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Canara HSBC OBC Life Insurance Secure Bhavishya Plan

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Canara HSBC OBC Life Secure Bhavishya Plan

Canara HSBC Oriental Bank of Commerce Life Secure Bhavishya Plan is a non-participating unit linked guaranteed maturity (benefit) pension plan where you get loyalty additions and can choose your premium payment term. You can choose your maturity (vesting) age as well.
 

Key Features of Canara HSBC OBC Life Secure Bhavishya Plan

  • Guaranteed Vesting Benefit of 101% of premiums paid (including top-up premiums, if any), provided all due premiums are paid
  • Unlimited top-ups can be paid depending upon your retirement needs
  • Option to choose Vesting age and premium payment term as per your requirements
  • Flexibility to choose Annual or Monthly premium payment modes
  • Loyalty Additions to boost your fund value after every 5 years, starting from 10 policy year
 

Benefits in HSBC OBC Life Secure Bhavishya Plan

Death Benefit:
In case of death of the Life Insured within the Policy Tenure, the Nominee would be paid the higher of the following:
  • Fund Value or
  • 105% of the cumulative premiums paid (including top-up premiums, if any) Options available on Death.
The nominee shall have the option to utilize the death benefit in one of the following ways:
1.He/she can use the entire amount or can use a part thereof for purchasing an immediate annuity at the then prevailing rate from Us, which shall be guaranteed for life at the then prevailing annuity/pension rates.
2.Withdraw the entire amount of the policy

Maturity Benefit:
Once the policyholder survives the entire term he is eligible to get a maturity benefit. Maturity benefit will be
Higher of Fund Value or guaranteed* maturity benefit, 
where the guaranteed* maturity benefit is 101% of total premiums paid (including top-up premiums) 
*Benefit is guaranteed subject to payment of all due premiums.
 

Investment Funds and Investment strategy in HSBC OBC Life Secure Bhavishya Plan

There are three investment funds in the plan. The investment and risk profile of each fund is described below:
 
Fund Name Fund Philosophy Asset Allocation Risk Profile
Pension Growth Fund To achieve capital appreciation through a judicious mix of investments in equities and fixed income securities. Equity# 10%-60% Medium to high
Debt Securities 20%-100%
Money Market Instrument & Others* 0%-80%
Pension Balanced Fund To achieve a balance between capital protection and returns through a judicious mix of investments in equities and fixed income securities. Equity# 0%-30% Medium
Debt Securities 20%-100%
Money Market Instrument & Others* 0%-80%
Pension Debt Fund To provide capital protection and accumulation of income through investment in fixed income securities. Equity# 0% Low
Debt Securities 20%-100%
Money Market Instrument & Others* 0%-80%


Tax Benefits: The premiums paid and benefits received are eligible for tax benefits under Section 80C, Section 80 (D) and Section 10(10D) of the Income tax Act, 1961.
 

Eligibility conditions and restrictions in Canara HSBC OBC Life Secure Bhavishya Plan

 
  Minimum Maximum
Entry Age 25 years 70 years
Vesting Age 40 years 80 years
For QROPS policies = (55 Years to 75 Years)
Premium Payment Term (PPT) For Single pay – One time premium only
Term (PPT) For Regular/Limited pay:
Minimum: 5 years
Maximum: Equal to the Policy Term
PPT - Minimum Regular Pay: 10 years
PPT - Maximum Limited Pay: 34 years
For policy sourced under QROPS, only Single pay option is available
Premium Payment Modes Regular / Limited pay – Annual & Monthly modes are available.
For Monthly Mode: It is mandatory to pay first three months premium in advance.
For  QROPS policies, only Single pay option is available.
Minimum Premium For Single pay - Rs. 3,00,000 (If it is purchased from the company's pension plan then there is no minimum premium limit)
For Regular / Limited pay:
Annual Premium (for premium payment term of 5 to 9 years): Rs. 50,000
Annual Premium (for premium payment term of 10 years and above): Rs. 25,000
Monthly Premium (for premium payment term of 5 to 9 years): Rs. 5,000
Monthly Premium (for premium payment term of 10 years and above): Rs. 3,000
For Top-ups - Rs. 10,000
Policy Term Vesting age less entry age, subject to following conditions:
Maximum policy term is (80 years - entry age)
Minimum policy term is 10 years
For Regular / Limited pay, maximum policy term is limited to 35 years
For Single pay variant, maximum policy term is limited to 30 years


 
NAV of all funds in Canara HSBC OBC Life Insurance Secure Bhavishya Plan
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