Canara HSBC OBC Future Smart Plan
Product Info
UIN
136L018V01
Status
Withdrawn
Launch Date
10/01/2011
Withdrawn Date
30/09/2013
Product Overview
Canara HSBC OBC Future Smart Plan is a unit linked insurance plan that provides a long-term investment opportunity to build a bright future for your child. It is a comprehensive insurance cover (Sum Assured on death and Premium Funding on death or disability) ensures that your plan for your child's future continues unaffected, in any unfortunate event.
Product Description
- In this plan life assured and proposer is the same.
- In this plan only annual premium payment mode is allowed.
- All future premiums are funded by the Company as and when due, in the case of death or disability (if opted).
COMPARE & BUY SIMILAR PLANS
Unique Features
- Canara HSBC OBC Future Smart Plan is a Unit Linked Insurance Plan (ULIP) for the benefit of a child, where the parent is the Life Insured.
- There are 2 variants of this plan: Option 1- Death Only and Option 2- Death or Total & Permanent Disability (TPD).
- Waiver of premium rider is in-built in option 2. Premiums are waived off in the case of any disability as mentioned in the policy document.
- There is an option called Milestone Withdrawal, where the 15% of the Fund Value is paid each year in the last 5 years of the policy.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Entry Age (Life Assured) | Minimum | Maximum | |||
| 18yrs | 60yrs | ||||
| Child Age | Less than 18 Years | ||||
| Max age of Maturity | 70 Years | ||||
| Policy Term | 10, 15, 20 or 25 years | ||||
| Premium Payment Term | 10 years | 20 Years | |||
| Annual Premium | Rs. 25,000/- | No Limit | |||
| Sum assured | For ages below 45 years: | 10,15,20 years term: 10 x annual premium |
25 year term: 12.5 x annual premium |
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| For ages 45 & above: | 7 x annual premium | ||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity Benefit:
In maturity, the Fund Value is paid to the policyholder as Maturity Benefit and the policy terminates.
- Death benefit:
In the case of death of the parent (Life Insured), the child Nominee/Beneficiary) would get the Sum Assured as an Immediate Death Benefit. The future premiums would be paid by the company in a lump sum and the child would receive the Fund Value on policy maturity date.
- Disability Benefit:
Under Option 2 selected- In the case of disability of the parent (Life Insured), all future premiums would be waived off and paid by the company as & when due and the Fund Value would be paid to the policyholder on the maturity of the policy tenure.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| 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 short-term securities only. | ||||||
| Auto Funds Rebalancing | Once opted, after every 3 months, it automatically rebalances the allocation of the investments in various funds to the allocation proportions chosen by the customer. | |||||
| Safety Switch Option | The Safety Switch Option enables the customer to move their funds systematically to a relatively low-risk Liquid Fund in the last 3 years as follows: | |||||
| Beginning of… | Allocation in Funds other than Liquid Fund | Allocation in Liquid Fund | ||||
| Fourth last policy year | 70% | 30% | ||||
| Third last policy year | 40% | 60% | ||||
| Second last policy year | 10% | 90% | ||||
| Last policy year | 0% | 100% | ||||
| Notes: If you have allocated any money in the Liquid Fund, it will not be impacted or considered for Safety Switch Option. | ||||||
| Partial Withdrawal | Partial withdrawal allowed from the 6th policy year. The minimum amount that the customer can withdraw is Rs. 10,000 and the maximum are such that the fund value after withdrawal does not fall below 120% of the annual premium. | |||||
| The Partial Withdrawal will be Rs. 250 per withdrawal. However, first 4 withdrawals in a policy year are free of charge. This charge can be revised to maximum Rs.500, subject to IRDA approval | ||||||
| Notes: This charge can be revised to maximum 500, with prior approval of IRDA. | ||||||
| Miscellaneous | Medical examination expenses in case of 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 to a maximum of Rs. 5,000 subject to IRDA approval. |
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| Premium Redirection | You can modify the allocation of the future premiums once in a 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 | |||||
| Premium Payment Mode | Policy Year | ||||
| 1 | 2 & 3 | 4 to 10 | 11 & onwards | ||
| ECS / SI * | 8.25% | 6.30% | 5.30% | 0.00% | |
| Other Modes | 8.40% | 6.40% | 5.40% | 0.00% | |
| 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 5 years | ||||
| Notes: This charge cannot exceed Rs. 500 per month at any time. | |||||
| 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 *Surrender request received by the Company after the 5th policy anniversary. |
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| Mortality Charge | Mortality rates applicable in this plan are 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 | |
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 Future 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.
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