Canara HSBC OBC Guaranteed Income Advantage Plan

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Canara HSBC OBC Guaranteed Income Advantage Plan is a non-linked and non-participating Savings cum life protection plan. It offers guaranteed maturity benefit along with a source of guaranteed annual income from the end of your premium payment term till maturity to take care of variable financial needs. The plan rewards higher premium payers via its High Premium Booster which provides you an extra benefit alongs with the standard plan benefits. 

This life insurance plan also offers you enough liquidity by way of its loan facility under which you can avail a loan of up to 80% of the surrender value. Also, if you fail to pay the premiums after paying first year’s full premium but before the first 2 years’ full premiums, you will be eligible for an Early Exit Value of 10% of the total premiums paid.

Best Features of Canara HSBC OBC Guaranteed Income Advantage Plan

The best features of the Canara HSBC OBC Guaranteed Income Advantage Plan are as follows:

  • Guaranteed Annual Income- The plan provides guaranteed annual income every year on survival after the end of the premium payment term till maturity.
  • High Premium Booster- Plans with an annualised premium of INR 2 Lakh and more are eligible to receive an additional 1%-2% of the basic guaranteed annual income as the High Premium Booster.
  • Policy Loan- After the attainment of a surrender value, you can avail a policy loan of up to 80% of the surrender value at an interest rate of 8.70% p.a for FY 2019-2020. The minimum loan amount allowed is INR 20,000.
  • Policy Revival - A lapsed or paid-up policy can be revived within 5 years starting from the date of the first unpaid premium.
  • Minor Life- In case the life assured is a minor, the ownership of the plan is transferred from the policyholder to the life assured on attainment of 18 years of age.
  • Paid-up Policy- If you fail to pay the premium within the grace period after the payment of the first 2 years’ premiums, the policy will acquire the status of a paid- up policy and will continue with reduced benefits till maturity/death of the life assured.

Benefits of Canara HSBC OBC Guaranteed Income Advantage Plan

The benefits which makes Canara HSBC OBC Guaranteed Income Advantage Plan a reliable plan are as follows:

1. Survival Benefit

The life assured is entitled to get Guaranteed Annual Income at the end of each policy year after the end of the premium payment term till maturity. The amount of the Guaranteed Annual Income is equivalent to the aggregate of the Basic Guaranteed Annual Income and the applicable boosters. 

Premium Payment TermPolicy TermTotal Number of Income PayoutsTiming of Income PayoutsIncome Payout Percentage Basic Guaranteed Annual Income
7 years12 years5End of Policy Year140%Income Payout Percentage X Annualised Premium
10 years15 years5End of Policy Year200%

2. Maturity Benefit

In case of survival of the life assured till the end of the policy term, a Guaranteed Sum Assured on Maturity is payable. After the payment of such benefit, the policy shall terminate.

3. Death Benefit

In case of an unfortunate death of the life assured, the Sum Assured on Death is payable to the nominee as the death benefit. After the payment of the death benefit, the policy stands terminated.

Canara HSBC OBC Guaranteed Income Advantage Plan Eligibility

Canara HSBC OBC Guaranteed Income Advantage Plan comes with the following eligibility conditions:

Eligibility Criteria For Canara HSBC OBC Guaranteed Income Advantage Plan
Minimum Age at Entry

For 12-year policy term- 6 years

For 15-year policy term- 3 years

Maximum Age at Entry60 years
Minimum Age at Maturity18 years
Maximum Age at Maturity75 years
Minimum Premium Amount 

Mode

Minimum Installment 

Yearly

INR 1 Lakh

Half-yearly

INR 51,000

Quarterly 

INR 26,000

Monthly 

INR 9,000

Maximum PremiumNo Limit, subject to underwriting
Minimum Sum AssuredIt depends on the minimum annualised premium, entry age, policy term/premium payment term 
Maximum Sum AssuredNo limit, subject to underwriting
Premium Payment Term and Policy Term

Premium Payment Term

Available Policy Term

7 years

12 years

10 years

15 years

Premium Payment FrequencyYearly, Half-yearly, Quarterly, Monthly
Premium Modal Factors

Premium Mode

Modal Factor

Yearly

1.00

Half-yearly

0.51

Quarterly 

0.26

Monthly 

0.09

Canara HSBC OBC Guaranteed Income Advantage Plan Review 

Canara HSBC OBC Guaranteed Income Advantage Plan is a savings plan which provides regular annual income and a life cover. The plan also provides a guaranteed maturity benefit at the end of the policy term. The plan is available with 2 policy term options and 2 premium payment term options to provide you enough flexibility.

One of the salient features of the plan is its High Premium Booster which provides extra benefits to the individuals who choose to pay higher premiums. Another notable feature of the plan is its policy loan option which offers you substantial liquidity. Canara HSBC OBC Guaranteed Income Advantage Plan is a suitable plan for individuals looking for a fixed source of regular income for a fixed term along with the benefits of a life cover.

Canara HSBC OBC Guaranteed Income Advantage Plan FAQs

  • 1. Does the policy provide a free-look period?

    Yes, the policy offers a free-look period of 15 days (30 days if policy is purchased online) from the date of its receipt in case you are dissatisfied with its terms and conditions. The premium in such cases is refunded after the deduction of premium for proportionate risk cover, stamp duty charges, and medical expenses.

  • 2. How much premium booster is provided under the plan?

    The basic Guaranteed Annual Income available for a given premium is increased by the High Premium Booster in the following manner - 

    Annualised Premium High Premium Booster (as % of Basic Guaranteed Annual Income)
    Greater than or equal to INR 2 Lakh to less than INR 5 Lakh1.00%
    Greater than or equal to INR 5 Lakh to less than INR 10 Lakh1.75%
    Greater than or equal to INR 10 Lakh2.00%

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