"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • Canara HSBC Dream Smart Plan

    Life Insurance
    • 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

    Everyone has dreams and wishes, and achieving these dreams are the basic goals that drives individuals. However, these dreams might not always be easy to fulfill. In order to help individuals come one step closer to realising their dreams, Canara HSBC has introduced the Dream Smart Plan which is a ULIP or Unit-Linked Insurance Plan that can help individuals save up to fulfill their dreams.

    Another benefit of this plan apart from the flexibilities offered is that policyholders can avail loyalty additions at the end of the 15th year of policy.

    Eligibility - Who is the Dream Smart Plan for?

    In order to avail the above plan, individuals will have to fulfill certain eligibility criteria, which has been illustrated below.

    Age of Entry (in years)
    • Minimum - 7
    • Maximum - 60
    Maximum Age of Maturity (in years) 80
    Policy Tenure Fixed tenure of 20 years

    All ages are based on the previous birthday of the policyholder.

    Sum Assured and Premium Range - What you get and what it costs?

    Individuals can avail a life cover for 20 years by paying premiums for a short duration and all premiums are invested in unit-linked funds of their choice. The premium payment tenure is flexible and fund switching is also allowed. Additionally, policyholders have the option to withdraw partially in case of a financial emergency. Policyholders have the added advantage of being able to reduce or increase the Sum Assured based on their necessities.

    Sum Assured:

    Sum Assured will vary based on the premium, age, fund option chosen and the premium payment tenure.

    Sum Assured
    • Minimum - 10x Annual Premium for those below 45 years and 7x Annual Premium for those between 45 years and 60 years.
    • Maximum - No maximum limit but is subject to underwriting.

    Premium:

    Premium that is being paid varies based on a number of factors such as the Sum Assured chosen as well as payment tenure.

    Premium Payment Tenure
    • Minimum - 10 years
    • Maximum - 20 years
    Annual Premium
    • Minimum - Rs.25,000
    • Maximum - No limit

    Premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.

    Plan Coverage - What the Canara HSBC Dream Smart Plan covers

    In order to avail this plan, policyholders will have to choose the amount of premium that they would wish to pay along with the Sum Assured amount. After this, based on their risk appetite, policyholders can choose one of the five available fund options and pay their annual premiums.

    Death Benefit In case of the policyholder’s untimely death, the nominee will receive the following -
    • In case the policyholder is below the age of 60, then
    • Sum Assured minus applicable partial withdrawals, or
    • Value of the fund, or
    • 105% of premiums that have been paid excluding GST
    • In case the policyholder is 60 years or above, the nominee will receive a higher of the following -
      • Sum Assured minus applicable partial withdrawals, if any, after attainment of 58 years, or
      • Value of the fund, or
      • 105% of premiums that have been paid excluding GST
    This benefit amount will be equal to DPF or Proceeds of Discontinuance Policy Fund in case monies are moved to DPF as a result of discontinuance.
    Loyalty Additions 1% of the policyholder’s fund value will be added through additional allocation of all units during the end of the 15th year of policy.
    Maturity Benefit Upon policyholder’s survival until policy maturity, he/she will receive the value of the fund.

    Investment Fund Options

    Policyholders can choose between five different fund options based on their investment needs and risk appetite.

    Equity II Fund Equity - 60% to 100%
    Debt Securities - Nil
    Money Market - 0% to 40%
    Growth Plus Fund Equity - 50% to 90%
    Debt Securities - 10% to 50%
    Money Market - 0% to 40%
    Balanced Plus Fund Equity - 30% to 70%
    Debt Securities - 30% to 70%
    Money Market - 0% to 40%
    Debt Plus Fund Equity - Nil
    Debt Securities - 60% to 100%
    Money Market - 0% to 40%
    Liquid Fund Equity - Nil
    Debt Securities - 0% to 60%
    Money Market - 40% to 100%

    Exclusions - What the Canara HSBC Dream Smart Plan does not cover

    In case the policyholder commits suicide or attempts suicide within a period of 12 months from date of policy inception or revival regardless of whether sane or insane, the benefit will not be paid. However, the fund value as on the date of death in addition to other charges that have been recovered post date of death will be provided.

    Other Key Features – Free-look Period, Surrender Values, Grace Period etc.

    Free-look period In case policyholders are not satisfied with terms and conditions of the plan, they can return the same along with stated reasons within a period of 15 days from the date of policy receipt.
    Assignment Assignment is allowed under the policy as per Section 38 of the Insurance Act of 1938, as amended from time to time.
    Nomination Nomination is allowed under the policy as per Section 39 of the Insurance Act of 1938, as amended from time to time.
    Auto Termination After the policy completed five years, if the fund value after withdrawals becomes equal to or falls below a year’s regular premium as a result of poor market conditions, the policy will terminate.
    Switching Investments can be switched from one fund to another at any given point of time. The minimum amount that can be switched is Rs.10,000.
    Premium Redirection Policyholders can change the allocation of their future premiums once in every policy year.
    Surrender
    • In case the policy has been surrendered within the first five policy years, the surrender value will be transferred to the discontinued policy fund and a minimum guaranteed interest rate will be added. However, these proceeds will only be paid after the fifth policy year has been completed.
    • In case the policy has been surrendered after five policy years have been completed, the fund value will be paid immediately and policy will cease.
    Partial Withdrawal Partial withdrawals are allowed from the sixth year of policy and the minimum withdrawal amount is Rs.10,000. The maximum amount that is allowed should not fall lower than 120% of the first year’s premium after withdrawal.
    Decrease/Increase of Sum Assured Policyholders have the option to change their Sum Assured based on their needs and requirements from the 6th year of policy. However, this can be done for a maximum of three times during the policy tenure, as long as all due premiums have been paid.

    Tax Benefits - How you can save with the Canara HSBC Dream Smart Plan

    Tax benefits can be availed through this plan as per existing Income Tax Laws. However, these laws are subject to variations from time to time, hence policyholders are asked to consult their tax advisors prior to procuring the same.

    Other benefits - How you can save with the Canara HSBC Dream Smart Plan

    In addition to the benefits mentioned above, customers can avail a number of other advantages, as mentioned below.

    • Customer care - Efficient and quick customer care service ensures that individuals can contact Canara HSBC Life any point of time, from anywhere in case of queries and clarifications.
    • Calculators and Tools - Policyholders can make use of any of the tools and calculators available on the Canara HSBC Life website which will enable them to plan their future in a better manner.
    • Premium Payment - Policyholders do not have to go through the hassle of visiting a branch of Canara HSBC Life to pay their premiums as they can do so online, very conveniently and without any difficulties.

    Why you should buy the Dream Smart Plan from Canara HSBC Life?

    One of the most well-known providers of insurance, Canara HSBC Oriental Bank of Commerce Life is a joint venture between Canara Bank, HSBC Insurance Holdings Limited and Oriental Bank of Commerce. This insurance company is known for its robust customer care service, hassle-free procurement process as well as its presence across the country.

    Launched in the year 2008, Canara HSBC Oriental Bank of Commerce Life provides not just unique plans to cater to every individual’s needs and requirements but also boasts of a high claim-settlement ratio. This company has also tied up with a free regional rural banks so as to provide insurance solutions to those in rural areas. This insurance company has also won a number of awards and accolades.