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  • Canara HSBC Oriental Bank of Commerce Smart Junior Plan

    The Canara HSBC OBC Smart Junior Plan is a smart plan to start saving for your child’s education and future early. Depending on the age of the child, you can choose a suitable policy term and flexible premium payment options. You are assured of guaranteed lump sum payouts to ensure your child receives the funds necessary to further their educational endeavours.

    Eligibility Conditions for the Canara HSBC OBC Smart Junior Plan:

    Minimum Entry Age 18 years
    Maximum Entry Age 50 years 40 years in case of monthly mode
    Maximum Maturity Age 70 years

    Sum Assured Offered by the Canara HSBC OBC Smart Junior Plan:

    Minimum Sum Assured Monthly mode - Rs.3 lakhs Annual mode - Rs.5 lakhs
    Maximum Sum Assured No limit, subject to board approved underwriting policy

    Policy Terms for the Canara HSBC OBC Smart Junior Plan:

    Policy term 12 years and 25 years

    Premium Terms for the Canara HSBC OBC Smart Junior Plan:

    Premium Payment Modes Annual and Monthly
    Minimum premium Depends on minimum entry age and minimum sum assured
    Maximum Premium No limit, subject to board approved underwriting policy

    The table below indicates this life insurance policy terms and premium payment terms available under this policy.

    Policy Term Premium Payment Term
    13 years to 25 years Policy term minus 8 years
    12 years, 15 years and 20 years 5 years
    19 years to 25 years 10 years

    What you need to know about Canara HSBC OBC Smart Junior Plan:

    • This is a non-linked participating individual limited premium payment endowment life insurance plan.
    • This plan is designed for comprehensive protection coupled with flexible policy term options and premium payment terms.
    • You will receive guaranteed lump sum payouts at the end of every year of the last four years of the policy term.
    • Upon maturity, annual and terminal bonuses may be paid. Provided you pay all your premiums, bonuses will be added to this plan and once added, it will be guaranteed.

    Key Features of Canara HSBC OBC Smart Junior Plan:

    Type of Plan Non-linked participating individual limited premium payment endowment life insurance plan
    Premium Payment options Annual and Monthly.
    Grace period 30 days from premium due date.
    Free-look period The policy has a 15-day free-look period from the date of receipt of the policy. For policies bought through distance marketing, the free-look period is 30 days. The policy can be returned for a refund of the premiums paid after deducting proportionate risk premium and stamp duty.
    Reinstatement After paying all dues plus interest, a policy can be reinstated within 2 years from the due date of the first unpaid premium.
    Tax benefit Tax benefit will be as per the prevailing Income Tax laws
    Service Tax As per the prevailing law, service tax and education cess will be levied.
    Assignment Available as per the provision of Section 38 of the Insurance Act, 1938
    Nomination Available as per the provision of Section 39 of the Insurance Act, 1938

    Advantages and Benefits of Canara HSBC OBC Smart Junior Plan:

    The Canara HSBC OBC Smart Junior Plan provides the following key benefits:

    • Be protected even after the death of the life insured. A lump sum is payable on death, remaining premiums will be waived, and annual payouts are guaranteed in the last 4 years of the policy term.
    • The annual payouts are lined up closely with the child’s educational milestones to meet financial expenses.
    • Multiple policy term options and flexible premium payment terms help you choose a policy that suits you best.
    • Tax benefits are applicable

    Death Benefit:

    Upon the death of the life insured, the higher of the following will be paid out provided that the policy is in-force:

    1.Lump Sum Benefit:

    • Sum assured
    • 10 times the annualized premium
    • 105% of the total premiums paid minus unwriting extra premium, if any

    2.Guaranteed Annual Payout:

    Guaranteed annual payouts scheduled to be paid every year during the last four years of the policy will continue.

    3.Bonus:

    All accrued bonuses, annual and terminal, will be paid on maturity.

    4.Guaranteed Sum Assured on Maturity:

    This amount will be payable on maturity equal to 20% of the sum assured.

    Maturity Benefit:

    At the end of the policy term, if the life insured has survived, you will receive guaranteed annual payouts at the end of every year for the last 4 years of the policy before maturity. All premiums must be paid up to receive these benefits. 20% of the sum assured will be paid out at the end of every year. Upon maturity, 20% of the sum assured plus annual and terminal bonus, if any, will be payable.

    Annual Bonus:

    A simple reversionary bonus will be declared every financial year depending on the profits gained from the with-profit fund. The bonus is payable upon death of life insured of maturity of the policy, whichever is earlier. The annual bonus is a percentage of the sum assured. Once the bonus is declared it is guaranteed.

    Final Bonus:

    Final bonus, if any is applicable, will be paid out as a terminal bonus. The bonus is expressed as a percentage of the sum assured. The bonus is based on the profits of the with-profit fund managed by the company. This will be payable upon maturity.

    Rebates:

    On the premium payable, this plan offers rebates if the sum assured is equal to or higher than Rs.4 lakhs.

    Sum Assured Rebate on Premiums (Per 1000 SA)
    Less than Rs.4 lakhs Rs.0.00
    Rs.4 lakhs to less than Rs.5 lakhs Rs.0.9
    Rs.5 lakhs to less than Rs.7.5 lakhs Rs.1.5
    Rs.7.5 lakhs to less than Rs.10 lakhs Rs.2.2
    Rs.10 lakhs to less than Rs.20 lakhs Rs.2.6
    Rs.20 lakhs to less than Rs.50 lakhs Rs.3.1
    Rs.50 lakhs and above Rs.3.5

    Exclusions under Canara HSBC OBC Smart Junior Plan:

    • If the life insured commits suicide within one a year of the policy revival date, 80% of the premiums paid or the surrender value, whichever is higher, will be paid.
    • Within one year from the date of inception of the policy, if the life insured commits suicide, whether sane or insane, 80% of the premiums paid will be refunded.
    • If the life insured commits suicide after 1 year of the date of inception or revival, the death benefit will be payable.

    Loan:

    Loan facility is available to policyholders in the time of unforeseen financial need. Once the policy acquires surrender value, a loan can be availed for a minimum amount of Rs.20,000. THe maximum amount cannot exceed 80% of the surrender value at the time of availing the loan.

    Revival:

    A lapsed policy can be revived by placing a request with the company. The revival period is 2 years from the due date of the first unpaid premium. To reinstate a policy, all past due premiums must be paid up along with applicable interest. All product benefits and bonuses will be reinstated to the full level once the policy is revived.

    The Canara HSBC OBC Smart Junior Plan provides comprehensive cover for yourself and your child’s needs. The policy has flexible terms so that you can choose a plan that is affordable and suitable to your budget and your child’s age.

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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