Canara HSBC Oriental Bank of Commerce Smart Vriddhi Plan
Uncertainty and unpredictability are to defining characteristics of life. While one moment, things may be going smoothly, the very next moment might be marked by some grave misfortune. There is simply no way to predict what the future might have in store for us or our family. There is a constant fear which occupies our mind, "What will happen to my family if / when I am not around?". To ensure that you are not troubled by that very thought, Canara Bank, HSBC and Oriental Bank of Commerce present the Smart Vriddhi Plan.
This unique plan has been designed to help you not only safeguard your family's future but also provide for their needs financially, when you may not be around. You get to benefit from multiple advantages which this plan offers, like affordable premiums, no medical documents needed, limited term of premium payment, long-standing benefits to your family, guaranteed maturity benefit, and many more such advantages. With the Smart Vriddhi Plan, you can now plan your savings while also providing financial protection to your family.
Eligibility for Smart Vriddhi Plan
Minimum Age of Entry | Applicant must be a minimum of 18 years at the time of taking the policy. |
Maximum Age of Entry | Applicant must not be beyond 50 years of age when taking the policy. |
Minimum Age at Maturity | Applicant must be a minimum of 28 years at the time of maturity of the policy |
Maximum Age at Maturity | Applicant must not be more than 60 years at the time of maturity of the policy. |
Key Features of Smart Vriddhi Plan
- Long Term Protection - The Smart Vriddhi Plan provides financial protection to your family for a long term of 10 years, in the event that the Life Assured individual passes away.
- Enhanced Protection Feature - The inbuilt Accidental Death Benefit feature in this plan helps provide that additional protection in times when the need may arise.
- Limited Premium Payment Term - The Smart Vriddhi plan helps you save tremendously as it only requires you to pay premiums for a short term of 5 years. However, you can enjoy the benefits of the plan for a long term of up to 10 years.
- Guaranteed Maturity Benefit - Policy holders can further stand to gain with this policy with the help of the Guaranteed Maturity Benefit which is payable to the policy holder on the condition that they made timely payments on all policy premium payments due.
- Simple Application Process - The Smart Vriddhi Plan features a simple process for application. All you are required to do is fill in a brief proposal form following which the policy coverage will begin.
- No Need to Provide Medicals - To apply for the Smart Vriddhi Plan, you are not required to furnish any medical documents. The policy coverage will be decided based on the health declaration provided at the time of the policy proposal.
- Affordable Plan - The Smart Vriddhi is a very affordable life insurance plan which features very affordable premium amounts. The premiums for this policy start as low as Rs 8,000 for a year.
- Possibility of Tax Benefits - You may also be eligible for tax benefits under the Smart Vriddhi Plan.
Plan Type | Non-Linked Non-Participating Plan |
Plan Basis | Individual |
Premium Payment Terms | Premiums must be paid for a total term of 5 years. |
Premium Payment Frequency | Premiums can only be paid annually / yearly. Premiums can only be paid in two options - Rs 8,000 or Rs 10,000. |
Maturity Benefits | Guaranteed maturity benefit is payable (subject to timely payment of all due premiums) |
Policy Term | Policy is available for a term of 10 years. |
Free Look Period | Policy holders are given a free look period of 15 days / 30 days (only if the policy has been taken via distance marketing) from the date when the policy document has been received by them. They may review the terms and conditions of the policy within this free look period. |
Grace Period | A Grace period of 30 days will be provided for making premium payments. |
Policy Revival | If the policy has lapsed due to any reason, policy holders may request to get their policy revived during the revival period of 2 years, counting from the due date of first unpaid premium. Also, in order to revive the policy, the policy holder is required to pay all past premiums which are due, along with an interest of 10% per annum (counted from respective premium due date till the date of revival). |
Facility of Nomination | Facility of Nomination is allowed under this plan (As per the provisions of Section 39 of the Insurance Act, 1938). |
Sum Assured Amount | The minimum sum assured amount to be received is Rs 80,000; Maximum Sum Assured Amount to be received is Rs 1,80,000. The amount of Sum Assured is fixed depending on the age at which the Life Assured takes the policy. |
Policy Coverage | This policy provides maturity benefit, Death Benefit and Accidental Death Benefit. |
Benefits of Smart Vriddhi Plan
- Maturity Benefit - Upon the insured's survival up to the maturity of the policy, a guaranteed Sum Assured will be given. The Sum Assured amount will be equivalent of 137.5% of the total amount of premiums paid by the policy holder.
- Death Benefit - Following the unfortunate demise of the Life Assured individual, the policy will pay, to the nominee of the Life Assured, the amount of Sum Assured on Death. This amount is higher than i) Sum Assured, ii) Guaranteed Sum Assured on Maturity, and iii) 105% of the accumulated amount of premiums paid, up to the date of death (provided the policy was active at the time of death).
- Accidental Death Benefit - In the unfortunate event of death of the Life Assured individual following or due to an accident, the policy will provide an additional benefit, known as Accidental Death Benefit, which will be equivalent to the amount of Sum Assured.
How The Smart Vriddhi Plan Works
You may obtain a better understanding of this Canara HSBC Oriental Bank fo Commerce Traditional plan with the help of the following table. It has been prepared keeping in mind an individual who is 35 years old and has chosen the plan with the annual premium of Rs 10,000.
Guaranteed Benefits | |||||
Policy Year | Annual Premium | Death Benefit | Accidental Death Benefit | Maturity Benefit | Guaranteed Surrender Value |
1 | Rs 10,000 | Rs 1,60,000 | Rs 1,60,000 | - | 0 |
2 | Rs 10,000 | Rs 1,60,000 | Rs 1,60,000 | - | Rs 9,454 |
3 | Rs 10,000 | Rs 1,60,000 | Rs 1,60,000 | - | Rs 14,646 |
4 | Rs 10,000 | Rs 1,60,000 | Rs 1,60,000 | Rs 28,204 | |
5 | Rs 10,000 | Rs 1,60,000 | Rs 1,60,000 | - | Rs 36,180 |
6 | - | Rs 1,60,000 | Rs 1,60,000 | - | Rs 37,185 |
7 | - | Rs 1,60,000 | Rs 1,60,000 | - | Rs 38,285 |
8 | - | Rs 1,60,000 | Rs 1,60,000 | Rs 49,480 | |
9 | - | Rs 1,60,000 | Rs 1,60,000 | - | Rs 55,780 |
10 | - | Rs 1,60,000 | Rs 1,60,000 | Rs 68,750 | Rs 62,200 |
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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