Canara HSBC OBC Shubh Labh Life Insurance Plan and Policy - Shubh Labh is a unit linked insurance plan. it helps you meet your protection and investment needs, provides you the right channel to invest your hard-earned money by providing you a choice of 5 investment funds along with providing Life Cover.
|Entry age (Life Assured)||7 years||70 years|
|Policy Term||5 years||40 years|
|Premium Payment Term||Single premium only|
|Annual Premium||` 300,000||No Limit,
subject to underwriting
|Sum Assured||125% x single premium
(for age below 45 years)
110% x single premium
(for age 45 years and above)
|10 x Single Premium
(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.
You want to be financially comfortable and ensure that you have adequate funds in place to fulfill your dreams and to enjoy your life. Your living expenses and financial goals vary with different stages of your life, whether saving for retirement, raising a child or simply having the financial freedom to do as you want.
In the unfortunate event of your death while your policy is in-force, your nominee will receive higher of:
Your policy will mature at the end of the policy term as chosen by you at inception. You will receive the Fund Value based on the prevailing NAVs at maturity.
Loyalty Additions will be added at the end of each policy month, starting from 49th policy month till the end of the policy term and will be a percentage of fund value.
|Policy Year||Loyalty Additions per month|
|5th onwards||0.06% of Fund Value|
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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