Canara HSBC Child Plan

What is the Canara HSBC Child Plan?

Canara HSBC child plans are a category of life insurance products aimed at safeguarding a child’s future by supporting major life goals such as higher education, skill development, or marriage. These child plans ensure that even if something happens to the parent, the child’s financial requirements are met on time. They provide features like flexible premium payment options, policy continuance benefits, maturity payouts, and sometimes additional riders to enhance protection and savings.

Features of Canara HSBC Child Plan

• Flexibility: Some plans allow customization of premium payment, policy term, and sum assured to suit specific needs and budgets.

• Premium Payment Flexibility: Choose regular, single, or limited-pay premium options to fit your budget.

• Sum Assured: Customize the sum assured to meet your desired financial coverage level.

• Plan Options: To suit your risk appetite and goals, choose from traditional endowment plans, Unit-Linked Insurance Plans (ULIPs), or government-sponsored plans.

• Policy Term Options: Select a policy term that aligns with your child's age and future milestones.

• Partial Withdrawals: Certain plans allow tax-free partial withdrawals after a specific period to address unexpected needs.

Benefits of Canara HSBC Child Plan

The key benefits of Canara HSBC child plans are listed below:

• Education Milestones: Specific plans offer guaranteed payouts aligned with crucial education milestones, like higher education expenses.

• Riders: Add optional riders like critical illness cover, accidental disability cover, or waiver of premium for enhanced protection.

• Loyalty Additions & Bonuses: Some plans offer loyalty additions and bonuses on top of guaranteed benefits.

• Guaranteed Benefits: The Canara Child Plans ensure fixed payouts for education or maturity, offering peace of mind to parents.

• Life Cover: Parents' plans include life cover, providing a lump sum for the child's needs if the parent passes away.

• Tax Benefits: Premiums are tax-deductible under Section 80C, and maturity proceeds are tax-free as per certain conditions under Section 10(10D).

Details of Canara Child Plan

Below are the details of Canara's investment plans for children. 

1. Canara HSBC Smart Junior Plan

   The Canara HSBC Smart Junior Plan is a financial product designed to help parents or guardians save and invest for their child's future financial needs, such as education expenses, marriage, or other long-term goals.

   Features:

   • Triple protection cover (life cover, maturity benefit, and survival benefit).

   • Lump sum death benefit plus waiver of future premiums on death.

   • Guaranteed annual payouts aligned with child’s education milestones.

   • Flexible policy term (12 to 25 years) and premium paying term.

   • Eligibility for entry is from 18 to 50 years of age.

   • Guaranteed bonuses and high sum assured rebates for higher premiums.

   Benefits:

   • Financial security for a child's education and future needs.

   • Guaranteed bonuses and survival benefits enhance corpus.

   • Tax benefits under Section 80C and 10(10D).

   • Protection against financial disruption due to the untimely death of a policyholder.

   • Maturity benefit paid along with loyalty additions.

2. Canara Guaranteed Income4Life

   Canara Guaranteed Income4Life is a life insurance plan that provides a guaranteed lifelong income stream along with life cover and premium protection, designed to secure long-term financial needs like children's education or retirement income.

   Features:

   • Life insurance with guaranteed lifelong income payout.

   • Flexible payout modes: monthly, quarterly, half-yearly, annually.

   • Premium protection cover for waiver of future premiums in case of death.

   • Loan facility available against policy.

   • Loyalty additions and high premium boosters.

   Benefits:

   • Ensures regular guaranteed income for long-term financial needs.

   • Premium waiver protects income stream in case of policyholder’s death.

   • Provides financial security for a child's education or retirement income.

   • Tax advantages under applicable sections.

   • Option to tailor payout frequency and amount.

   Investment

   Secure

   

   Secure your child’s future with or without you

   Start Investing

   ₹10,000/Month

   & Get

   ₹1 Crore^*

   VIEW PLANS

   *Standard T & C Apply

3. Canara Guaranteed Savings Plan

   Canara Guaranteed Savings Plan is a savings-oriented life insurance plan offering guaranteed maturity benefits along with life cover, premium protection, and loyalty bonuses to help build a disciplined savings corpus for children’s future financial needs.

   Features:

   • Guaranteed lump sum maturity benefit plus yearly guaranteed additions.

   • Life cover during policy term with death benefit and waiver of future premiums.

   • Flexible premium payment terms including limited pay.

   • Loyalty additions to enhance maturity benefit.

   • Covers premium protection and policy loan facility.

   Benefits:

   • Builds a secure savings corpus with guaranteed returns.

   • Life insurance protection and waiver of premiums ensure financial stability.

   • Rewards disciplined premium payment with bonus additions.

   • Provides funds for child’s education or other goals.

   • Tax benefits as per prevailing laws.

4. Canara HSBC Life Insurance iSelect Guaranteed Future Plus

   Canara HSBC Life Insurance iSelect Guaranteed Future Plus is a life insurance plan offering guaranteed maturity benefits and flexibility to choose lump sum or regular income payouts, along with optional premium protection to secure life goals like child education.

   Features:

   • Life cover with guaranteed maturity benefits and loyalty additions.

   • Flexible premium payment options and policy terms.

   • Options for lump sum or regular income payouts.

   • Optional payor premium protection and accidental death benefit.

   • Designed to secure life goals such as a child's education financially.

   Benefits:

   • Provides guaranteed savings and income for the child's future.

   • Flexibility to choose between lump sum or income payouts.

   • Protects family from financial uncertainties.

   • Tax benefits on premiums and maturity proceeds.

   • Ensures financial stability throughout the policy term.

5. Canara HSBC Life Insurance iSelect Guaranteed Future

   Canara HSBC Life Insurance iSelect Guaranteed Future is a guaranteed life insurance and savings plan providing life cover, guaranteed maturity benefits, and regular income options to support long-term financial planning for a child's future.

   Features:

   • Life insurance cover with guaranteed maturity benefit.

   • Premium payment flexibility with single or limited premiums.

   • Guaranteed income payouts plus loyalty additions.

   • Optional payor premium protection.

   • Suitable for long-term savings and financial goal planning.

   Benefits:

   • Builds a stable financial safety net for family and child’s future.

   • Guarantees returns and regular income post premium payment.

   • Benefits from tax exemptions on premiums and maturity.

   • Combines savings and insurance for sustained financial security.

   • Offers peace of mind with assured financial protection.

In Summary

The Canara HSBC Child Plan offers a comprehensive solution for securing a child's future with its blend of insurance and investment options. The company stands as a robust choice for parents seeking to safeguard their children's future aspirations by focusing on financial protection and wealth accumulation.

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