Canara HSBC Smart Junior Plan

The Canara HSBC Smart Junior Plan is a savings cum protection life insurance plan  that ensures your child's future education needs are met, regardless of your presence.It is an individual, non-linked participating policy that provides a guarantee for your child's educational requirements.

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About Smart Junior Plan

The Canara HSBC Life Insurance Smart Junior Plan is a personalized non-linked par life insurance policy that combines savings and protection, specifically designed to secure your child's future education needs, regardless of your presence.

With the Smart Junior plan, you can expect assured payouts during the final five years of the policy, which can be aligned with your child's educational milestones. Additionally, the plan includes annual bonuses and, upon maturity, a final bonus, if applicable.

This plan offers comprehensive protection, ensuring that in the event of the unfortunate demise of the Life Assured, an immediate lump sum amount is paid, and any remaining premiums due are waived. The policy remains active, and the scheduled policy benefits continue to be paid.

Eligibility Criteria of Canara HSBC Smart Junior Plan

Features Description
Entry Criteria
Minimum Age 18 years - 50 years
Maximum Age 80 years
Policy Term 12 to 25 years
Sum Assured
Minimum Sum Assured Annually  ₹ 3,00,000
Minimum Sum Assured Monthly  ₹ 5,00,000
Maximum Sum Assured No limit
Premium Payment Mode Annually/Monthly
Minimum and Maximum Premium
Minimum Premium Depends on factors such as age, sum assured, etc
Maximum Premium No limit, will be subject to BAUP of the company

Features Of Canara HSBC OBC Smart Junior Plan

Features of Canara HSBC OBC Smart Junior Plan are: 

  1. Triple Protection

    This plan offers enhanced life insurance protection, providing a lump sum benefit upon the policyholder's death. The unique feature of this best child education plan is that all remaining premiums are waived, ensuring financial security for the insured's family. Additionally, it guarantees annual payouts specifically designed to meet the educational needs of the insured's child.

  2. Guaranteed Payouts

    The plan includes guaranteed annual payouts that are closely aligned with your child's educational milestones. These payouts are structured to provide consistent financial support for your child's education as they progress through their academic journey.

  3. Tailored to Your Savings Goals and Milestones

    With multiple policy term options, you have the flexibility to choose a term that aligns closely with your child's age and anticipated future milestones. This customization ensures that your policy is well-suited to meet your specific savings goals and educational objectives.

  4. Flexible Premium Payment Options

    The plan offers a variety of premium payment terms to choose from, allowing you to select a payment schedule that closely aligns with your savings horizon. This flexibility ensures that you can comfortably manage your premium payments while working towards your child's education fund.

  5. Building a Solid Education Fund

    Canara HSBC Smart Junior Plan focuses on building a substantial fund for your child's education. In addition to regular annual bonuses, a final bonus may also be added upon maturity. This approach guarantees a smooth accumulation of funds dedicated to your child's educational expenses.

  6. Enhanced Benefits for Higher Premiums

    To reward policyholders who commit to higher premiums, the plan offers a high sum assured rebate. This means that by making a higher premium commitment for the chosen policy term, you can enjoy even greater benefits and value from the plan.

  7. Tax Benefits

    The premiums paid and the benefits received under the Smart Junior Plan are eligible for tax benefits under Section 80C and Section 10(10D), as per the Income Tax Act, 1961.

Benefits of Canara HSBC OBC Smart Junior Plan

The Canara HSBC OBC Smart Junior Plan offers a range of benefits designed to secure your child's future. Some of the key benefits of the plan include:

  1. Survival Benefit

    Receive guaranteed annual payouts at the end of each of the last 4 policy years before maturity, provided all premiums are paid. Use payouts for future education needs of your child. The amount of annual payouts will be as per below table.

    At the end of Policy Year

    Payout as % of Sum Assured

    Policy Term minus 4

    20%

    Policy Term minus 3

    20%

    Policy Term minus 2

    20%

    Policy Term minus 1

    20%

  2. Maturity Benefit

    On survival till maturity, receive Guaranteed Sum Assured on maturity (equal to 20% of Sum Assured), along with annual bonuses and final bonus, if any.

  3. Death Benefit

    In case of the unfortunate demise of the insured during the policy term, the following benefits will be payable to the nominee: 

    Immediate lump sum benefit (higher of):

    • Sum Assured: 10x the Annualized Premium

    • 105% of the Total Premiums Paid till the date of death, less underwriting extra premium, if any

    • Future premiums need not be paid, and the policy will continue to be in force for the remaining Policy Term.

  4. Guaranteed Annual Payouts

    Guaranteed annual payouts that are scheduled will continue to be payable at the end of each of the last 4 policy years before the maturity year.

  5. Guaranteed Sum Assured

    On maturity, you receive a benefit equal to 20% of the Sum Assured.

  6. Bonuses

    Upon maturity of the policy, any accumulated annual bonuses, as well as a potential final bonus, will be paid out.

  7. Tax Benefits

    You can avail tax benefits on the premium paid, under Section 80C of the Income Tax Act, 1961.

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Discontinuance of Premium Conditions 

The terms regarding the discontinuance of premium conditions under the Canara HSBC OBC Smart Junior Plan are as follows:

  1. Description Discontinuance during first policy year (Policy has not acquired paid-up value)

    • Life cover lapses after grace period 

    • No policy benefits are payable 

  2. Discontinuance after paying first policy year full premium but before paying second policy year full premium(s) (Policy has not acquired paid-up value)

    • Life cover lapses after grace period 

    • Early Exit Value of 10% of the Total Premiums Paid, excluding underwriting extra premium, if any, will be payable on earlier of upon death or surrender or end of 5 years’ revival period 

  3. Discontinuance after paying first 2 policy years full premiums (Policy has acquired paid-up value)

    • Acquires Paid-up value after grace period and continues at paid-up value 

    • Continues with reduced benefit till maturity or death, whichever is earlier 

    • Surrender request can be accepted and Surrender Value paid immediately 

Why Buy Canara HSBC Smart Junior Plan

The Canara HSBC Smart Junior Plan is a beneficial investment for securing your child's future. It offers comprehensive protection by combining life insurance coverage with investment opportunities, allowing you to build a corpus for your child's education, marriage, or other future needs. With flexible customization options, potential investment growth, wealth transfer benefits, and tax advantages, this plan provides a well-rounded financial solution for parents or guardians looking to safeguard their child's financial well-being.

Policy Details of Canara HSBC OBC Smart Junior Plan

  • Revival Period: You have the option to request the revival of the policy at any time within a five-year period starting from the due date of the first unpaid premium.

  • Grace period: You are given a 30-day Grace Period for yearly policies and a 15-day Grace Period for monthly policies, starting from the premium due date, to make the required premium payments.

  • Free Look Period: The policyholder has the option to check the terms and conditions of the policy within 15 days (or 30 days if the policy was obtained through remote marketing) after receiving the policy document.

  • Surrender: At any point during the policy period, you have the option to terminate the policy. The amount you will receive upon surrendering the policy will be the greater of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV). However, the policy only accumulates both GSV and SSV after you have paid premiums for at least two consecutive policy years.

  • Paid-Up: Your policy will become Paid-up after the Grace Period expires, starting from the due date of the first unpaid premium, as long as you have paid the full premiums for the first two consecutive policy years. If the policy remains in the Paid-up state and is not surrendered or revived, you will receive a Paid-up value upon death or upon reaching the end of the policy term, whichever happens earlier.

  • Loan Facility: Avail the loan facility to meet liquidity needs once the policy acquires a surrender value.

  • Rebates: If the Sum Assured equals or exceeds Rs 4,00,000, a discount will be provided on the payable premium.

Exclusions of Canara HSBC OBC Smart Junior Plan

Suicide Exclusion

If the insured person, whether mentally stable or not, takes their own life, the benefits provided by this policy will be as follows:

  • If suicide occurs within one year from the start of coverage and the policy is active, the higher amount between 80% of the total premiums paid up to the date of death and the surrender value available at the time of death will be paid.

  • If suicide occurs within one year from the policy's revival date, the higher amount between 80% of the total premiums paid up to the date of death and the surrender value applicable at the time of death will be paid.

  • If suicide is committed after one year from the start of coverage or from the policy's revival date, the death benefit will be based on the terms applicable to an active or paid-up policy.

FAQ's

  • What happens if the policyholder passes away during the policy term?

    In the unfortunate event of the policyholder's demise during the policy term, the plan provides a death benefit. This benefit is paid to the nominee, ensuring that the child's financial needs are taken care of even in the absence of the policyholder.
  • Can I surrender the Canara HSBC Smart Junior Plan before the policy term ends?

    Yes, you have the option to surrender the policy at any time during the policy term.
  • What is the Surrender Value payable if I decide to surrender the policy?

    The Surrender Value payable will be the higher of the Guaranteed Surrender Value or the Special Surrender Value. These values are calculated based on factors such as the Total Premiums Paid (excluding any underwriting extra premium) and the accrued Annual bonuses, reduced by the Guaranteed Annual Payouts already paid out.
  • What happens if the policyholder commits suicide within the first year after purchasing the policy?

    If the policyholder commits suicide during the first year after purchasing the policy, the nominee will receive a refund of 80% of the total premium paid.
  • What if the policyholder commits suicide within the first year after reviving the policy?

    In the unfortunate event that the policyholder commits suicide within the first year after reviving the policy, the nominee will receive 80% of the total premium paid or the surrender value, whichever is higher.
  • What is the provision if the policyholder commits suicide after one year from the date of revival or date of purchase?

    If the policyholder commits suicide after one year from the date of revival or the date of purchase, the death benefit will be payable to the nominee as per the policy terms.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

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Canara HSBC Child Plans Reviews & Ratings

4.5 / 5 (Based on 25 Reviews)
(Showing Newest 10 reviews)
Neil
Baran, March 02, 2021
Save your money
I saved my money when I bought the child insurance plan of canara hsbc. I believe it is one of the best decision I did for my daughter. She is right now 4 years old and till age 18 a great corpus will become and that will be used for her education. Thanks a lot team.
Ishwar
Anjar, February 19, 2021
Low premium and great investment
I have recently bought a child insurance plan of canara hsbc child. It was all done from the website of the policybazaar. The premium rate of child plan is less and the investment is high. It is risk-free. I am happy.
Kamal
Bolpur, July 18, 2016
Claiming Is good
I have a child insurance plan which i buy from canara hsbc obc life insurance. The policy covers maximum expenditures occur in future and the future time is secured. Claiming is very easy because of quick service facilitate by the executives.
Manohar
Khalikote, July 07, 2016
Child Plan
The child insurance i purchase for my son is good policy. Service provider behave so well and the customer service is 24X7. Policy cover maximum expenditure and future of my son is secure with this insurance policy. Good claims too.
Yajan
Dangar, June 28, 2016
Nice Policy
My child plan which is very good in many ways. The premium is low and returns is good. Policy coverage is high and service facilitate by the company members is quick. Updates are regularly mailed and web service is easy to access. I'm tension free now for my child's future plans.
Omesh
Darjeeling, April 11, 2016
Marvelous Plan
Policy coverage is high ~97% and the policy claims are even better. Premiums are low approx. 30 k quarterly per year. Nice child policy plan which i buy from canara hsbc life insurance, is good investment for future and it save taxes also. Service is very good which facilitate by the executives and staff members. Good job guys.
Sandeep
Bengaluru, April 11, 2016
Great Deal
Recently i bought a child insurance policy plan for my child from canara hsbc Life Insurance. The policy having great deals and low premiums. The policy coverage is approx. 89.5% and the services are even better and on time till now, rest see in future. The claims are the best. Really happy with the policy plan.
James
Adaspur, April 11, 2016
Service Is Bit Slow
I had child policy plan for my child through canara hsbc life insurance child plan. The policy is nice, Good policy coverage ~86% and claiming amount is Rs.29.9 L after policy get mature. But the service is bit slow, please improve it. And the behaviour of the executives and staff members are nice.
Gautam
Srinagar, April 11, 2016
Good Future Investment
I found awesome child policy plan from canara hsbc life insurance. The claim is high and the policy coverage is 92%. Service you provided is fast and very quick. Daily updates are mail and texted to me. The policy is good for future investment and it saves taxes also.
Rahul
Nilgiris, April 11, 2016
Fair Policy
I purchase child policy plan by canara hsbc life insurance. Policy coverage is 89% and the claims are high. Premium is low and the services are fast and with great response from executives and staff members of the company. I'm happy with my policy plan, nice job guys.
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