Canara HSBC OBC Smart Goals Life Insurance Plan and Policy
Canara HSBC OBC Smart Goals Life Insurance Plan and Policy - Our Smart Goals Plan with its flexible features has been designed to help you plan your financial requirements so that you have the means to fund your goals, with no compromises. This product provide you the following two options depending upon your requirement.
Eligibility - Canara HSBC OBC Smart Goals Life Insurance Plan and Policy
| Product Summary | ||||||||
| Option 1 | Option 2 | |||||||
| Policy Term | 10 Years (Fixed) | 15/ 20 / 25 years | ||||||
| Premium Payment Term | 5 Years (Fixed) | 10 years to 25 years (Premium payment term will always be lower than or equal to policy term) | ||||||
| Premium Paying Modes | Monthly and Annual | Monthly and Annual | ||||||
| Minimum | Maximum | Minimum | Maximum | |||||
| Entry Age (Life Assured) |
8 years | 64 years | 8 years | 64 years | ||||
| Maturity Age | 18 years | 74 years | 23 years | 79 years | ||||
| Premium | Annual Mode | Monthly Mode* | Annual Mode | Monthly Mode* | Annual Mode | Monthly Mode* | Annual Mode | Monthly Mode* |
| ` 50,000 p.a. | ` 5,000 p.m. | No Limit | ` 25,000 p.a. | ` 3,000 p.m. | No Limit | |||
| Sum Assured | For ages below 45: 10 x Annualized Premium# For ages 45 and above: 7 x Annualized Premium# |
Depends upon the age of the Life Assured | For ages below 45: Higher of (0.5 x policy term x Annualized Premium#) Or 10x Annualized Premium For ages 45 and above: 7 x Annualized Premium# |
Depends upon the age of the Life Assured | ||||
*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 Goals Life Insurance Plan and Policy
Your future is defined by your goals for yourself and your loved ones. You would like to ensure that nothing comes in the way of achieving these goals - buying the perfect house for your family or enrolling your child in a college abroad. Whatever be your goal, you would not want to compromise financially for any of these important milestones in your life.
The plan offers
- Life Cover: You can choose your Life Cover based on your protection needs
- Premium Payment Term: You can choose a Premium Paying Term (5, 10 years or more upto 25 years) to suit your earning capacity.
- Switching/Premium 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 Withdrawals: You can easily withdraw money from your fund in case of financial emergency through partial withdrawals, after 5 years.
- 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.
- Safety Switch Option: You have the option to switch your money to low risk fund as your policy nears maturity.
Benefits - Canara HSBC OBC Smart Goals Life Insurance Plan and Policy
Death Benefits - Canara HSBC OBC Smart Goals 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 Goals 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 Goals 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 Goals 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:
| Product Option | Frequency | Policy Year | Loyalty Addition |
| Option 1 | Once in policy term | At the end of 10th policy year | 2% of average Fund Value of the last 36 monthly policy anniversaries |
| Option 2 | Twice in policy term | 1st Loyalty addition: At the end of 10th policy year | 1.25 % of average Fund Value of the last 36 monthly policy anniversaries |
| 2nd Loyalty addition: At the end of 15th policy year | 1.25% of average Fund Value of the last 36 monthly policy anniversaries |
Investment Funds - Canara HSBC OBC Smart Goals 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 Goals 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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