You know that every stage of life has its requirements. Your long-term goals in life require a guaranteed and steady income to take care of all your family needs, but uncertainty often makes securing this income challenging. Financial planning is one of the most crucial steps for anyone, regardless of earning an income. The best investment plans will ensure you don’t fail to achieve your goals. One such plan is the Canara HSBC Oriental Bank of Commerce Life Insurance’s Guaranteed Income4Life Plan, which offers guaranteed benefits and regular Income to take care of long-term and short-term financial goals.
This article discusses the Canara HSBC OBC Life Insurance’s Guaranteed Income4Life Plan and why it’s good to invest in it.
Canara HSBC OBC Life Insurance’s Guaranteed Income4Life Plan
The Canara HSBC OBC Life Insurance’s Guaranteed Income4Life plan is a non-linked, non-par individual life insurance savings and protection plan that provides individual life insurance protection and regular Income to take care of short-term and long-term financial goals.
Individuals can tailor their life insurance plan in terms of terms, premium payment options, etc., to align the plan with their life stage and needs. We have you covered by insuring you and your spouse for life, ensuring your child’s education, preparing you for early retirement, or giving you extra Income to make sure your promises are kept.
The strategy ensures that:
- Your family’s financial security
- You’ll have a steady stream of Income.
- Benefits are 100% assured.
The following accessible options are available under this product depending on your income needs.
- Guaranteed Income: Income is guaranteed for up to ten years.
- Long-Term Income Guaranteed: Income is guaranteed for 15 or 20 years.
- Guaranteed Retirement Income: Pays out for the rest of your life, up to 99 years old.
How does the plan work?
In just two easy steps, you may tailor the policy to your specific financial goals and needs:
Step 1: Select your yearly premium.
Step 2: Select your premium payment term/policy term and your premium payment method.
Your age decides this plan’s Sum Assured and the parameters you select above. If your annualized premium qualifies for a high premium booster, the premium booster % will be added to your Annual Guaranteed Income.
Why do you need to buy this plan?
The reasons you need to buy the Guaranteed Income4Life Plan, which is one of the plans that fall under best investment plans, are:
- Safety: Make sure your family is financially secure in an emergency.
- Guaranteed benefits: All policy benefits are guaranteed upfront at the time of policy purchase
- Income Distributions: Maturity proceeds are distributed as Regular Income to cover ongoing expenses.
- Income to protect your child’s future: With the Premium Protection Cover Option, additional premiums are waived in an unforeseen incident, and Income is paid as scheduled.
- Plan flexibility: Regular Income might be annual, semi-annual, quarterly, or monthly, depending on your preferences. If needed, you can take the discounted value of your future Regular Income at any time.
- Increased Regular Income in exchange for Higher Premiums
- Guaranteed Loyalty Additions of up to 900 percent of a premium’s annualized value
- Tax advantages based on current laws as updated from time to time
Benefits of the plan
Survival Benefit: After the conclusion of the Premium Payment Term until maturity, you will receive Annual Guaranteed Income at the end of each policy year. If any, the basic Guaranteed Annual Income plus any relevant boosters will equal Guaranteed Annual Income.
Maturity: You will get a Guaranteed Sum Assured on Maturity if you live to the end of the insurance term (assuming that all due premiums are paid). Your coverage will expire if the above amount is paid, and no additional benefits will be paid.
Death Benefit: The death benefit payable to your nominee / legal heir, if the life assured dies during the policy term, is the Sum Assured on Death, provided that the policy is in force.
The policy will be terminated once the above amount is paid, and no future benefits will be paid.
The payment due on death will not be reduced by the survival benefit (Guaranteed Annual Income) already paid.
Compound interest calculator
Regardless of whether you earn a living, financial planning is a vital step for anyone. You need a guaranteed and steady income to support your family in the long run. If you want to make sure that none of your goals are
overlooked, you need to invest in the best investment plans.
A compound interest calculator can be used to calculate all of these items. Compound interest refers to the interest you earn on your investments. A compounding mechanism is responsible for your money’s exponential growth over time. It reinvests the total amount of the principal invested in
order to speed up the profit-making process.
The power of compounding is demonstrated through a compound interest calculator
Compounding interest allows you to earn passive Income from your investment, thus the “Power of Compounding.” Banks and other
financial institutions generally credit compound interest. Most investment plans, ranging from bank FDs to ULIPs, provide a compounding interest rate (ROIs).
Advantages of Using a Power Compound interest Calculator
Computations involving compounding are harder to estimate than calculations involving simple mathematics. However, by using the calculator, you may be able to receive the following benefits:
- Simple Calculations – The compounding calculator’s capability is easy to utilize.
- Aids Make a financial and long-term strategy – You need to know how much money you’ll get at the end of the policy’s term. Determine whether or not saving plans are a good investment for you.
- Examine a variety of investment options – You can use the rate of return and other features of the investments you’re considering to estimate the future worth of your investment.
- Create scenarios and come to conclusions – The power of a compounding calculator is a versatile and simple instrument. Creating numerous investing situations and giving your creativity
wings is not a tough job.
- Boost Your Savings Efforts – The power of the compounding calculator may persuade you to save and invest more. When you see how a small amount of money invested over time may grow into a substantial sum, it’s difficult to resist the urge to save more.
- It is entirely free – The cost of utilizing the calculator is possibly its best feature. It is almost free, and you are just investing a fraction of a second of your time when you use it because the computations are completed in a fraction of a second.
Investing in an investment plan is one of the most efficient ways to achieve your financial goals. You must invest in the best investment plans to ensure you do not fall short of your goals. The Canara HSBC Oriental Bank of Commerce Life Insurance’s Guaranteed Income4Life Plan is from this group where benefits and regular income are guaranteed to help you meet both short-term and long-term financial goals.