Canara HSBC Oriental Bank of Commerce Smart Stage Money Back Plan is an insurance plan that offers life protection along with payouts through guaranteed money backs. The plan comes with its own set of unique features and benefits.
Eligibility Criteria for Canara HSBC Oriental Bank of Commerce Smart Stage Money Back Plan
|Eligibility factor||Eligibility criteria|
|Minimum age at the time of entry||2 years|
|Maximum age at the time of entry||51 years|
|Minimum age at maturity||18 years|
|Maximum age at maturity||75 years|
|Policy term||16 years, 20 years and 24 years|
|Premium payment term||8 years, 10 years and 12 years|
|Payment mode||Annually, semi annually and monthly|
|Minimum basic sum assured||Rs. 2,00,000|
|Maximum basic sum assured||There is no limit on the maximum basic sum assured for this plan|
Key Features of Canara HSBC Oriental Bank of Commerce Smart Stage Money Back Plan
|Policy terms||16 years, 20 years and 24 years|
|Premium payment terms||8 years, 10 years and 12 years|
|Premium payment mode||Annually, semi annually, and monthly|
|Death benefit||In case of unfortunate death of the insured during the policy term, the nominee will be paid sum assured along, Vested Compound reversionary bonus and Terminal bonus if any.|
|Maturity benefit||On survival of the insured till the end of the policy, the insured will receive guaranteed sum assured along with vested reversionary bonus and terminal bonus if it's applicable.|
|Survival benefit||The plan offers guaranteed regular payouts as a percentage of basic sum assured at intervals.|
|Free look period||15 days|
|Grace period||One month (30 days)|
|Surrender||The policy can be surrendered any time during the term of the policy provided that the premiums for the first year has been paid completely.|
|Policy cover||Death benefit and maturity benefit along with guaranteed additions|
|Loan facility||Loan facility is available under the policy when the policy acquires surrender value. One can apply for a loan up to 65% of the surrender value.|
|Policy revival||The policy can be revived within the two years from the date of the first unpaid premium in case of lapse of the policy|
|Tax benefits||The policy qualifies for tax benefits under section 80c of the Income Tax Act, 1961|
Benefits of Canara HSBC Oriental Bank of Commerce Smart Stage Money Back Plan
Listed below are the benefits of Canara HSBC Oriental Bank of Commerce life insurance plan ( Money back plan )
- Death benefit- On unfortunate death of the insured, the nominee will receive guaranteed sum assured, vested reversionary bonus and terminal bonus if any.
- Maturity benefit- On maturity of the policy, the insured will receive sum assured along with vested reversionary bonus. Terminal bonus is payable if it's applicable.
- Survival benefit- Survival benefit will be paid in the form of regular guaranteed payout at regular intervals.
- Loan facility- One can avail loan under the policy given that the policy has acquired surrender value.
- Tax benefit- The policy qualifies for tax benefits under section 80C of the Indian Income Tax Act, 1961.
- The plan can be easily purchased online without any hassles.
- Offers regular payout at intervals.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017