Canara HSBC OBC Life Insurance brings to you the Smart Lifelong Plan. It is a unit linked insurance plan with the objective of creating wealth and giving coverage upto 99 years. The plan brings with itself various features such as investing in up to six funds, and auto rebalancing of funds as some of the most prominent ones along with other benefits.
Before purchasing the Smart Lifelong Plan, it is important to know the eligibility criteria.
|Parameters||Criteria for eligibility|
|Minimum age at entry||7 years|
|Maximum age at entry||65 years|
Sum Assured is the minimum amount to be paid to the insured or the nominee by the insurance company. Sum assured contains no additional benefits you may be entitled to. The minimum and maximum sum assured is given in the table below:
|Minimum Sum Assured||
|Maximum Sum Assured||
|Policy Tenure||Upto 99 years|
|Premium Paying Mode||
|Premium Paying Term||
|Minimum Premium Amount||
|Maximum Premium Amount||There is no maximum limit|
* Premiums will vary based on age, location, plan term, GST, and other factors.
** For monthly premium payment mode, the policy buyer will have to pay premiums for the first 3 months in advance.
|Death Benefit||Death Benefit is payable in the unfortunate event of the insured’s death. The death benefit payable as per the age of insured’s age is given below:
|Loyalty Additions||Loyalty additions will be paid at the end of your 10th and 15th policy years.|
|Investment Fund Options||The plan offers you to invest in up to six funds depending upon your investment needs. The funds available are India Multi-Cap Equity Fund, Equity II Fund, Growth Plus Fund, Balanced Plus Fund, Debt Plus Fund and Liquid Fund.|
This particular plan has a suicide exclusion. If the insured commits suicide within one year of the commencement of the policy, the claimant is entitled only to the fund value on the date of suicide. The claimant will also get any additional charges recovered by the insurance company and will be paid along with the fund value.
|Grace Period||You get a grace period of 30 days for annual mode of premium payment and 15 days for monthly mode of premium payment.|
|Free-Look Period||A customer if unsatisfied with the terms and conditions of the policy can return it back within 15 days of the issuance of policy document.|
|Auto Funds Rebalancing||If you wish to allocate your investments in a specific proportion across your funds, you can do so by using Auto Funds Rebalancing option. Your fund automatically gets allocated according to your chosen proportions.|
|Switching||Switching allows you to switch from one fund to another fund. You have the option of either switching a percentage of your amount to another fund or moving the entire amount as well. The minimum one can use to switch is Rs. 10,000.|
|Premium Redirection||You get the option of changing the allocated proportion of your premium from the second policy year onwards. The revised allocated proportion will be applicable to future premiums to be paid by you.|
|Partial Withdrawal||This option allows you to withdraw some amount of money from your fund in case of any cash crunch. The minimum one can withdraw is Rs. 10,000 and maximum should be such that the fund value post withdrawal does not fall below 120% of the annualised premium.|
|Increase/Decrease of Sum Assured||You can chose to alter your sum assured from the sixth policy year onwards. The option can be availed only three times in a year provided that all the premiums have been duly paid.|
Smart Lifelong Plan also provides you with various tax benefits under Section 80C and Section 10(10D), of the Income Tax Act, 1961. Since, Income Tax laws are subjected to amendments, it is always advisable to consult a tax consultant for more information.
Apart from the policy benefits given to you by Canara HSBC OBC Life Insurance, you are also entitled to various other benefits as well.
Smart Lifelong Plan is a ULIP product not only designed to provide you a protection cover but also help you grow your money. The plan also provides various other benefits such as death benefits as well as tax benefits to its customers. It also provides you the option of investing in six different kind of funds and also allocate proportion of your amount according to your financial requirements. You can also switch from one fund to another and partially withdraw some amount from your fund during a financial crunch. Such plethora of options makes Smart Lifelong Plan from Canara HSBC OBC Life Insurance as one of the most sought after insurance policies in the market.
Canara HSBC OBC Life Insurance is a joint venture between two of India’s largest nationalised banks i.e. Canara Bank and Oriental Bank of Commerce and HSBC Insurance Limited. The joint venture was launched in 2008 and boasts of variety of insurance plan to choose from. They have a 99% success in addressing of grievance and 92% success in claim settlement ratio. The company is a recipient of ‘Golden Peacock’ award in 2016 for ‘Excellence in Customer Care Service’.