The world we live in is very unpredictable and it is imperative for individuals to have a security net to protect themselves financially in case of unfortunate events. The Smart Suraksha plan by Canara HSBC Oriental Bank of Commerce Life Insurance Company is tailor made to ensure that coverage is provided against untimely demise of the policyholder. This is an individual plan that is non-participating and non-linked. In addition to this, policyholders have the option to avail protection against total permanent disability or death due to an accident.
This term plan is highly beneficial in every way as premium amount is low and tax benefits can also be availed. Female policyholders can avail additional rebates.
In order to avail the plan and its benefits, individuals will have to fulfill certain criteria. These factors are mentioned below:
|Age at Entry||18 years to 65 years|
|Maximum Age at Entry||75 years|
|Policy Tenure (in years)||5/10/15/20/25/30 or coverage until the policyholder reaches the age of 60.|
|Premium Payment Tenure||5/10/15/20/25/30 or coverage until the policyholder reaches the age of 60.|
All ages are based on the previous birthday of the policyholder.
This is based on the premium amount that is being paid and the benefit option chosen by the customers.
|Sum Assured||Rs.20,000 and over, is subject to underwriting.
Policyholders can avail rebates on a high sum assured amount.
In case the sum assured is between Rs. 1 crore to Rs.1.99 crore, then the rebate on tabular rates per lakh sum assured amount is Rs.14.
In case the sum assured amount is Rs.2 crore or above, the rebate on tabular rates per lakh sum assured amount is Rs.15.
Premium will vary based on the requirements of the policyholder and the benefit option chosen.
In case the policyholder is a woman, the premium would be set back by a period of 3 years. Additionally, for all policies that have been purchased online, a 5% discount would be provided on the premium throughout the tenure of the policy.
Premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.
This life insurance plan provides policyholders with the unique option of choosing between three plans based on their needs and requirements. These plan options are -
|Life Cover||Through this option, a life insurance cover is provided with no limit on the sum assured amount. In case of untimely demise of the policyholder, sum assured amount will be paid to the nominee and the policy will cease. However, the sum assured amount will be subject to underwriting.|
|Accident Plus||If this plan is chosen, policyholders can avail an Accidental Death Benefit protection along with life cover. In case of untimely death of policyholder as a result of an accident, an added amount that is equal to sum assured will be given to the nominee in addition to the base sum assured and the policy will cease.|
|Disability Plus||In addition to accidental death benefit cover, this option also comes with a cover against Accidental Total and Permanent Disability. In case the policyholder suffers from total and permanent disability as a result of an accident, the sum assured amount will be given to the policyholder and the policy will cease.|
|Maturity Benefit||No benefits are payable.|
In order to avail information regarding riders or add-on plans, customers can contact the life insurance provider.
In case the policyholder commits suicide within a period of one year from the date of policy commencement or revival, regardless of whether he/she is sane or insane, the benefits that will be paid are as follows:
Other exclusions under Accidental Death Benefit and Accidental Total and Permanent Disability are as follows:
|Free-look period||In case the policyholders are not satisfied with the plan, they have the option to return the same within a period of 15 days from receipt of document along with stated reasons. In case the policy was sold through distance marketing methods, wherein interaction was not done face-to-face, the free-look period available is 30 days.|
|Surrender||There is no surrender value that is payable under this term insurance plan.|
|Revival||A lapsed policy can be revived within a period of two years from the date of the very first unpaid premium.|
|Lapsation||In case the premium has not been paid during the grace period, then the policy will considered as lapsed.|
|Grace Period||Policyholders have a period of 30 days within which they will have to pay their premium. In case the monthly payment mode is chosen, the grace period available is 15 days.|
|Loan||This facility is not available with this plan.|
|Assignment||Assignment is allowed based on the provisions of Section 38 of the Insurance Act of 1938.|
|Nomination||Nomination is allowed based on the provisions of Section 39 of the Insurance Act of 1938.|
Tax Benefits - How you can save with the Canara HSBC Smart Suraksha Plan
Policyholders can avail tax benefits on their premium based on existing tax laws. However, tax laws are subject to variations from time to time. Hence, customers are advised to talk to their tax consults prior to availing the policy.
In addition to the benefits mentioned above, customers can avail a number of other advantages, as mentioned below.
One of the most foremost providers of insurance, Canara HSBC Oriental Bank of Commerce Life is a joint venture between Canara Bank, HSBC Insurance Holdings Limited and Oriental Bank of Commerce. This insurance company is known for its efficient customer care service, hassle-free procurement process as well as its presence across the country.
Started in the year 2008, Canara HSBC Oriental Bank of Commerce Life provides not just unique plans to cater to every individual’s needs and requirements but also boasts of a high claim-settlement ratio. This company has also tied up with a free regional rural banks so as to provide insurance solutions to those in rural areas. This insurance company has also won a number of awards and accolades.