Whoever said wishes don’t come true hasn’t explored our offers!
  • Canara HSBC Oriental Bank of Commerce Life Insurance Smart Goals Plan

    Canara HSBC Oriental Bank Of Commerce Life Insurance

    Canara HSBC Oriental Bank of Commerce Life Insurance Smart Goals Plan is a linked insurance product. Customers cannot surrender or withdraw money from this plan for the first five years. The plan, however, offers greater flexibility in terms of premium payment options after five years while partial withdrawal benefits are available from the sixth year onwards.

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

    The salient features of this ULIP plan are listed below:

    • This is a unit-linked insurance product
    • Investment risk under this plan is borne by policyholders
    • Offers the option of increasing or decreasing the sum assured
    • The partial withdrawal facility can be availed after the 6th policy year
    • Offers the option of changing the premium payment mode at any time (monthly or annual)
    • Offers a wide ranging premium paying term from 5 years to 25 years
    • Offers switching between various fund options
    • Offers the funds rebalancing facility

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

    The main benefits of this plan are listed below:

    • Death Benefit: In the unfortunate event of the death of the insured before 60 years, the nominee will receive higher of Sum Assured or 105% of all premiums paid or Fund Value. In case the insured expires after 60 years, the nominee will receive higher of Sum Assured (minus partial withdrawals made after attainment of 58 years) or 105% of premiums paid (excluding service tax) or Fund Value
    • Loyalty Additions: Customers can avail of loyalty additions by way of additional allocations to their funds, subject to payment of premiums
    • Maturity Benefit: The Fund Value will be paid on survival till the end of the policy term
    • Investment fund options: This plan offer four options as listed below:

      • Equity II Fund
      • Growth PLus fund
      • Balanced plus fund
      • Liquid fund
      • Debt plus fund
    • Switching option: By availing of this facility, customers can put their funds into a low risk fund in the last four years of policy for better safety of their funds
    • Auto funds rebalance option: Customers can opt for this facility to ensure that allocation of investments in various funds is automatically adjusted in their desired ratio
    • Increase/Decrease of Sum Assured: From the 6th policy year, customers can change the sum assured based on their requirements. This facility can be availed three times in a policy term (once in a policy year).
    • Premium Redirection: As per this facility, customers can choose to change the proportion of allocation of their premiums from second policy year onwards
    • Partial withdrawal: Customers can avail of partial withdrawals (in multiples of Rs.1000) from the 6th policy year
    • Settlement option: Customers can receive their maturity benefit in instalments up to 5 years according to the premium frequency opted for. No cover will be provided during this period. Customers can opt for withdrawal of their fund value.
    • Tax Benefits: Customers can avail of tax benefits under Section 80C and Section 10 (10)D under Income Tax Act, 1961

    Eligibility Criteria

    • Age: (Option 1 and Option 2) Minimum- 8 years Maximum - 64 years
    • Minimum maturity age: (Option 1) 18 years (Option 2) 23 years
    • Maximum maturity age: (Option 1) 74 years (Option 2) 79 years
    • Policy term: (Option 1) 10 years (Option 2) 15, 20 to 25 years
    • Premium payment term: (Option 1) 5 years (Option 2) 10 years to 25 years
    • Minimum premium: (Option 1) Rs.50,000 p.a and Rs.5000 p.m (Option) 2 Rs.25,000 p.a and Rs.3000 p.m.
    • Maximum premium: (Option 1 and 2) No limit (annual and monthly modes)
    • Premium frequency: Annual and monthly
    • Minimum Sum Assured: (Option 1) Below 45 years - 10X annualised premium; above 45 years - 7X annualised premium. (Option 2) Below 45 years - 10X annualised premium or higher of (0.5 X policy term X annualised premium); above 45 years - 7X annualised premium
    • Maximum Sum Assured: Subject to underwriting based on the table below:

    Option 1

    Entry Age 35 36 to 45 46 to 55 56 to 64
    Maximum SA multiple 35 20 10 7

    Option 2

    Entry Age 35 36 to 45 46 to 55 56 to 64
    Maximum SA multiple 35 20 10 10
  • reTH65gcmBgCJ7k - pingdom check string.
    reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.