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Canara HSBC OBC Life Money Back Advantage Plan

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Canara HSBC OBC Life Money Back Advantage Plan

This is a traditional savings cum protection oriented, non-linked, participating, limited premium payment endowment product. This product provides guaranteed money back payouts during the policy term along with guaranteed lump sum on maturity and bonus(es) which can be utilized by the customer to fulfill various planned milestones.
 

Key Features of Canara HSBC OBC Life Money Back Advantage Plan

  • Family protection for 16 years through payout of death benefit in case of unfortunate death of the life insured
  • Limited payment term of 10 years to suit your finances and preference
  • Three Guaranteed Money Back payouts of 15% of the Sum Assured each at the end of 5th, 9th and 13th policy year to meet your planned milestones.
  • At Maturity, you will receive a guaranteed lump sum payout equal to 55% of the Sum Assured along with accrued simple reversionary bonuses and terminal bonus (if any)
  • Rebate on premiums for high Sum Assured
  • Tax benefits on premiums paid and benefits received under Section 80C and Section 10(10D), as per the Income Tax Act, 1961
 

Benefits of Canara HSBC OBC Life Money Back Advantage Plan

Survival Benefit:
You will receive Guaranteed Money Back payouts at the regular intervals as specified in the table below provided all due premiums are paid.
 
Guaranteed Money Back payouts payable at the end of the Policy Year Guaranteed Money Back payouts payable(as a Percentage of the Sum Assured)
5th 15%
9th 15%
13th 15%


Maturity Benefit:
On your survival till maturity provided all due premiums are paid, you will receive Guaranteed Sum Assured on Maturity equal to 55% of Sum Assured along with accrued Simple reversionary bonus and Terminal bonus, if any.
On payment of above benefits, your policy will terminate.

Death Benefit
In case of your unfortunate death during the policy term, provided all due premiums are paid, the death benefit payable to your nominee will be as follows:
Higher of:
1) Sum Assured on Death plus accrued Simple reversionary bonus plus Interim bonus (for the part of the year in which death occurs, if any) plus Terminal bonus (if any); or
2) 105% of {the total premiums paid till the date of death less underwriting extra premium, if any}.
   Where Sum Assured on Death is the amount which is higher of :-
  • 10 times the Annualised Premium; or
  • Sum Assured
On payment of above benefits, your policy will terminate.

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 Money Back Advantage Plan

  Minimum Maximum
Entry Age 8 years 55 years (In case of Monthly mode, max entry age is 45 years)
Maximum Maturity Age 71 years
Policy Term 16 years
Premium Payment Term 10 years
Sum Assured Annual Mode: Rs. 1,00,000(for entry age from 8 to 50 years)
Annual Mode: Rs. 2,00,000(for entry age from 51 to 55 years)
Monthly Mode: Rs. 3,00,000(for entry age 8 to 45 years)
No limit
Premium Payment Mode Annual & Monthly


 
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