Canara HSBC OBC Life Insurance Grow Smart Plan
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
Canara HSBC OBC Life Insurance Grow Smart Plan is a whole life unit linked insurance plan that provides the customer the flexibility of choosing an investment option and providing protection to the family for the rest of their life.
Product Description
- Life cover throughout your life
- Flexible Premium Payment Term
- 1% of the fund value will be added by way of additional allocation of the units at the end of the 15th policy year to boost the investments.
- Partial withdrawals, to help the customer to meet their unplanned contingencies.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Canara HSBC OBC Life Insurance Grow Smart Plan is a whole life unit linked plan with a limited premium paying term.
- This plan provides loyalty addition of 1% of the fund value at the end of the 15th policy year, provided all the premiums are paid.
- Increase and decrease in sum assured is allowed subject to TnC from the 6th policy year.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Entry Age | Minimum | 7 Years | |||
| Maximum | 65 Years | ||||
| Max age of Maturity | 99 years | ||||
| Annual Premium | Min:- Rs. 25,000 | Max:- No Limit | |||
| Sum assured | For Ages below 45 Years: 0.5 x t x Annual Premium ( T = 70 - Age at entry ) | No Maximum Limit. Subject to Underwriting |
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| For Ages 45 Years & above: 7 x Annual Premium | |||||
| Premium Payment Term | Minimum :- 10 Years | Maximum-: 99 - Age at Entry | |||
| Policy Term | Whole Life | ||||
OneInsure App Benefits
Product Benefit
- Maturity Benefit:
Being a pure Whole Life Plan, Maturity Benefit is not available.
- 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 or 105% of all premiums paid less withdrawals post attaining 58 years of age
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Partial Withdrawal | Partial withdrawals are allowed from the sixth policy year | |||||
| The first four partial withdrawals in any given policy year will be free of charge. | ||||||
| Subsequent withdrawal will attract the charges of Rs. 250 per withdrawal. | ||||||
| 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. | ||||||
| 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. | ||||||
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 5 years | ||||
| 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 |
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| 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 |
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| 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 |
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| 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 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 | |
| Switching | The first 6 partial withdrawals in any given policy year will be free of charge | ||||
| Subsequent switches will attract a charge of 250 per switch. This charge is revised to maximum Rs. 500, with prior approval from 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 will be revised to a maximum of Rs. 5,000 with prior approval from IRDA. | ||||
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 Life Insurance Grow 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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