Canara HSBC Oriental Bank Of Commerce Life Insurance Insure Smart Plan

Insure Smart Plan, provided by is a unit linked insurance plan. This policy helps the holder save for specific dreams with the flexibility of paying premiums for 5 years and getting life cover for 10 years with freedom to invest in our 5 funds as per the policyholder’s investment needs.

Features of Insure Smart Plan

  • Premium Options: There are attractive discounts offered on premium allocation charge in case the policyholder chooses to pay renewal premiums through ECS/Standing Instructions.
  • Fund Switching: A few or all investments can be switched from one fund to another, with no restrictions on the number of times. The minimum amount that can be switched is Rs 10,000.

  • Premium Redirection: The allocation of future premiums can be modified once in a policy year. The revised allocation proportion will apply to the subsequent premiums.
  • Increase/Decrease of Sum Assured: Sum assured can be increased or decreased from the 6 policy year onwards, provided all due premiums are paid. This facility is available once every year subject to maximum of 3 times during the Policy Term.
  • Partial Withdrawal: Partial withdrawals can be made for any unforeseen financial emergency, from the 6th policy year. In case the Life Assured is a minor, partial withdrawal will be allowed once he/she attains 18 years of age. The minimum amount that can be withdrawn is Rs 10,000. The maximum can be any amount, given that the Fund Value after withdrawal does not fall below 120% of the annual premium.

Benefits of Insure Smart Plan

A few advantages of the Insure Smart Plan offered by Canara HSBC Oriental Bank of Commerce Life Insurance are mentioned below:

Death Benefits

In the unfortunate event of the policyholder’s death while the policy is in-force, the nominee will receive higher of:

  • Sum Assured less applicable partial withdrawals
  • Fund value
  • 105% of premiums paid by the policyholder

Maturity Benefits

The policy will mature at the end of 10 years. After maturity, the policyholder will receive Fund Value based on the prevailing NAVs. Loyalty Addition will also be payable.

Loyalty Additions

A loyalty addition of 1% of the total fund value will be received by the policyholder at maturity.

Investment Funds

Around 5 investment funds with equity exposure ranging 0% to 100%, can be chosen depending on the policyholder’s investment philosophy:

  • Equity II Fund
  • Growth Plus Fund
  • Balanced Plus Fund
  • Debt Plus Fund
  • Liquid Fund

Tax Benefits

Tax benefit can be availed on the premium paid subject to current applicable provisions of Section 80C of income Tax Act, 1961.

Eligibility Criteria

Parameters Minimum Maximum
Entry age (Life Assured) 8 years 70 years
Policy Term 10 years (Fixed)  
Premium Payment Term 5 years (Fixed)  
Annual Premium 50,000 No Limit
Sum Assured

10 x annual premium

(for ages below 45)

7 x annual premium

(for ages 45 and above)

35 x annual premium

subject to underwriting

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

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Canara HSBC Oriental Bank Of Commerce Life Insurance Insure Smart Plan Reviews

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  • Canara HSBC Oriental Bank of Commerce
    "Total life Security"
    0.5 4.5/5 "Excellent!"
    Hi, Recently i have opted for Canara HSBC Oriental Bank e- smart term plan which I feel is the best life security plan as per my survey. Since you have to pay less premium like in my case only 5,7011 per year for sum assured of 50 lacs, gives total security to the family. So you don't need to worry about further insurance for your life, only need to concentrate on investments and savings for your future.
    Was this review helpful? 1
    , udupi
    Reviewed on May 28, 2016
  • Canara HSBC Oriental Bank of Commerce
    Canara HSBC Oriental Bank of Commerce
    "Good service and good plans for tax benefits...."
    0.5 4.0/5 "Great!"
    It is of traditional life insurance and secure smart plan where sum assured value increases every year. I just have to invest around 1lakh every year and based on market rate I get fixed amount. Sum assured that I am going to get from Canara HSBC Oriental Bank of Commerce life insurance after 15 years is non taxable.
    Was this review helpful? 2
    , thane
    Reviewed on Jun 04, 2015
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