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  • Canara HSBC Oriental Bank of Commerce Smart Future Income Plan

    Canara HSBC Oriental Bank Of Commerce Life Insurance

    The Smart Future Income Plan offered by Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited, is a life insurance plan offering financial protection to the policyholder’s family upon his/her unfortunate demise. This is a unit linked policy that offers long-term investment option to the beneficiaries and offers comprehensive cover. There are two plans available under this policy, which are benefits for death only or benefits for total and permanent disability or death.


    Features of Canara HSBC Oriental Bank of Commerce Smart Future Income Plan

    Sum Assured

    The sum assured is based on the age of the insured and the policy term that he/she has opted for.

    • For policyholders who are less than 45 years old, the sum assured is equal to policy term X 0.5 X Annualized Premium or 10 X Annualized Premium.
    • For policyholders who are equal to or more than 45 years old, the sum assured is equal to 7 X Annualized Premium.

    The sum assured can also be altered as per the policyholder’s requirements, from the 6th policy year. This option is only available to those who have regularly paid premium and can be availed only once in each policy year.

    Settlement Option The policyholder can opt for the settlement option in order to get their maturity benefit in installments over a period of not more than 5 years. The payment will be made as per the payment frequency chosen by the policyholder. During this period, the life cover is not extended as the policy is not in effect. The policyholder can choose to withdraw the entire funds available at any time.
    Premium Funding Benefit

    At the inception of this policy, the policyholder can choose from two options which determine the premium funding benefits received. These options are as follows:

    • Benefit upon death only
    • Benefit upon Total and Permanent Disability or Death
    Policy Term The policyholder can choose a policy term of 10 years, 15 years, 20 years or 25 years.
    Premium The minimum premium payable by the policyholder for a policy term of 10 years is Rs. 5000 on a monthly basis and Rs. 50,000 on an annual basis. For the other tenure options, the minimum premium payable by the policyholder is Rs. 3000 on a monthly basis and Rs. 25,000 on an annual basis. There is no maximum limit on the premium.
    Premium Payment Term The policyholder can choose a premium payment term from 10 years to 20 years, as per his/her income capacity.
    Premium Redirection The policyholder can choose to redirect a proportion of their policy premium from the 2nd year of the policy term. This is allowed only once during a policy year and there are no extra charges levied on the same. The revised premium, as per the proportion of allocation, is applicable on the subsequent premiums paid out by the policyholder.
    Surrender The policy holder can discontinue or surrender his/her Smart Future Income Plan at any point of time. This policy can then be renewed within 2 years from the date of payment of the last premium if you choose to discontinue the policy. When the policy is surrendered, the policy cover is withdrawn and cannot be revived.
    Death Benefit A death benefit comprising of the sum assured is paid to the insured’s family upon his/her death. The minimum death benefit offered to a beneficiary is not less than 105% of the overall premium paid by the insured.

    Benefits of Canara HSBC Oriental Bank of Commerce Smart Future Income Plan

    • The premium can be paid on a monthly or annual basis.
    • The Fund Value is offered as maturity benefit on the policy.
    • In the event of death or disability of the insured, the insurance provider will pay the remaining premium.
    • The policyholder can choose to invest in equity funds such as – Growth Plus Fund, Equity II Fund, Balanced Plus Fund, Liquid Fund and Debt Plus Fund, with 0% - 100% equity exposure.
    • The policyholder can switch his/her investment options for those with lower risk, by using the safety switch option.
    • This policy has a higher liquidity ratio compared to other life insurance policies since the policyholder can withdraw funds in order to meet personal emergencies.
    • Tax benefits are applicable, as stipulated by Section 80C and 10 (10D) of the Income Tax Act.

    Eligibility Criteria

    Minimum entry age 18 years
    Maximum entry age
    • Policy term of 10 years/ 15 years - 51 years
    • Policy term of 20 years – 49 years
    • Policy term of 25 years – 45 years
    Maximum age of policyholder at maturity
    • Policy term of 10 years – 61 years
    • Policy term 15 years - 66 years
    • Policy term of 20 years – 69 years
    • Policy term of 25 years – 70 years
    Premium Payment Frequency Monthly/ Annual
    Policy term (options) 10, 15, 20 or 25 years
    Premium payment term 10 – 20 years

    How the Canara HSBC Oriental Bank of Commerce Smart Future Income Plan Works

    In order to avail the Canara HSBC Oriental Bank of Commerce Smart Future Income Plan, choose the mode of premium payment, the amount of premium and the premium payment tenure of your choice. Then, choose the policy tenure, premium funding benefit option and the sum assured available under this Canara HSBC Oriental Bank of Commerce life policy. Once this is done, you have to choose from the 5 equity investment options based on your risk preference. Pay the premium via Demand Draft, Cheque, Direct Debit, ECS or Standing Instruction and submit the policy proposal form along with other necessary documents. Upon acceptance of the proposal, the policy will be issued. The policyholder will have to pay premium each month or year in order to enjoy the life insurance cover and other benefits offered under this plan.

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