Canara HSBC OBC Smart Lifelong Life Insurance Plan and Policy - Our Smart Lifelong plan is unit linked life insurance plan with the objective of wealth creation along with providing whole life coverage - uptill 99 years of your age . This plan has been designed to help you fulfill various life stage needs/ responsibilities so that through life you can grow in the right direction by making the right choice.
Eligibility - Canara HSBC OBC Smart Lifelong Life Insurance Plan and Policy
|Entry age (Life Assured)||7 years||65 years|
|Premium Paying Modes||Monthly and Annual|
|Policy Term||Up till age 99|
|Premium Payment Term||10 years||99 - (Age at entry)|
|Premium||Monthly Mode*: ` 3000 p.m.
Annual Mode: ` 25000 p.a.
|Sum Assured||For ages below 45 years: 0.5 X T X Annualized Premium#
Where T=70-age at entry
For ages 45 years and above: You can choose Sum Assured between
7-10 times of Annualized Premium
*Please note that it is mandatory to pay first 3 month's premium in advance if you have chosen monthly mode of premium payment.
#Annualized premium is the sum of total due premium(s) in a policy year during premium payment term.
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.
Policy Details - Canara HSBC OBC Smart Lifelong Life Insurance Plan and Policy
Life is all about the choices you make to fulfill your responsibilities. And with every choice you make your biggest concern is whether you have taken the right decision.
The plan offers
Long Term Protection: This plan provides life coverage till 99 years of Life Assured's age.
Premium Payment Term: You can choose a premium paying term (10 years or more) to suit your earning capacity.
Switching and Redirection: You have the option of switching and redirection between the fund options to take advantage of market movements or change in risk preference.
Partial Withdrawal: You can withdraw money from your fund in case of financial emergency through Partial Withdrawal from 6th policy year onwards.
Increase/Decrease of Sum Assured: You can increase or decrease your sum assured, depending on your changing needs, from the 6th policy year onwards subject to minimum and maximum sum assured limits stipulated under this plan.
Auto Funds Rebalancing: You can maintain allocation of your investments in a specific proportion across funds, irrespective of market movements.
Benefits - Canara HSBC OBC Smart Lifelong Life Insurance Plan and Policy
Death Benefits - Canara HSBC OBC Smart Lifelong Life Insurance Plan and Policy
In the unfortunate event of your death while your policy is in-force, your nominee will receive higher of:
- Sum Assured less applicable partial withdrawals
- Fund value
- 105% of premiums paid by you
Maturity Benefits - Canara HSBC OBC Smart Lifelong Life Insurance Plan and Policy
On survival till end of policy term, the Fund Value will be paid to you.
Premium Paying Mode - Canara HSBC OBC Smart Lifelong Life Insurance Plan and Policy
You have the flexibility to choose annual or monthly mode to pay premiums as per your requirement or to suit your income stream. You can also change your premium payment mode anytime during the policy term.
Loyalty Additions - Canara HSBC OBC Smart Lifelong Life Insurance Plan and Policy
Loyalty Additions will be paid in the form of extra allocation of units to your fund, provided that all due premiums till date have been paid. The Loyalty additions will be paid as follows:
|Policy Year||Loyalty Addition|
|1st Loyalty addition: At the end of 10th policy year||1.25% of average Fund Value of last 36 monthly policy anniversaries|
|2nd Loyalty addition: At the end ofÂ 15th policy year||1.25% of average Fund Value of last 36 monthly policy anniversaries|
Investment Funds - Canara HSBC OBC Smart Lifelong Life Insurance Plan and Policy
You can choose to invest in 5 investment funds with equity exposure ranging 0% to100%, depending on your investment philosophy:
- Equity II Fund
- Growth Plus Fund
- Balanced Plus Fund
- Debt Plus Fund
- Liquid Fund
Tax Benefits - Canara HSBC OBC Smart Lifelong Life Insurance Plan and Policy
You can avail tax benefit on the premium paid subject to current applicable provisions of Section 80C 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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