Canara HSBC OBC Grow Smart Life Insurance Plan and Policy - Grow Smart plan is a whole life unit linked plan which provide insurance cover throughout your life. This is an affordable insurance plan in which you can pay premiums for a limited duration and get lifelong insurance cover.
|Entry age (Life Assured)||7 years||65 years|
|Policy Term||Whole of Life|
|Premium Payment Term||10 years||99 - (Age at entry)|
|Annual Premium||` 25,000||No Limit|
|Sum Assured||For ages below 45 years: 0.5 X T X
Annual Premium (T = 70 - age at entry)
For ages 45 years & above:
7 X Annual premium
|No maximum limit,
subject to underwriting
In this policy, the investment risk in Investment Portfolio is borne by the policyholder.
The Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender/withdraw the monies invested in Linked Insurance Products completely or partially till the end of the fifth year.
Life is all about the choices you make. And with every choice you make your biggest concern is whether you have taken the right decision to fulfill your responsibilities. Keeping this in mind, this whole life insurance plan has been designed to enable you to provide you and your spouse with financial security throughout your retirement.
In the unfortunate event of your death while your policy is in-force, your nominee will receive higher of:
1% of your Fund Value added by way of additional allocation of units at the end of 15th policy year to boost your investments
You can choose to invest in 5 investment funds with equity exposure ranging 0% to100%, depending on your investment philosophy:
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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