Canara HSBC Assured Nivesh Plan
- Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
- Claim up to Rs. 1,50,000 deduction under section 80C**
- Choose between annual and monthly premium payment options
It’s no longer feasible to buy a traditional insurance plan and also save money for your family. So, what better way to do it than to own a policy that offers the benefit of savings as well as insurance for the policyholder. The Canara HSBC Life Assured Nivesh Plan is a traditional life insurance policy which offers death benefit to a person insured’s family in case of their death. The aim of this plan is to enable the policyholder to safeguard their family’s finances if the come to meet an untimely death.
Eligibility - Who the Canara HSBC Life Assured Nivesh Plan is for
Canara HSBC Oriental Bank of Commerce Life - the company offering the plan - has set the eligibility criteria which every prospective policy buyer needs to meet. Here’s what it looks like:
| Parameters | Details |
| Minimum Age at Entry | 18 years |
| Maximum Age at Entry | 55 years |
| Minimum Age at Maturity | 33 years |
| Maximum Age at Maturity | 75 years |
| Policy Term | 15 years/20 years |
Sum Assured and Premium Range - What you get and what it costs
Sum Assured: This is the amount a person insured or their family will receive if the policy reaches maturity or if they meet an untimely death.
| Parameters | Details |
| Minimum Sum Assured | Rs.3 lakh for annual premium payment mode Rs.5 lakh for monthly premium payment mode |
| Maximum Sum Assured | No limit |
Premiums:
| Parameters | Details |
| Premium Payment Mode | Monthly, annual |
| Premium Payment Term | 7 years for a 15-year policy 10 years for a 20-year policy |
Disclaimer: Premiums vary based on age, location, plan term and other factors
Plan coverage - What the Canara HSBC Life Assured Nivesh Plan covers
The Canara HSBC Life Assured Nivesh Plan offers a wide range of coverage features for the policyholders. Here’s what the coverage feature looks like:
| Parameters | Details |
| Maturity Benefit | If the person insured survives till the policy’s maturity date, the payout will be the total of Guaranteed Sum Assured along with any accrued bonus and the final bonus, if any. Guaranteed Sum Assured in this case is equal to the sum assured under the policy. |
| Death Benefit | If the person insured succumbs to an untimely incident, a Death Benefit Sum Assured or the Guaranteed Sum Assured will be paid. Note that Death Benefit Sum Assured is equal to any reversionary bonus and terminal bonus, if applicable |
Exclusions - What the Canara HSBC Life Assured Nivesh Plan doesn’t cover
The Canara HSBC Life Assured Nivesh Plan comes with a suicide exclusions wherein, the life insured, whether sane or insane, commits suicide the following benefits will be paid:
- If the person insured commits suicide within one year of the policy’s inception, 80% of the premiums will be paid.
- If the person insured commits suicide within one year of the policy’s revival, an amount higher of either 80% of the premiums paid or the surrender value will be paid to the nominees.
- If the person insured commits suicide after one year of the policy’s inception or revival date, death benefit will be paid to the nominees.
Other Key Features – Freelook Period, Surrender Values, Grace Period etc.
The Canara HSBC Life Assured Nivesh Plan comes with several other key features, which improve the overall coverage a policyholder receives. Here are all the key features listed below:
| Parameters | Details |
| Guaranteed Surrender Value (GSV) | If the policyholder surrenders the policy ahead of the maturity period, a payout equal to the Guaranteed Surrender Value will be paid. A GSV is reached when premiums for 2 and 3 years are paid for 7 and 10-year premium payment terms respectively. |
| Free-look Period | If a policyholder isn’t satisfied with the terms and conditions offered they have the option to return the policy before the free-look period lapses. The Assured Nivesh Plan comes with a free-look period of 15 days (30 days if the policy is bought through distance marketing means). |
| Loans | The Assured Nivesh Plan comes with a loan facility and allows a policyholder to avail a minimum loan of Rs.20,000. The maximum loan amount available is capped at 80% of the prevailing surrender value. |
| Bonus | This plan comes with two different bonuses for every policyholder i.e., annual (reversionary) and terminal bonuses. While annual bonuses are offered on a yearly basis, terminal bonuses will only be offered when the policy is being settled. Note: Offering bonuses are entirely under the insurer’s discretion and are in no way guaranteed. |
| Grace Period | A grace period of 30 days is offered to a policyholder if they fail to make the premium payments within the deadline date. |
Tax Benefits – How you can save with the Canara HSBC Life Assured Nivesh Plan?
The Canara HSBC Life Assured Nivesh Plan comes with the following tax benefits:
- Deductions on premiums paid based on Section 80C of the Income Tax Act.
- Deductions on death benefit and survival benefit based on Section 10 (10D) of the Income Tax Act.
How you can save with the Canara HSBC Life Assured Nivesh Plan
Canara HSBC Life Assured Nivesh Plan allows a policyholder to save in plenty of ways. These are as follows:
- Calculators and tools: The Canara HSBC Oriental Bank of Commerce Life Insurance company website has a number of calculators and tools a policyholder can make use of. These tools help a prospective policy buyer to assess their current situation and determine the kind of insurance coverage they need. For instance, there are four different life stages to choose from: Youth, Newly Married, Family, and Ageing. If you choose any of these options, the tools will give you a representation of how much premiums you will need to pay for a coverage you are looking for. This way you would only be spending on an insurance cover that works best for you.
- Online claim process: Earlier, a policyholder had to get through the claims process by getting in touch with the nearest insurer branch office. However, the Canara HSBC Nivesh plan allows a policyholder to initiate and submit claims process completely online, thereby helping them save money.
- Get a call back: The Canara HSBC Oriental Bank of Commerce site has a call back feature, which a policyholder can use to get all their plan-related queries solved within a matter of minutes.
Why you should buy the Canara HSBC Life Assured Nivesh Plan
Apart from the fact that the Canara HSBC Life Assured Nivesh Plan comes from three of the most well known banking service providers in India, here are a few reasons why you should buy the plan.
- Bonuses: The Canara HSBC Life offers two different types of bonuses to their policyholders. Termed as Reversionary and Terminal bonuses, the company offers them on a yearly and a one-time basis respectively. The bonus amount will usually be a percentage of the sum assured chosen.
- Complete online support: Canara HSBC Life offers a few plans which can be bought and serviced online. From applying for the policy to paying premiums and surrendering the policy - all of it can be done completely online.
- An insurer of repute: Ever since it was started, the company has won numerous awards and accolades for its service to the Indian insurance sector. Besides, the firm has partnered with several rural banks to offers its services to people from all walks of life.