Online The company offers specific plans which are available online only. The customer only needs to log into the companys website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued. Intermediaries Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
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.
An annuity plan, also known as a retirement plan, as the name suggests is best suited for retired people. However, though the plan benefits the retired folk, it is very important to note here that the plan should be bought by the individual well before his retirement. So in essence, an annuity plan should be taken by a person who is planning ahead for his retirement years as such a plan would provide the person with all the financial assistance needed in that phase of his life.
These plans come in two versions and provide a source of income to people in their older ages when they have retired from active employment. Immediate Annuity plans are where the policyholder pays a bulk amount to the company to buy the plan and then annuity payouts start from the next frequency without any delay. No money is payable if the policyholder dies during the annuity phase. Deferred annuity plans are those where the annuity payments are delayed. The policyholder buys the plan for a specific term, called the deferment period, makes payments for the premium required during this period and when the period expires is eligible to receive annuity. If he dies during this period, a specific benefit is paid as death benefit. The policyholder can only withdraw 1/3rd of the accumulated amount in cash while the remainder has to be used to avail annuity.
Canara HSBC Life Insurance Company has two variants in the pension plan category which require a detailed discussion as done below. The annuity will be paid either starting from the next year or half-year or quarter or month after paying off the lump sum premium The annuity payouts are guaranteed to be paid till the lifetime of then annuitant No medical tests are required to be undertaken to buy the plan Premiums paid will be tax free under the provisions of Section 80CCC
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