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Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy

Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy - You have dreams for yourself and the ones you love. You need a financial plan that helps you to achieve these dreams while protecting them in adverse situations. It is our endeavor to provide you with solutions that help you plan better when it comes to your familys needs.

Moreover, you can avoid the trouble of going through a cumbersome process and get yourself insured directly. Its not only simple, but also available at your finger tips.

Benefit Options in this Plan

This plan provides protection features through different benefit options to suit your needs. You can choose your benefit option as below and customize your plan.

Benefit Options Protection against
Death Accidental Death Premiums after Death
Life Option Yes -- --
Life Option with ADB Yes Yes --
Life Option with PFB Yes -- Yes

Please note that you can choose a benefit option at inception stage only. Once chosen it cannot be changed later during the Policy Term.

Eligibility - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy

Particulars Details
Entry Age (Life Assured) Minimum:18 years, Maximum:50 years
Max. Maturity Age Minimum:28 years, Maximum:65 years
Premium Amount & Premium Payment Modes
Mode Minimum Maximum
Annual 25,000/- per annum No Limit
Monthly* 3,000/- per month
Single 50,000/-
Single Premium Payment option is not available under ' Life Option with PFB'
Premium Payment Term Single
Limited :5 years to (Policy Term - 1)
Regular :Equal to Policy Term
Policy Term Single Premium Payment:10 years (fixed)
Limited & Regular Premium Payment:10 years to 15 years
Sum Assured
Premium Payment Term Minimum Maximum
Single 1.25 times of Single Premium 10 times of Single Premium up to age 37 years only
Please note that under Single Premium Policy only two Sum Assured multiples of 1.25 or 10 times Single Premium are allowed. Sum Assured multiple for more than 1.25 times and less than 10 times Single Premium are not allowed.
Limited & Regular 10 times of Annualized Premium#

*please note that it is mandatory to pay 3 months premium in advance and subsequently through standing instruction.

Policy Details - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy

Our iNVESTSHIELD Plan is a unit linked non-participatory investment cum insurance plan which provides the opportunity to create wealth to fulfill various family needs like building a asset or to ensure for a bright future for your child.

Key benefits

  • Convenience to buy directly from our website www.canarahsbclife.com
  • Flexibility to customize your plan as per your need
  • Zero Premium Allocation Charge throughout the premium payment term of your Policy
  • Loyalty Additions as additional allocation of units to boost your investments
  • Choice of Investment Funds ranging from 0% to 100% equity exposure, to match your appetite towards investment risks and returns
  • Safety Switch Option enables you to move your funds systematically to a relatively low risk Liquid Fund to avoid market movements in the last four Policy years
  • Liquidity to take partial withdrawals to help you meet unplanned contingencies
  • 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

Benefits - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy

Death Benefits - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy

In case of your unfortunate demise while the Policy is in-force, the death benefit will be as per the Benefit Option chosen by you. The death benefit under each of 3 benefit options which becomes payable to your family is as follows:

Benefit Option Death Benefit
Life Option Higher of following :
  • Sum Assured less applicable partial withdrawals
  • Fund Value, or
  • 105% of Premiums paid
Life Option with ADB Twin Benefit by way of :
  • Death benefit as per 'Life Option' 
    Plus
  • Accidental Death Benefit (ADB) Sum Assured. The ADB Sum Assured will be equal to Sum Assured of the Policy and will be payable in case death of the Life Assured is due to an accident.
Life Option with PFB Higher of the following as lump sum will be paid immediately:
  • Sum Assured or
  • 105% of total Premiums paid till death
    Plus
  • All future Premiums are funded by the Company as and when due, and
  • Fund Value is paid on maturity

Maturity Benefits

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. You also have the option to take Fund Value on maturity in periodic installments as per Settlement Option.

Loyalty Additions - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy

Your plan provides loyalty additions depending upon Policy Term chosen by you. Loyalty additions are paid in the form of extra allocation of units to your Unit Linked Fund(s), provided that all due Premiums till date have been paid. The Loyalty additions will be paid as follows:

Loyalty Additions are as a % of average Fund Value of the last 60 monthly Policy anniversaries

Premium Payment Option Policy Term Frequency of Loyalty additions At the end of Policy Year Loyalty Additions
Single 10 years Once 10 4.0%
Regular and Limited Less than 15 years Once 10 5.6%
Equal to 15 years Twice 10 5.6%
15 2.2%

Partial Withdrawal - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy

To take care of any unforeseen liquidity crunch, you can make partial withdrawals from your Policy without completely surrendering it. Partial withdrawals are allowed from the 6th Policy Year.

Tax Benefits - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy

You can avail tax benefit on premium amount and benefit received from the policy under Section 80C and Section 10(10D), as per the 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.

Safety Switch Option - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy

As your Policy nears maturity, you may want to avoid market movements and safeguard your funds. The Safety Switch Option enables you to move your funds systematically to a relatively low risk Liquid Fund at the beginning of each of the last four Policy Years.

Settlement Option - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy

You can choose to receive your maturity benefit through Settlement Option in installments as per the frequency chosen by you, over a maximum period of 5 years. There will not be any life cover during this period and you may opt for complete withdrawal of Fund Value at any time.

Switching - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy

In order to take advantage of market opportunity or readjust your investment among different funds , You can opt to switch your investments from one investment fund to another at any point of time. You can either switch a percentage of your investments or an absolute amount.

Premium Redirection - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy

You have the option to change the allocation proportion of your future Premiums into one or more Unit Linked Funds limited to once in a policy year which shall be free of cost. The revised allocation proportion will apply to your subsequent Premiums.

Investment Funds - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy

You can choose from a range of 5 Unit Linked Funds ranging from 0% to 100% of equity exposure to cater to your investment needs. You can choose to allocate your Premiums to any, all or a combination of the Unit Linked Funds as per your risk preference.

Sr. No. Fund Name Risk Profile
1 Equity II Fund High
2 Growth Plus Fund Medium to High
3 Balanced Plus Fund Medium
4 Debt Fund Low
5 Liquid Fund Low

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