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  • Canara HSBC Smart Lifelong Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.

    Eligibility - Who is the Smart Lifelong Plan for?

    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 and Premium Range - What you get and what it costs?

    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
    • For policyholders under the age of 45 years, Sum Assured will be:
    1. Policy Term x 0.5 x Annualised Premium
    • For policyholders who are 45 years and above, the Sum Assured will be the higher of:
    1. 7-10 times of the annualised premium
    Maximum Sum Assured
    • For policyholders under the age of 45 years, Sum Assured will be the higher of:
    1. Policy Term x 0.5 x Annualised Premium
    • For policyholders who are 45 years and above, the Sum Assured will be:
    1. 7-10 times of the annualised premium

    Premiums*

    Policy Tenure Upto 99 years
    Premium Paying Mode
    • Monthly
    • Annual
    Premium Paying Term
    • Minimum of 10 years
    • Maximum of 99 years minus age at entry
          
    Minimum Premium Amount
    • Monthly Premium Payment Mode**: Rs 3,000 per month
    • Annual Premium Payment Mode: Rs 25,000 per year
    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.

    Plan Coverage – What does the Smart Lifelong Plan cover?

    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:
    • Before the age of 60,the death benefit payable will be higher of:
    a.    Sum assured, excluding any partial withdrawals in the preceding two years. b.   Fund Value, or c.    105% of all premiums paid excluding GST.
    • At the age of 60 or above,the death benefit payable will be higher of:
    a.    Sum assured excluding partial withdrawal after the policyholder turns 58 years old. b.   Fund Value, or c.    105% all premium paid excluding GST.
    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.

    Exclusions - What the Smart Lifelong Plan doesn’t cover?

    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.

    Other Key Features – Free-Look Period, Surrender Value, Grace Period, etc.

    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.

    Tax Benefits – How you can save with the Smart Lifelong Plan

    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.

    Other Benefits of Canara HSBC OBC Life Insurance

    Apart from the policy benefits given to you by Canara HSBC OBC Life Insurance, you are also entitled to various other benefits as well.

    • Buy Plans online- You can save on money and time as you get the option of buying your selected plan online. You can also get information on a plethora of insurance plans and have a wide variety to choose from based on your requirements. All you need to do is put your name, e-mail id, phone number and date of birth and submit the application.
    • Manage your Funds-  You can manage your funds as per your financial necessities and also check the performance of your funds.
    • Claim Status- You can check the status of your claim after filling in the necessary details. Not only does Canara HSBC OBC provide you the status of your unclaimed claim but also guides you through the whole process of filing for claims.
    • Premium Payment-  You can save time and money as you get a hasslefree option of paying your premium online. All you need is your login ID or policy number and date of birth. The payment can be made via credit/debit card or through net-banking.
    • Know your insurance- This option provides you with the knowledge of the best insurance policy suited for you based on your age, annual salary and other financial responsibilities.
    • Online Customer Care- Canara HSBC OBC Life Insurance website has an extensive online customer care support. You can either call them on their toll-free number or email them in case of any query. You can also avail the call-back option as well as video chat with a customer care executive which are all available 24x7.

    Why you should buy the Smart Lifelong Plan from Canara HSBC OBC Life Insurance?

    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’.