Canara HSBC OBC Life Insurance Company Limited was established in the year 2008 and is an amalgamation of Canara Bank, Oriental Bank of Commerce, and HSBC Insurance Holdings Limited (Asia Pacific). The Smart Junior Plan offered by the company was designed with the intent to fulfil the financial needs of the policyholder’s child’s education. The plan has the double advantage of savings and protection. While it provides life cover to the policyholder, it also provides regular payouts towards the end of the policy to aid the policyholder at important milestones of the child’s education.
The insurer lists out certain eligibility criteria for prospective policyholders.
|Minimum entry age||18 years|
|Maximum entry age||50 years|
|Maximum maturity age||70 years|
The sum assured of a life insurance policy is the maximum amount that is payable to the nominee on the death of the policyholder.
|Minimum sum assured||Annual mode: Rs.3 lakh Monthly mode: Rs.5 lakh|
|Maximum sum assured||No limit|
The premium is the nominal amount that a policyholder is required to pay to the insurer to cover his/her risk.
|Premium payment mode||
|Minimum policy term||12 years|
|Maximum policy term||25 years|
|Minimum premium payment term||5 years|
|Maximum premium payment term||Varies based on policy term chosen|
*Premiums vary based on age, location, plan term and other factors
|Death benefit||On the death of the policyholder, the sum assured, 10 times the annualised premium, or 105% of the total premium amount, whichever is higher, will be paid to the nominee.|
|Survival benefit||Guaranteed annual payouts will be provided at the end of each year during the last 4 years of the policy term, provided all premiums are duly paid.|
|Maturity benefit||On completion of the policy term, the policyholder will receive a sum equal to 20% of the sum assured.|
The insurer lists out suicide as an exclusion to the policy and lays down the benefits payable in such cases.
|Loan facility||Once the policy gains a surrender value, loans can be availed from the policy. The minimum loan amount is Rs.20,000 and the maximum is 80% of the existing surrender value.|
|High sum assured rebate||Rebates are offered on policies with sum assured amounts equal to or more than Rs.4 lakh.|
|Surrender benefit||If the policyholder chooses to surrender the policy before completion of the policy term, a surrender benefit is payable. The surrender benefit is equal to the special surrender value or the guaranteed surrender value, whichever is higher.|
|Revival||Policyholders are given a 2-year revival period within which the unpaid premiums and interest, if any, should be paid to revive the policy.|
|Free-look period||A 15-day free-look period is given to the policyholder to review the terms of the policy. In case the policyholder is unhappy with the terms, the policy can be surrendered and the total premium paid, after making necessary deductions, is payable by the insurer .|
|Grace period||Policyholders are given a grace period of 30 days from the premium due date to pay the premium.|
|Paid-up policy||If the policyholder fails to pay the premium due within the grace period, the policy acquires a paid-up status and reduced benefits are payable on death, maturity or survival, provided premiums are paid for a specified period of time.|
Policyholders are entitled to tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961.
|Online plans||Exclusive online term and ULIP plans have been made available to prospective policy buyers.|
|Premium calculator||The premium payable by the policyholder can be calculated online by furnishing basic personal and product details.|
|Fund value calculator||The fund value of a policy can be calculated online by filling in simple details.|
|Online premium payment||The premium for any life insurance policy purchased from the company can be paid online by following certain simple instructions on the official website of the company.|
|SMS feature||The SMS feature can be used to view policy details, know the fund value, resolve a query, receive updates about premium payment methods, etc.|
Canara HSBC OBC is a leading private life insurance firm in India that has won 8 awards in the year 2017 for various categories like excellence in customer service, best mobile learning program, consumer education initiative, etc. The company works towards child education, empowerment of women, skill development, capacity building, environmental development, etc. The focus of the company with respect to life insurance policies is to introduce online options to make the purchase, renewal, premium payment, and revival of policies easy and convenient.
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