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FAQs

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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Second paragraph125 words

FAQs

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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How Does it Work?

If you complete at least 25 years of service, you’ll receive a monthly pension equal to 50% of your average basic pay drawn in the last 12 months before retirement.

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Key Takeaways

Pension is calculated at 50% of the average basic pay over the last 12 months for employees completing 25 years of service

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Did You Know?

Under UPS, if the pensioner passes away after retirement, their spouse is assured 60% of the last drawn pension. Source: Financial Services Gov.

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Features of the Unified Pension Scheme

Family Pension Protection: Financial security continues for the family even after the pensioner’s death. Under UPS, the surviving spouse is eligible for a family pension equal to 60% of the retiree's last drawn pension. This lifelong benefit helps dependants maintain financial stability and cope with the loss of regular pension income.

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Who Can Opt for UPS?

State Governments may adopt this model too. For instance, Maharashtra has already approved UPS for its employees.

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Did You Know?

Maharashtra became the first state to implement UPS for its employees on August 25, 2024. Source: TOI

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What is the Unified Pension System (UPS)?

The Unified Pension System ( UPS ) is a newly introduced retirement scheme by the Central Government, designed specifically for employees currently enrolled under the National Pension System (NPS). Unlike the NPS, which offers market-linked returns, the UPS allows employees to switch to a more secure model, providing a guaranteed, defined pension benefit after retirement.

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What is the Unified Pension Scheme (UPS)?

The Unified Pension Scheme (UPS) is a retirement benefit program launched by the Central Government on August 24, 2024, and implemented from April 1, 2025, designed to provide financial security and dignity to government employees after their service years. This pension scheme is an option under the National Pension System framework, offering assured payouts to eligible Central Government employees who contribute 10% of their basic salary plus Dearness Allowance (DA), with the employer contributing 18.5% of the same.