Canara HSBC OBC Life Insurance Smart Stage Money Back Plan
Product Info
UIN
136N028V01
Status
Withdrawn
Launch Date
21/10/2013
Withdrawn Date
05/10/2017
Product Overview
Canara HSBC Oriental Bank of Commerce Life Insurance Smart Stage Money Back Plan, which helps the customer to meet those unforeseen needs by providing Guaranteed Money Back payouts at regular intervals and lump sum benefit at maturity benefit.
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 Oriental Bank of Commerce Life Insurance Smart Stage Money Back Plan is a traditional savings oriented life insurance money-back with-profit plan
- In this plan, the customer has to pay Limited Payment term ( i.e 11 Years )
- Three Guaranteed Money Back payouts of 15% of the Sum Assured each in the 4th, 8th and 12th policy year.
Eligibility Criteria
| Eligibility Criteria | ||||||
|---|---|---|---|---|---|---|
| Entry Age | Minimum | 8 Years | ||||
| Maximum | 55 Years | |||||
| Max Age at Maturity | 70 Years | |||||
| Minimum Premium | Minimum premium will depend on minimum entry age and minimum Sum Assured | |||||
| Maximum Premium | No Limit | |||||
| Payment Modes | Annual & Monthly | |||||
| Premium Payment Term | 11 Years | |||||
| Policy Term | 15 Years | |||||
| Modal Factors |
For Monthly mode, the Annual Premium needs to be multiplied with a factor of 0.09 to arrive at the monthly instalment premium payable. |
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| Notes: Monthly mode will be available only with SI/ ECS option | ||||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
| Benefit | Description | |||||
|---|---|---|---|---|---|---|
| Maturity Benefit | 55% of Sum Assured + | |||||
| Accumulated Annual Bonuses along with Final Bonus, if any, will be payable | ||||||
| Death benefit | The Death Benefit Sum Assured is defined as higher of: | |||||
| a) Sum Assured OR | ||||||
| b) 10 times the Annualised Premium | ||||||
| On the event of death of the Life Assured, a Death Benefit equal to Death Benefit Sum Assured + 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. | ||||||
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Money Back Benefit | Guaranteed Money Back payouts at the end of the 4, 8 and 12 policy year as detailed below will be paid | |||||
| Guaranteed Money Back (Percentage of Sum Assured) | ||||||
| 4 year | 8 year | 12 year | ||||
| 15% | 15% | 15% | ||||
| High Sum Assured Rebate | If the Sum Assured is higher than or equal to Rs. 1,50,000, you will be eligible for a rebate in the premium. | |||||
| Sum Assured (in Rs ) | Rebate (Rs.per1000 of Sum Assured) | |||||
| 1,50,000 upto 1,99,999 | 5 | |||||
| 2,00,000 upto 2,99,999 | 7.5 | |||||
| 3,00,000 upto 4,99,999 | 10 | |||||
| 5,00,000 upto 9,99,999 | 12 | |||||
| 10,00,000 and above | 13 | |||||
| Bonuses | Annual Bonus | This bonus will be added every year based on the profits emerging from the 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 the 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 it 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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| Discontinue Premium | If all due premiums have not been paid for first three policy years: | |||||
| In this case, your policy will lapse at the expiry of the grace period of 30 days and the insurance cover will cease immediately. No benefits will be paid when the policy is in lapsed status. | ||||||
| If all due premiums have been paid for at least first three policy years: | ||||||
| Your policy will acquire a Paid-up value at the expiry of the grace period of 30 days, which shall be payable either on the death or the maturity, whichever is earlier. | ||||||
| You will not be eligible for future bonuses and any future Guaranteed Money Back payouts as long as your policy is in Paid-up state. However, the bonuses already added to your policy before the policy becoming a Paid-up will remain guaranteed. | ||||||
| Paid Up Value | Death Benefit in case of paid-up | |||||
| Death Benefit Sum Assured* (No of premiums paid / No of premiums payable) plus added Bonuses less all past Guaranteed Money Backs paid | ||||||
| Maturity benefit in case of paid-up: | ||||||
| Sum Assured* (No of premiums paid / No of premiums payable) plus added Bonuses less all past Guaranteed Money Backs paid | ||||||
| Surrender Value | This is a traditional plan intended for long-term savings and benefits. We strongly advise that the policy should be continued throughout the defined policy term to realise the full benefits. Early surrender should not be opted for unless there is no other alternative available, as it will impact the policy value and intended goals may not be realised. | |||||
| Guaranteed Surrender Value | Policy acquires a Guaranteed Surrender Value after payment of at least three years’ premiums. | |||||
| The calculation of the Guaranteed Surrender Value is as given below: A*(Total Premiums Paid excluding extra premium, if any) + B*(Accrued Bonuses) – C |
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| Where A & B are as provided in the table below and C is defined as the total survival benefits already paid, if any | ||||||
| Year of Surrender | (A) GSV Factor (As percentage of Total Premiums Paid, excluding extra premium, if any) | (B) GSV Factor (As percentage of Accrued Bonuses, if any) | ||||
| 3 | 30.00% | 18.69% | ||||
| 4 | 50.00% | 21.49% | ||||
| 5 | 50.00% | 24.72% | ||||
| 6 | 50.00% | 28.43% | ||||
| 7 | 50.00% | 32.69% | ||||
| 8 | 52.00% | 37.59% | ||||
| 9 | 54.00% | 43.23% | ||||
| 10 | 56.00% | 49.72% | ||||
| 11 | 58.00% | 57.18% | ||||
| 12 | 60.00% | 65.75% | ||||
| 13 | 62.00% | 75.61% | ||||
| 14 | 64.00% | 86.96% | ||||
| 15 | 66.00% | 100.00% | ||||
| Special Surrender Values | The Company may also declare Special Surrender Values (SSV) in future after getting due approval from IRDAI, and higher of GSV or SSV will be paid on surrender. | |||||
| Revival | Request for the revival of the policy can be made anytime during 2 years from the due date of first unpaid premium. | |||||
| Annual bonuses will get added on the revival date as declared by the Company during the revival period. | ||||||
| All Guaranteed Money Back payouts due to be paid during the revival period shall be payable on revival. After revival, the policy will continue to accumulate future bonuses as planned. | ||||||
| In case a discontinued policy is not revived during the applicable revival period: | ||||||
| If all due premiums have not been paid for the first three policy years, the policy will be terminated at the end of the revival period without any benefits being payable. | ||||||
| If all due premiums have been paid for at least the first three policy years and subsequent premiums are not paid, the policy will acquire a Paid-up value at the expiry of the grace period. | ||||||
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 Oriental Bank of Commerce Life Insurance Smart Stage Money Back 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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