Canara HSBC Secure Smart Plan
Canara HSBC Oriental Bank of Commerce Life Insurance Secure Smart Plan
Canara HSBC Oriental Bank of Commerce Life Insurance Secure Smart Plan is an Endowment Plan with Limited Pay Option and guaranteed Maturity Benefit. Thus, it is a Traditional Insurance Plan without Bonus Facility.
How it works – In this plan, premium needs to be paid for a 10 years while the policy continues for the entire period of 15 years. There is Sum Assured Additions in this plan every time premium is paid. Sum Assured Additions shall be benchmarked to 5 Year Constant G-Sec Yield published by CRISIL and it is a percentage of the Sum Assured.
On survival till the end of the Policy Tenure, Sum Assured along with Sum Assured Additions (depending on the 5-year benchmark yield published by CRISIL) accrued during the premium payment term is paid is paid to the policyholder as Maturity Benefit and the policy terminates.
However, if the Life Insured dies within the Policy Tenure, the Sum Assured (subject to minimum of 10 times annualised premium) + Sum Assured Additions accrued is paid would be paid to the nominee as Death Benefit and the policy is terminated.
Key Features
- The premiums need to be paid for 10 years only while the policy continues for 15 years
- The first Sum Assured Addition would be accrued on Policy Commencement and subsequent additions would accrue with each premium payment
Benefits
In case of death of the Life Insured within the policy tenure, the Sum Assured (subject to minimum of 10 times annualised premium) + Sum Assured Additions accrued is paid would be paid to the nominee as Death Benefit and the policy is terminated.
On surviving till the maturity of the policy, Sum Assured + Sum Assured Additions (depending on the 5-year benchmark yield published by CRISIL) accrued during the premium payment term is paid is paid to the policyholder as Maturity 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. The Maturity Proceeds are also tax free under section 10(10)D under the mentioned clauses.
There are NO additional riders available in this policy
Eligibility
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Minimum
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Maximum
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Policy Term (in years)
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15
|
|
Premium Payment Term (in years)
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10
|
|
Entry Age of Life Insured (in years)
|
18
|
60
|
Age at Maturity (in years)
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-
|
75
|
Annual Premium (in Rs.)
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10,000
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No Limit
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Payment modes
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Yearly, Half Yearly and Quarterly
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FAQs
The higher of Guaranteed Surrender Value or Special Surrender Value is paid if the policy is surrendered after payment of at least 3 years’ premiums and completion of 3 policy years.
Guaranteed Surrender Value = 30% of all premiums paid till date – 1st years’ premium
There is no Loan facility in this plan