Canara HSBC Smart Immediate Income Plan-canara-hsbc-pension-plans

Under the plan, the annuity payments will start immediately from the next chosen frequency (monthly, quarterly, half-yearly or annually) after the payment of the single premium The annuity payouts can be availed on a single life which will be guaranteed for the annuitants life or on a joint life basis which will be guaranteed for the annuitants life till he is alive and post his death, for the secondary annuitants life The secondary annuitant can be either the spouse, child, parent or parent-in-law There are two annuity options available under the plan and both options return the Purchase Price paid to avail annuity on death. Under the first annuity option, lifetime annuity is paid to annuitant and post his death the entire Purchase Price is returned. Under the second option of Joint Life, Last Survivor Annuity, annuity payouts are guaranteed for the lifetime of the annuitant and on his death the payouts continue till the secondary annuitant is alive. In case of the second death, i.e. of the secondary annuitant, the total Purchase Price is returned.