Insure Smart Plan from Canara HSBC Oriental Bank Of Commerce Life Insurance
Canara HSBC Oriental Bank Of Commerce Life Insurance company’s Insure Smart Plan is a unit linked endowment insurance plan that helps you generate wealth by investing in a mix of debt and equity along with providing life cover. The product gives you the freedom to invest in the 5 investment funds. A unit linked insurance plan, it helps you save for your specific dreams with the flexibility of paying premiums for 5 years and getting life cover for 10 years.
- This policy will cover you for a term as chosen by you (Options for policy term are: 10/15/20/25 years). You need to pay annual premiums for a minimum of 10 years or a maximum up to the term of policy.
- Please pay your premiums regularly and on time to enjoy life cover benefits. In case premiums are discontinued anytime during the premium payment term, your Life Cover will cease.
- The lock in period of this plan is 5 years. Please note that if premium payment is discontinued within first 5 years, the surrender value will only be paid at the end of 5 years.
- As this is a Unit linked insurance plan, returns are subject to market performance and therefore not guaranteed.
- Premiums paid by you will be invested in your chosen funds after deducting allocation charges. For e.g. allocation charge of 8.4% in year 1. For details on all charges applicable, please refer sales brochure.
- You must disclose all your health details appropriately in the proposal form to avail life cover benefits in this policy. You should go through the sales brochure to have a complete understanding of the policy you are purchasing.
Entry Age: – You should be between age 8 and 70 years.
Premium Frequency: This plan offers only annual premium payment frequency.
Annual Premium: The minimum annual premium is Rs. 50,000. You will have to pay this premium throughout the premium payment term of 5 years.
There are attractive discounts on premium allocation charge in case you choose to pay renewal premiums through ECS/ Standing Instructions.
You can choose to invest in 5 investment funds with equity exposure ranging from 0% to 100%, depending on your investment objectives:
- Equity II fund
- Growth plus Fund
- Balanced plus Fund
- Debt plus Fund
- Liquid Fund
You will get a loyalty addition of 1% of your total fund value at maturity.
Death Benefit: In case of unfortunate death of the life assured, the nominee (the person nominated to receive the benefits under the plan)/ legal heir will receive the higher of the fund value and the sum assured.
Maturity Benefit: Your policy will mature at the end of 10 years. You will receive the fund value based on the prevailing NAVs at maturity. Moreover, loyalty additions will also be payable.
- Partial Withdrawal: You can easily withdraw money from your fund in case of financial emergency through Partial Withdrawal, from the 6th policy year.
- Fund Switching & Premium Redirection: You can actively manage your investments by switching from one fund to another and through redirection of premiums.
- Change in sum assured: You can increase or decrease your sum assured, depending on your changing needs, from the 6th policy year, provided all due premiums are paid.
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