Organization : Canara HSBC Oriental Bank of Commerce Life Insurance
Facility : Secure Bhavishya Plan
Secure Bhavishya Plan :
http://www.canarahsbclife.com/lifeinsurance/portal/canh/home/for-individual/secure-bhavishya
Home Page : http://www.canarahsbclife.com/lifeinsurance/portal/canh/home
Secure Bhavishya Plan :
** Canara HSBC Oriental Bank of Commerce Life Secure Bhavishya Plan.
** Finance your future today, to make sure you enjoy life tomorrow.
Related : Canara HSBC OBC Life Insurance Smart One Pay : www.statusin.in/21681.html
** Our retirement solutions have been created to ensure that you lead your life tension free.
** Our Secure Bhavishya Plan gives you the freedom to plan your retirement so that you can enjoy it just the way you want!
Entry age :
Minimum: 25 years
Maximum: 70 years.
Vesting Age :
Minimum: 40 years
Maximum: 80 years
Premium Payment Term (PPT) :
For Single pay One time premium only
For Limited pay:
PPT-Minimum: 5 years
PPT – Maximum Limited Pay: 34 years
Regular :
PPT -Minimum : 10 years
PPT- Maximum: Equal to the Policy Term
Premium Payment Modes :
Regular / Limited pay Annual & Monthly modes are available Please note that it is mandatory to pay first 3 month?s premium in advance1 if you have chosen monthly mode of premium payment
Minimum Premium :
For Single pay – ` 3,00,000
However, in case the Single pay variant is purchased from the proceeds of company’s pension plan, there is no minimum premium limit to purchase the single pay variant.
For Regular / Limited pay:
Annual Premium (for premium payment term of 5 to 9 years): ` 50,000
Annual Premium (for premium payment term of 10 years and above): ` 25,000
Monthly Premium (for premium payment term of 5 to 9 years): ` 5,000
Monthly Premium (for premium payment term of 10 years and above): ` 3,000
For Top-ups – ` 10,000
Policy Term :
Vesting age less entry age, subject to following conditions:
** Maximum policy term is 80 years less entry age
** Minimum policy term is 10 years
** For Regular / Limited pay, maximum policy term is limited to 35 years
** For Single pay variant, maximum policy term is limited to 30 years
Option to increase the Policy Term / accumulation period:
At any time, Vesting age (Policy Term) can be extended (within the maximum limits prescribed above) by giving a written notice of at least 3 (Three) months prior to the Vesting Date provided you are less than 55 years of age as on that date.
For Regular pay variant, there will be an additional option to extend the accumulation period along with vesting age (wherein the customer shall pay the premiums as well).
Collection of advance premium shall be allowed within the same financial year for the premium due in that financial year. However, where the premium due in a financial year is being collected in previous financial year, the premium may be collected for a maximum period of three months in advance of the due date of the premium.
The premium so collected in advance shall only be adjusted on the due date of the premium. Such advance premium, if any, paid by the policyholder shall not carry any interest.
Benefits :
Death Benefit:
Higher of Fund Value or 105% of the cumulative premiums paid (including top-up premiums, if any) Options available on Death.
The nominee/claimant shall have the option to utilize the death benefit in one of the following ways:
1.Utilize the entire proceeds of the policy or part thereof for purchasing an immediate annuity at the then prevailing rate from Us, which shall be guaranteed for life at the then prevailing annuity/pension rates.
2.Withdraw the entire proceeds of the policy
Maturity (Vesting) Benefit :
Higher of Fund Value or guaranteed* maturity benefit, where the guaranteed* maturity benefit is 101% of total premiums paid (including top-up premiums)
*Benefit is guaranteed subject to payment of all due premiums.
Options available on Vesting : (Maturity)
1.Commute up to the extent allowed under applicable prevailing laws and utilize the balance amount to purchase immediate annuity only from Us, which shall be guaranteed for life, at the then prevailing annuity/pension rates.
2.Utilize the entire proceeds to purchase the single premium Pension plan from the Company
3.Extend the accumulation period or defer the vesting date (subject to maximum vesting age) for the same policy, with same terms and conditions, provided you are less than 55 years of age as on that date.
For option 3 above, for single pay or limited pay variant, only deferment of vesting date is allowed subject to maximum maturity age of 80 years. No premiums are to be paid for the extended period.
For regular premium policies, there will be an option to extend the accumulation period i.e. premium payment period along with deferment of vesting Date