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  • Canara HSBC Oriental Bank of Commerce Smart Future Plan

    Canara HSBC Oriental Bank Of Commerce Life Insurance

    If you are looking to the future for long-term investment opportunity, Canara HSBC Oriental Bank of Commerce Smart Future Plan may be the ideal choice. The needs of your family cannot be predicted and you will never know what the future holds, which is why you need a safety net. Smart Future Plan’s comprehensive insurance cover makes sure that everything that you have ever wanted for your family comes true even if something unfortunate were to happen.

    Eligibility criteria for Canara HSBC Oriental Bank of Commerce Smart Future Plan

    Given below are the eligibility criteria for Canara HSBC Oriental Bank of Commerce Smart Future Plan

    Eligibility factor Eligibility criteria
    Minimum age at the time of entry 18 years
    Maximum age at the time of entry 51
    Minimum age at maturity 28 years
    Maturity Age (Life Assured) Policy Term  (years) Age at Entry (years) Age at Maturity (years)
    15 51 66
    20 49 69
    25 45 70
    Premium Policy Term Payment Mode
    Annual Monthly
    10 years Rs. 50,000 p.a. Rs. 5,000 p.m.
    15/ 20/ 25 years Rs. 25,000 p.a. Rs. 3,000 p.m.

    Key features of Canara HSBC Oriental Bank of Commerce Smart Future Plan

    Listed below are the key important features of Canara HSBC Oriental Bank of Commerce Smart Future Plan

    Type unit linked plan
    Basis Individual
    Policy terms 15, 20 and 25 years
    Payment Mode Annual/ Monthly
    Premium Funding Benefit The Premium Funding Benefit can only be chosen at inception: Option 1: Death only Option 2: Death or Total & Permanent Disability (TPD) Once the customer has chosen an option, he/ she cannot opt out or change the option later.
    Fund Switching As a customer of Smart Future Plan, you can opt to switch some or all of your investments from one fund to another. This can be done any number of times. Rs. 10,000 is the minimum amount that you can switch funds.
    Change in Sum Assured From the 6th policy year, it is possible to decrease or increase the Sum Assured, under the condition that all due premiums are paid. A customer can make use of this facility once every year and a maximum of 3 times during the Policy Term. Making use of this facility will not affect the annual premium.
    Premium Redirection Once in a policy year, the policy holder can modify the allocation of future premiums. Once revised, the modified allocation proportion will apply to the subsequent premiums.
    Partial Withdrawal Partial withdrawals can be made in case of any unforeseen contingency. Partial withdrawal is only possible from the 6th policy year. Rs. 10,000 is the minimum amount that you can withdraw. The maximum amount that you can withdraw depends on the Fund Value. You can withdraw any amount so long as after the withdrawal, the Fund Value does not fall below 120% of the annual premium.
    Safety Switch Option In order to safeguard your funds and avoid market movements, you can take precautions with this policy, particularly when the policy nears maturity. In the last four policy years, with the Safety Switch Option, the policy holder can move their funds to a relatively low risk Liquid Fund.
    Auto Fund Rebalancing Auto Funds Rebalancing is a facility that the bank offers which allows the policy holder to maintain allocation of investments in a specific proportion across funds, regardless of market movements. If the policy holder opts for this facility, it automatically rebalances the allocation of the investments, every three months. It will be allocated into various funds in the allocation proportions chosen by the policy holder.

    Benefits of Canara HSBC Oriental Bank of Commerce Smart Future Plan

    Listed below are the benefits of Canara HSBC Oriental Bank of Commerce Smart Future Plan

    Death benefit: This Life Insurance policy gives the policy holder complete peace of mind knowing that all the financial needs of their family will be taken care of even in the unfortunate event of their death/ disability. The death benefit will not be less than 105% of the total premiums paid, at any point of time.

    Maturity Benefit: When the policy matures/ the Policy Term ends, the Fund Value will be given so that the policy holder may use it for his/ her family.

    Policy Term & Premium Options: Canara HSBC Oriental Bank of Commerce Life Insurance policyholder can choose the Policy Term of 10, 15, 20 or 25yrs. Also, according to the earning capacity, a Premium Paying Term can be chosen from 10 to 20 years.

    Premium Paying Mode: This benefit is the ultimate safety net that you can provide your child with in the unfortunate event of your death. The company will fund all the future premiums so that the policy continues. Thus, as planned, the child of the policy holder will receive the fund value at maturity. In the event of the policy holder’s Total & Permanent Disability, the same benefit applies, if the Premium Funding Benefit for disability was chosen. This also means that the Life Cover continues and the Sum Assured will be payable when the policy holder dies.

    Investment Funds: depending on your investment philosophy, the policy holder can opt to invest in 5 investment funds with equity exposure ranging 0% to 100%.

    How Canara HSBC Oriental Bank of Commerce Smart Future Plan works?

    Smart Future Plan policy holders can choose the sum assured and policy term. The premium will be calculated based on policy term, age, basic sum assured and premium payment mode.

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