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Glossary:

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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Glossary

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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Retire Grand with Flexi Benefits

Guaranteed Lifelong Income Limited premium payment term Multiple annuity options Option to defer the annuity payments

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Retire Grand with Flexi Benefits

Guaranteed Lifelong Income Limited premium payment term Multiple annuity options Option to defer the annuity payments

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Save, Dream, Plan. Live Peacefully

Option to choose premium payment term Get Tax benefits

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Save, Dream, Plan. Live Peacefully

Option to choose premium payment term Get Tax benefits

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Popular Searches

Retirement Calculator Best Retirement Plan Senior Citizen Card Saral Pension Plan NPS Withdrawal Pension4Life Plan Retirement Planning 5 Retirement Tips National Pension Scheme NPS Pension Calculator

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Popular Searches

Retirement Calculator Best Retirement Plan Senior Citizen Card Saral Pension Plan NPS Withdrawal Pension4Life Plan Retirement Planning 5 Retirement Tips National Pension Scheme NPS Pension Calculator

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Popular Searches

Types of Pension Plan Guaranteed Pension Plan Is Pension Taxable How to Check Old Age Pension Status Benefits of Pension Plan How GST Applies to Pension Plan?

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Popular Searches

Types of Pension Plan Guaranteed Pension Plan Is Pension Taxable How to Check Old Age Pension Status Benefits of Pension Plan How GST Applies to Pension Plan?

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Popular Searches

Tax Planning for Retirement Types of Retirement Plans Guaranteed Pension Plans Retirement Income Plans

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Popular Searches

Tax Planning for Retirement Types of Retirement Plans Guaranteed Pension Plans Retirement Income Plans

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Fixed Returns, Zero Risks & Worries

4 Plan options Life cover + Guaranteed benefits Accidental death benefit Premium protection cover

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Fixed Returns, Zero Risks & Worries

4 Plan options Life cover + Guaranteed benefits Accidental death benefit Premium protection cover

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Retirement - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

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Retirement - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

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Key Takeaways

A commuted pension allows retirees to receive a lump sum in exchange for part of their monthly pension, affecting long-term financial planning

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Commuted Pension:

A commuted pension is a pension payment option in which the pensioner receives a lump-sum payment upfront in exchange for a reduced monthly pension thereafter. This lump sum can be a helpful financial resource for covering immediate expenses, such as medical bills, home renovations, or outstanding loans. Its key features include:

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What if You Receive a Pension as a Family Member?

Uncommuted pension received by an employee's family members is tax-exempt for up to one-third of the pension amount or ₹25,000 [revised from ₹15,000 with effect from FY 2024-25] in a given financial year (lower of the two).

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What is the Difference Between Pension and a Family Pension?

Family pension is taxed as “ Income from Other Sources ,” and the family member can claim a deduction of the lower of one‑third of such pension or ₹15,000.

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Glossary:

Uncommuted Pension: Regular monthly pension paid to a retiree. It is taxable as salary income

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Glossary

Uncommuted Pension: Full monthly pension without any lump sum withdrawal

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Factors to Consider Before Opting for a Commuted Pension

A commuted pension allows you to receive a lump sum amount instead of regular monthly payouts, significantly impacting your post-retirement financial situation. Therefore, it is crucial to evaluate your financial goals and requirements carefully to make an informed decision that aligns with your long-term plans.

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Commuted Pension:

A commuted pension is a pension payment option in which the pensioner receives a lump-sum payment upfront in exchange for a reduced monthly pension thereafter. This lump sum can be a helpful financial resource for covering immediate expenses, such as medical bills, home renovations, or outstanding loans. Its key features include: