options: Assured Income Instalment plus Loyalty Income Instalment is payable after completion of the premium payment term and deferment period.
  3. Maturity Benefit

    If you survive till the end of the policy term, you receive the final benefit, which is equal to 100% of Total Premiums Payable.

    This Canara HSBC Life savings policy can be considered among the best Investment plans in India for individuals seeking guaranteed returns with life coverage.

Policy Details of the Canara HSBC Life Insurance Guaranteed Assured Income Plan

Have a look at the policy details of the Canara HSBC Life Insurance Guaranteed Assured Income Plan:

  1. Grace Period

    You get a grace period of 15 days for the monthly mode and 30 days for the annual, half-yearly, and quarterly modes from the premium due date.

  2. Free Look Period

    You can cancel the policy within 30 days from the date of receipt of the policy document, provided no claim has been made.

  3. Surrender

    The policy acquires Guaranteed Surrender Value after payment of at least two consecutive full policy years’ premiums. Special Surrender Value may be available after completion of the first policy year, provided one full year’s premium has been paid. The surrender value payable will be the higher of the Guaranteed Surrender Value or the Special Surrender Value.

  4. Loan

    Policy loan facility is available as per policy terms.

Exclusions Under the Canara HSBC Life Insurance Guaranteed Assured Income Plan

Suicidal Cover:

If someone dies by suicide within the time frame set by the policy for starting or renewing it, the benefit amount will depend on the policy conditions and any applicable laws.

FAQs

  • 1. Will investing in this plan guarantee income?

    Yes, income benefits are assured as long as all premiums are paid on time.
  • 2. Is it possible to adjust the frequency of my income later?

    No, once you choose an income frequency at the start of the policy, you can't modify it during the policy period.
  • 3. What will happen if I stop paying my premiums?

    If premiums aren't paid by the conclusion of the grace period, the policy may cease or become paid-up, depending on how many premiums have been paid.
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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