Canara HSBC Pension Plans – Review, Types, Features, Criteria & more

Busy life is left behind the threshold of retirement, when one comes in terms with rest and peace. Peace would prevail only if one has everything sorted, including the financial aspects of life. We all have obligations we need to fulfill, relating to finance, and Canara HSBC Pension Plans got your back here.

Plan of investment basically is the plan for a future, a secured one. The way you maintain your life while the period you are working, should be carried ahead. Retain the lifestyle you earned, investing in Canara HSBC Retirement Plans, as they are tailored to fit your need.

Though, investments come with diverse tags, such as eligibility criteria, repayment perks, premium amount etc. So, it is essential the holder knows every minute aspect of the plan, in order to successfully avail it, followed by the benefits it hold.

About Canara HSBC Pension Plans

Notably, three remarkable companies held hands, and formed a merger, which resulted into the formation of Canara HSBC. It came into existence in the year 2008, and is a collective effort of Canara Bank, HSBC and Oriental Bank of Commerce.

The experience they portray on a whole, take this company to a different level of excellence. They thrive to be the market leaders, by ways of expansion through its assurance arm. They offer varied Secure Bhavishya Plan, plans for a secure future.

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Types of Canara HSBC Pension Plans

You need to cater money, put some money aside, and invest them. This way you will finance your future, so no barriers will be imposed on your life tomorrow.

The peace and fun would have its true meaning, and you can lead a life without stress. This company offers two great Canara HSBC Pension Plans and they are called:

• Immediate Pension Plan
• Smart Immediate Income Plan

Find out other NPS Scheme in India

Canara HSBC Immediate Pension Plan – By Canara HSBC NPS

Here is a choice of a traditional Canara HSBC National Pension Scheme. This plan has all the Canara HSBC National Pension Funds accounted and catered for, for a lifetime. Make sure you take a peek into the plan and the features it contains to draw a rough analysis of what benefits it has to offer.

• By the time you end up paying the lump sum premium amount, you will start receive the annuity payout from next year. The basis in which you will receive the payment can be either half yearly, quarterly, monthly or even annually.
• The holder of this Canara HSBC NPS will receive annuity payments for life.
• Perks this Canara HSBC National Pension Scheme offers is that, the holder will not have to take any kind of medical tests to ensure the policy is granted.
• Holder’s paid premiums are entitled to tax benefits under the Section 80CCC, for this Canara HSBC NPS Scheme.

Eligibility Criteria For Canara HSBC Immediate Pension Plan

• Age criteria: 45 to 70 years
• Price of purchase: Varies as per the minimum annuity payment and also on age
• Annuity to be paid per year: Rs.3,000 with no maximum limit
• Intervals of premium payments allowed: half yearly, quarterly, monthly or even annually.

Canara HSBC Smart Immediate Income Plan – By Canara HSBC Pension Plans

This Canara HSBC Pension Plan belongs to the traditional immediate plan line. It offers options of single life choice or even joint life medium. Make sure you check out the plan before you actually plan to avail for it.

• The holder needs to choose a frequency, within which the payments will be paid, half yearly, quarterly, monthly or even annually. Also, the payments will start shortly, when the single premium is paid.
• The options for guaranteed amount are for single life, and also joint life. So, under the single life, the holder will be paid till his death. But, for the joint life, the survivor will be paid for life as well.
• The option for the joint plan is not limited to spouse. The holder can choose from parent, parent in law, spouse or even child as the second annuitant.
• The holder has the liberty of choosing from two different types of annuity payment in this Canara HSBC Pension Plan. But, the purchase price will be paid back for both the types of annuity availed.
• The find kind of annuity payment has entitlement of annuity for life, followed by return of the price of purchase on death.
• For the second type, annuity is provided to the holder, followed by lifetime of annuity payment for the second holder. However, it is upon both the deaths that the price of purchase would be paid back.
• If the holder buys a higher level of plan by paying high purchase price, then the payments rolled out would higher as well.
• Reverse mortgage scheme can be met with the use of this Canara HSBC Retirement Plans annuity.
• The taxation benefit applies to the premiums paid by the holder, as per the Section 80CCC.

Eligibility Criteria For Canara HSBC Smart Immediate Income Plan

• Age criteria: 30 years with no maximum limit.
• Price of purchase: Rs.2 lakh with no maximum limit
• Annuity to be paid per year: Rs.24,000 with no maximum limit
• Intervals of premium payments allowed: half yearly, quarterly, monthly or even annually.

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Canara HSBC Pension Plans / Retirement Plans – Conclusion

We hope to have given you a detailed analysis on both the Canara HSBC NPS plans. We aimed at covering the plans from this company in a precise and detailed manner, so as to make it easy for our readers to invest. In case you wish to invest in retirement plans, you must take a step ahead and look out for these provided Canara HSBC Retirement Plans.

This article goes out for all the people out there, who are concerned for their after work life. We understand you concern, and here is our contribution, to help you out with your decision making process. The right way of investing is weighing in all the options you have, and make sure you do the part well.

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