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Canara HSBC OBC Life Jeevan Nivesh Plan

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Canara HSBC OBC Life Jeevan Nivesh Plan

Canara HSBC OBC Life Insurance Jeevan Nivesh Plan is a non-linked participating life plan which provides savings  and protection at the same time.
 

Key Features of Canara HSBC OBC Life Jeevan Nivesh Plan

  • Lifelong protection up till the age of 100
  • Guaranteed maturity benefit equal to 100% sum assured
  • Option to receive maturity sum assured as annual payouts for 15 years with 5% increase every year.
  • Choice of flexible policy terms and premium payment terms
  • Better value for higher premiums - High sum assured rebate to ensure that you get extra benefit for making a higher premium commitment.
  • Tax benefits on premium paid and benefit received under Section 80C and Section 10(10D), as per the Income Tax Act, 1961
 

Benefits of Canara HSBC OBC Life Jeevan Nivesh Plan

The definitions below will help you understand the benefits of the plan better:

1) Sum Assured on Death is the amount which is higher of :-
  • 10 times the Annualised Premium
  •  Guaranteed Sum Assured on Maturity
  •  Absolute amount assured to be paid on death

2) Absolute amount assured to be paid on death is equal to Sum Assured
3) Guaranteed Sum Assured on Maturity is equal to Sum Assured
4) Paid-up Sum Assured on Death is defined as Sum Assured on Death multiplied by {Number of Premiums paid divided by Total number of Premiums payable during the Policy Term}
5) Paid-up Sum Assured on Maturity is defined as Guaranteed Sum Assured on Maturity multiplied by {Number of Premiums paid divided by Total number of Premiums payable during the Policy Term}

Tax Benefits: You can avail tax benefit on the premium paid subject to current applicable provisions of Section 80 C of income Tax Act, 1961
 

Eligibility Conditions and Other Restrictions in Canara HSBC OBC Life Jeevan Nivesh Plan

  Minimum Maximum
Entry Age Annual Mode: 18 years
Monthly Mode: 18 years
Annual Mode: 55 years
Monthly Mode: 45 years
Maximum Maturity Age 80 years of annual mode &
75 years of annual mode
Premium Payment Term & Policy Term For 15,20 & 20 years : PPT is 5 years
For 15,20 & 25 years : PPT is 7 years
For 15,20 & 25 years : PPT is 10 years
For 15,20,20 & 30 years : Regular Pay
Sum Assured Annual Mode: Rs. 3,00,000
Monthly Mode: Rs. 5,00,000
No limit
Premium Payment Mode Annual & Monthly


 
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