• Canara HSBC Traditional plans

    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

    A life insurance policy is a must-have for any person who desires to give his/her loved ones a comfortable life even if an unfortunate event causes his/her death. All a policyholder has to do is pay premiums to the insurer on a regular basis to cover his risk. The person chosen as the nominee can claim the sum assured of the policy in case of death of the life assured.

    While term insurance plans cater to this primary purpose of offering life cover, many other special plans that function as a savings instrument or a pension plan are also available in the market. Canara HSBC OBC presents many such plans with different features tweaked as per the needs of individuals. The company also offers additional features to term plans that generally offer only life cover.

    Benefits of Canara HSBC OBC Traditional Plans

    • Family protection: The benefits offered by the company acts as financial protection for the family.
    • Loan facility: Certain plans offer policyholders to avail loan from the policy, provided the policy has acquired a surrender value.
    • Sum assured rebate: Insurers offer a rebate on policies with a high sum assured.
    • Bonuses: The insurer provides bonuses such as annual bonus and final bonus. The bonus amounts and frequencies are the sole discretion of the company.

    List of Traditional Plans offered by Canara HSBC OBC

    Listed below are the traditional life insurance plans offered by the insurer:

    1. Jeevan Nivesh Plan

    2. The Jeevan Nivesh Plan offers protection against unfortunate mishaps like the death of the sole earning member of the policy. The monetary benefit offered on the death of the life assured can be utilised by the family members to manage expenses. The policy term options available range from 10 years to 30 years. Individuals can opt one of the two options available – Endowment option or Endowment with Whole Life Cover. The difference is that the Endowment with Whole Life Cover offers life protection until the death of the life assured. The Only Endowment option comes with a settlement option that allows the nominee to receive benefits in the form of instalments for a period of 15 years. The payouts are compounded at the rate of 5% every year.

      Benefits and features of Jeevan Nivesh Plan

      • Death Benefit: If the life assured expires during the policy term, the higher amount – the sum assured or 105% of the total premium paid is paid to the nominee as the death benefit. Once the death benefit is paid, the policy will be terminated. In case of the Endowment with Whole Life Cover option, the guaranteed sum assured payable on maturity is paid as the death benefit if the life assured expires after the completion of the policy term but before attaining the age of 100. This is in addition to the maturity benefit paid on maturity of the policy.

      The minimum sum assured for the annual premium payment mode is Rs.3 lakh and for the monthly premium payment mode is Rs.5 lakh. There is no limit on the maximum sum assured.

      • Maturity Benefit: If the policyholder survives till the end of the policy term, the guaranteed sum assured is paid as the maturity benefit. In the case of the Only Endowment option, the policy terminates once the maturity benefit is paid. Whereas in the case of Endowment with Whole Life Cover option, the policy will continue until the death of the life assured or until he/she turns 100 years old, whichever is earlier.
      • Surrender Benefit: If the policyholder chooses to surrender the policy before completion of the term, a surrender benefit is payable to him/her. The surrender benefit is equal to the guaranteed surrender value or the special surrender value, whichever is higher.
      Plan Name Entry Age Maturity Age Premium
      Jeevan Nivesh Plan Annual: Minimum: 18 years Maximum: 55 years Monthly: Minimum: 18 years Maximum: 45 years Annual: Maximum: 80 years Monthly: Maximum: 75 years Minimum: Depends on the entry age of the policyholder, the sum assured chosen, and other factors. Maximum: No limit.
    3. Money Back Advantage Plan

    4. A non-linked and non-participating plan, the Money Back Advantage Plan is an endowment plan that provides regular payouts throughout the policy term. The guaranteed payouts and the lump sum benefit amounts help individuals be financially prepared for the important milestones of their lives. The policy term of the plan is 16 years.

      Benefits and features of Money Back Advantage Plan

      • Death Benefit: If the life assured expires during the policy term, the nominee is given the higher amount – the sum assured, 10 times the annualised premium, or 105% of the total premium paid. The policy will terminate once the death benefit is paid. The minimum sum assured amount differs based on the entry age of the individual. If the life assured is between ages 8 and 50, the minimum sum assured for the annual premium payment mode is Rs.1 lakh. For an individual between ages 51 and 55, the minimum sum assured for the annual premium payment mode is Rs.2 lakh. For life assured persons between ages 8 and 45, the minimum sum assured for the monthly premium payment mode is Rs.3 lakh. There is no limit on the maximum sum assured that can be availed by a policyholder.
      • Maturity Benefit: If the policyholder survives the policy term, he/she will receive 55% of the sum assured as the maturity benefit. The policy will terminate once the maturity benefit is paid.
      • Surrender Benefit: If the policyholder surrenders the policy during the policy term, he/she will receive a surrender benefit which is the higher of the guaranteed surrender value or special surrender value.
      Plan Name Entry Age Maturity Age Premium
      Money Back Advantage Plan Minimum: 8 years Maximum: 55 years Maximum: 71 years Minimum: Depends on the entry age of the policyholder, the sum assured chosen, and other factors. Maximum: No limit.
    5. Smart Junior Plan

    6. This plan has been specifically designed to aid the education needs of the policyholders’ children whether the parents/guardians are around to provide financial support or not. The plan provides payouts during the last 5 policy years. The policy term options available range from 12 years to 25 years.

      Benefits and features of Smart Junior Plan

      • Death Benefit: If the life assured passes away during the policy term, the nominee will be provided with the higher amount – the sum assured, 105% of the total premium paid, or 10 times the annual premium. While the minimum sum assured for the annual premium payment mode is Rs.3 lakh, the minimum sum assured for the monthly premium payment mode is Rs.5 lakh. There is no limit on the maximum sum assured.
      • Maturity Benefit: 20% of the sum assured is paid as the maturity benefit if the policyholder survives the complete policy term. The policy will be terminated once the payment is made.
      • Surrender Benefit: On surrendering a policy, the policyholder will receive either the guaranteed surrender value or the special surrender value, whichever is higher, as the surrender benefit.
      Plan Name Entry Age Maturity Age Premium
      Smart Junior Plan Minimum: 18 years Maximum: 50 years Maximum: 71 years Minimum: Depends on the entry age of the policyholder, the sum assured chosen, and other factors. Maximum: No limit.
    7. POS – Easy Bima Plan

    8. The POS – Easy Bima Plan is a term insurance plan that provides life cover for a specific period. Unlike most term insurance plans, the plan offers to return the total premium paid if the life assured survives the policy term. This benefit can be availed by opting for the Return of Premium rider. The plan also offers the Accidental Death rider which pays an additional sum assured to the nominee in case the life assured passes away due to an accident.

      Benefits and features of POS – Easy Bima Plan

      • Death Benefit: If the life assured passes away during the 90-day waiting period, the total premium paid is returned. If he/she passes after the completion of the 90-day waiting period, 100% of the death benefit sum assured is paid to the nominee. The minimum sum assured of the plan is Rs.50,000 and the maximum sum assured is Rs.15 lakh.
      • Maturity Benefit: On survival of the policyholder until the date of maturity, the total premium paid is returned to him/her.
      • Surrender Benefit: The policyholder may choose to surrender the policy to the insurer during the policy term. If a surrender is made, the guaranteed or the special surrender value, whichever is higher, is paid to the policyholder.
      Plan Name Entry Age Maturity Age Premium
      POS – Easy Bima Plan Minimum: 18 years Maximum: 55 years Minimum: 28 years Maximum: 65 years Minimum: Rs.989 Maximum: Depends on the sum assured chosen.
    9. Smart Suraksha Plan

    10. This is a pure protection plan that provides life cover for a fixed period of time. Two optional riders are available with the plan – Accident Plus and Disability Plus.

      If the life assured’s death was caused by an accident and he/she had opted for the Accident Plus rider, the nominee will receive the Accident Plus sum assured along with the basic sum assured. The policy will terminate after the payment is made.

      If an accident causes permanent and total disability, the life assured will be provided with the sum assured. The policy will terminate after such payment. This rider also protects the policyholder from accidental death.

      Benefits and features of Smart Suraksha Plan

      • Death Benefit: On the expiry of the life assured, the sum assured is paid to the nominee of the policy as the death benefit. The minimum sum assured of the plan is Rs.20 lakh. There is no maximum sum assured limit for the base plan. However, the accident plus rider has a Rs.3 crore limit and the disability plus rider has a Rs.1 crore limit.
      • Maturity Benefit: Since this is a term plan, no maturity benefit is payable.
      • Surrender Benefit: No surrender benefit is payable on surrender. The policy is terminated once it is surrendered and it cannot be revived later.
      Plan Name Entry Age Premium
      Smart Suraksha Plan Policy term more than 5 years: Minimum: 18 years Maximum: 65 years Policy term equal to 5 years: Minimum: 40 years Maximum: 65 years Minimum: Depends on the entry age of the policyholder, the sum assured chosen, and other factors. Maximum: No limit.
    11. Smart Future Income Plan

    12. This life insurance plan offers life cover as well as works as a savings instrument. The policyholder, on survival of the policy term, will receive regular monthly income during the last 15 policy years. The policy term offered under the plan is 25 years.

      Benefits and features of Smart Future Income Plan

      • Death Benefit: If the life assured expires during the policy term, the higher amount of the following is paid to the nominee - the sum assured, 10 times the annual premium, or 105% of the total premium paid. The sum assured is required to be 100 times the monthly income that has been chosen by the policyholder.
      • Maturity Benefit: On survival of the policy term, the policyholder is given annual and final bonuses, if any.
      • Surrender Benefit: If the policyholder chooses to surrender the policy, he will receive the guaranteed surrender value or special surrender value, whichever is higher.
      Plan Name Entry Age Maturity Age Premium
      Smart Future Income Plan Minimum: 18 years Maximum: 55 years Minimum: 43 years Maximum: 80 years Minimum: Depends on the entry age of the policyholder, the sum assured chosen, and other factors. Maximum: No limit.
    13. Smart Monthly Income Plan

    14. If an individual wishes to invest in a life insurance plan that offers protection as well as provides a regular income, he/she can opt for the Smart Monthly Income Plan. The insurer provides regular monthly income during the last 15 policy years. The policyholder can choose this amount while purchase of the policy.

      Benefits and features of Smart Monthly Income Plan

      • Death Benefit: In case the life assured passes away, the death benefit equal to the sum assured, 10 times the annual premium, or 105% of the total premium paid is payable to the nominee. The sum assured is 100 times the monthly income amount chosen by the policyholder.
      • Maturity Benefit: If the life assured survives the complete policy term, annual and final bonuses, if any, are paid to him/her.
      • Surrender Benefit: The higher amount of the guaranteed surrender value and the special surrender value is paid to the policyholder if he/she surrenders the plan before the completion of the policy term.
      Plan Name Entry Age Maturity Age Premium
      Smart Monthly Income Plan Minimum: 18 years Maximum: 55 years Minimum: 43 years Maximum: 80 years Depends on the entry age of the policyholder, the monthly income amount chosen, the premium payment mode opted for, and other factors.
    15. Samridh Bhavishya

    16. The Samridh Bhavishya is a pension plan that provides annuity instalments to the policyholder. The term depends on the annuity instalment option chosen by the policyholder. The instalment modes available are annual, semi-annual, quarterly, and monthly.

      Benefits and features of Samridh Bhavishya

      • Annuity Instalments: The insurer gives 3 annuity options to choose from:

      Lifetime annuity: The instalments are paid uniformly until the death of the annuitant.

      Lifetime annuity plus guaranteed payment period: The instalments are paid either until the death of the annuitant or the end of the guaranteed payment period.

      Joint life: The instalments are paid until the death of the last survivor.

      Plan Name Entry Age Purchase Price
      Samridh Bhavishya Minimum: 30 years Maximum: No limit Minimum: 2 lakh Maximum: No limit
    17. Smart Immediate Income Plan

    18. An individual who wishes to have a life cover as well as receive regular payouts post-retirement can go for the Smart Immediate Income Plan. This plan not only provides regular instalments but returns the purchase price of the plan on the death of the annuitant. The policy term depends on the annuity instalment option chosen by the individual. The annuity instalment modes offered by the insurer are annual, semi-annual, quarterly, and monthly.

      Benefits and features of Smart Immediate Income Plan

      • Death Benefit: On the death of the annuitant, 100% of the purchase price shall be payable as the death benefit. Outstanding annuity instalments, if any, may also be payable along with the purchase price.
      • Annuity Instalments: Annuitants are provided with two instalment options to choose from:

      Lifetime annuity: The instalments are paid throughout the life of the annuitant.

      Joint life: The instalments are paid as long either of the annuitants is alive.

      Plan Name Entry Age Purchase Price
      Smart Immediate Income Plan Minimum: 30 years Maximum: No limit Minimum: 2 lakh Maximum: No limit

    Why do you need Canara HSBC OBC Traditional Plans?

    Canara HSBC OBC is a renowned life insurance company that offers a wide range of insurance products of varying features. The company works with a vision to provide transparent life insurance plans suitable for people from different strata of the society.

    The numerous traditional plans offered by Canara HSBC OBC is beneficial in different ways to different people based on their personal requirements. A person who only intends to receive a steady income after his/her retirement can go for a monthly income plan whereas a person who wishes to protect his/her family from financial contingencies caused by his/her untimely demise, can go for a term plan or a savings plan. All in all, Canara HSBC OBC caters to the needs of a diverse population.

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