Canara HSBC OBC Life Insurance Money Back Advantage Plan

End of policy year at which Guaranteed Money Back Payouts offered

Guaranteed Money Back payouts (% of sum assured)

5th policy year

15%

9th policy year

15%

13th policy year

15%

Paid-up benefits

These include survival benefits, reduced maturity benefit, and reduced death benefit

Policy surrender

Policy can be surrendered at any time. The surrender value that it will accumulate will be greater of either the Guaranteed Surrender Value or the Special Surrender Value.

Premium rebates

Policyholders can avail a rebate on the premiums if they choose a sum assured amount over or equal to Rs.2 lakh

Policy lapse

If you fail to make due premium payments on the policy during the granted grace period for 2 years starting from the date of the first missed premium payment, the policy will lapse.

Policy revival

Policyholders can request to have their policy revived at any time within the period of 2 years, starting from the date of the first missed premium payment. For policy revival, all due premium must be paid + interest applicable. Once the policy has been revived, it will resume providing cover, benefits, and bonuses like before.

Suicide exclusion

1. In case the insured policyholder commits suicide in a sane or insane state of mind, before a period of 12 months starting from the date of policy inception, and the policy being active, their nominee will receive 80% of the amount of total premium paid
2. If suicide has been committed before a period of 12 months starting from the date of policy revival, then the nominee is entitled to an amount that is above either the policy's surrender value as on date of death or over 80% of total premiums paid till death
3. If the insured has committed suicide after the policy has completed one year either from date of inception or revival, the death benefit will be paid

Tax benefits

Tax benefits can be availed not only on the premiums paid towards the policy (Section 80C) but also on the benefits received under the policy (under Section 10 (10D) of the Income Tax Act, 1961

Discount on premium

For policies that have been purchased online, an 8% discount will be offered on premium during the entire premium payment term of the policy

Free look period

Free look period of 15 days (30 days for policies purchased via distance marketing channels) will be given to review the terms and conditions of the policy. If unsatisfied, they must return the policy document, along with stating the reason for cancellation within this free look period

Grace period

A grace period of 30 days will be provided for making premium payments which have been missed

Assignment

Assignment of policy is permitted under Section 38 of the Insurance Act, 1938

Nomination

Nomination of policy is permitted under Section 39 of the Insurance Act, 1938

Loan facility

Loan facility is not available with this policy