Canara HSBC Oriental Bank of Commerce Smart Immediate Income Plan

The Canara HSBC Oriental Bank of Commerce Smart Immediate Income Plan is an annuity or retirement plan that allows you to secure your financial future without relying on others. Everyone wants to have a peaceful and financially independent retirement, and this policy aims to cater to this class of customers with several benefits that provide value for money. The Canara HSBC Oriental Bank of Commerce life plan also takes care of lifetime guaranteed payouts under Reverse Mortgage Loan enabled annuity scheme.

Eligibility Conditions for Smart Immediate Income Plan

Entry Age
  • Minimum – 30 years
  • Maximum – No limit
Purchase Price (Single Premium)
  • Minimum – Rs.2 lakhs
  • Maximum – No limit
Minimum Annuity Instalments

For Single Life

  • Rs.12,300 (yearly)
  • Rs.5,959 (half-yearly)
  • Rs.2,934 (quarterly)
  • Rs.969 (monthly)

For Joint Life

  • Rs.13,494 (yearly)
  • Rs.6,538 (half-yearly)
  • Rs.3,218 (quarterly)
  • Rs.1,063 (monthly)
Sum Assured
  • Minimum – Rs.2 lakhs

Key Features for Smart Immediate Income Plan

Type Non Linked Non Participating Immediate Annuity Plan
Coverage Death Benefit – In the unfortunate event of death during the policy term, the beneficiary will receive the Purchase Price (exclusive of taxes) as death benefit. Maturity Benefit – None Annuity Benefit – As per Single Premium paid, paid out in monthly, quarterly, half yearly and yearly frequencies.
Annuity Options Two annuity options are available:
  1. For single life, lifetime annuity with 100% purchase price return as death benefit. Annuities to be paid at uniform rate over the policyholder’s life.
  2. For joint life, last living insured with 100% annuity to the second person on death of the first annuitant and 100% purchase price return as death benefit. On demise of second annuitant, 100% purchase price to be paid to nominee.
Basis Individual or Joint
Premium paying term Single Premium mode only
Loans Not available with this plan
Nomination Facility available
Free Look Period 15 days free look period (policies bought online) is offered wherein a policyholder may return the policy if he/she is not agreeable to terms and conditions of the plan. 30 days grace period for policies purchased through distance marketing channels. Refund of Purchase Price will be processed after adjustments for stamp duty, annuity instalments paid etc.

Benefits for Smart Immediate Income Plan

Tax Benefits Tax benefits are available under Section 80C, Section 80D and Section 10 (10D) of the Income Tax Act, 1961. You should consult your tax advisor for more details.
Assured income Annuity payments
Higher annuity instalment for high purchase
Purchase price range Additional annualized annuity rate
Less than Rs.2 lakh Nil
Rs.2 lakh and above to less than Rs.3 lakh 1.10
Rs.3 lakh and above to less than Rs.5 lakh 1.50
Rs.5 lakh and above to less than Rs.10 lakh 1.80
Rs.10 lakh and over 2.00

How Smart Immediate Income Plan works

Mr Gupta opts for the Smart Immediate Income Plan with joint life cover along with Mrs Gupta. He is 60 years old while Mrs Gupta is 55 years old. Mr Gupta pays a purchase price of Rs.10 lakhs. As per the policy, Mr Gupta has the following benefits:

  • Rs.74,530 annuity instalment (yearly)
  • Death benefit of Rs.10 lakhs to Mrs Gupta in case of his demise during policy tenure, plus annuity payments of the same amount will be made to Mrs Gupta for the remaining policy tenure.
  • On demise of both the lives insured, the nominee shall receive 100% purchase price as death benefit and the policy will cease to exist.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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