Canara HSBC Oriental Bank of Commerce Assured Nivesh Plan

Loan facility

Loan facility is available under this policy subject to the condition that the policy must have acquired surrender value.

Rebates

Policyholders are eligible to get rebates on premiums when they choose a sum assured that is greater than Rs.4 lakh.

Paid-up benefits

This plan offers reduced death benefit and reduced maturity benefit under paid-up benefits.

Policy revival

1. If a policy has lapsed, it can be revived within a period of 2 years, beginning from the date premium payment has been missed for the first time.
2. After the policy has been revived successfully, it will resume providing coverage and full bonus like before.
3. For reviving the policy, the policyholder must pay all remaining unpaid premiums along with any interest amount that is applicable to the same.

Free look period

1. Once the policyholder has purchased the policy, they will be allowed a time period, known as the free look period, within which they can review the terms and conditions of the policy.
2. Insurers typically offer a free look period of 15 days, starting from the date the policy document has been received. For those who have received their policy via distance marketing, a free look period of 30 days is permitted.
3. In case the policyholder isn’t satisfied with any aspect of the policy and wishes to return/cancel it, they must do so within the designated free look period.
4. On successful cancellation, they will be refunded the premiums they have paid, less the amount the stamp duty charges and proportionate risk coverage.

Grace period

A grace period of 30 days is provided under this policy to make pending premium payments.

Nomination

Nomination is allowed as per the regulations of Section 39 of the Insurance Act, 1938.  

Assignment

Assignment is allowed under the provisions of Section 38 of the Insurance Act, 1938.  

Policy surrender

The policy can be surrendered

Suicide Exclusion

1. If policyholder commits suicide before the policy has completed one year (starting from the policy’s inception date) but is in force, the nominee will be entitled to an amount equal to 80% of total premiums paid.
2. If policyholder commits suicide before the policy has completed a year, starting from the date of revival, the nominee will be entitled to an amount that is equal to either the policy surrender value as on the day of the death or more than 80% of premiums paid till the date of death.
3. In case the policyholder commits suicide after the policy has completed one year, starting from either the date of policy inception or policy revival, the nominee will be entitled to receive the death benefit mentioned in the policy.