Canara HSBC OBC Insure Smart Plan
Product Info
UIN
136L019V03
Status
Withdrawn
Launch Date
13/09/2013
Withdrawn Date
03/12/2017
Product Overview
Canara HSBC OBC Insure Smart Plan ensures that your financial goals are fulfilled with the advantages of securing your family's financial future. It helps you to save for your specific dreams with the flexibility of paying premiums for 5 years and getting Life Cover for 10 years.
Product Description
- Insure Smart is a Unit Linked Insurance Policy (ULIP)
- Premium needs to be paid only for the first 5 years for the 10 year policy term.
- Loyalty Addition of 1% of the Total Fund on maturity.
- Sum Assured can be increased or decreased from the 6th year onwards.
COMPARE & BUY SIMILAR PLANS
Unique Features
- An Unit-linked endowment plan with the flexibility to pay premium only for 5 years with a policy term of 10 years.
- This plan provides a guaranteed loyalty addition of 1% of the fund value at maturity.
- Sum assured can be increased /decreased provided all the premiums are paid. The same can be done from the 6th policy year and can be done 3 times in the entire policy tenure.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Entry Age (Life Assured) | Minimum | Maximum | |||
| 8 years | 70 years | ||||
| Max age of Maturity | 80 years | ||||
| Policy Term | 10 years | ||||
| Premium Payment Term | 5 years | ||||
| Annual Premium | Rs. 50,000 | No Limit | |||
| Sum assured | For ages below45 years: 10 x Annual Premium |
No Maximum Limit. Subject to Underwriting |
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| For ages 45 years to 60 years: 7 x Annual premium |
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OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity Benefit:
You will receive the Fund Value based on the prevailing NAVs at maturity. Moreover, Loyalty Addition will also be payable.
- Death Benefit:
- In the case of death of the Life Insured, the nominee would get higher of Sum Assured and Fund Value.
- This death benefit, under all circumstances, will not be less than 105% of the total premiums paid excluding service tax.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Loyalty Additions | You will get a Loyalty Addition of 1% of your total Fund Value at maturity. | |||||
| 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: You can buy this plan provided the policyholder is at least 18 years old and the Life Assured (whose life is insured under the plan) is between age 8 and 70 years |
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| The investment and risk profile of Discontinued Policy Fund will be as follows:- | ||||||
| Fund Name | Asset Allocation | Risk Profile | ||||
| UL Discontinued Policy Fund^ |
Equity* | - | Low | |||
| Govt. Securities* | 60 – 100%* | |||||
| Money Market | 0 – 40%* | |||||
| Notes: Only available in the case of discontinuance of a policy during the first five policy years. *These are subject to revision as guided by Regulator from time to time. |
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| Partial Withdrawal | This 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, with prior approval of IRDA | |||||
| Notes: This charge can be revised to maximum 500, with prior approval of IRDA. | ||||||
| Miscellaneous | This will be recovered on account of medical expenses in case of increase of the Sum Assured, subject to a maximum of Rs. 3,000. This charge can be revised to a maximum Rs. 5,000 with prior approval of IRDA. | |||||
| Premium Redirection | You can modify the allocation of 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 | |||||
| Policy Year | Premium Allocation Charge | ||||
| 1st | 8.4% of Annual Premium Paid | ||||
| 2nd and 3rd | 6.4% of Annual Premium Paid | ||||
| 4th to 5th | 5.4% of Annual Premium Paid | ||||
| Notes: This charge is deducted from the Premium Paid by you | |||||
| Premium Administration Charges | |||||
| Policy Year | Premium Allocation Charge | ||||
| 1st to 5th | 0.05% of Annual Premium per month | ||||
| 6th to 10 | 0.06% of Annual Premium per month | ||||
| Notes: Subject to a maximum of Rs. 500 per month | |||||
| Surrender Charge | |||||
| Policy discontinuance year | Surrender/Discontinuance charges | ||||
| 1 | Lower of 6% * (AP or FV) subject to a maximum of Rs. 6,000/- | ||||
| 2 | Lower of 4% * (AP or FV) subject to a maximum of Rs.5,000/- | ||||
| 3 | Lower of 3% * (AP or FV) subject to a maximum of Rs. 4,000/- | ||||
| 4 | Lower of 2% * (AP or FV) subject to a maximum of 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 | |
| Switching | This will be Rs. 250 per switch. However, first 6 switches in a policy year are free of charge. This charge can be revised to a maximum Rs. 500, with prior approval of IRDA. | ||||
| Notes: This charge can be revised to maximum 500, with prior approval of 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 Insure 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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