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Canara HSBC Oriental Bank of Commerce Life Insurance Dream Smart Plan

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The Dream Smart Plan from Canara HSBC Oriental Bank of Commerce Life Insurance is a ULIP meant for the investment savvy individual who needs an insurance plan that provides a comprehensive cover as well as returns on investment. This ULIP invests the premiums paid over a period of 20 years with investments being done either for 10 years or 20 years. The plan invests in a set of five funds with a differential mix of securities to allow the policyholder returns that are well more than the initial investment.

Features of Canara HSBC Oriental Bank of Commerce Life Insurance Dream Smart Plan

The following can be mentioned as some of the key features of this plan.

  • Flexible Premium Payment – The premiums for this plan can be paid for less than the policy term. Starting from 10 years, one could stop investments at any year before the 20th year of the policy and still reap the benefits of investment
  • Partial withdrawals – Partial withdrawal of funds are allowed under this plan
  • Change of Sum Assured – From the sixth policy year onwards, one can increase or decrease the amount of sum assured in this plan to suit his/her lifestyle needs
  • Nomination options – The plan is an endowment policy primarily, but in the case of the policyholder’s demise, a nominee can avail the benefits of the plan
  • Multiple fund options – There are 5 fund options from which a policyholder can choose, each offering unique market benefits. The funds can allow 0 to 100 percent equity exposure for investors who have any kind of risk appetite. The fund options are as follows –

    • Equity II Fund – A fund option that focuses on generating long term growth by focussing a major part of the investment in the equities market and stabilising returns through a relatively lesser investment in money markets
    • Growth Plus Fund – A medium to high risk fund that invests in equities, debt securities and money markets to allow for capital growth
    • Balanced Plus Fund – Medium risk fund that generates capital appreciation through a more or less equated investment mix
    • Debt Plus Fund – Provides scope for regular income through investment in debt securities
    • Liquid Fund – A low risk fund that invests primarily in money markets and debt securities to allow reasonable returns and a high rate of liquidity
  • Policy revival – Lapsed policies can be revived by paying all dues within two years of the plan being discontinued
  • Sum Assured Amounts – Sum assured amounts assigned in this policy are based upon the age of the policyholder. For individuals below the age of 45 years, the sum assured is 10 times the annual premium and for those belonging to the age group of more than 45 years till the maximum age of 60, the sum assured will be 7 times the annual premium

Benefits of Canara HSBC Oriental Bank of Commerce Life Insurance Dream Smart Plan

Some of the benefits of this unique Unit Linked Insurance Plan are as follows -

  • Maturity benefit – A policyholder is entitled to a maturity benefit equivalent to the fund value on maturity
  • Death benefit – The death benefit of this plan will be as follows –
    • In case the insured’s demise happens before 60 years of age, nominee will receive the higher of
      • Sum Assured minus the withdrawals made in the previous two years
      • Fund Value
      • 105% of all premiums (excluding service tax)
    • In case the insured’s demise happens at 60 years of age or later, nominee will receive higher of
      • Sum Assured minus the withdrawals made after 58 years of age
      • Fund Value
      • 105% of all premiums (excluding service tax)
  • Loyalty additions – If the policy is continued further than 15 years, extra units are allocated to the policyholders’ funds to the extent of 1% of the fund value
  • Tax benefits – Policyholders may be entitled to tax benefits on the premiums, maturity amounts, withdrawals and death pay-out as per Sections 80C and 10(10D)

Eligibility Criteria for Canara HSBC Oriental Bank of Commerce Life Insurance Dream Smart Plan

The basic eligibility criteria of a Canara HSBC Oriental Bank of Commerce Dream Smart plan will include the following -

  • Entry age – The minimum entry age of the life insured is 7 years, and the maximum is 60 years
  • Maturity age – The maximum age of the life insured at maturity can be 80 years
  • Premiums – The minimum annual premium or investment in this ULIP is INR 25000 and the maximum amount can be anything
  • Term of the Policy – The policy can be of a term of 20 years with premium payment duration of 10 years at minimum and 20 years at maximum

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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