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Canara HSBC Oriental Bank of Commerce Life Insurance Grow Smart Plan

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The Grow Smart Plan from Canara HSBC Oriental Bank of Commerce Life Insurance is a Unit Linked Insurance Plan that is a great option for availing life cover as well as investing one’s savings in a policy that uses the market to generate profitable returns over a sizable period of time. This ULIP invests the premiums paid for the entire life of the policyholder. This is a whole life plan that allows premium payment for a flexible term starting from 10 years onwards. A set of five funds are present in this policy and this allows the policyholder to invest his premium payments in a differential mix of securities to ensure better returns.

Features of Canara HSBC Oriental Bank of Commerce Life Insurance Grow 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 regular as well as limited. Thus, one can optionally keep paying premiums till the entire policy term or stop paying any time after 10 years as per his/her financial capability. The entire policy term is 99 years less the age at entry
  • Partial withdrawals – Partial withdrawal of funds are allowed under this plan
  • 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 – As an endowment policy, in the case of the policyholder’s demise, a nominee might be able to avail the benefits of the policy
  • 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 – Going by its name, it’s a high risk fund that invests primarily in volatile equity markets
    • Growth Plus Fund – Investments in equities, debt securities and money markets through this fund allow for healthy capital growth
    • Balanced Plus Fund – Growth of investment as well as protection is allowed in this fund through a healthy mix of investment channels
    • Debt Plus Fund – Regular payments can be provided as an income through this medium risk fund
    • Liquid Fund – High rate of liquidity for those who want their investment to be accessible to them at short notice. The lowest rate of market risk ever.
  • Policy revival – Lapsed policies can be revived by paying all dues within two years of the plan being discontinued
  • Sum Assured Amounts – Sum assured depend on the age of the policyholder. A simple calculation will yield the minimum amount of sum assured that is allowed under this policy. A time variable is used for calculation in case the age at entry is less than 45 years. The time variable (t) equals 70 less the age at entry. Minimum Sum Assured then becomes 0.5 times the product of the time variable (t) and the annual premium. If the age at entry is 45 years or more the minimum sum assured will be 7 times the annual premium. There is no maximum limit for sum assured

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

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

  • Maturity benefit – This being a whole life plan, offers benefits after the completion of the policy, upon death of the policyholder and has no maturity benefit
  • Death benefit – The death benefit of this plan will be as follows –
    • If the policyholder or insured dies before 60 years, the death benefit will be the higher of either

      • Sum Assured (minus withdrawals made in the past 2 years)
      • Fund Value of the Policy (either fully paid or discontinued)
      • 105% of all premiums (excluding service tax)
    • If the policyholder or insured dies on or after 60 years, the death benefit will be the higher of either

      • Sum Assured (less the withdrawals made after the insured completed his/her 58th year)
      • Fund Value of either fully paid or discontinued policy
      • 105% of all premiums (excluding service tax)
  • Loyalty additions – In case the policy is in force for more than 15 years, extra units are allocated to the policyholders’ funds to the extent of 1% of the fund value
  • Fund Switching and Premium Redirection – One can opt to switch funds and redirect future premiums as and when seen fit. The number of free fund switches are limited and based on the company’s discretion. Premium redirection or changes in fund allocation can be done only once in a particular year
  • 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 Grow Smart Plan

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

  • Entry age – The minimum entry age for the insured can be 7 years, and the maximum is 65 years
  • Maturity age – There is no maturity period in this policy as it is a whole life plan
  • Premiums – The minimum annual premium or investment in this ULIP is INR 25000 and there is no cap on the maximum amount of premium
  • Term of the Policy – The policy term is for whole life and offers maximum premium payment period till 99 years minus the entry age

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

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