Canara HSBC Oriental Bank of Commerce brings to you Life Insurance Grow Smart Plan designed to help you make the right decision when choosing a life insurance plan for yourself. The plan provides life cover for life with premium paying terms being more than 10 years or more depending on one’s earning capacity. The plan offers you to choose your plan based on your protection needs and also offers you to invest in up to six funding options ranging from 0%- 100% equity exposure. You also get the option to switch from one fund to another and allows you to take the advantage of the market movements. This plan offers you the option of partial withdrawal to help you tackle unplanned situations as well as gives you certain tax benefits under Section 80C and Section 10 (10D), as per the Income Tax Act, 1961.
Before purchasing the pan, it is important to meet the eligibility criteria
|Parameters||Criteria for eligibility|
|Minimum age at entry||7 years|
|Maximum age at entry||65 years|
Sum Assured is the minimum amount to be paid by the insurer to you or the nominee. It does not include any additional bonuses or benefits you may be entitled to. The minimum and maximum sum assured is mentioned in the table below.
|Minimum Sum Assured||
|Maximum Sum Assured||There is no maximum sum assured for this plan. The sum assured will be based on factors like the tenure of the policy, policy buyer’s age and premium payment term.|
* Premiums will vary based on age, location, plan term, GST, and other factors.
|Death Benefit||In the event of insured’s unfortunate death, a death benefit will be payable to the nominee. Death benefit payable as per the age of the life assured is listed below:
|Maturity Benefit||There is no maturity benefit under this plan since it is a whole of life plan.|
|Partial Withdrawal||You are allowed to make partial withdrawals in case of any unforeseen circumstances which you are required to take care of. You are eligible to make partial withdrawals from your sixth policy year onward with the minimum withdrawal being Rs 10,000 and the maximum withdrawal is such that the value of your fund should not fall below 120% of the first year premium.|
|Grace Period||A period of 30 days are allotted as grace period from the due date of your premium payment during which the plan will continue.|
|Free Look-in Period||A customer has 15 days to cancel his policy starting from the date of receipt for policy document in case if they don’t agree with the terms and conditions.|
|Increase/Decrease of Sum Assured||This plan offers you the option of altering your sum assured based on your financial needs and other lifestyle changes from the sixth policy years onwards. This flexibility will be available to you every policy year subjected to a maximum of three times during the policy term provided that all the premiums have been paid on time. The annual premium will remain unchanged though as a result of increase or decrease in sum assured chosen by you.|
|Investment Fund Options||The plan offers you up to 6 funds to cater to your investment needs. You can choose any premium or a combination of your funds to allocate your premiums based on your appetite for risk. They are India Multi-Cap Equity Fund, Equity II Fund, Growth Plus Fund, Balanced Plus Fund, Debt Plus Fund, and Liquid Fund.|
|Premium Redirection||One can opt to modify their allocation of future premiums once in a policy year. In case the option is not availed, it cannot be carried forward to the next policy year. The revised proportion of allocation will apply to their subsequent premiums.|
|Switching||One can switch from one investment fund to another at any point of time. A part of your investment or the full amount can be switched from one fund to another with the minimum amount being Rs 10,000. The first 6 switches in a policy year is free of charge. Any free switch left unutilized, cannot be carried forward to the next policy year.|
|Miscellaneous Charges||A medical examination expense will be incurred in case of increase in sum assured. Actual expenses recoverable is up to a maximum of Rs 3,000.|
One is entitled to tax benefits under Section 80C and Section 10 (10D), as per the Income Tax Act, 1961.
Apart from the various policy benefits that the policyholder is entitled to receive, there are various other benefits Canara HSBC OBC Life Insurance has to offer to its customers.
Canara HSBC OBC Life Insurance provides its customers with a range of options to choose for themselves. One of the finest features is the availability of six different funds which the customers can use based on their financial abilities and as per the changes in market. The company offers various benefits such as death benefits and the option of partial withdrawal thus making it one of the most sought after insurance plans. Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is a company formed jointly by two of India’s largest nationalised banks i.e. Canara Bank and Oriental Bank of Commerce along with HSBC Insurance Holding Limited.