Canara HSBC OBC Dream Smart Plan
Product Info
UIN
136L015V02
Status
Active
Launch Date
13/09/2013
Withdrawn Date
Product Overview
Canara HSBC OBC Dream Smart Plan is a basic ULIP plan which provides higher of sum assured or fund value or 105% of premiums paid as a death benefit and the Fund Value as maturity benefit.
Product Description
- Basic Unit Linked Insurance Plan
- Loyalty Additions: 1% of your fund value added by way of additional allocation of units at the end of 15 policy year to boost your investments
- Invest in up to five fund options – ranging from 0% to 100% equity exposure, to match your appetite towards investment risks and returns
COMPARE & BUY SIMILAR PLANS
Unique Features
- Canara HSBC OBC Dream Smart Plan is a unit linked endowment plan with both limited and regular premium paying options.
- Plan provides loyalty addition of 1% of fund value at the end of the 15th policy year, provided all the premiums are paid.
- Increase and decrease in sum assured allowed subject to the TnC from the 6th policy year.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Entry Age (Life Assured) | Minimum | Maximum | |||
| 7 years | 60 years | ||||
| Max age of Maturity | 80 Years | ||||
| Policy Term | 20 years (fixed) | ||||
| Premium Payment Term | 10 years | 20 Years | |||
| Annual Premium | Rs. 25,000 | No Limit | |||
| Sum assured | For ages below45 years: 10 x Annual Premium |
No Maximum Limit. Subject to Underwriting |
|||
| For ages 45 years to 60 years: 7 x Annual premium |
|||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity Benefit:
On survival till the end of the policy term, the fund value will be paid to the customer.
- Death Benefit:
A) Before the age of 60 years, the nominee would receive the higher of:
- Sum Assured less the withdrawals in the preceding two years Fund value
- 105% of all the premiums paid less the withdrawals in the preceding two years, excluding service tax.
B) At 60 years of age or above, the nominee would receive the higher of:
- Sum Assured less the withdrawals after attaining 58 years of age Fund Value
- 105% of all premiums paid less the withdrawals post attaining 58 years of age, excluding service tax.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Loyalty Additions | Loyalty Additions will be made at the end of the 15th policy year in the form of extra allocation of units to your fund to the extent of 1% of your fund value. | |||||
| Investment Funds | ||||||
| Fund Name & Objective | Asset Allocation | Risk Profile | ||||
| Equity II Fund | Equity | 60 – 100% | High | |||
| Debt Securities | ||||||
| Money Market | 0 – 40% | |||||
| Growth Plus Fund | Equity | 50 – 90% | Medium to High | |||
| Debt Securities | 10 – 50% | |||||
| Money Market | 0 – 40% | |||||
| Balanced Plus Fund | Equity | 30 – 70% | Medium | |||
| Debt Securities | 30 – 70% | |||||
| Money Market | 0 – 40% | |||||
| Debt Plus Fund | Equity | Low to Medium | ||||
| Debt Securities | 60 – 100% | |||||
| Money Market | 0 – 40% | |||||
| Liquid Fund | Equity | Low | ||||
| Debt Securities | 0 – 60% | |||||
| Money Market | 40 – 100% | |||||
| Notes: Debt Securities under Liquid Fund will comprise of short-term securities only. | ||||||
| Partial Withdrawal | Partial Withdrawals are allowed from the sixth policy year. | |||||
| The minimum withdrawal amount is 10,000 and the maximum is such that the Fund Value after withdrawal does not fall below 120% of the first year premium. If the Life Insured is a minor, partial withdrawals will be allowed from the first policy anniversary post the minor attaining 18 years of age. | ||||||
| The first four partial withdrawals in any given policy year will be free | ||||||
| Subsequent withdrawal will attract charges of 250 per withdrawal. This charge can be revised to maximum Rs. 500, with prior approval of IRDA. | ||||||
| Miscellaneous | Medical examination expenses in case of an increase in Sum Assured after policy issuance: Actual expenses will be recovered subject to a maximum of Rs. 3,000. This charge can be revised subject to a maximum of Rs. 5,000, with prior approval from IRDA. |
|||||
| Premium Redirection | Customer can opt to modify the allocation of future premiums once in a policy year | |||||
| In case this option is not availed, it cannot be carried forward to the next policy year. | ||||||
| The revised allocation proportion will apply to your subsequent premiums. | ||||||
Add-ons
Not Available
Charges
| Charges | |||||
|---|---|---|---|---|---|
| Fund Management Charges | |||||
| Type | % of Fund Value | ||||
| Equity II Fund Management Charge | 1.35% p.a. of the Equity II Fund Value | ||||
| Growth Plus Fund Management Charge | 1.35% p.a. of the Growth Plus Fund Value | ||||
| Balanced Plus Fund Management Charge | 1.35% p.a. of the Balanced Plus Fund Value | ||||
| Debt Plus Fund Management Charge | 1.35% p.a. of the Debt Plus Fund Value | ||||
| Liquid Fund Management Charge | 0.8% p.a. of the Liquid Fund Value | ||||
| Discontinued Fund Management Charge | 0.5% p.a. of the Discontinued Fund Value | ||||
| Notes: This charge is deducted by adjusting the NAV of the units on a daily basis. | |||||
| Premium Allocation Charges | |||||
| Policy Year | Premium Allocation Charge | ||||
| 1st | 8.4% of Annual Premium Paid | ||||
| 2nd and 3rd | 6.4% of Annual Premium Paid | ||||
| 4th to 10th | 5.4% of Annual Premium Paid | ||||
| 11th onwards | NIL | ||||
| Notes: This charge is deducted from the Premium Paid by the customer. | |||||
| Premium Administration Charges | |||||
| Policy Year | Premium Allocation Charge | ||||
| 1st to 5th | 0.05% of Annual Premium per month | ||||
| 6th onwards | The PAC will increase by 20% every 5years | ||||
| Notes: This is the charge for the administrative working of the policy and is deducted on a monthly basis. There will be an absolute cap of Rs 416.67 per month on the policy administration charge. |
|||||
| Surrender Charge | |||||
| Policy Discontinuance Year | Annual Premium <= Rs. 25,000/- | Annual Premium > Rs. 25,000 p.a | |||
| 1 | Lower of 20% of (AP or FV ) subject to max Rs 3,000 |
Lower of 6% of (AP or FV) subject to max Rs.6,000 |
|||
| 2 | Lower of 15% of (AP or FV) subject to max Rs.2,000 |
Lower of 4% of (AP or FV) subject to max Rs.5,000 |
|||
| 3 | Lower of 10% of (AP or FV) subject to max Rs.1,500 |
Lower of 3% of (AP or FV) subject to max Rs.4,000 |
|||
| 4 | Lower of 5% of (AP or FV) subject to max Rs.1,000 | Lower of 2% of (AP or FV) subject to max Rs.2,000 | |||
| 5th onwards | Nil | ||||
| Notes : *AP means Annual Premium , FV means Fund Value | |||||
| Mortality Charge | Mortality rates applicable in this plan as mentioned below(Rs per 1000) | ||||
| Age Years | 30 | 40 | 50 | 60 | |
| Male | 1.17 | 2.053 | 5.244 | 13.073 | |
| Female | 1.159 | 1.593 | 3.816 | 10.294 | |
| Switching | The first 6 partial withdrawals in any given policy year will be free | ||||
| Subsequent switches will attract a charge of 250 per switch. | |||||
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961
Claim Process
Know Claim Process Of Canara HSBC OBC Dream Smart Plan
Company Overview
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited was launched in June 2008 and is jointly owned by two of the leading public sector banks - Canara Bank (51%) and Oriental Bank of Commerce (23%) and HSBC Insurance (Asia Pacific) Holdings Limited (26%), the Asian insurance arm of one of the world's largest banking and financial services group - HSBC. The Company has access to over 115 million customers and a pan-India network of over 10,000 branches of bank partners.
BENEFITS OF BUYING FROM ONEINSURE
OneInsure is owned by Robinhood Insurance Broker Pvt. Ltd.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.
