Canara HSBC Investment Plan
Canara HSBC Investment Plans
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Canara HSBC Investment Plans

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is a joint venture between Canara Bank, Oriental Bank of Commerce and HSBC Insurance Holdings Limited. It was established in June 2008. At present, it is one of the leading insurance providers in the private insurance market.

Canara HSBC insurance company offers different plans related to health insurance, life insurance, child insurance, retirement plans, savings & investment plans, etc. Here we are going to explore the investment plans served by Canara HSBC Oriental Bank of Commerce Life Insurance Company.

List of Canara HSBC Investment Plans

Canara HSBC withholds a reputable position in the private insurance market. There are 11 savings & investment plans served by Canara HSBC Oriental Bank of Commerce Life Insurance company. All the plans have been explained below as per FY 2019-2020 updates.

1. POS Easy Bima Plus

The plan is an individual, non-linked, non-participating & saving cum protection plan being offered by Canara HSBC Life Insurance company. The plan has excellent facilities and benefits for its policyholders. Here are the benefits of the plan mentioned below:

Benefits

  • In case of accidental death, the plan provides a double life cover.
  • The plan also provides a survival benefit. The policyholder gets paid the return of total premium in case s/he survives by the end of maturity of the policy.
  • The insured get different choices for premium payment and policy term.
  • The plan comes with tax exemption benefits.
  • The policyholder can not avail any loan facility under this plan.
  • The paid-up death value under the plan is equal to the: Death benefit sum assured x (Number of premiums paid/ Total number of premiums payable during the policy term).

Eligibility

CriteriaMinimumMaximum
Entry Age18 Years55 Years
Maturity Age28 Years65 Year
Sum AssuredRs.50,000Rs.15,00,000
Policy Term10 Years/15 Years/20 Years
Annual PremiumFor policy term 10 Years - Rs.2,219/-
For policy term 15 Years - Rs.1,076/-
For policy term 20 Years - Rs.989/-

2. Pension4life Plan

It is very relieving to be financially independent in your retiring days. So, Canara HSBC Life Insurance is offering Pension4life Plan for you. The plan is an annuity product. The policyholder gets a defined level of annuity instalments in exchange for the purchase price of the policy. It is designed for an individual and it is a non-linked & non-participating general annuity plan. The benefits of the plan are:

Benefits

  • The plan has for you immediate/ deferred annuity options.
  • The plan provides incentives for higher sum assured.
  • Maturity benefits don’t apply to this plan.
  • Loan facility can be availed on the policy.
  • There is a loyalty booster option for existing company’s customers. The annuity rate gets increased by 1% under this.
  • The annuity rate is increased by 2% if the policy has been bought online.
  • If the policyholder is diagnosed with any critical illness, s/he is provided with immediate life annuity with return of purchase price.
  • In case of accidental total or permanent disability, the insured gets immediate life annuity with return of purchase price.

Eligibility

CriteriaMinimumMaximum
Entry Age45 Yearsno limit
Sum AssuredRs.2,00,000/-No limit
Annual PremiumRs.1,000 per month

3. Guaranteed Income Advantage Plan

Guaranteed Income Advantage Plan helps you fulfil all your dreams and manage your finances. It is a non-linked, individual & non-participating life insurance plan. The plan provides life protection and acts as an investment. The plan can also help you meet all your short and long term goals. Benefits of the plan have been mentioned below for your easy understanding.

Benefits

  • Pay the premium for limited-term and get life cover for the entire term.
  • Tax benefits are provided under the plan as per section 80C of the Income Tax Act, 1961.
  • The policyholders get a higher premium booster.
  • Guaranteed benefits are paid on maturity of the policy if the policy premiums are paid on time.
  • The beneficiary mentioned under the policy gets the sum assured on death under the death benefit which is higher of:
    • 11 times the annualized premium.
    • 105% of the total premium paid as on the date of death of the insured.
    • The guaranteed sum assured on maturity.
    • Absolute amount assured to be paid on the death of the policyholder.
  • The policyholder can cherish the loan facility on the policy.

Eligibility

CriteriaMinimumMaximum
Entry Age3 years for a policy term of 15 years
6 years for a policy term of 12 years.
60 Years
Maturity Age18 Years75 Years
Sum AssuredDetermined according to minimum annualized premium, entry age, policy term/ premium payment termBased on board approved underwriting policy of the document
Policy Term12 Years/15 Years
Annual PremiumRs.1,00,000

4. Guaranteed Income Plan

The plan provides its insured with guaranteed money-back payouts with life insurance. The plan has been designed for an individual. It is a non-linked and non-participating plan which acts as insurance cum investment. Here are a few of the more facts presented about the plan.

Benefits

  • The policyholder gets survival benefit under the plan. A guaranteed annual cashback is provided at the end of the last 4 policy years before the policy maturity.
  • The benefit is provided only if all the premiums have been paid under the policy.
  • In case the insured survives till the policy term, s/he gets:
    • Guaranteed Sum Assured On Maturity + Guaranteed Yearly Addition(s) + Guaranteed Loyalty Addition
  • The premiums can be paid on a yearly, half-yearly, quarterly and monthly basis.
  • The plan also provides the policyholder with a guaranteed single pay advantage option.
  • Loan facility can be availed on the plan after surrender value has been acquired.
  • The plan gets you the tax benefit for the paid premiums as per section 80C of the Income Tax Act, 1961.

Eligibility

CriteriaMinimumMaximum
Entry Age0 Years60 Years
Maturity Age18 Years75 Years
Sum AssuredGuaranteed cashback option - Rs.49,600
Guaranteed cashback with premium protection option - Rs.49,500
Guaranteed income advantage option - Rs.5,000
Guaranteed single pay advantage option - Rs.46,955
No limit.
Policy TermGuaranteed single pay advantage option - 5 Years/7 Years/10 Years
Guaranteed income advantage option - 14 Years/20 Years
Guaranteed cash back option - 10 Years/15 Years
Guaranteed cashback with premium protection option - 12 Years/15 Years
Annual PremiumRs.20,000

5. Easy Bachat Plan

As the name suggests, Easy Bachat Plan can help you make hassle-free savings. It is a non-linked and non-participating plan designed for an individual. There are two plan options under this plan:

Endowment plans

Money-back plans

The insured is free to choose among the plans. The benefits offered under the plan are mentioned below:

Benefits

  • The insured gets guaranteed benefits paid on the maturity of the policy.
  • The plan provides life cover for the whole term and you just need to pay the premium for a fixed time duration.
  • The insured is free to choose the most suitable premium payment option.
  • Guaranteed additional bonuses are provided at the end of the policy year.
  • The insured can avail of the income tax benefits on the paid premium and death/maturity benefits provided under the plan.

Eligibility

CriteriaMinimumMaximum
Entry Age18 Years55 Years
Maturity AgeNot mentioned65 Years
Sum AssuredRs.20,148Rs.10 lakh
Policy Term10 Years/ 15 Years/ 20 Years
Annual PremiumRs.5,000

6. Guaranteed savings plan

Future planning is impossible without savings. Be it the education of your children, their marriage or your retirement planning. So, the Guaranteed Savings Plan can help you meet all your dreams. It is a non-linked & non-participating life insurance plan designed for an individual.

The plan provides you with life protection, as well as it acts as savings to you and your family in time of need. Here are a few of the benefits of the plan mentioned below:

Benefits

  • The insured gets the following options to choose under the plan
    • Guaranteed savings options,
    • Guaranteed savings with double protection option, or
    • Guaranteed savings with premium protection offers.
  • The plan offers higher premium booster and assures that the policyholder gets add-on benefit on choosing higher premium payment.
  • The beneficiary of the policy gets paid-up sum assured on death of insured.
  • Loyalty additions are provided under the plan.
  • Total premium paid under the plan is the total premium received, excluding the taxes and rider premium.
  • You can avail tax benefits under the plan.

Eligibility

CriteriaMinimumMaximum
Entry Age0 Years60 Years
Maturity Age18 Years75 Years
Sum AssuredRs.76,500No limit
Policy Term10 Years/12 Years/15 Years/20 Years
Annual PremiumRs.20,000

7. Jeevan Nivesh Plan - A whole Life Insurance Plan

All the policy buyers who want a steady build-up of fund for their financial goals should opt for Jeevan Nivesh Plan. It is an individual, non-linked & participating life insurance cum savings plan. As the plan is a whole life insurance plan so, it provides you with maturity benefits in case you outlive the policy tenure.

Benefits

  • The insured gets a lump-sum payout on the maturity of the policy.
  • The plan is an investment cum protection plan.
  • There are flexible premium payment term options provided under the policy.
  • Policy buyers who opt for higher sum assured are provided with a percentage of the rebate as an extra benefit.

Eligibility

CriteriaMinimumMaximum
Entry Age18 Years55 Years
Maturity AgeNot mentioned80 Years
Sum AssuredRs. 3 LakhsNo limit
Policy TermLimited Pay 5 - 10 Years/15 Years/20 Years
Limited Pay 7 - 15 Years/20 Years/25 Years
Limited Pay 10 - 15 Years/20 Years/25 Years
Regular Pay - 15 Years/20 Years/25 Years/30 Years

8. Money-Back Advantage Plan

The plan provides its insured with milestone-based payouts through the guaranteed maturity benefit and money-back payouts. Money-back Advantage Plan is a participating & non-linked life insurance plan. It has been designed for an individual. All your life goals can be met if you have this investment cum protection plan.

Benefits

  • The insured gets 3 guaranteed money-back payouts in the policy term.
  • Guaranteed maturity benefit is provided under the plan. The guaranteed maturity benefit is 55% of the sum assured.
  • The plan provides a policy term of 16 years.
  • There is a limited payment term of 10 years under the plan.
  • The policyholder gets tax benefit on the premiums paid under the plan as per section 80C of the Income Tax Act, 1961.

Eligibility

CriteriaMinimumMaximum
Entry Age8 Years55 Years
Maturity AgeNot specified71 Years
Sum AssuredRs. 1 lakh onwardsNo limit
Policy Term16 Years

9. Smart Junior Plan

Smart Junior plan helps you design the future education needs of your children in your absence. The guaranteed benefits provided under the plan are enough to nurture the dreams of your kids. All you need to do is pay the policy premiums on time and get full coverage under the plan. Here are mentioned few of the other benefits of the plan:

Benefits

  • Under the survival benefits, guaranteed annual payouts are provided at the end of each of the last 4 policy years before the maturity period.
  • The plans payout guaranteed survival benefits if the policy premiums are paid on time.
  • At times, it happens that the policyholder outlives the policy term. In such a scenario, the insured gets maturity benefits.
  • The guaranteed sum assured is provided on maturity. It is equal to 20% of the sum assured.
  • The guaranteed sum assured is inclusive of the additional bonuses like annual bonuses and final bonus (if any).
  • Under the death benefit, the nominee gets an immediate lump-sum amount which is higher of:
    • Sum assured.
    • 10 times the annualized premium.
    • 105% of the total premium paid till date.

Eligibility

CriteriaMinimumMaximum
Entry Age18 Years50 Years
Maturity AgeNot specified70 Year
Sum AssuredRs.3 LakhsNo limit
Policy Term12 Years to 25 Years
Annual PremiumDepends on the age of the life insured and sum assured opted.

10. Smart Future Income Plan

Smart Future Income Plan helps you plan your post-retirement life. The financial savings helps you secure your happiness and post-retirement dreams. It is a participating & non-linked life insurance plan designed for an individual. Here are a few of the benefit that a policyholder can cherish under the plan:

Benefits

  • The plan provides guaranteed monthly income which can help you meet lifestyle and retirement needs.
  • The plan provides you with accrued bonuses at the end of the policy year.
  • You can avail loan facilities on the policy.
  • The death benefits and maturity benefits provided under the plan are tax-free as per section 10D of the Income Tax Act, 1961.
  • Simple reversionary bonus and terminal bonus are provided under the plan.

Eligibility

CriteriaMinimumMaximum
Entry Age18 Years55 Years
Maturity Age43 Years80 Years
Sum Assured100 times the chosen monthly income.
Policy Term25 Years
Monthly PremiumRs.5,000 onwards

11. Smart Monthly Income Plan

It is a non-linked, participating & life insurance savings cum protection plan. The plan has been designed for an individual. Smart Monthly Income Plan helps you accumulate a handsome amount apart from giving you live coverage. This can help you meet all the basic requirements of life on time.

Benefits

  • The insured can get a life cover for 25 years and create a legacy for their loved ones.
  • Policyholders can enjoy loan facilities under the policy.
  • The insured can get a guaranteed monthly income for 15 years.
  • The plans provide guaranteed income and bonuses.
  • The insured can enjoy tax benefits as per section 80C and 10D of the Income Tax Act, 1961.
  • Policyholders can create a pool of money through accumulated lump-sum amounts from annual and final bonuses.

Eligibility

CriteriaMinimumMaximum
Entry Age18 Years55 Years
Maturity Age43 Years80 Years
Sum Assured100 times the chosen monthly income.
Policy Term25 Years
Monthly PremiumRs.2,000 onwards

Canara HSBC Claim Process

Canara HSBC provides its customers with the hassle-free claim process. The plan comes to the rescue of its policyholders in hard times. You can reach out to the Canara HSBC Oriental Bank of Commerce Life Insurance company through customer care toll-free number and get guidance concerning the claim process. The customer care toll-free number can be fetched from the official site of the insurance company.

The claim can also be applied online by visiting the official site of Canara HSBC Life Insurance company.

Documents Required

All that you need to do is produce a few documents listed below to get your claim processed:

  1. Filled claim form.
  2. Original copy of the policy bond received at the time of inception of the policy.
  3. Nominee ID/KYC and bank account details for the transfer of assured sum.
  4. Original and authentic death certificate (issued by Municipality/equivalent authority) along with the medical certificate mentioning the reason of death.
  5. Settlement option form.

Exclusion

Suicide is the only exclusion concerning all the savings & investment plans served by Canara HSBC Oriental Bank of Commerce Life Insurance Company. The terms, conditions and claim procedure in a suicidal case varies with the plan. For further information, please refer to the plan brochure.

FAQs

On-time premium payment keeps your policy in force. Moreover, few of the plans provide its policyholders with certain rewards for timely premium payment.

In case you fail to pay premium on-time, the insurance company provides you with the grace period of certain days. The due premium needs to be paid within the time duration. In case of failure, the policy is subject to lapse.

Yes, Canara HSBC Oriental Bank of Commerce Life insurance company provides its policyholders with the facility to choose the renewal premium date as per their convenience. Few formalities are to be done concerning the same and the insured can get all the information from the customer service representative.

In case your policy has lapsed, you will have to check whether it is within the revival period. In case the policy has a revival period time limit, the lapsed policy can be revived by paying all the due premiums.

Last updated on 05-11-2020