Canara HSBC OBC Life Smart Junior Plan
Canara HSBC OBC Life Insurance Smart Junior Plan is a non-linked participating savings-cum-protection endowment life insurance plan designed to guarantee that your child’s future education needs are fulfilled, whether you are around or not.
Key Features
Life insurance protection through payment of lump sum benefit on death, all remaining premiums, need not be paid and Guaranteed Annual Payouts as planned to meet child’s education needs
Annual payouts aligned closely to your child's educational milestones
Multiple policy term options will ensure that you are able to choose the best suited policy term closely aligned to your child's age and future education milestones.
Choice of flexible premium payment terms which can closely align to your savings horizon
Addition of regular Annual bonuses along with Final bonus (if any), on maturity to ensure that your child's education fund gets built up smoothly
High sum assured rebate to ensure that you get the extra benefit for making a higher premium commitment for the chosen policy term
Tax benefits on premium paid and benefit received during policy term under Section 80C and Section 10(10D), as per the Income Tax Act, 1961, as amended from time to time.
Benefits
You will be paid the guaranteed annual payout at the end of 4 policy years provided all the due premiums are paid. These annual payouts will be as follows:
At the end of Policy Year: | Payout as % of Sum Assured |
Policy Term minus 4 | 20% |
Policy Term minus 3 | 20% |
Policy Term minus 2 | 20% |
Policy Term minus 1 | 20% |
On your survival till maturity, you will receive guaranteed sum assured on maturity equal to 20% of Sum Assured along with Annual bonuses and Final bonus, if any.
In case of death of the policyholder during the policy term, nominee will get the following benefits:
1) Immediate lump sum benefit, higher of :
- Sum Assured
- 10 times the annualized premium,
- 105% of {the total premiums paid till the date of death less underwriting extra premium, if any}.
In addition to the above, all the future premiums will be waived off and policy will continue till the remaining policy term. The policy will also continue to accrue annual bonuses.
2) Guaranteed Annual Payouts : All guaranteed annual payouts as scheduled will continue to be payable at the end of each of the last 4 policy years before the maturity year.
3) Guaranteed Sum Assured on maturity: equal to 20% of Sum Assured payable on maturity.
4) Bonuses : Accrued Annual bonuses along with Final bonus, if any, will also be payable on maturity.
You can avail tax benefit on the premium paid subject to current applicable provisions of Section 80 C of income Tax Act, 1961
Eligibility
Minimum | Maximum | |
Entry Age | 18 years | 50 years (For monthly mode: 40 years) |
Maturity Age | 70 years | |
Policy Term | 12 to 25 years | |
Premium Payment Term | For policy term 13 to 25 : PPT is (Policy term - 8 years) For policy term 12,15,20 : PPT is 5 years For policy term 19 to 25 : PPT is 10 years |
|
Sum Assured | Annual Mode: Rs. 3,00,000 Monthly Mode: Rs. 5,00,000 |
No limit |
Premium Payment Mode | Annual & Monthly |