Canara HSBC Oriental Bank of Commerce Assured Nivesh Plan

The Canara HSBC OBC Life Insurance Assured Nivesh Plan is a non-linked, participating, individual endowment plan which offers the dual benefit of life insurance and savings. What’s special about this plan is that it also comes with a limited pay option wherein the policyholder only has to pay premiums for a limited duration within the policy term but will get to enjoy coverage and benefits under the plan for the complete tenure of the policy.

Eligibility of Canara HSBC OBC Life Insurance Assured Nivesh Plan:

Entry age

  • Minimum age at entry must be 18 years
  • Maximum age at entry must not be over 55 years

Maturity age

Maximum age on maturity must not be over 75 years

Policy tenure  

This policy can be taken for a fixed term of 15 years or 20 years

Premium payment term

  • 7 years (for 15-year policy term)
  • 10 years (for 20-year policy term)

Premium mode

Premium payment can be done on a monthly or an annual basis

Minimum premium

The minimum premium charged under the plan will be decided based on the minimum entry age and sum assured chosen.

Maximum premium

No maximum limit on premium; subject to the underwriting process

Coverage Provided by Canara HSBC OBC Life Insurance Assured Nivesh Plan:

  • Death benefit – In case the life assured dies before the end of the policy term, their nominee is entitled to receive the death benefit sum assured. The death benefit amount will be the greater of: (i) Amount of death benefit sum assured + any yearly reversionary bonus or/and any final bonus which has been accumulated till the date on which death has occurred, or (ii) 105% of the overall premiums that have been paid till the date on which insured has died, minus any extra premium that has been paid.
  • Maturity benefit – If the life assured survives the policy term, they will be entitled to receive the maturity benefit, on the condition that the policy is still active and priding cover. The maturity benefit sum assured will be equal to the sum assured guaranteed on maturity + final bonus + accrued yearly bonus (if any).  

Features of Canara HSBC OBC Life Insurance 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

  • 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.
  • After the policy has been revived successfully, it will resume providing coverage and full bonus like before.
  • 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

  • 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.
  • 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.
  • 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.
  • 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

  • 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.
  • 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.
  • 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.

 

 

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