Shubh Labh is a unit linked non-participating endowment insurance plan offered by Canara HSBC Oriental Bank of Commerce Life Insurance. Shubh Labh helps you meet your protection and investment needs, to generate wealth by investing in the funds of your choice along with providing Life Cover. This plan gives the policyholder flexibility to pay only once, that is, a single premium at the beginning of the policy and provides life cover throughout the policy term as chosen by the individual.
Key Features of Shubh Labh
Being a unit-linked non-participating endowment life insurance plan, Shubh Labh helps customers meet their protection and investment needs. The features of this policy offered by Canara HSBC Oriental Bank of Commerce Life Insurance are mentioned below:
- Minimum Premium: Rs 3,00,000
- Policy term: 5 to 40 years
- Caters to the policyholder’s wealth creation need
- Single Premium Payment Mode
- Lock-in period of 5 years
- Loyalty Additions from 5th Policy Year Onwards
- Auto Funds Rebalancing
- Stable Returns with Safety Switch Option
- Ability to choose a combination or any 5 funds offered
Benefits of Shubh Labh
With Canara HSBC Oriental Bank of Commerce Life Insurance Shubh Labh, a policyholder can ensure that his financial goals are fulfilled. Apart from this the policy also comes with the advantages of securing the family's financial future in the individual’s absence. Here are some of the benefits of the Shubh Labh plan:
- Paying one-time premium and getting life cover throughout the policy’s tenure.
- Maximum Life Cover in this plan is 10 times the single premium
- Increase or decrease the sum assured from the 6th policy year onwards
- Tax benefits on premiums paid and the benefit paid out under the policy, are applicable on provisions of Section 80C and Section 10 (10D) respectively, of the Income Tax Act, 1961.
- Switch some or all investments from one fund to another, any number of times at zero charge. minimum amount that that can be switched is Rs 10,000.
- Entry Age: 7 years
- Maximum age limit: 70 years
- Minimum Premium: Rs 300,000
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017