Canara HSBC Oriental Bank of Commerce offers ULIP plans which let you invest your money into various investment options to build wealth and avail life protection at the same time. The bank offers nine kinds of ULIP insurance plans to suit the different protection and investment requirements of the customer.
Why choose Canara HSBC Oriental Bank of Commerce ULIP Plans?
The company offers nine kinds of ULIP plans to choose from. Each plan is unique and caters to special insurance and investment needs of the customer.
Grow Smart Plan-
Grow Smart is a ULIP plan which offers lifelong insurance cover for limited premium payment.
- In case of unfortunate death of the insured, the nominee will be paid death benefit which will be either the Sum assured, the fund value or 105% of the total premiums paid depending on whichever is higher.
- The plan offers the option of choosing from five types of investment funds with equity exposure of 0% to 100%.
- One can avail lifelong cover with this insurance policy by paying premiums only for a certain period of time
Dream Smart Plan-
Dream Smart Plan is one of the group ULIP plans offered by the bank which offers life cover up to 20 years. The money invested by the insured is invested in unit linked funds of their choice to earn returns.
- The insured has the flexibility of choosing their life cover depending on their insurance needs.
- On survival till the termination of the policy, the fund value will be paid as maturity benefit.
- The plan qualifies for tax benefits under section 80C of the Income Tax Act, 1961
Future Smart Plan-
Future Smart Plan is specially designed to ensure that your child’s dreams doesn’t have to suffer in case of your absence. The plan provides a long term investment opportunity.
- The plan offers both death benefit and maturity benefit
- In case of your demise, the company will continue paying the premiums to ensure that your child’s future stays protected.
- The plan offers the option of fund switching wherein one can switch their funds from one fund to another anytime.
- One can change their sum assured from 6th year of the policy given that all premiums are paid
Shubh Labh offers the double benefit of protection and returns. The plan covers both your protection needs as well as investment needs.
- The plan offers the investor the option of paying their premiums all at once
- Starting from the end of 49th policy month, loyalty additions will be added at the end of every month till the end of policy term
- The plan offers five types of investment funds to choose from
- The plan allows partial withdrawal from the 6th policy year given that all premiums have been paid
Insure Smart Plan-
Insure Smart Plan is a ULIP plan that lets you pay premium for 5 years and enjoy the benefits of the plan for 10 years.
- The plan offers both maturity benefit and death benefit along with loyalty additions
- One can change their sum assured after completing six years of the policy term
- Partial withdrawals are allowed from the sixth policy year
- One can choose from five types of investment funds
- The plan qualifies for tax benefits under section 80C of the Income Tax Act, 1961.
Smart One Pay-
Smart One Pay is a single premium payment ULIP plan. The main aim of the plan is to fulfil your protection and investment requirements.
- You can switch between funds anytime, any number of times.
- The plan offers both death benefits as well as maturity benefits
- The plan also offers loyalty additions which will be added to your policy after a certain period of time.
Smart Goals Plan-
Smart Goals Plan is another ULIP plan offered by Canara HSBC Oriental Bank of Commerce that is basically designed to help you save up for your future financial needs while availing protection at the same time.
- The insured has the option of choosing the life cover
- The plan offers both maturity and death benefit
- Offers five types of investment funds
Smart Lifelong Plan-
Smart Lifelong Plan offers life cover up to 99 years of age and also provides you the opportunity to build on your wealth.
- The plan offers long term protection with life cover up to 99 years
- The plan lets the insured make partial withdrawals after the 6th policy year
Smart Future Plan-
The Smart Future Plan by the company will ensure that your family stays financially protected even in your absence.
- The plan offers the option to switch between funds anytime you want.
- The policy will ensure that the future of your child doesn’t have to be compromised in case of your absence by paying premiums even after your death.
- The insured will be provided the option of redirecting their premiums once a year.
Consider the case of Mr. Anant who opts for Smart Lifelong Plan at the age of 40. Considering he pays an annual premium of Rs.40,000 for a premium payment term of 20 years, he will get a sum assured of 15 times the annual premium. Assuming that the annual gross investment return is 4% with 100% investment in Balanced Plus Fund, the fund value at the age of 99 will be Rs.18,09,427.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017