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Canara HSBC Secure Smart Plan
This plan has been withdrawn by the insurance company and is no longer available for sale.
Canara HSBC Oriental Bank of Commerce Life Insurance Secure Smart Plan
Canara HSBC Oriental Bank of Commerce Life Insurance Secure Smart Plan is an Endowment Plan with Limited Pay Option and guaranteed Maturity Benefit. Thus, it is a Traditional Insurance Plan without Bonus Facility.
How it works – In this plan, premium needs to be paid for a 10 years while the policy continues for the entire period of 15 years. There is Sum Assured Additions in this plan every time premium is paid. Sum Assured Additions shall be benchmarked to 5 Year Constant G-Sec Yield published by CRISIL and it is a percentage of the Sum Assured.
On survival till the end of the Policy Tenure, Sum Assured along with Sum Assured Additions (depending on the 5-year benchmark yield published by CRISIL) accrued during the premium payment term is paid is paid to the policyholder as Maturity Benefit and the policy terminates.
However, if the Life Insured dies within the Policy Tenure, the Sum Assured (subject to minimum of 10 times annualised premium) + Sum Assured Additions accrued is paid would be paid to the nominee as Death Benefit and the policy is terminated.
Key Features of Canara HSBC Oriental Bank of Commerce Secure Smart Insurance Plan
This is a Non Participating Endowment Plan
The premiums need to be paid for 10 years only while the policy continues for 15 years
This policy entitles you to receive Sum Assured Additions every time you pay premium
Sum Assured Additions is a percentage of the Sum Assured
Sum Assured + accrued Sum Assured additions is paid on Maturity or earlier Death
The first Sum Assured Addition would be accrued on Policy Commencement and subsequent additions would accrue with each premium payment
The Sum Assured is Guaranteed at Maturity
There is a Woman Discount in this plan for female policyholders of 3 years age setback in premium rates
There is also a modal discount for opting for Annual and Semi Annual modes of payment
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
Benefits you get from Canara HSBC Secure Smart Insurance Policy
Death Benefit – In case of death of the Life Insured within the policy tenure, theSum Assured (subject to minimum of 10 times annualised premium) + Sum Assured Additions accrued is paid would be paid to the nominee as Death Benefit and the policy is terminated.
Maturity Benefit – On surviving till the maturity of the policy, Sum Assured + Sum Assured Additions (depending on the 5-year benchmark yield published by CRISIL) accrued during the premium payment term is paid is paid to the policyholder as Maturity Benefit.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The Maturity Proceeds are also tax free under section 10(10)D under the mentioned clauses.
Eligibility conditions and other restrictions in Canara HSBC Oriental Bank of Commerce Policy
Policy Term (in years)
Premium Payment Term (in years)
Entry Age of Life Insured (in years)
Age at Maturity (in years)
Annual Premium (in Rs.)
Yearly, Half Yearly and Quarterly
Sample illustration of premium of Canara HSBC Secure Smart Plan
Sum Assured = Rs 3,00,000
Age = 30, 35 and 40 years respectively
Policy Term = 15 years, PPT = 10 years
Additional Features & Benefits of Canara HSBC Secure Smart Plan
Riders— There are NO additional riders available in this policy
What happens if?
You stop paying the premium – If you stop paying the premiums, the policy would lapse and all benefits would cease. If at least 3 years premiums have been paid, the policy continues for a reduced Sum Assured by being converted to a Paid-Up Policy.
A Paid-Up Policy can also be revived within 2 years from the date of first unpaid premium.
You want to surrender the policy – The higher of Guaranteed Surrender Value or Special Surrender Value is paid if the policy is surrendered after payment of at least 3 years’ premiums and completion of 3 policy years. Guaranteed Surrender Value = 30% of all premiums paid till date – 1st years’ premium
You want a loan against your policy – There is no Loan facility in this plan