Two of the largest banking institutions – Canara Bank and Oriental Bank of Commerce came together with HSBC Insurance Holdings Limited, the Asian arm of the world’s banking giant – HSBC to form Canara HSBC OBC Life Insurance Company. The company offers many life insurance policy variants for the people to choose from. The Secure Bhavishya Plan is one of the best pension plans that helps build retirement corpus for an individual. The plan is a protection-cum-investment plan i.e. it offers life cover as well as offers the benefit of equity participation.
The insurer has mentioned the eligibility criteria for entry into the policy and ages at which the policy can be vested
|Minimum entry age||25 years|
|Maximum entry age||70 years|
|Minimum vesting age||40 years|
|Maximum vesting age||80 years|
The maximum amount payable by the insurer on the death of the policyholder is called the sum assured. Policy buyers must opt for a suitable sum assured, as per the insurer’s terms and conditions, at the time of purchasing this policy.
The amount payable by the policyholder towards the policy to cover his/her risk is called the premium.
|Minimum policy term||10 years|
|Maximum policy term||
|Minimum premium paying term||
|Maximum premium paying term||
|Premium payment modes||
*Premiums vary based on age, location, plan term and other factors
|Death benefit||In case of the death of the policyholder, either 105% of the total premium paid or the fund value, whichever is higher, is payable to the beneficiary.|
|Vesting benefit||The vesting benefit is equal to either the fund value or 101% of the total premium amount paid, whichever is higher.|
In case the policyholder commits suicide within one year from the date of purchase of the policy, the fund value of the policy is payable to the nominee of the policy.
Other Key Features
|Free-look period||A policyholder is given a time period of 15 days from the date of inception of the policy to review the terms and conditions. The policyholder can return the policy if unsatisfied with the terms, in which case the insurer will be required to refund the total fund value.|
|Surrender value||The surrender value of the policy is equal to the fund value of the policy, minus surrender charges, if any.|
|Grace period||The insurer provides a specified time period within which any unpaid premiums can be paid.
|Revival||A period of 2 years is provided to the policyholder to revive a policy that has lapsed due to non-payment of premiums.|
|Top-up premium||A minimum amount of Rs.10,000 can be paid towards the policy as a top-up premium, provided all premiums are duly paid.|
|Investment funds||Policyholders are free to choose between the 3 investment funds available.
|Loyalty additions||From the tenth year of the policy, the insurer adds additional units at the end of every 5 policy years as loyalty additions.|
Tax benefits, under sections 80C and 10 (10D) of the Income Tax Act, can be availed by the policyholder.
|Fund performance||Individuals can check the performance of funds on the official website of the insurer. Detailed reports are available for each of the investment funds.|
|Fund value calculator||A simple system has been designed using which anyone who wishes to calculate the fund value can do so on the insurer’s website.|
|Online premium payment||Premium payment has been made easy by making the online premium payment option available.|
|SMS feature||Individuals can know his/her policy’s fund value, fund details, policy details, etc. by sending a simple template to the phone number provided. The insurer will revert with the necessary details requested.|
Canara HSBC OBC Life Insurance Company has branches across the country and is backed by exceptional customer service that makes it one of the leading life insurance companies in the country. The company has won several awards including one for excellence in customer service in the year 2017. The company is technology-driven and has introduced many online and SMS features that make their services easily accessible.