New Delhi, Jan 3 (IANS): Canara HSBC Oriental Bank of Commerce Life Insurance has unveiled Pension4life Plan, an annuity product designed to provide financial independence to retired individuals, those near retirement or earlier.

Under this plan, the customer gets a wide range of annuity options in exchange of a purchase price. The customer will get as many as 7 annuity options to choose from allowing them to lead a hassle-free life. Customers can also have a joint life plan.

The plan also offers flexibility to opt for the reverse mortgage option with banks or option of availing annuity for NPS (National Pension Scheme) subscribers.

There are 7 annuity Options under the plan which include Immediate Life Annuity (Single Life), Immediate Life Annuity with Return of Purchase Price (Single Life), Immediate Life Annuity with Return of Purchase Price on Critical Illness (CI) or Accidental Total & Permanent Disability (ATPD) or Death(Single Life), Family Income (option available only for National Pension System (NPS) subscribers.

Anuj Mathur, Managing Director & Chief Executive Officer, Canara HSBC Oriental Bank of Commerce Life Insurance Company said, "We understand the needs of an individual's financial security post retirement which is one of the prime concerns of an individual near retirement. To fill this need gap we have launched this annuity product with 7 different options meeting the requirements of different customers by offering various benefits. We are confident that this plan will benefit those who are close to their retirement."

Life insurance pays out after a person dies; annuities take payment upfront then pay back with a steady income stream until a person dies.