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Canara HSBC OBC Smart One Pay Life Insurance Plan and Policy

Canara HSBC OBC Smart One Pay Life Insurance Plan and Policy - Smart One Pay helps you meet your protection and investment needs and aims to generate wealth by investing in the funds of your choice along with provision of life cover.

Eligibility - Canara HSBC OBC Smart One Pay Life Insurance Plan and Policy

Eligibility Criteria Minimum Maximum
Entry age (Life Assured) 7 years 70 years
Policy Term 5 years 25 years
Premium Payment Term Single premium only
Annual Premium ` 100,000 No Limit,
subject to underwriting
Sum Assured 1.25 x Single Premium 10 x Single Premium (depending upon your age and Policy 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 One Pay Life Insurance Plan and Policy

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.

The plan offers

  • Single Premium Payment Option: This plan gives you the ability to pay only once, that is, a single premium at the beginning of your policy and provides you life cover throughout the policy term as chosen by you.
  • Unlimited Free Switching: You can switch some or all of your investments from one fund to another, any number of times at zero charges.
  • 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.
  • Auto Funds Rebalancing: This option helps you maintain your investments in your preferred proportion across funds irrespective of market movements.
  • Safety Switch Option: This option enables you to potentially lock in your gains by moving your funds systematically to a relatively low risk Liquid Fund in the last 4 years.

Benefits - Canara HSBC OBC Smart One Pay Life Insurance Plan and Policy

Death Benefits - Canara HSBC OBC Smart One Pay 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 single premium paid by you

Maturity Benefits - Canara HSBC OBC Smart One Pay Life Insurance Plan and Policy

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 - Canara HSBC OBC Smart One Pay Life Insurance Plan and Policy

Your fund value will be enhanced by Loyalty Additions as per table below. Loyalty Additions will be added at end of each policy month, starting from 61st policy month till the end of the policy term and will be a percentage of fund value.

Policy month Loyalty Additions per month as a percentage of fund value
61st to 120th 0.025%
121st till end of policy term 0.06%

Investment Funds - Canara HSBC OBC Smart One Pay Life Insurance Plan and Policy

You can choose to invest in 5 investment funds with equity exposure ranging from 0 to 100%, 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 One Pay 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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