• Canara HSBC Grow Smart Plan

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    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.

    Eligibility - Who is the Grow Smart Plan for?

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

    Sum Assured

    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
    • For policyholders under the age of 45 years, Sum Assured will be the higher of: Policy Term x 0.5 x Annualised Premium
    • For policyholders who are 45 years and above, the Sum Assured will be the higher of:
    • 7 times the Annualised Premium
    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.

    Plan Coverage – What does the Grow Smart Plan cover?

    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:
    • Sum assured, excluding any partial withdrawals made in the preceding two policy years.
    • 105% of all the premiums paid or
    • Fund Value
    Maturity Benefit There is no maturity benefit under this plan since it is a whole of life plan.

     

    Other Key Features – Free Look, Surrender Value, Grace Period, etc.   

    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.
    Surrender/Discontinuance
    • If the policy is surrendered within the first 5 years, the surrender value will be transferred to the discontinued policy with a guaranteed interest rate of 4%. The proceeds of the discontinued policy will be paid only at the end of the 5th policy year.
    • If the policy is surrendered after the completion of the 5th year, the fund value will be paid immediately followed by the termination of the policy and life cover ceasing to exist.
    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.

    Tax Benefits – How you can save with the Grow Smart Plan

    One is entitled to tax benefits under Section 80C and Section 10 (10D), as per the Income Tax Act, 1961.

    Other Benefits of Canara HSBC OBC Life Insurance

    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.

    • Buying plans online- You get the option of buying your life insurance online thus making the whole process hassle free.
    • Tools and Calculator- The website gives you various options such as calculating the premium you have to pay along with the option of managing your funds.
    • Manage your Policy- You can manage various aspects of your policy including paying your premium and getting the details of your policy on your phone.
    • Claims- You can get all the information regarding your claims. The website provides you with a structured guidelines and contains important informations like the process for filing your claims and the nearest branches you can visit.
    • Plans for all stages of life- People from different walks of life can chose plans for themselves based on their age, salary and other factors.
    • Online Support- Canara HSBC OBC life insurance boast of an extensive customer support. A toll free number is mentioned on their website which are ready assist you 24x7.

    Why you should buy the Grow Smart Plan from Canara HSBC OBC Life Insurance?

    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.

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