Canara HSBC Life Insurance EZ Pension Plan

Eligibility Criteria for the Canara HSBC Life Insurance EZ Pension Plan

Features of the Canara HSBC Life Insurance EZ Pension Plan

• Zero Premium Allocation Charges: The pension plan allocates the full premium to investment funds, allowing your savings to grow more efficiently.

• Flexible Vesting Age: You can select your preferred retirement age between 40 and 75 years, depending on your financial goals.

• Multiple Fund Options: The plan provides different investment funds that allow you to choose an option based on your risk appetite.

• Unlimited Fund Switching: You can switch between available funds during the policy term as your investment strategy changes.

• Partial Withdrawal Facility: The plan allows partial withdrawals after the lock-in period to help manage financial needs.

• Maturity Booster: The plan offers fund value-related maturity boosters at the end of the policy term, which may help increase the retirement corpus.

Benefits of Canara HSBC Life Insurance EZ Pension Plan

• Vesting Benefit: If the policy owner survives to the vesting date, the accumulated fund will be paid. This can be invested to purchase an annuity that will give one a regular income after retirement.

• Death Benefit: If the life assured dies during the policy term, the nominee receives the higher of:

  • Fund Value as on the date of death intimation, or

  • 105% of the total premiums paid.

  The policy terminates after payment of the death benefit.

• Retirement Corpus Growth: The accumulated premiums increase with time, in the investment funds chosen, in the process of accumulating a retirement fund.

• Tax Benefits: Any amount paid as premiums and any benefits collected through the plan may be tax-advantaged under the applicable income tax legislation.

Individuals exploring retirement income solutions may also review other Canara HSBC Pension Plans to understand the range of pension options available for long-term financial planning.

Policy Details of Canara HSBC Life Insurance EZ Pension Plan

• Grace Period

  The plan has a grace period of 30 days to pay outstanding premiums in annual premium mode and 15 days in monthly premium mode to maintain the policy.

• Revival

  Within three years after the date of the first unpaid premium, a discontinued policy may be revived, subject to the underwriting conditions of the insurer.

• Free Look Period

  Once the policyholder receives the policy document, they have 30 days to review the terms and conditions. In case they are not satisfied, they may cancel the policy within this time.

• Surrender

  In case the policy is surrendered within the first five years, the fund value is paid to a discontinued policy fund until the lock-in period has expired. The surrender value, which is usually equal to the available fund value, is obtained five years later.

• Fund Switching

  The policyholder can switch investments between available funds during the policy term. There are no limits on the number of switches allowed.

• Loan

  No loan facility is available under the EZ Pension Plan.

People comparing retirement products often evaluate some of the best investment plans to identify options that can help support their long-term financial and retirement goals.

Exclusions Under the Canara HSBC Life Insurance EZ Pension Plan

• Suicidal Clause

  If the life assured dies due to suicide within 12 months from policy commencement or revival, the nominee will receive the fund value as on the date of death intimation, subject to policy terms.