Canara HSBC Life Guaranteed One Pay Advantage Plan UIN 136N083V01
Canara HSBC Life Guaranteed One Pay Advantage Plan is a Non-Linked, Non-Participating Individual Savings Life Insurance Plan. This plan gives you the flexibility of paying only once and staying covered throughout the policy term. It also provides a protective cushion to your family with guaranteed maturity benefits.
| Plan Name | Guaranteed One Pay Advantage Plan |
| Product Type | Endowment Insurance |
| UIN | 136N083V01 |
Key Features
In case of Single Life:
- On the death of the Life Assured, Sum Assured on Death will be paid. On payment of this benefit, the policy will terminate.
In case of Joint Life:
- On the first death of either of the Lives Assured, 1.25 times the Single Premium will be paid and the policy will continue.
- On the death of the surviving Life Assured, Sum Assured on Death will be paid. On payment of this benefit, the policy will terminate.
Sum Assured on Death is equal to -
- In case of Single Life, higher of:
- 1.25 times or 10 times the Single Premium, as opted at the inception of the policy
- Guaranteed Sum Assured on Maturity x Death Benefit Factor
- In case of Joint Life - 10 times the Single Premium
Life cover for the entire policy term
Short premium payment commitment of One-Pay
Option to choose cover on single life or Joint life basis
Policy benefits are upfront guaranteed at start of the policy
Assured returns on maturity to meet financial goals
Option to choose life insurance coverage equal to 10 or 1.25 times the Single Premium basis your financial protection needs(applicable under single life option only)
Available subject to prevailing Tax Laws
Sample illustration of Canara HSBC Life Guaranteed One Pay Advantage Plan
Example 1 - Single Life
Mr. Ram, a businessman wants to invest in Guaranteed One Pay Advantage
Age - 40 Years
Premium - ₹10,00,000
Policy Term - 10 Years
Life Coverage - 1.25 times the Single Premium
Scenario 1 - Maturity Benefit
Ram pays ₹10,00,000 as a Single Premium and gets ₹18,39,500 as Guaranteed Sum Assured on Maturity after 10 years and Policy terminates.
Scenario 2 - Death Benefit
In case of the unfortunate demise of Ram, his nominee will get ₹12,50,000 as Death Benefit and Policy terminates.
Example 2 - Joint Life
Raj and his wife Radhika wants to ensure that both their lives are financially protected. So he invests in Guaranteed One Pay Advantage Plan on joint life coverage basis.
Raj’s Age - 40 Years
Radhika’s Age - 40 Years
Premium - ₹10,00,000
Policy Term - 10 Years
Life Coverage - Joint Life
Scenario 1 - Maturity Benefit
Raj pays ₹10,00,000 as a Single Premium and at the end of the policy tenure i.e. after 10 years, he will receive ₹17,93,300 as Guaranteed Sum Assured on Maturity and Policy terminates.
Scenario 2 - Death Benefit
In case of the unfortunate demise of Raj, Radhika will get ₹12,50,000 as Death Benefit and Policy continues till the policy tenure. After 10 years, Radhika gets ₹17,93,300 as a Guaranteed Sum Assured on Maturity, and the Policy terminates.
Scenario 3 - Death of both the Life Assured
During the 4th year of the policy, in an unfortunate event, Raj dies. Radhika will get ₹12,50,000 as Death Benefit and Policy continues. After 4 more years i.e. on the 8th year of the policy, Radhika dies, her nominee will get ₹1,00,00,000 as Death Benefit and Policy terminates.
Benefits
In case of Single Life:
- On the death of the Life Assured, Sum Assured on Death will be paid. On payment of this benefit, the policy will terminate.
In case of Joint Life:
- On the first death of either of the Lives Assured, 1.25 times the Single Premium will be paid and the policy will continue.
- On the death of the surviving Life Assured, Sum Assured on Death will be paid. On payment of this benefit, the policy will terminate.
Sum Assured on Death is equal to -
- In case of Single Life, higher of:
- 1.25 times or 10 times the Single Premium, as opted at the inception of the policy
- Guaranteed Sum Assured on Maturity x Death Benefit Factor
- In case of Joint Life - 10 times the Single Premium
Guaranteed Sum Assured will be paid on Maturity. On payment of this benefit, the policy will terminate.
Guaranteed Sum Assured on Maturity will be calculated by multiplying the Single Premium with the Guaranteed Sum Assured on Maturity (GSAM) factor. The GSAM factor varies basis the Age of the Life Assured, Policy Term, and Single Life or Joint Life coverage chosen. In case of Single Life, these factors further vary by Sum Assured chosen (i.e. 1.25 times or 10 times the Single Premium).
How it works
Step 1: Choose -
- Single Life
- Joint Life
Step 2: Choose how much you want to save to contribute towards your goal. This is your premium.
Step 3: Choose your Policy Term basis your financial horizon
Step 4: In case of Single Life, choose a life cover of 10 times or 1.25 times the Single Premium. In case of Joint Life, you can skip this step as life coverage is fixed.
Step 5: The Guaranteed Sum Assured on Maturity in this plan will be determined on the basis of your age and the options chosen above.
Eligibility
| Minimum | Maximum | |
| Single Premium | ₹5 lakhs | No limit |
| Age at entry | For 5 Years Term - 13 Years For 7 Years Term - 11 Years For 10 Years Term - 8 Years |
50 Years |
| Maturity age | 18 Years | 60 years |
| Policy Term | 5/7/10 | |
FAQs
What is Free-look Period?If the policyholder is not happy with the plan, he can cancel the policy within 15 days of the plan issuance. This period is called the free-look period. Upon cancellation, the premium paid net of any applicable expenses would be returned.
What is Grace Period?In the case of Yearly, Half-yearly, and Quarterly premium payment modes you have a grace period of 30 days from the premium due date. In the case of monthly premium payment mode, the grace period is 15 days.
What is the Revival Period?A lapsed or a Reduced Paid-Up policy can be reinstated (with or without Riders) for full benefits on revival within 5 years from the date of first unpaid premium.
