Canara HSBC OBC Life Insurance Smart Monthly Income Plan
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
Canara HSBC OBC Life Insurance Smart Monthly Income Plan aims to cater supplemental income needs for self or spouse and retirement income needs of Salaried Professionals and Business Owners and Empty Nesters & Retirees (ENR).
Product Description
- Life Insurance Cover for 15 years.
- Guaranteed Money Back payouts (15% of Sum Assured) in the 4th, 8th and 12th policy year.
- Annual and final Bonus received as lump-sum in the 15 policy year.
- Guaranteed Maturity Benefit equal to 55% of the Sum Assured.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Canara HSBC OBC Life Insurance Smart Monthly Income Plan is a traditional participating product, which provides deferred regular income to the customer for 15 years.
- Flexibility to adjust premium payable with income to be received from year 11-15 through Set-off option?.
Eligibility Criteria
| Eligibility Criteria | ||||||
|---|---|---|---|---|---|---|
| Entry Age | Minimum | 18 Years | ||||
| Maximum | 55 Years | |||||
| Max Age at Maturity | 80 Years | |||||
| Minimum Premium | Min. Income is Rs.2,000 per month (in multiples of Rs.100 thereafter) Premium depends on the age, income, and premium mode chosen |
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| Maximum Premium | There is no limit on maximum premium/ Monthly Income, subject to underwriting | |||||
| Sum Assured | 100 times the chosen Monthly Income | |||||
| Payment Modes | Annual & Monthly | |||||
| Premium Payment Term | 15 Years | |||||
| Policy Term | 25 Years | |||||
| Modal Factors | 1st year premium will be collected in Annual mode. Subsequent premiums may be paid in Monthly mode (available through SI/ECS only) | |||||
OneInsure App Benefits
Product Benefit
| Benefit | Description | |||||
|---|---|---|---|---|---|---|
| Maturity Benefit | On survival till maturity: Annual Bonuses along with Final Bonus, if any. | |||||
| Death benefit | The Death Benefit Sum Assured is defined as higher of, | |||||
| a) Sum Assured | ||||||
| b) 10 times the Annualised Premium | ||||||
| On death of the Life Assured, a Death Benefit equal to Death Benefit Sum Assured plus added annual bonus (and any interim bonus for the part of the year in which death occurs) and final bonus (if any) subject to at least 105% of the premiums paid by the policyholder (excluding extra premiums, if any) shall be payable. |
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Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Guaranteed Income Benefit |
Monthly Income for 15 years - payable every month from the end of 121st policy month (not the calendar month) from the date of policy commencement up to the end of policy term. | |||||
| High Sum Assured Rebate | This plan offers rebate on the premium payable, if Sum Assured is higher than or equal to Rs.3,00,000: | |||||
| Sum Assured (in Rs ) | Rebate on Premium | |||||
| <3,00,000 | 0 | |||||
| ≥ 3,00,000 to < 4,00,000 | 3 | |||||
| ≥ 4,00,000 to < 5,00,000 | 4 | |||||
| ≥ 5,00,000 to < 6,00,000 | 5 | |||||
| ≥ 6,00,000 to < 9,00,000 | 6 | |||||
| ≥ 9,00,000 | 7 | |||||
| Bonuses | Annual Bonus | This bonus will be added every year based on the profits emerging from the with-profit fund managed by the company and is payable either on death or maturity, whichever is earlier. Annual Bonus is expressed as a percentage of Sum Assured. Please note that an interim bonus for the part of the year in which death occurs may also be payable. | ||||
| Final Bonus | The policy may also receive Final Bonus (if any), expressed as a percentage of Sum Assured. | |||||
| Notes: There is no guarantee on the amount for future bonuses and these will be declared at the sole discretion of the company. Hence, the bonuses in this plan may vary from time to time |
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| Loan facility | Liquidity to meet your contingency needs | |||||
| Set-off option | Flexibility to net-off premiums payable with income to be received from year 11-15 | |||||
Add-ons
Not Available
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy, the Policy shall be void and the Company will only be liable to pay the higher of 80% of premiums paid or the surrender value.
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 Smart Monthly Income 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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