Canara HSBC OBC Child Plans Canara HSBC (Hongkong Shanghai Banking Corporation) Oriental Bank of Commerce (OBC) Child insurance plans offer long-term investment opportunities for building the future of your child along with an insurance cover that acts as a protection in case of an eventuality. Once the policy gets matured, you will get a lump-sum amount that you may use to pay for your child's higher education, or marriage expenditures.
While they are developing the corpus to achieve these goals for their child, the insurance plan protects the corpus in case of their unexpected death. In case of your sudden demise, the plan will invest the total sum on your behalf and pay the complete maturity amount to your child.
Canara HSBC OBC Life Insurance also has periodic payment modes that act as important milestones to crucial life events for your kid, such as education, marriage, and so on.
Types of Child Insurance Plans of Canara HSBC OBC
The following are different types of child insurance plans of Canara HSBC OBC:
- Smart Future PlanSmart Future Plan is a unit-linked plan that offers long-term investment opportunities to meet a variety of family objectives, such as asset development or ensuring a bright future for their child. It is a complete insurance coverage that provides benefits to your family even after policyholder’s death.
- Invest 4G PlanCanara HSBC OBC Invest 4G Plans is a unit-linked individual life insurance savings plan which can be customized according to the goals and needs of policyholders. This plan provides life insurance coverage to safeguard the family in case of the untimely death of the insured, and the best value for their hard-earned money.
- Jeevan Nivesh Jeevan Nivesh is a savings plus protection plan provided by Canara HSBC OBC Life Insurance. The plan aims to offer savings and life insurance cover in just a single plan. Jeevan Nivesh helps in fulfilling all the important goals of life such as a child’s education, marriage, or purchasing a house. The best part of this plan is that it has a limited pay option where you need to pay your premiums for a specified time and then you will enjoy the benefits for the entire tenure.
- Future Smart Plan The Future Smart Plan by Canara HSBC OBC is a unit-linked child insurance plan which offers a long-term investment facility with an aim to build the future of your child. If the policyholder lives till the policy's maturity date, he or she will get a Maturity Benefit, which is Fund Value.
- Smart Junior Plan Smart Junior Plan is a non-linked participation savings-cum-protection endowment life insurance plan that ensures that your child's future educational requirements are met whether or not you are there. The plan offers guaranteed pay-outs during the previous five years of policy that can support the educational milestones of your child.
- Money-Back Advantage Plan This is a non-linked, traditional savings cum protection based, participating, and limited premium payment endowment plan. This product includes guaranteed money back distributions during the policy period, as well as a guaranteed lump sum at maturity and bonus(es) that the client can use to meet different milestones.
Features of Child Insurance Plans by Canara HSBC OBC
The following are the features of Canara HSBC OBC Child Insurance Plans:
- Life Cover A child insurance plan comprises a life cover of the policyholder which will protect the future of the child in case of death of the policyholder during the policy term.
- Systematic Withdrawals A child education plan or an endowment plan offers the option of systematic withdrawal or automated payments in the final few years.
- Goal Protect from Disability or Death The policyholder will get maximum benefits if he or she participates in the long-term child plans. The unit-linked insurance plans will provide loyalties as bonuses that will be paid along with the maturity value.
- Choice of Funds Canara HSBC OBC gives the policyholders the choice of selecting from a variety of funds. The funds invest in securities such as stocks, bonds, and money market instruments.
- Riders The child insurance plans include different riders such as accidental death cover, illness cover, as well as the premium waiver option.
- Lump-Sum Benefit After the death of the policyholder, the lump sum amount will be paid as a death benefit.
- Premium Waiver Benefit The beneficiary receives the sum assured if the insured dies within the specified period, and the insurance company continues to pay the remaining premiums until the maturity date.
Documents Needed to Purchase a Child Insurance Plan from Canara HSBC OBC
The following are the documents needed to purchase a child insurance plan:
- Policy Form
- Address Proof: Aadhar Card, bank passbook, electricity bill or driving license
- Proof of Identity: Aadhar card, Permanent Account Number (PAN) card, Voter ID card, or driving license
- Proof of Income: Bank passbook, or salary slip
- Proof of age: Birth certificate, or 10 and 12th market sheets
- What is excluded from a Canara HSBC OBC Child Insurance Plan?
- What are the eligibility criteria to purchase a Canara HSBC OBC Child Insurance Plan?
- What are the rider benefits provided by Canara HSBC OBC Child Insurance Plan?
There are certain things that are not included in the Canara HSBC OBC Child insurance plan namely: suicide, death due to war, hazardous activities, or drug overdose, and involvement in criminal activities.
The entry age limit to buy a child insurance plan ranges between 18 years and 65 years, whereas the maturity age ranges between 18 years and 80 years.
Canara HSBC OBC Child Insurance Plan offers three rider benefits such as critical illness cover, accidental disability and death cover, and premium waiver benefit.