The Canara HSBC Shubh Labh Plan is a unit linked insurance scheme. This plan takes care of all the investment needs and insurance requirements of the policyholder. The policyholder can choose from 5 different investment funds under the Canara HSBC Shubh Labh Plan. The plan offers the right channel for investment to the insured person. Along with the life cover, he/she can enjoy great investment returns with this policy. The Shubh Labh plan is designed to cater to the policyholder’s wealth creation needs and life coverage requirements. Partial withdrawals are also allowed under this plan, in case the policyholder is in dire need of money before the end of the lock-in period. Safety Switch option can also be availed with this particular plan. It offers protection to the funds of the policyholder as maturity approaches.
The 5 different fund options available under the Canara HSBC Shubh Labh Plan are as follows:
Liquid Fund – The objective of the Liquid Fund is to generate substantial returns proportionate with low risk and high liquidity degree. The asset is allocated in money market, debt securities and equity. The risk factor associated with Liquid Fund is low.
Debt Plus Fund – The objective of the Debt Plus Fund is to help the policyholder earn income on a regular basis by making investments in the high quality debt securities. The asset is allocated in money market, debt securities and equity. The risk factor associated with this fund ranges between low and medium.
Balanced Plus Fund – The objective of Balanced Plus Fund is generation of capital appreciation along with current income via a judicious blend of investments in fixed income securities and equities. The asset is allocated in money market, debt securities and equity. The risk factor associated with this investment fund is medium.
Growth Plus Fund – The objective of the Growth Plus Fund is to generate the capital appreciation by predominantly investing in the equities with some investment in the fixed income securities. The asset is allocated in money market, debt securities and equity. The risk factor associated with this particular investment fund is between medium and high.
Equity II Fund – The objective of the Equity II Fund is generation of the long-term capital appreciation from the active portfolio management invested in different equities. The asset is allocated in money market, debt securities and equity. The risk factor associated with this investment fund is high.
Eligibility – Who is the Canara HSBC Shubh Labh Plan for?
In order to be eligible for the Canara HSBC Shubh Labh Plan, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:
|Parameters||Criteria for Eligibility|
|Minimum age at entry||7 years|
|Maximum age at entry||70 years|
|Minimum term of the policy||5 years|
|Maximum term of the policy||40 years|
Sum Assured and Premium Range – What you get and what it costs
Sum Assured – It is the amount that the policyholder receives when the Canara HSBC Shubh Labh Plan attains maturity. In case, the insured person encounters death and the plan is still active, the sum assured is received by the policyholder’s nominee or beneficiary.
|Minimum Sum Assured for policyholders below the age of 45 years||125% x single premium|
|Minimum Sum Assured for policyholders equal to or above the age of 45 years||110% x single premium|
|Maximum Sum Assured||10 x single premium|
Premiums – It is the amount that the insured person pays in order to keep his/her Canara HSBC Shubh Labh Plan active and running. The premium payment term that can be availed under this insurance plan is single. The minimum annual premium under the Canara HSBC Shubh Labh Plan stands at Rs.300,000 and there is no limit on the maximum premium.
|Premium payment term||Single|
|Maximum annual premium||No limit|
|Minimum annual premium||Rs.300,000|
Disclaimer – Premiums may vary depending upon factors like term of the plan, location, age, etc.
Plan Coverage – What the Canara HSBC Shubh Labh Plan covers
|Death Benefit||In case the assured person encounters death in an unfortunate event while the policy is active, the beneficiary or nominee of the life assured will get the higher of the sum assured or the fund value. Death Benefit is never less than 105% of single premium.|
|Maturity Benefit||The maturity benefit is received by the policyholder when the plan matures.|
|Surrender Benefit||In case this policy is surrendered within a period of 5 years, the surrender value is sent to the policy fund. The interest rate that the fund earns is at 4% per annum. After the completion of the fifth year, it is paid to the policyholder.|
|Loyalty Additions||The fund value of the insured person is enhanced by the guaranteed loyalty additions. These additions are applicable if the policyholder has not surrendered the policy. Every month, 0.06% of the fund value get added as loyalty additions.|
Exclusions – What the Canara HSBC Shubh Labh Plan does not cover
Suicide Exclusion – In case the policyholder commits suicide within a period of one year from the issuance date of the policy, whether insane or sane, no benefits are paid out except the fund value. This amount depends upon the death date of the insured person.
Other Key Features
|Free look period||A free-look period of 15 days can be availed by the policyholder under the Canara HSBC Shubh Labh Plan. If the insured person is not satisfied with the policy’s terms, then he/she can choose to return it to the insurer and cancel the policy. A letter must be sent to the insurer requesting the cancellation and stating the reasons for the same. Refund of the premiums will take place after necessary deductions for stamp duty, medical examination (if any), etc.|
|Partial withdrawal||This can be availed after the life assured attains the age of 18 years.|
Tax Benefits – How you can save under the Canara HSBC Shubh Labh Plan
Tax Benefits can be availed under the prevailing tax laws with Canara HSBC Shubh Labh Plan.
Why you must buy the Canara HSBC Shubh Labh Plan from Canara HSBC Insurance Company
Canara HSBC Insurance Company is one of the top insurance company benefits in India. It offers great solutions that come with a lot of benefits. The policyholder can choose from 5 different investment funds under the Canara HSBC Shubh Labh Plan. The plan offers the right channel for investment to the insured person. Along with the life cover, he/she can enjoy great investment returns with this policy. The Shubh Labh plan is designed to cater to the policyholder’s wealth creation needs and life coverage requirements
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