The Smart One Pay Plan by Canara HSBC Oriental Bank of Commerce Life Insurance is a single premium unit linked non-participating endowment insurance plan. With an aim to generate wealth by investing in funds, this plan helps the policyholder meet his investment and protection requirements. The individual can ensure that his financial goals are fulfilled while at the same time ensuring the family’s financial future is secure, in the policyholder’s absence.
Key Features of Smart One Pay Plan
The key features of the Smart One Pay Plan, offered by Canara HSBC Oriental Bank of Commerce Life Insurance are mentioned below:
- Single premium plan of value Rs 100,000
- Policy term ranges from 5 to 25 years
- Life cover varies from 1.25 to 10 times single premium.
- Wealth creation along with life coverage
- One time investment with tax benefits
- Partial withdrawal facility from 6th policy year onwards
- Potential safeguard of funds near maturity with Safety Switch Option
- Loyalty additions from 6th policy year onward
- Lock-in period of 5 years
Benefits of Smart One Pay Plan
Designed to cater to the policyholder’s requirement of wealth creation, along with tax benefits and life coverage, the plan also helps save money for different financial goals. Some of the benefits of Canara HSBC Oriental Bank of Commerce Life Insurance Smart One Pay Plan are mentioned below:
- Choose 5 funds with different asset classes, along with unlimited switches between the classes. This can help manage asset allocation, during times of market volatility.
- Choose Auto Fund Rebalancing option (at no additional cost) to maintain allocation of investments in a specific proportion across funds, irrespective of market movements.
- Offers Safety Switch Option to potentially safeguard funds as the policy nears maturity.
- Allows partial withdrawal of money, post the lock-in period of 5 years, in case of financial emergency.
- Option to increase or decrease sum assured, depending on changing needs, from the 6th policy year onwards.
- Loyalty additions are added at the end of each policy month, starting from the 61st month, in order to enhance the fund value.
- Entry Age: 7 years
- Maximum age limit: 70 years
- Premium Payment Term: Single premium only
- Minimum Premium: Rs 100,000
- Policy Term: 5 to 25 years
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017