• Canara HSBC Smart Monthly Income Plan

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    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

    The Canara HSBC Oriental Bank of Commerce Life Insurance Smart Monthly Income Plan is a splendid insurance plan that enables you to earn a monthly income for your future years. This plan will also provide you with a life cover for a period of 25 years.

    With this plan, you can meet your multiple needs such as your child’s education, your travel plans, your loved ones’ dreams, home building plans, and lots more!

    Eligibility – Who is the Canara HSBC Oriental Bank of Commerce Smart Monthly Income Plan for?

    This plan is ideal for anyone who wants to earn a stable income on a monthly basis for a long period of 15 years. This monthly income will give you an additional source of funds and also help you after you retire from your job. In order to procure the benefits of this plan, you will be required to meet certain eligibility criteria:

    Minimum entry age 18 years
    Maximum entry age 55 years
    Minimum maturity age 43 years
    Maximum maturity age 80 years

    Sum Assured and Premium Range – What you get and what it costs

    The Canara HSBC Oriental Bank of Commerce Smart Monthly Income Plan offers bonuses and excellent guaranteed income.

    Sum assured 100 times the monthly income you have selected
    Minimum monthly income or minimum premium Rs.2,000 per month (in multiples of Rs.100 after this) The premium will be fixed according to the income, age, and premium mode that you have selected.
    Maximum monthly income or minimum premium No limit on maximum monthly income or minimum premium and this depends on underwriting.
    Policy period 25 years
    Premium mode Annual mode and monthly mode To find the monthly premium, you will need to multiply your annual premium with a factor of 0.09. You can go for the monthly mode only if you pay through ECS or Standing Instruction.
    Premium payment term 15 years

    Rebates on high sum assured

    If your sum assured is Rs.3,00,000 or above, you will receive rebates. These are the rebates on different sum assured amounts:

    Sum assured (in Rs.) Rebate on premium (for Rs.1,000 sum assured)
    ? 3,00,000 to < 4,00,000 Rs.3
    ? 4,00,000 to < 5,00,000 Rs.4
    ? 5,00,000 to < 6,00,000 Rs.5
    ? 6,00,000 to < 9,00,000 Rs.6
    ? 9,00,000 Rs.7

    Premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.

    Plan coverage – What the Canara HSBC Oriental Bank of Commerce Smart Monthly Income Plan covers

    You can collect your lump sum funds by obtaining the annual and final bonuses from this plan. This way, you can build your funds and offer them to your near and dear ones. You will receive a guaranteed monthly income for a long period of full 15 years and what’s more this income is tax free!

    Type of the benefit Features of the benefit
    Death benefit When the policyholder dies, a death benefit sum assured will be paid to the nominee. It will be 10 times the annualised premium or sum assured, whichever is higher. When the life insured dies, a death benefit will be given. This will be the death sum assured, extra annual bonus, any interim bonus if applicable, and final bonus which should be a minimum of 105% of the premiums that have been paid by the life insured.
    Guaranteed income benefit You will get a monthly income for a period of 15 years which will be paid from the beginning till the end of the policy period.
    Maturity benefit If the policyholder survives until the policy is active on the maturity date, the plan will pay final or terminal bonus as well as added annual reversionary bonuses.

    Riders/Add-On Plans - Additional coverage under the Canara HSBC Oriental Bank of Commerce Smart Monthly Income Plan

    Insurance companies generally offer certain riders to enhance your base plan. You can check with your insurance advisor if this plan offers a rider.

    Exclusions – What the Canara HSBC Oriental Bank of Commerce Smart Monthly Income Plan doesn’t cover

    When the policyholder commits suicide in 1 year after the policy is active, then 80% of the premiums that have been paid till the date of death, will be offered to the nominee. If the policyholder commits suicide in 1 year from the date of policy revival, then the nominee will receive the higher amount of surrender value or 80% of the premiums that have been paid till the policyholder.

    Other Key Features – Free-look Period, Surrender Values, Grace Period, etc.

    The Canara HSBC Oriental Bank of Commerce Smart Monthly Income Plan provides a host of other benefits that will help you enjoy great returns.

    Free look period This plan permits you to review the terms of your insurance plan thoroughly over a period of 15 days. You can also return your policy within this period if you do not like any of the terms or features.
    Policy loan You can apply for a policy loan under this plan. When you are applying for this particular loan, you will be required to furnish your original policy document to the company. The document will be kept with the company until you finish making all your loan repayments.
    Nomination The policyholder can nominate another individual to procure the policy benefits. This will be done according to Section 39 of the Insurance Act 1938.
    Policy revival You will be allowed to revive this policy in 2 years after you have not paid your premium for the first time.
    Early exit value If you have paid premium for at least 1 year but not for 3 years, you can exit this policy. You will then receive an early exit value.
    Assignment This plan enables you to make an assignment as per Section 38 of the Insurance Act 1938.

    Tax Benefits – How you can save with the Canara HSBC Oriental Bank of Commerce Smart Monthly Income Plan

    This plan will provide you with tax benefits according to Section 80C and Section 10(10D) of the Income Tax Act, 1961. You can ask your insurance advisor or tax advisor for clear information about the tax deductions you will receive with this plan.

    Other benefits – How you can save with the Canara HSBC Oriental Bank of Commerce Smart Monthly Income Plan

    • You can purchase this plan online.
    • You can file your claim and check your claim status online.
    • You can compute your fund value online on the company’s official website.
    • You can utilise the online premium calculator available on the official website of the company.
    • You can monitor and manage your plan’s most recent portfolio.

    Why should you buy the Smart Monthly Income Plan from Canara HSBC Oriental Bank of Commerce Life Insurance?

    Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is a growing life insurance provider that is owned by leading banks in the nation – Canara Bank, HSBC, and Oriental Bank of Commerce. The company aims to apply the combined experience in financial services of the 3 top banks in order to offer top-notch insurance solutions. With the Smart Monthly Income Plan from Canara HSBC Oriental Bank of Commerce Life Insurance, you can be assured that you will build great wealth for you and your loved ones. You can also choose loan flexibility in order to meet your other requirements without any hassles.

    The company has achieved many milestones in a pretty short period of time. It was the first company in the nation to introduce ‘Immediate Payouts on Death Claim’. The staff at the company works with 100% commitment in order to provide quick claim resolutions to the customers.

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