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  • Canara HSBC Oriental Bank of Commerce Life Insurance Smart Lifelong Plan

    Canara HSBC Oriental Bank Of Commerce Life Insurance

    Canara HSBC Oriental Bank of Commerce Life Insurance Smart Lifelong Plan is a non-participating unit-linked life insurance plan which provides cover till the life assured turns 99. You can invest in five fund options. You can also avail of loyalty additions, tax benefits and auto rebalancing among others.

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

    The salient features of the plan are listed below:

    • Investment risk is borne by the policyholder
    • Offers option to invest in five funds
    • Switching between funds is permissible
    • Offers choice between monthly and annual premium payment modes
    • Offers loyalty additions
    • Auto rebalancing facility to maintain specific proportion of investments is available
    • Partial withdrawal facility is available
    • Option to decrease or increase the Sum Assured is available
    • Policy administration charge is 0.05% of annualised premium (monthly basis) in the first five years. From the 6th policy years, the charges will increase by 20% once in five years
    • Fund management charge is 1.35% for all funds except Discontinued POlicy Fund at 0.5% and liquid fund at 0.8%

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

    The main benefits of this ULIP plans are listed below:

    • Death Benefit: In the unfortunate event of your death before 60 years, the claimant receives higher of Sum Assured or Fund Value or 105% of all premiums paid. In the event of your death after 60 years, claimant receives higher of Sum Assured (less partial withdrawals after attainment of 58 years) or Fund Value or 105% of premiums paid (excluding service tax)
    • Maturity Benefit: The Fund Value will be paid on survival till the end of the policy term (policy anniversary after your 99th birthday), following which the policy will be terminated.
    • Loyalty Additions: You can avail of loyalty additions in terms of additional allocations to your funds (subject to payment of premiums) in the 10th and 15th policy years (1.25% of average FV of 36 monthly anniversaries).
    • Partial withdrawal: You can avail of partial withdrawals from the 6th policy year onwards
    • Investment fund options: You can allocate your premiums to all or a combination of the following funds
      • Balanced Plus Fund
      • Growth Plus Fund
      • Liquid Fund
      • Debut Plus Fund
      • Equity II Fund
    • Increase/Decrease of Sum Assured: You can change the sum assured based on your changing financial requirements from the 6th policy year onwards. You can avail of this facility thrice in a policy term
    • Auto funds rebalance option: You can opt for this facility for automatic allocation of investments in funds in a specific ratio as chosen by you
    • Switching option: You can either switch a certain percentage of your investments or the entire amount between funds at any time. The minimum amount that can be switched is Rs.10,000
    • Premium Redirection: The allocation proportion of your premium can be changed from the 2nd policy year onwards. Premium redirection is allowed only once in a policy year free of cost
    • Tax Benefits: Customers can avail of tax benefits under Section 80C and Section 10 (10)D under Income Tax Act, 1961

    Eligibility Criteria

    • Entry age (minimum): 7 years
    • Entry age (maximum): 65 years
    • Policy term: Till 99 years
    • Premium payment mode: Monthly and annual
    • Premium paying term (minimum): 10 years
    • Premium paying term (maximum): 99 years
    • Minimum annual premium: Rs.25,000
    • Minimum monthly premium: Rs.3000
    • Maximum premium: No limit
    • Sum Assured: Below 45 years - 0.5 X T X Annualized Premium (T is equal to 70-entry age). Above 45 years - 7 to 10 times of annualised premium

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