Insure Smart Plan from Canara HSBC OBC Life
Insure Smart is a Unit Linked Insurance Policy (ULIP) with the option of highest NAV guarantee. It means that if the investment is favourable and the NAV at maturity is higher than the guaranteed NAV then it is beneficial for the customer and he can reap the profits from it but if it isn’t then also the customer has nothing to lose as the HIGHEST NAV in the initial 7 years of the policy tenure is guaranteed to him on maturity. Thus even if the unit price falls after a considerable rise, then also there is no fear for the customer. His money is secured at the highest point the NAV had ever reached in the initial 7 years of the policy tenure.
Key Features of Canara HSBC OBC Life Insure Smart Plan
- Premium needs to be paid only for the first 5 years for the 10 year policy
- Option to select Highest NAV Guarantee fund and also choice of non NAV Guarantee funds
- Loyalty Addition of 1% of the Total Fund on maturity
- Sum Assured can be increased or decreased from the 6th year onwards
Benefits you get from Canara HSBC OBC Life Insure Smart Plan
Death Benefit – In case of death of the Life Insured, the nominee would get higher of Sum Assured and Fund Value
Maturity Benefit – On maturity, the Fund Value is paid to the policyholder according to the investment option chosen.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions Insure Smart Plan
|
|
Minimum
|
Maximum
|
|
Sum Assured (in Rs.)
|
For age <=45 years, SA=10 X AP
For age >45 years, SA= 7X AP
|
35 X AP
|
|
Policy Term (in years)
|
10 years
|
|
Premium Payment Term (in years)
|
5 years
|
|
Entry Age of Policyholder
|
8 years
|
70 years
|
|
Age at Maturity
|
-
|
70 years
|
|
Single premium (in Rs.)
|
NA
|
NA
|
|
Payment modes
|
Only Yearly
|
Sample illustration of Returns in Insure Smart Plan
Premium = Rs.50,000
Age = 30 years and 35 years
Policy Term = 10 years
Premium Paying Term = 5 years
Sum Assured = Rs 5,00,000
Total Investment = Rs. 50,000 x 5 years = Rs. 2,50,000
Additional Features and Benefits of Canara HSBC OBC Life Insure Smart Plan
Riders – There are no riders available in this policy
Investment Fund Options
There are 2 Investment options available
§ Highest NAV Guarantee Fund Option
§ Non NAV Guarantee Fund Options
o Equity Fund II
o Growth Plus Fund
o Balanced Plus Fund
o Debt Plus Fund
o Liquid Fund
Top-up - The minimum and maximum amount for Top-up is Rs 10,000 and sum assured automatically increases by 1.1% the Top up premium for age of policyholder >45 years and by 1.25% the Top up premium for age of policyholder <=45 years
Switching - The minimum amount that you can switch is Rs 10,000. First 6 switches are free. Switching from a non-guaranteed NAV Option to Guaranteed NAV Option is not allowed.
Partial Withdrawal - Partial withdrawals are allowed only after completion of 5 policy years or 18 years age of the life insured, whichever is later. First 4 partial withdrawals in a year are free. The minimum amount that you can withdraw is `10,000 and the maximum is such that the fund value after withdrawal does not fall below 120% of the annual premium.
You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.
You want a loan against your policy- There is no loan available under this plan.
Alternate ULIPs from different insurance companies
Reliance Life Pay Five Plan
Bajaj Allianz Max Advantage
SBI Life Saral Maha Anand
Other ULIPs from Canara HSBC OBC Life Insurance
Canara HSBC OBC Future Smart Plan
