Canara HSBC OBC Life Insurance : Grow Smart Plan
Organization : Canara HSBC Oriental Bank of Commerce Life Insurance
Facility : Grow Smart Plan
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Grow Smart Plan : https://www.canarahsbclife.com/index.html
Home Page : http://www.canarahsbclife.com/lifeinsurance/portal/canh/home
Grow Smart Plan
** Grow Smart plan is a whole life unit linked plan which provide insurance cover throughout your life.
** This is an affordable insurance plan in which you can pay premiums for a limited duration and get lifelong insurance cover.
Related : Canara HSBC Life Insurance : Pay Renewal Premium & Track Status Online : www.statusin.in/6163.html
| Eligibility Criteria | Minimum | Maximum |
| Entry age (Life Assured) | 7 years | 65 years |
| Policy Term | Whole of Life | |
| Premium Payment Term | 10 years | 99 – (Age at entry) |
| Annual Premium | ` 25,000 | No Limit |
| Sum Assured | For ages below 45 years: 0.5 X T X Annual Premium (T = 70 – age at entry) For ages 45 years & above: 7 X Annual premium |
No maximum limit, subject to underwriting |
** In this policy, the investment risk in Investment Portfolio is borne by the policyholder.
** The Linked Insurance Products do not offer any liquidity during the first five years of the contract.
** The policyholder will not be able to surrender/withdraw the monies invested in Linked Insurance Products completely or partially till the end of the fifth year
WHY BUY :
Life is all about the choices you make. And with every choice you make your biggest concern is whether you have taken the right decision to fulfill your responsibilities. Keeping this in mind, this whole life insurance plan has been designed to enable you to provide you and your spouse with financial security throughout your retirement.
Whole of Life Protection: Life Cover throughout your life
Flexible Premium Payment Term: You can choose a premium paying term (10 years or more) to suit your earning capacity
Choose Life Cover: You have the flexibility to choose your Life Cover based on your protection needs.
Switching/Premium Redirection: You can actively manage your investments by switching your money from one fund to another and through redirection of premiums.
Partial Withdrawals: You can easily withdraw money from your fund in case of financial emergency through partial withdrawals, after 5 years.
Increase/Decrease of Sum Assured: You can choose from a range of life cover as per your protection needs. Also you have the flexibility to increase or reduce your Sum Assured, depending upon your changing needs.
Benefits :
Death Benefits :
In the unfortunate event of your death while your policy is in-force, your nominee will receive higher of:
** Sum Assured less applicable partial withdrawals
** Fund value
** 105% of premiums paid by you
Loyalty Additions :
1% of your Fund Value added by way of additional allocation of units at the end of 15th policy year to boost your investments
Investment Funds :
You can choose to invest in 5 investment funds with equity exposure ranging 0% to100%, depending on your investment philosophy:
** Equity II Fund
** Growth Plus Fund
** Balanced Plus Fund
** Debt Plus Fund
** Liquid Fund
Tax Benefits# :
You can avail tax benefit on the premium paid subject to current applicable provisions of Section 80 C of income Tax Act, 1961. Please note that tax laws are subject to amendments from time to time.
#Tax benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor.
How it Works :
Mr. Singh, age 40, chooses to pay annual premiums as shown below. He opts for a Sum Assured of 15 times the annual premium and a Premium Paying Term of 20 years. The table below shows surrender values as at the policy anniversary immediately after Mr. Singh’s 99th birthday for multiple scenarios assuming annual gross investment return of 4% and 8% with 100% investment in Balanced Plus Fund.
| Annual Premium (`) | Sum Assured (`) | Fund Value (`) at age 99 assuming Gross Investment Return of | |
| 4% | 8% | ||
| 30,000 | 4,50,000 | 17,96,499 | 1,24,39,048 |
| 75,000 | 11,25,000 | 44,91,248 | 3,10,97,620 |
| 1,00,000 | 15,00,000 | 59,88,331 | 4,14,63,494 |
| 2,50,000 | 37,50,000 | 1,50,65,604 | 10,37,90,745 |
| 5,00,000 | 75,00,000 | 10,37,90,745 | 20,81,91,498 |
The assumed rates of return (4% p.a. and 8% p.a.) shown in the above illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your policy depends on a number of factors including future investment performance. The Fund Values shown in the above illustrative example are after deduction of service tax and cess (@14.5%).