Canara HSBC OBC Life Insurance Money Back Advantage Plan

The Money Back Advantage Plan offered by Canara HSBC OBC is a money-back policy that can be taken for specific milestones in life. This plan offers guaranteed money-back payouts as well as maturity benefits to investors at the end of the policy term.

Planning is very important when it comes to realizing the various milestones which mark our lives. Be it marriage, buying a new house or a car, birth of your child, saving up for your child’s education, etc., everything requires planning. The Canara HSBC OBC Life Insurance Money Back Advantage Plan has been designed to help you plan in advance so you don’t have to worry about taking care of the needs of your loved ones when the time comes. This protection-cum-savings plan is a non-linked, participating, endowment plan which features limited premium payment. Some other special features of this product include guaranteed Money Back payouts within the policy tenure, and Guaranteed Maturity Benefit provided in a lump sum to take care of your needs such as lifestyle upgrading, or taking care of various life-stage milestones.

Eligibility - Canara HSBC OBC Life Insurance Money Back Advantage Plan

Entry age Applicants must be aged not under 18 years, and not over 55 years in order to apply for this plan Those applying for a plan with monthly payment mode must not be over 45 years of age
Maturity age Applicant must not be over 71 years of age at maturity
Policy term This plan can be taken for a term of 16 years
Premium payment term The premium payment term for this plan is limited to 10 years
Premium payment mode Premiums can be paid not only on an annual basis but also on a monthly basis.
Min. premium The minimum amount of premium charged under this plan will be decided based on the applicant’s entry age, sum assured, and premium payment mode chosen by them
Max. premium There is no cap on the maximum amount of premium which will be decided based on the insurer’s underwriting policy
Min. sum assured Annual mode – Rs.1 lakh (entry age from 8 to 50 years); Rs.2 lakh (entry age from 51 to 55 years) Monthly mode – Rs.3 lakh (entry age from 8 to 45 years)
Max. sum assured No limit on the the maximum sum assured; subject to insurer’s underwriting policy

Coverage Provided - Canara HSBC OBC Life Insurance Money Back Advantage Plan

Maturity benefit – In case the policyholder survives the policy term and has not missed any premium payment on the policy, they will be entitled to the Guaranteed Sum Assured on Maturity, the amount of which is equivalent to 55% of the policy sum assured + accumulated simple reversionary bonuses + terminal bonus (if any). After this benefit has been paid, the policy will cease to provide cover and end.

Survival Benefit – This policy features Guaranteed Money Back payouts which will be provided to the insured at timely intervals, subject to the condition that no premium payments have been missed.

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%

Death Benefit – If the policyholder passes away during the policy term, but no premium payment has been left unpaid, their nominee will be entitled to the death benefit. The amount of death benefit payable will be the greater of (i) Sum assured on d death + accumulated simple reversionary bonuses + Interim bonus (if any) + terminal bonus (if any); or (ii) 105% of all premiums paid until demise minus underwriting extra premium (if any). The sum assured on death shall be the greatest of (i) 10x of Annualised Premium; or (ii) Sum assured for an active policy.

Features of Canara HSBC OBC Life Insurance Money Back Advantage Plan

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
  • 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
  • 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
  • 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

About Canara HSBC OBC Life Insurance

Canara HSBC OBC is among the pioneers in the Indian life insurance space. The company was formed following a 3-way partnership between two of India’s leading nationalized banks – Oriental Bank of Commerce and Canara Bank – with HSBC Insurance (Asia Pacific) Holdings. The company has been established with the aim of providing comprehensive life insurance solutions and dedicated customer service in order to enable people to live their lives with reduced worry.

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