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Canara HSBC OBC Smart Future Income Life Insurance Plan and Policy

Canara HSBC OBC Smart Future Income Life Insurance Plan and Policy - Canara HSBC Oriental Bank of Commerce Life Insurance Smart Future Income Plan that will help you plan well as you move towards the golden years of life.

Eligibility - Canara HSBC OBC Smart Future Income Life Insurance Plan and Policy

Parameter Description
Entry age 18 years - 55 years
Maturity Age 43 years - 80 years
Policy Term
25 Years
Premium Payment Term
10 Years
Premium Mode and Modal Factors
Annual and Monthly
For Monthly mode, the Annual premium needs to be multiplied with a factor of 0.09 to arrive at the monthly premium payable.
Min. Monthly Income / Min. Premium
Min. Income is ` 5,000 per month (in multiples of ` 100 thereafter) 
Premium depends on the age, income and premium mode chosen
Sum Assured
100 times the chosen Monthly Income

Policy Details - Canara HSBC OBC Smart Future Income Life Insurance Plan and Policy

As you grow in the journey called Life, you would surely like to have a companion who enables you to enjoy the finest lifestyle and meet aspirations of your loved ones, without really having to worry about the finances.

  • Get tax free# Guaranteed Monthly Income for 15 years to realize your dreams
  • Accumulate Lump Sum money through Annual and Final bonuses to create a pool of money for your loved ones
  • Enjoy Life Cover for 25 years
  • Enhance your Lifestyle through Guaranteed Income and Bonuses
  • Opt for loan flexibility to meet your contingent needs

#Tax Benefits under the plan will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor.

Benefits - Canara HSBC OBC Smart Future Income Life Insurance Plan and Policy

Life-cover Benefits - Canara HSBC OBC Smart Future Income Life Insurance Plan and Policy

Sum Assured: 100 times the chosen monthly income.
Death Benefit: On death of the life assured, a death benefit equal to Death Benefit Sum Assured [Higher of Sum Assured or 10 times Annualised Premium] plus added annual bonus (and any interim bonus for the part of the year in which death occurs) and final bonus (if any) subject to at least 105% of the premiums paid by the policyholder (excluding extra premiums, if any) shall be payable.

Survival Benefits - Canara HSBC OBC Smart Future Income Life Insurance Plan and Policy

Income Benefit: You will receive the chosen monthly income during the last 15 years of the plan i.e. from the end of 121st policy month (not the calendar month) up to the end of policy term.

Maturity Benefit : On survival till maturity, Added Annual bonuses along with Final Bonus, if any will be paid.

Other Benefits - Canara HSBC OBC Smart Future Income Life Insurance Plan and Policy

Rebate: If your Sum Assured is more than or equal to ` 7 Lacs, you will be entitled for a premium rebate.

Loans: You can avail of the loan facility to meet your liquidity needs, once the policy acquires a surrender value.

Bonuses - Canara HSBC OBC Smart Future Income Life Insurance Plan and Policy

Annual Bonuses: Your policy is entitled to get annual bonuses (expressed as a percentage of Sum Assured) based on the profits emerging from the with-profit fund managed by the company. These bonuses will be declared and added to your policy at the end of every year.

Final Bonus: Your policy may be entitled to get the final bonus (if any), expressed as a percentage of Sum Assured.

Please note that there is no guarantee on the amount of future bonuses and these will be declared at the sole discretion of the company. Hence, the bonuses in this plan may vary from time to time.

Tax Benefits - Canara HSBC OBC Smart Future Income Life Insurance Plan and Policy

You may avail tax benefit on the premium paid subject to current applicable provisions of Section 80 C of income Tax Act, 1961. Please note that tax laws are subject to amendments from time to time.

#Tax benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor. To avail tax benefits, Sum Assured should be minimum of 10* Annual Premium.

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