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Canara HSBC OBC Life Smart Junior Plan

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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 of Canara HSBC OBC Life Smart Junior Plan

Enhanced Triple Protection – 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

Guaranteed payouts for child`s education – Annual payouts aligned closely to your child's educational milestones

Customize to your savings horizon and key education 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.

Premium payment options – Choice of flexible premium payment terms which can closely align to your savings horizon

Smooth build-up of education fund – 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

Better Value for higher premiums – 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 of Canara HSBC OBC Life Smart Junior Plan

Survival Benefit: 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%


Maturity Benefit: 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.

Death Benefit: 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.

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 Smart Junior Plan

 
  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


 
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