Canara HSBC ULIP Plans

• 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

Making a safe and smart investment is essential for every individual who has an income and who wishes to create a secure future for himself/herself and his/her loved ones. A ULIP (Unit Linked Insurance Plan) carries the double advantage of life cover and investment. Hence, purchasing a ULIP would prove to be beneficial in the future.

ULIPs have the added advantage of helping an individual tackle inflation over time. All individuals who purchase a ULIP should be aware that the policyholder is the one who bears the investment risk.

Benefits of Canara HSBC OBC ULIPs

Each ULIP offered by Canara HSBC OBC has unique features designed for a specific purpose. The benefits differ based on the plan type. Some of the benefits that can be availed are:

• Partial withdrawals: After a certain stipulated period, policyholders can withdraw certain sums of money to meet any urgent needs.
• Investment fund switching: Policyholders have the freedom to switch between investment funds based on market movements.
• Sum assured upgrade: The total sum assured can be increased or decreased upto a maximum or minimum limit after completing a certain period specified by the insurer.
• Fund rebalancing: Individuals can choose to maintain a certain sum across all investment funds.

List of ULIPs offered by Canara HSBC OBC

Canara HSBC OBC Life Insurance Company offers as many as 12 ULIPs for customers to choose from based on their future requirements.

1. Platinum Plus Plan

The Platinum Plus Plan is a unit linked insurance plan that offers life cover as well as lays a convenient pathway for the investor to create wealth. The policy can be purchased for policy terms ranging from 10 years to 30 years. According to an individual’s risk preference, he/she can choose from 7 investment fund types - Liquid Fund, Debt Fund, Balanced Plus Fund, Growth Plus Fund, Equity II Fund, India Multi-Cap Equity Fund, and the newly introduced Emerging Leaders Equity Fund.

Benefits and features of Platinum Plus Plan

• Death Benefit: In case of death of the life assured during the policy term, the nominee will be provided a death benefit which will be equal to the sum assured, fund value, or 105% of the total premium paid, whichever of the 3 amounts is highest.
• Maturity Benefit: On completion of the policy term, the policyholder will receive the maturity benefit equal to the fund value of the policy. The policyholder, at the time of purchase of the policy, can choose whether the maturity benefit should be paid as a lump sum or in instalments.
• Surrender Benefit: If a policy is surrendered by its policyholder, the surrender benefit equal to the fund value is payable to him/her. However, if the policy is surrendered during the lock-in period i.e. during the first 5 policy years, the surrender value is transferred to the Discontinued Policy Fund and the final amount is payable after completion of the lock-in period.

Plan name	Entry age	Maturity age	Premium
Platinum Plus Plan	Maximum: 70 years	Minimum: 18 years Maximum: 80 years	Minimum: Annual – Rs.2 lakh per annum Monthly – Rs.25,000 per month Maximum: No limit

 

2. Smart Future Plan

This special plan not only offers a death benefit on the death of the life assured but also provides premiums for the rest of the premium term to ensure that the family members do not face financial difficulties when the policyholder is no more. The minimum policy term option is 10 years and the maximum is 25 years. Depending on one’s risk philosophy, one can opt for any of the 6 investment fund options provided by the company - Liquid Fund, Debt Plus Fund, Balanced Plus Fund, Growth Plus Fund, Equity II Fund, and India Multi-Cap Equity Fund.

Benefits and features of Smart Future Plan

• Death Benefit: On the death of the life assured, the nominee will receive the sum assured or 105% of the total premium paid, whichever is higher. Additionally, all future premiums will be provided by the insurer and the fund value is paid on the maturity of the policy.
• Maturity Benefit: On maturity of the policy, the maturity benefit which is equal to the fund value is payable to the policyholder/nominee.
• Surrender Benefit: If the policyholder chooses to surrender the policy, he will receive the surrender benefit equal to the fund value of the policy. However, if the policy is surrendered during the first 5 policy years, the surrender value is transferred to the Discontinued Policy Fund where a minimum interest of 4% will accrue until the completion of the fifth policy year.

Plan name	Entry age	Maturity age	Premium
Smart Future Plan	Minimum: 18 years Maximum: Varies based on policy term	Minimum: 28 years Maximum: Varies based on policy term	Minimum: Varies based on policy term Annual – Rs.25,000 per annum Monthly – Rs.3,000 per month Maximum: No limit

3. Smart Goals Plan

The Smart Goals Plan helps policyholders make a financial plan to achieve the short-term as well as the long-term goals. One can choose a policy term anywhere between 10 years to 25 years. Based on the investment philosophy of the policyholder, he/she is permitted to choose from 6 investment fund types offered by the company - Liquid Fund, Debt Plus Fund, Balanced Plus Fund, Growth Plus Fund, Equity II Fund, and India Multi-Cap Equity Fund.

Benefits and features of Smart Goals Plan

• Death Benefit: On the demise of the life assured, the nominee will receive the higher amount – sum assured, fund value, or 105% of the total premium paid.
• Maturity Benefit: On reaching the maturity stage of the policy, the fund value, which is the maturity benefit, is payable to the policyholder.
• Surrender Benefit: If the policy is surrendered after completion of the fifth year of the policy, the fund value is payable as the surrender benefit. But if the policy is surrendered within the first 5 policy years, the fund value is transferred to the Discontinued Policy Fund to accrue an interest until the completion of the fifth year of the policy.

Plan name	Entry age	Maturity age	Premium
Smart Goals Plan	Minimum: 8 years Maximum: 64 years	Option 1: Minimum: 18 years Maximum: 74 years Option 2: Minimum: 23 years Maximum: 79 years	Option 1: Minimum: Annual - Rs.50,000 per annum Monthly - Rs.5,000 per month Maximum: No limit Option 2: Minimum: Annual - Rs.25,000 per annum Monthly - Rs.3,000 per month Maximum: No limit

 

4. Smart Life Long Plan

The ULIP offers protection throughout the life assured’s lifetime until the age of 99. Investment in the plan helps gain returns to manage the expenses incurred during one’s lifetime. The insurer provides a list of investment fund options to choose from - Liquid Fund, Debt Plus Fund, Balanced Plus Fund, Growth Plus Fund, Equity II Fund, and India Multi-Cap Equity Fund.

 

Benefits and features of Smart Life Long Plan

• Death Benefit: In case of demise of the life assured during the policy term, the nominee will receive the higher amount – the sum assured, fund value, or 105% of the total premium paid.
• Maturity Benefit: On maturity of the policy, the policyholder will receive the maturity benefit equal to the fund value of the policy.
• Surrender Benefit: If a policy is surrendered after the fifth policy year, a surrender benefit equal to the fund value is payable to the policyholder.

Plan name	Entry age	Maturity age	Premium
Smart Lifelong Plan	Minimum: 7 years Maximum: 65 years	99 years	Minimum: Annual - Rs.25,000 per annum Monthly - Rs.3,000 per month Maximum: No limit

5. Secure Bhavishya Plan

This is a plan that ensures one’s future is tension-free by way of helping the individual save for his/her post-retirement needs. This pension plan offers protection as well as an opportunity to enhance one’s retirement corpus. The maximum policy term for an individual is calculated by deducting the person’s entry age from 80. Three investment funds are provided with the plan that the policyholder can choose from - Pension Growth Fund, Pension Debt Fund, and Pension Balanced Fund.

Benefits and features of Secure Bhavishya Plan

• Death Benefit: On the death of the life assured, either the fund value or 105% of the total premium paid is payable as the death benefit depending on which the higher amount is.
• Maturity Benefit: On maturity of the policy, the policyholder will receive the fund value or 101% of the total premium paid depending on which the higher amount is.
• Surrender Benefit: If the policy is surrendered during the first 5 policy years, the fund value of the policy, which is the surrender value, is transferred to the Pension Discontinued Policy Fund. After the completion of 5 policy years, the insurer lays out a few options the policyholder can choose from to utilise the fund value received. If the policy is surrendered after the completion of 5 years, similar options are presented to the policyholder.

Plan name	Entry age	Vesting age	Premium
Secure Bhavishya Plan	Minimum: 25 years Maximum: 70 years	Minimum: 40 years Maximum: 80 years	Minimum: Single pay - Rs.3 lakh Regular/limited pay - Rs.25,000 for annual premium and Rs.3,000 for monthly premium Top-ups - Rs.10,000

6. Qualifying Recognised Overseas Pension Scheme (QROPS)

This is an exclusive scheme designed for NRIs who possess pension funds in the UK and wish to transfer it to India. The QROPS is registered with the HMRC (Her Majesty Revenue and Customs) but is administered outside the UK. QROPS is a tax-efficient way to transfer pension funds to a the plan desired.

Benefits and features of QROPs

• Death Benefit: On the death of the life assured, an amount equal to 105% of the total premium paid or the fund value, whichever is higher, is paid to the nominee.
• Vesting Benefit: The vesting benefit amount is equal to the higher amount - the fund value or the guaranteed vesting benefit (101% of total premium paid).
• Surrender Benefit: If the policy is surrendered during the first 5 policy years, the fund value is transferred to the Pension Discontinued Policy Fund where it gains interest at the rate of 4% until the end of the lock-in period. If the policy is surrendered after the completion of the lock-in period i.e. after the completion of 5 policy years, the insurer gives options to the policyholder for the utilisation of the surrender value.

Plan name	Entry age	Maturity age	Premium
QROPS	Minimum: 25 years Maximum: 70 years	Minimum: 40 years Maximum: 80 years	Minimum: Single pay - Rs.3 lakh Regular/limited pay - Rs.25,000 for annual premium and Rs.3,000 for monthly premium Top-ups - Rs.10,000

7. Smart One Pay

A protection-cum-investment plan, the Smart One Pay plan helps in wealth creation while providing life cover. The premium for the policy is paid in one instalment. The policy term ranges between 5 years and 25 years. The policyholder can choose from 6 investment fund types depending on his/her investment philosophy - Liquid Fund, Debt Plus Fund, Balanced Plus Fund, Growth Plus Fund, Equity II Fund, and Multi-Cap Equity Fund.

Benefits and features of Smart One Pay

• Death Benefit: On the death of the life assured during the policy term, the death benefit payable to the nominee is equal to the sum assured or the fund value, whichever is higher. In case of death of a minor, the death benefit is payable to the policyholder.
• Maturity Benefit: On completion of the policy term, the policyholder will receive the maturity benefit equal to the fund value of the policy.
• Surrender Benefit: If the policyholder surrenders the policy within 5 years from the date of inception of the policy, the fund value is transferred to the Discontinued Policy Fund. The total amount and the interest accrued will be paid to the policyholder on the completion of the fifth policy year. If the policyholder surrenders the policy after completion of 5 policy years, the surrender value equal to the fund value is paid to the policyholder immediately.

Plan name	Entry age	Maturity age	Premium
Smart One Pay	Minimum: 7 years Maximum: 70 years	Minimum: 8 years Maximum: 80 years	Minimum: Rs.1 lakh Maximum: No limit

8. Insure Smart Plan

A unit linked insurance plan that requires the policyholder to pay premiums for 5 years and provides life cover for a period of 10 years, the Insure Smart Plan is truly a smart investment plan. It allows the policyholder to save up for specific needs that arise at different stages of life. He/she can choose from 6 investment fund types depending on his/her idea of investments - Liquid Fund, Debt Plus Fund, Balanced Plus Fund, Growth Plus Fund, Equity II Fund, and India Multi-Cap Equity Fund.

Benefits and features of Insure Smart Plan

• Death Benefit: In case of demise of the life assured during the policy term, the death benefit, which is the higher amount of the fund value or the sum assured, is payable to the nominee of the policy. In case of death of a minor, the death benefit is payable to the policyholder.
• Maturity Benefit: The fund value is payable as the maturity benefit after completion of 10 years.
• Surrender Benefit: If the policyholder surrenders the policy within the first 5 policy years, the surrender value i.e. the fund value is transferred to the Discontinued Policy Fund and the total amount is paid to the policyholder after completion of the fifth policy year. If the policyholder surrenders the policy after the completion of the first 5 policy years, the surrender value is paid to him/her immediately after surrender of the policy.

Plan name	Entry age	Premium
Insure Smart Plan	Minimum: 8 years Maximum: 70 years	Minimum annual premium: Rs.50,000 Maximum annual premium: No limit

9. Shubh Labh

The Shubh Labh life insurance plan helps individuals save money that will be beneficial in times of financial distress. The policy term options for the plan ranges from 5 years to 40 years. The policyholder can choose from 6 investment fund types depending on his/her idea of investments - Liquid Fund, Debt Plus Fund, Balanced Plus Fund, Growth Plus Fund, Equity II Fund, and India Multi-Cap Equity Fund.

Benefits and features of Shubh Labh

• Death Benefit: If the life assured passes away during the policy term, the death benefit equal to the higher of the sum assured or the fund value is paid to the nominee. In case the life assured is a minor, the death benefit is paid to the policyholder.
• Maturity Benefit: At the end of the policy term, the policyholder is provided with the fund value as the maturity benefit.
• Surrender Benefit: On surrender of the policy during the first 5 policy years, the surrender value or the fund value is transferred to the Discontinued Policy Fund where interest at a minimum rate of 4% accrues. At the end of the fifth policy year, the total amount is paid to the policyholder. On surrender of the policy after the completion of 5 policy years, the surrender value is paid immediately.

Plan name	Entry age	Maturity age	Premium
Shubh Labh	Minimum: 7 years Maximum: 70 years	Minimum: 18 years Maximum: 80 years	Minimum annual premium: Rs.3 lakh Maximum annual premium: No limit

10. Future Smart Plan

The plan was designed to help parents secure their children’s future and ensure the lives of their children are not deterred by their possible absence. The Future Smart Plan offer life cover as well as serves as an investment channel. The minimum policy term offered is 10 years and the maximum is 25 years. The policyholder has the freedom to choose from 6 different investment fund types depending on his/her philosophy on investments. The fund types available are Liquid Fund, Debt Plus Fund, Balanced Plus Fund, Growth Plus Fund, Equity II Fund, and India Multi-Cap Equity Fund.

Benefits and features of Future Smart Plan

• Death Benefit: On the unfortunate death of the life assured, the sum assured which is not less than 105% of the total premium paid is payable to the nominee. All future premiums are then funded by the insurer.
• Maturity Benefit: The fund value is paid to the policyholder as the maturity benefit at the end  of the term.
• Surrender Benefit: The surrender value or the fund value, if the policy is surrendered after the completion of 5 policy years, is paid immediately. However,if it is surrendered within the first 5 policy years, the fund value is transferred to the Discontinued Policy Fund where the fund value will accrue interest at a minimum rate of 4%. The total amount is paid to the policyholder after the completion of the fifth policy year.

Plan name	Entry age	Premium
Future Smart Plan	Minimum: 18 years Maximum: 60 years	Minimum annual premium: Rs.25,000 Maximum annual premium: No limit

11. Grow Smart Plan

This ULIP offers whole life cover while aiding individuals make investments throughout life. The premium payment term is a minimum 10 years which means one can avail whole life coverage by paying the premium for a short duration of time. The Grow Smart Plan hosts 6 investment fund types, namely, Liquid Fund, Debt Plus Fund, Balanced Plus Fund, Growth Plus Fund, Equity II Fund, and India Multi-Cap Equity Fund.

Benefits and features of Grow Smart Plan

• Death Benefit: On the death of the life assured, the nominee will receive the higher of the sum assured, fund value, or 105% of the total premium paid.
• Maturity Benefit: The Grow Smart Plan being a whole life plan does not have a maturity benefit.
• Surrender Benefit: Policyholders who surrender policies after the completion of 5 policy years will receive the surrender value (fund value) immediately. Policyholders who surrender policies within the first 5 years will receive the surrender value after the completion of the fifth year until which the fund value will accrue a minimum interest of 4% in the Discontinued Policy Fund.

Plan name	Entry age	Premium
Grow Smart Plan	Minimum: 7 years Maximum: 65 years	Minimum annual premium: Rs.25,000 Maximum annual premium: No limit

Why do you need Canara HSBC OBC ULIPs?

Canara HSBC OBC is a popular Indian life insurance company formed by the partnership of three leading financial institutions. The company has a customer centric approach and has won several awards for the same. It has branches scattered throughout the country to increase accessibility of their services.

A ULIP from Canara HSBC OBC not only aids in protection and wealth creation but provides tax benefits under the Income Tax Act, 1961.