• Canara HSBC Secure Bhavishya 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

    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.

    Eligibility

    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

    Sum Assured and Premium

    Sum Assured

    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.

    Premium

    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
    • Regular or limited premium payment: 35 years
    • Single premium payment: 30 years
    (Maximum policy term = 80 years -policyholder’s entry age)
    Minimum premium paying term
    • Limited premium payment: 5 years
    • Regular premium payment: 10 years
    Maximum premium paying term
    • Limited premium payment: 34 years
    • Regular premium payment: Policy term
    Minimum premium
    • Single premium payment: Rs.3 lakh
    • Regular or limited premium payment
    • Rs.25,000 for annual premium
    • Rs.3,000 for monthly premium
    • Top-ups: Rs.10,000
    Premium payment modes
    • Annual
    • Monthly

    *Premiums vary based on age, location, plan term and other factors

    Plan Coverage

    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.

    Suicide exclusion

    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.
    • Annual premium mode: 30 days
    • Monthly premium mode: 15 days
    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.
    • Pension Growth Fund
    • Pension Balanced Fund
    • Pension Debt Fund
    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

    Tax benefits, under sections 80C and 10 (10D) of the Income Tax Act, can be availed by the policyholder.

    Other Benefits

    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.

    Why you should buy the Secure Bhavishya plan from Canara HSBC OBC

    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.

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