Canara HSBC Life Dream Smart Plan
Canara HSBC Life Insurance
The Company is jointly owned by two of India's largest public sector banks - Canara Bank and Oriental Bank of Commerce and HSBC Insurance (Asia Pacific) Holdings Limited, the Asian insurance arm of one of the world's largest banking and financial services groups - HSBC. The Company was launched on 16 June 2008.
Contact Details
TollFree Number = (1800-103-0003, 1800-180-0003 )
Email Id. = customerservice@canarahsbclife.com
Product Overview of Canara HSBC Life Dream Smart Plan
Dream Smart Plan with its flexible features has been designed to help customers to plan their financial requirements to fulfil the dreams of their loved ones without compromising.
Product Description of Canara HSBC Life Dream Smart Plan
- You can choose a Premium Paying Term (10 years or more) to suit your earning capacity and your life stage.
- Loyalty Additions: 1% of your Fund Value added by way of additional allocation of units at the end of the 15 policy year to boost your investments.
- Liquidity: Partial withdrawals to help the customer meet their unplanned contingencies.
Unique Features of Canara HSBC Life Dream Smart Plan
Canara HSBC life -Dream Smart Plan is a unit linked endowment plan with both limited and regular premium paying options
This plan provides loyalty addition of 1% of fund value at the end of the 15th policy year, provided all the premiums are paid.
Increase and decrease in sum assured allowed subject to the TnC from the 6th policy year.
Eligibility Criteria for Canara HSBC Life Dream Smart Plan
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Entry Age (Life Assured) | Minimum | Maximum | |||
| 7 years | 60 years | ||||
| Max age of Maturity | 80 Years | ||||
| Policy Term | 20 years (fixed) | ||||
| Premium Payment Term | 10 years | 20 Years | |||
| Annual Premium | Rs. 25,000 | 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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Product Benefits of Canara HSBC Life Dream Smart Plan
| Benefit | Description | ||||
|---|---|---|---|---|---|
| Maturity Benefit | On survival till the end of the policy term, the fund value will be paid to the customer. | ||||
| Death | Before the age of 60 years, the nominee would receive the higher of: | ||||
| ● Sum Assured less withdrawals in the preceding two years | |||||
| ●Fund value | |||||
| ●105% of all premiums paid less withdrawals in the preceding two years, excluding the service tax. | |||||
| At 60 years of age or above, the nominee would receive the higher of | |||||
| ●Sum Assured less withdrawals after attaining 58 years of age | |||||
| ●Fund Value | |||||
| 105% of all premiums paid less withdrawals post attaining 58 years of age, excluding the service tax. | |||||
Other Policy Features of Canara HSBC Life Dream Smart Plan
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Loyalty Additions | Loyalty Additions will be made at the end of the 15th policy year in the form of an extra allocation of units to the fund to the extent of 1% of the fund value. | |||||
| 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 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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| 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 the Liquid Fund will comprise of short-term securities only. | ||||||
| Partial Withdrawal | The first four partial withdrawals in any given policy year will be free of charge. | |||||
| Subsequent withdrawal will attract charges of 250 per withdrawal. | ||||||
| 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 | Medical examination expenses in case of increase in the Sum Assured after policy issuance: Actual expenses will be recovered subject to a maximum of Rs. 5,000. |
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| Premium Redirection | The customer can opt for modifying 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. | |||||
Add-ons for Canara HSBC Life Dream Smart Plan
Not Available
Charges for Canara HSBC Life Dream Smart Plan
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| 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 you | |||||
| 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 :- his 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. |
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| 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 |
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| 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 six partial withdrawals in any given policy year will be free of charge. | ||||
| Subsequent switches will attract a charge of 250 per switch. | |||||
| This charge can be revised to maximum Rs. 500, with prior approval of IRDA. | |||||
Exclusion in Canara HSBC Life Dream Smart Plan
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 of Canara HSBC Life Dream Smart Plan
Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961