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  • Canara HSBC Insure 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

    The Canara HSBC Insure Smart Plan caters to customers who are looking to be secure financially and to offer financial security to their family even in their absence. With the Canara HSBC Insure Smart Plan customers have to make contributions only for a short period and can utilize the fund at the end of ten years. Policyholder have the option of investing on 5 different funds - with varying risk profiles - and have the benefit of having a life coverage for their family for 10 years once they are gone.

     

    Eligibility - Who is the Canara HSBC Insure Smart Plan for?

    To be eligible for the Canara HSBC Insure Smart Plan, customers need to meet certain criteria.

    Parameters Details
    Entry Age Minimum: 18 years Maximum: 45 years
    Maturity Age 55 years

     

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

    Sum assured: The sum assured depends on the premium contribution made by the policyholder and the fund chosen. For policyholders below the age of 45, the sum assured is a higher of 10 times the annualised premium and for policyholders above the age of years, the sum assured is 7 times the annualised premiums. The maximum sum assured is 35 times the annualised premiums - subject to underwriting.

    Premium: The annual premium for the Canara HSBC Insure Smart Plan is a minimum of Rs.50,000 while there is no limit to how much one can pay towards this plan. The premium paying term for the Canara HSBC Insure Smart Plan is 5 years.

    Parameters Details
    Policy term 10 years
    Premium paying term 5 years
    Premium Minimum: Rs.50,000 Maximum: No limit
    Sum assured Below the age of 45 - 10 times the annualised premium Above the age of 45 - 7 times the annualised premiums. Maximum sum assured is 35 times the annualised premium - subject to underwriting.

     

    Plan Coverage - What the Canara HSBC Insure Smart Plan covers?

    The Canara HSBC Insure Smart Plan comes with death and maturity benefits.

    Death benefits In case of untimely death of the policyholder, the nominee is entitled to the fund value at that point and the sum assured. The sum assured is as follows: Below the age of 45 - 10 times the annualised premium Above the age of 45 - 7 times the annualised premiums.
    Maturity benefits On survival till the maturity of the policy - 10 years - the policyholder is entitled to the sum assured, loyalty additions and the fund value as per the Net Asset Value (NAV)

     

    Exclusions - What the Canara HSBC Insure Smart Plan  doesn’t cover

    If the policyholder commits suicide within the first 12 months since the inception of the policy, no benefits are payable. Only the fund value at that point will be paid to the nominee.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    The key features of the Canara HSBC Insure Smart Plan are listed below.

    Loyalty additions Policyholders are entitled to 1% of the fund value at maturity.
    Partial withdrawal Policyholders can make partial withdrawals from the 6th year onwards. The minimum withdrawal amount is Rs.10,000.
    Switching Policyholders can switch between funds whenever they want. The switching amount of the fund is a minimum of Rs.10,000.
    Sum assured change Policyholder can change - either increase or decrease - the sum assured from the 6th year onwards. In this case, the policyholder has to notify the insurer two months prior to the policy anniversary.
    Premium allocation Policyholders can change the premium mode once in a year.
    Discontinuance If the policyholder fails to pay the premiums during the lock-in period, the policy will be discontinued.
    Revival Policyholders can revive the policy within 2 years from the first unpaid premium.
    Free-look period Policyholders are granted a free-look period of 15 days from the commencement of the policy. If the master policyholder disagrees with the terms and conditions of the policy, he/she can return the policy within the free-look period and receive a refund for the premium paid.
    Nominations Policyholders can make nominations as per section 39 of the Insurance Laws (Amendment) Act, 2015.
    Assignment Policyholders can assign the policy as per section 39 of the Insurance Laws (Amendment) Act, 2015.

     

    Other Benefits – How you can save with the Canara HSBC Insure Smart Plan?

    Customers have the option of choosing between the 5 available funds for the Canara HSBC Insure Smart Plan.

    Investment Fund Asset Allocation Risk
    Equity and Equity linked Instruments Debt and Cash / Money Market Instruments
    Equity II Fund   Minimum: 60% Maximum: 100% Minimum:0% Maximum 40% High
    Growth Plus Fund   Minimum: 50% Maximum: 90% Debt Securities: Minimum:10% Maximum 50% Money Market: Minimum: 0% Maximum: 40% Medium to High
    Balanced Plus Fund   Minimum: 30% Maximum: 70% Debt Securities: Minimum:30% Maximum 70% Money Market: Minimum: 0% Maximum: 40% Medium
    Debt Plus Fund   - Debt Securities: Minimum:60% Maximum 100% Money Market: Minimum: 0% Maximum: 40% Low to medium
    Liquid Fund   - Debt Securities: Minimum:0% Maximum 40% Money Market: Minimum:40% Maximum: 100% Low

     

    Tax Benefits – How you can save with the  Canara HSBC Insure Smart Plan

     

    In accordance with the Income Tax Act 1961, policyholders of the Canara HSBC Insure Smart Plan can avail tax benefits under:

    • Section 80C of the Income Tax Act, 1961, for the premium contributions made towards the scheme.
    • Section 10 (10D) of the Income Tax Act, 1961, for proceeds from maturity and death benefits.

    Why you should buy the Canara HSBC Insure Smart Plan from Canara HSBC Oriental Bank of it Commerce Life Insurance Company Limited

    For customers wishing to make contributions for a short span and reap the benefits for a lifetime, the Canara HSBC Insure Smart Plan is just for them. With the Canara HSBC Insure Smart Plan, customers can ensure that their family is financially secure even after they are gone, and the benefit of investing in funds only increases their investments by a good and profitable margin.

    One of the fastest growing insurers in the country currently, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited was formed following a joint venture between  Canara Bank and Oriental Bank of Commerce and HSBC Insurance (Asia Pacific) Holdings Limited. The company recorded a profit of Rs.23 crore plus in the fifth year - making them the  first insurer to make a profit of this much in such a short span. Since its inception, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited have focused on their online services, making it seamless and customer friendly. Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is the first insurer to offer its customers with immediate death claim facility.