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  • Canara HSBC Oriental Bank of Commerce Life Insurance Future Smart Plan

    Canara HSBC Oriental Bank Of Commerce Life Insurance

    The Future Smart Plan from Canara HSBC Oriental Bank of Commerce Life Insurance is a Unit Linked Insurance Plan that has been designed keeping the needs of one’s family in view. Specifically, this plan allows one to build a corpus that takes care of the future of one’s progeny, even in their absence. Just like the other ULIPs from this joint venture, this plan also offers five fund options for investment purposes. The policy allows for a milestone growth and maturity that can basically allow your investments to mature after a specific tenure that coincides with higher studies goal or marriage of your children.

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

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

    • Premium Payment – The policy term for this plan starts at 10 years and maxes out at 25 years with intermediate terms being at an incremental gap of 5 years. The policy term is the optional full term for premium payment. One can even stop paying any time after 10 years as per his/her financial capability
    • Partial withdrawals – Partial withdrawal of funds are allowed under this policy
    • Milestone withdrawals – Under this plan, a milestone pattern can allow one to have access to liquidity at particular stages of life of the progeny
    • Change of Sum Assured – After 6 policy years have elapsed along with proper payment of premiums, one can increase or decrease the amount of sum assured as per their financial plans
    • Nomination options – In this policy, the beneficiary is the nominee and avails the benefits of the policy. In case the beneficiary is a minor, the policyholder can avail the benefits till the beneficiary attains 18 years of age. In case of the death of the beneficiary before the death of the policyholder, another beneficiary can be chosen. If the beneficiary passes away after the policyholder, the benefits will be payable to the next rightful heir of the policyholder
    • Multiple fund options – Five fund options allow the policyholder to invest wisely for the future of their progeny. 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 – This fund option is meant for generating long term growth by focussing more on the equities market and thereafter keeping the returns stable through a relatively lesser investment in money markets

      • Growth Plus Fund – More focus on equities and lesser on debt securities and money markets to allow for rapid growth makes this a medium to high risk fund
      • Balanced Plus Fund – Comparatively slower capital appreciation, but the investments are safer in this fund compared to the previous funds
      • Debt Plus Fund – Anyone interested in regular income over a really long period can use this fund to invest premiums primarily in securities

      • Liquid Fund – Fund involved in money market and securities, trying to avoid any kind of major risk
    • Policy revival – Lapsed policies can be revived by paying all dues within two years of the plan being discontinued
    • Sum Assured Amounts – Based on the age policyholder, the sum assured amount can vary. For ages below 45, the 10-year, 20-year, 25-year term will allow a Sum Assured that is 10 times the annual premium and in the 25-year term, the Sum Assured amount becomes 12.5 times the annual premium. For all policyholders of and above the age of 45, the Sum Assured will be 7 times the annual premium. Thus, the mini

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

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

    • Maturity benefit – The maturity benefit of this plan can be availed as a settlement option that will pay the accrued fund value of the policy over a period of 5 years or as a lump sum amount
    • Death benefit – The death benefit of this plan will be provided to the beneficiary in the case of the demise of the policyholder. If Premium Funding Benefit is opted for, the future premiums will be paid for by the company and the policy will continue to be in force in case of a Permanent Disability on the part of the policyholder. The Sum Assured will be at least be 105% of all the premiums paid, subject to the condition that the policy has not moved into a Discontinued Policy Fund
    • Fund Switching and Premium Redirection – One can opt to switch funds and redirect future premiums as and when seen fit. Fund switching can be done any number of times, though only the first six instances are free of charge. Only one premium redirection is allowed in a financial year. The limits of such transactions are subject to the discretion of the company
    • Tax benefits – Tax benefits on the premiums and maturity amounts as well as death pay-out might be available as per Sections 80C and 10(10D)

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

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

    • Entry age – The maximum entry age of the beneficiary (one’s child) is 18 years, while the policyholder needs to be aged within 18 years to 60 years
    • Maturity age – The maturity age is dependent on the age of the life insured and term of policy
    • Premiums – The minimum annual premium for this policy is INR 25000 and there is no maximum limit for the same
    • Term of the Policy – The policy term can be either 10 years, 15 years, 20 years or 25 years and accordingly one can pay premiums for the entire chosen term or for 10 years or more (less than the policy term itself)
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