Canara HSBC ULIP Plan
Canara HSBC ULIP Plan
  • Protect Your Investment
  • Partial Withdrawals
  • Tax Benefits Under 80C
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Canara HSBC ULIP Plans

2007 was a turning point in the books of insurance. Why so? Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited came into the limelight with a strong intention insight- to capture a major share of the insurance market by delivering useful products to address the needs of the Indian people. Even at that time, Canara HSBC had the support of a superb team whose training was light years ahead of its competitors. Now in 2020, nothing much has changed. They still have a dominating team that works 24/7 to make its customers happy. Speaking of changes, the company has added new products in its lineup and they are worth discussing. The highlight of them is its ULIP Plans.

At the moment, they have 8 ULIP plans at their disposal. Every plan sounds different from the other but all of them serve the same purpose- build financial capital for its owner. Honestly, that is the only thing a person is looking for from a ULIP plan. To understand more details, have a look at the different types of ULIP plans offered by Canara HSBC.

Types of Canara HSBC ULIP Plans

1. Titanium Plus Plan

Today, money dictates the rules of the world and it will happen in the future as well. To be a part of the rulemaking, you should have enough money stocked up for the future. This plan can assist you with that. A detailed and simple strategy for financial planning is its specialty. And you can change that as per your needs.

Benefits

  • If an unplanned contingency blocks your path, you are allowed to make partial withdrawals to run it down.
  • The financial market is unpredictable and it keeps on changing. But it is not a worry for you. The plan allows you to switch between available fund options as per your desire and investment need.

Eligibility

FactorsEligibility
Pay optionsLimited/RegularSingle
Minimum entry age0 years13 years
Maximum entry age70 years
Minimum maturity age18 years
Maximum maturity age80 years75 years

2. Smart Future Plan

It is a unit-linked plan that makes sure that any of your long-term projects/goals are financially uninterrupted (if you are not around).

Benefits

  • Flexibility is its strong suit. From fund options to premium payment term, you have total freedom to choose/switch the necessary option to meet your demands.
  • Tax benefits are in your pocket. The only condition- pay the policy premiums on time.

Eligibility

FactorsEligibility
Policy term10 years15 years20 years
Minimum entry age18 years28 years
Maximum entry age51 years49 years
Minimum maturity age18 years28 years
Maximum maturity age61 years66 years69 years

3. Smart Goals Plan

It is tough to jump into investments. You need discipline and an effective plan to build up your finances. Fortunately, you don’t have to do it all alone. This plan can work beside you and design a brilliant strategy to stock up your investments.

Benefits

  • From the 6th year of the policy, you can increase/decrease the amount of the sum assured to match your financial requirements.
  • Once you reach the maturity of the policy, this plan will allow you to switch to a low-risk fund to protect your investments.

Eligibility

FactorsEligibility
Policy term10 years5/20/25 years
Minimum entry age8 years
Maximum entry age64 years
Minimum maturity age18 years23 years
Maximum maturity age74 years79 years

4. Smart Life long Plan

As a unit-linked plan, it is tasked with two major roles- wealth creation & life coverage. And the plan performs its roles with flying colors.

Benefits

  • As soon as you reach the 6th year of the policy, you can make partial withdrawals and change the sum assured amount as per your convenience.
  • You have an option to choose the premium payment term as per your budget and need.

Eligibility

FactorsEligibility
Minimum entry age7 years
Maximum entry age65 years
Premium payment frequencyMonthly/Annual

5. Secure Bhavishya Plan

Your expenses will keep on rising in the future. You need enough money to take care of them. This plan can look after it. With the potential to design a superb financial strategy, secure bhavishya plan will slowly (yet effectively) boost your investments.

Benefits

  • You can avail of tax benefits under the Income Tax Act, 1961.
  • The plan will offer 101% of the premium paid (as maturity benefit). The only condition- all premiums must be paid in full.

Eligibility

FactorsEligibility
Minimum entry age25 years
Maximum entry age70 years
Minimum vesting age40 years
Maximum vesting age80 years
Premium payment frequencyMonthly/Annual

6. Insure Smart Plan

This plan gives your investments steady growth without facing any hurdles. Along with that, additional protection via life coverage makes things much better.

Benefits

  • Once you approach 6 years of the policy, it allows you to enjoy partial withdrawals to say hello to an emergency.
  • If your present investment in a fund is not giving you expected results, you can easily switch to another option. No questions asked.

Eligibility

FactorsEligibility
Policy term10 years
Minimum entry age8 years
Maximum entry age70 years

7. Future Smart Plan

As a responsible parent, you have to save up enough money to fulfill your child's dreams. For that, you should have a workable strategy in hand. This plan has its specialty in the same. Once the future smart plan is in your pocket, you won’t have to worry about your child’s finances.

Benefits

  • If you want to play safe, the plan allows you to shift your money in a low-risk fund (only in the last 4 years of your policy).
  • If you are facing problems in paying your premiums, you have the flexibility to change the payment term to match your needs. Future premiums will follow the same course as the revised term. The only condition- revision is only applicable once in a policy year.

Eligibility

FactorsEligibility
Policy term10/15/20/25 years
Minimum entry age18 years
Maximum entry age60 years

8. Grow Smart Cover

How amazing will it be if you can get lifelong coverage by paying a handful of premiums? Great, isn’t it? This plan can make this true. By investing in Grow Smart Cover, you can sit back, relax, and enjoy the financial security till your last day on planet Earth.

Benefits

  • Change is constant and so is your need. To match it well, you have the flexibility to increase/decrease the sum assured of your policy.
  • By paying timely premiums, you will get tax benefits along with other benefits of the plan.

Eligibility

FactorsEligibility
Policy termWhole life
Minimum entry age7 years
Maximum entry age65 years

Why Canara HSBC ULIP Plans is Your Best Option?

There are two things that people should never mess with- their life & hard-earned money. If you agree with this statement, then choosing a poor ULIP provider will be beneath you. All your effort should go into hunting for a popular provider which can safeguard your investment and give stable returns as well. Right now, only one company can meet this benchmark- Canara HSBC.

With a customer-oriented workforce, reliable brand name and tax benefits, Canara HSBC holds promising intentions in its eyes to deliver the best results in the market.

Canara HSBC ULIP Plans: FAQs

Yes, you can cancel the policy. Just visit the nearest Canara HSBC branch, fill out the surrender form and submit the necessary documents. On acceptance, your money will be refunded in your bank account.

No. You will be given a grace period of 30 days to pay the premium.

The nominee has to visit the nearest branch with the insured’s death certificate and the policy document. S/he has to fill out & submit a claim form. Within 30 days, the claim will be accepted/rejected.

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Last updated on 31-01-2020