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Canara HSBC OBC Life Insurance Platinum Plus Plan

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Canara HSBC OBC Life Platinum Plus Plan

Canara HSBC OBC life platinum plus plan is a unit linked, non-participating life insurance plan which provides life cover with financial security to your family. You also get loyalty additions with flexible payment term options and investment management options as well.
 

Key Features of Canara HSBC OBC Life Platinum Plus Plan

  • Flexibility of premium payment with life coverage for chosen policy term.
  • Multiple investment management options to make you optimize returns from your policy.
  • Loyalty additions & wealth boosters during the policy term as additional allocation of units to boost your investments.
  • Flexibility of switching the fund options to take advantage of market movements or change in risk preference.
  • Liquidity to take partial withdrawals to help you meet unplanned contingencies or meet changing needs of your family.
  • Tax benefits on Premiums paid and benefits received during Policy Term under Section 80C and Section 10(10D), as per the Income Tax Act, 1961.
 

Eligibility conditions and other restrictions of Canara HSBC OBC Life Platinum Plus Plan

 
  Minimum Maximum
Entry Age 0 years 70 years
Maturity Age 18 years 80 years
Premium Payment Term Limited : 5/7/10/15 years
Regular: Equal to policy term
Premium Payment Mode(Annual) Rs. 2,00,000 No Limit
Premium Payment Mode(Monthly) Rs. 25,000 No Limit
Policy Term For premium payment term(years): 5/7/10/15
For age 0 to 50 (years) : Available policy term is 10 to 30(years)
For age 51 to 55 (years) : Available policy term is 10 to 25(years)
For age 56 to 60 (years) : Available policy term is 10 to 20(years)
For Regular Pay:
For age 0 to 50 (years) : Available policy term is 10 to 30(years)
For age 51 to 55 (years) : Available policy term is 10 to 25(years)
For age 56 to 60 (years) : Available policy term is 10 to 20(years)
For age 61 to 65 (years) : Available policy term is 10 to 15(years)
For age 66 to 70 (years) : Available policy term is 10(years)
Sum Assured For ages below 45: 
Higher of (0.5 x policy term x Annualized Premium) Or 10 x Annualized Premium 
For ages 45 and above:
Higher of (0.25 x Policy Term x Annualized Premium^) Or 7 x Annualized Premium
The maximum Sum Assured is subject to Underwriting acceptance as per Board Approved Underwriting
Policy of the Company
 

Benefits of Canara HSBC OBC Life Platinum Plus Plan

1) Death Benefit : In case the policyholder dies during the policy term the nominee will receive the following benefit:
a. Before the age of 60 years, he will get higher of
i. Sum Assured less partial withdrawals, if any, in the preceding two years, or
ii. Fund Value, or
iii. 105% of all Premiums paid
b. At 60 years of age or above, he will get higher of
i. Sum Assured less partial withdrawals, if any, after attaining 58 years of age, or
ii. Fund Value, or
iii. 105% of all Premiums paid
 
2) Maturity Benefit: If policyholder survives till the end of the selected policy term, he/she will be eligible for the maturity benefit as they will receive. 
  • Fund Value based on the current (at that particular time) NAVs at maturity. Once Fund Value is paid, risk cover will cease and the policy will terminate.
  • You also have the option to take fund value on regular installments as per settlement option
3) Investment Management Benefit Option:

There are 5 different investment management options to manage your wealth under this plan and they are:

i) Self Managed Option (SMO):
This option provides you the luxury of managing and controlling your investment in your own way. You can choose from 7 different unit linked funds listed below to get good returns on your investments.
  • Emerging Leaders Equity Fund
  • India Multi-Cap Equity Fund
  • Equity II Fund
  • Growth Plus Fund
  • Balanced Plus Fund
  • Debt Fund
  • Liquid Fund
ii)  Systematic Transfer Option (STO): This is for the investors who wants to invest in equities but they worry about market risks.Through this Option, Their entire Premium will be first allocated to the Liquid Fund and then systematically transferred on a monthly basis into any one of the Unit Linked Funds. Emerging Leaders Equity Fund or India Multi-Cap Equity Fund or Equity II Fund as chosen by them.

iii)  Return Protector Option (RPO): This option enables you to take advantage of the equity market by protecting your gains from the future equity market volatility. Through RPO, starting from the 2nd Policy Year onwards ,your gains made from a equity fund basis your chosen 'Target Appreciation' are automatically transferred to a lower risk Debt Fund. This way, your gains are protected from further market volatility.

iv)  Auto Funds Rebalancing (AFR): If you wish to maintain allocation of your investments in a specific proportion across different Unit Linked Funds, irrespective of market movements, you can do so through Auto Funds Rebalancing. Once opted, after every 3 months, it automatically rebalances the allocation of your investments in various Unit Linked Funds to the allocation proportions chosen by you.

v) Safety Switch Option (SSO): As your Policy nears maturity, you may want to avoid market movements and safeguard your funds. The Safety Switch Option enables you to move your funds systematically to a relatively low risk Liquid Fund at the beginning of each of the last four Policy Years.

4) Loyalty Additions: This plan offers loyalty additions by giving you extra units to your unit linked funds provided all your due premiums have been paid. This extra unit will start adding up to your fund from sixth policy year onwards till the end of policy term.

5) Wealth Boosters: This plan also provides wealth boosters by allocating extra units to your unit linked funds at specific intervals provided all the due premiums have been paid till date. 

6) Tax Benefit: You may be entitled for tax benefits under Section 80C and Section 10(10D), as per the Income Tax Act, 1961

7) Partial Withdrawal: In hard time of your family or cash crunch, you can withdraw partial amount from your policy without surrendering it completely. This facility is available from 6th policy year provided all the premiums have been paid.

 
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