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Canara HSBC OBC Smart Junior Life Insurance Plan and Policy

Canara HSBC OBC Smart Junior Life Insurance Plan and Policy - Canara HSBC Oriental Bank of Commerce Life Insurance Smart Junior Plan is a non-linked participating savings-cum-protection endowment life insurance plan designed to guarantee that your child`s future education needs are fulfilled, whether you are around or not.

Smart Junior plan provides Guaranteed* payouts during the last 5 years of policy which can be aligned to child's educational milestones. Further, the plan also provides Annual bonuses and Final bonus, if any, on maturity.

This plan provides comprehensive protection - in case of unfortunate demise of Life Assured - a lump sum amount is paid immediately and the remaining due premiums, if any, are not payable. The policy continues to be in-force & policy benefits are paid as scheduled.

*Guaranteed payouts will be paid during the last 5 years of the policy provided premiums are paid as and when due.

Eligibility - Canara HSBC OBC Smart Junior Life Insurance Plan and Policy

Product at a Glance
Parameters Description
Entry Age Minimum: 18 years 
Maximum: 50 years (In case of monthly mode, maximum entry age is 40 years)
Maximum Maturity Age 70 years
Policy Term 12 to 25 years
Premium Payment Term The premium payment term will depend upon the chosen policy term & will be as per following table.
Premium Payment Term (in years) Policy Term (in years)
Policy Term minus 8 years 13 to 25(pick a term option)
5 12, 15, 20
10 19 to 25(pick a term option)
Sum Assured Minimum Sum Assured : 
Annual Mode : `3,00,000 
Monthly Mode: `5,00,000 
Maximum Sum Assured : No limit {Subject to Board Approved Underwriting Policy (BAUP) of the Company}
Premium Payment
Mode and Modal 
Factors
Annual & Monthly mode
For monthly mode, the annual premium needs to be multiplied with a factor of
0.09 to arrive at the monthly installment premium payable
Minimum/Maximum 
Premium
Minimum Premium: Depends on factors such as age, sum assured, etc 
Maximum Premium : No limit, will be subject to BAUP of the company

Policy Details - Canara HSBC OBC Smart Junior Life Insurance Plan and Policy

As we encourage our little ones to be ambitious and never settle for the ordinary, as parents we also do our best to make our children dreams and aspirations a reality. Their goals today are bigger than ever and achievement requires far more focus, specially on education. Meeting their ever increasing cost however requires substantial financial planning. Since life is full of uncertainties and as responsible parents we would also want to ensure that this need is always met, whether we are around or not. Hence as parents, we need to plan ahead, and also take care of the increasing cost of education.

Key Features - Canara HSBC OBC Smart Junior Life Insurance Plan and Policy

  • Enhanced Triple Protection : Life insurance protection through payment of lump sum benefit on death, all remaining premiums need not be paid and Guaranteed Annual Payouts as planned to meet child`s education needs
  • Guaranteed payouts for child`s education : Annual payouts aligned closely to your child's educational milestones
  • Customize to your savings horizon and key education milestones : Multiple policy term options will ensure that you are able to choose the best suited policy term closely aligned to your child's age and future education milestones
  • Premium payment options : Choice of flexible premium payment terms which can closely align to your savings horizon
  • Smooth build-up of education fund : Addition of regular Annual bonuses along with Final bonus (if any), on maturity to ensure that your child's education fund gets built up smoothly
  • Better Value for higher premiums : High sum assured rebate to ensure that you get the extra benefit for making a higher premium commitment for the chosen policy term
  • Tax benefits#on premium paid and benefit received during policy term under Section 80C and Section 10(10D), as per the Income Tax Act, 1961, as amended 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.

Benefits - Canara HSBC OBC Smart Junior Life Insurance Plan and Policy

Survival and Maturity Benefit

Survival Benefit: You will receive the Guaranteed Annual payouts at the end of each of the last 4 policy years before the maturity year provided that all due premiums are paid. You can utilize these guaranteed payouts to fund the future education needs of your child. The amount of annual payouts will be as per below table.

At the end of Policy Year: Payout as % of Sum Assured
Policy Term minus 4 20%
Policy Term minus 3 20%
Policy Term minus 2 20%
Policy Term minus 1 20%

Maturity Benefit: On your survival till maturity, You will receive Guaranteed Sum Assured on maturity equal to 20% of Sum Assured along with Annual bonuses and Final bonus, if any.

Death Benefit  - Canara HSBC OBC Smart Junior Life Insurance Plan and Policy

In case of unfortunate demise of Life Assured during the policy term, provided the policy is in-force, following benefits will be payable:

1. Immediate lump sum benefit, higher of : 

a. Sum Assured

b. 10 times the annualized premium,

c. 105% of {the total premiums paid till the date of death less underwriting extra premium, if any}.

In addition to the above, all future premiums (if any) need not be paid and the policy shall continue to be in 
force for the remaining Policy Term. The policy will also continue to accrue Annual bonuses.

2. Guaranteed Annual Payouts : All Guaranteed Annual Payouts as scheduled will continue to be payable at the end of each of the last 4 policy years before the maturity year.

3. Guaranteed Sum Assured on maturity equal to 20% of Sum Assured payable on maturity.

4. Bonuses : Accrued Annual bonuses along with Final bonus, if any, will also be payable on maturity.

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

Rebate: This plan offers rebate on the premium payable, if Sum Assured is higher than or equal to Rs 4,00,000.

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

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

You can 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.

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