Insure Smart Plan, provided by Canara HSBC Oriental Bank of Commerce Life Insurance 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 The minimum amount that can be withdrawn is Rs 10,000.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:
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
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.
A loyalty addition of 1% of the total fund value will be received by the policyholder at maturity.
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 benefit can be availed on the premium paid subject to current applicable provisions of Section 80C of income Tax Act, 1961.
|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|
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