Canara HSBC OBC Life Future Smart Plan

The Canara HSBC OBC Life Future Smart Plan is a savings and investment Unit Linked Insurance Plan. This policy helps policyholders to plan for the future milestones of their children, such as higher studies or marriage. With this policy, the policyholders ensure the protection of their child’s future in case of the death of the parent.

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Investing in your child's future:A wise decision & a loving choice
  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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Key Features

  • The policy offers four Policy Terms, which are 10, 15, 20, and 25 years.

  • The policyholder may opt for the additional feature of Milestone Withdrawals.

  • The policy helps to generate wealth for the child’s future financial requirements.

  • The plan has an inbuilt Total and Permanent Disability Rider.

  • The policyholder can manage his or her investment portfolios through features such as premium redirection, switching between funds, Auto Rebalancing Option, and Safety Switch Options.

  • A policyholder can choose from six investment funds that provide a range of equity exposure. The investments funds are India Multi-cap equity, equity II, growth plus, balanced plus, debt plus, and liquid fud.  


  • If the policyholder survives until the policy matures, he or she receives a Maturity Benefit, which is the Fund Value as on the maturity date.

  • In the unfortunate event of the demise of the policyholder, the nominee receives Death Benefit.  The Death Benefit has the following benefits which are as follows:

  • In case of death, the beneficiary will receive the SA and the policy continues all future premium amounts funded by the insurer. This cannot be below 105 percent of all paid premiums up to the death date. 

  • The Sum Assured minus any partial withdrawals are paid immediately to the nominee.

  • The policy will continue and the Fund Value is paid to the nominee on maturity.

  • Based on the customer’s risk appetite, there is a choice of six Unit Linked Funds for investment.

  • With the Milestone Withdrawal feature, the policyholder annually receives 15% of the Fund Value during the last five policy years. This feature is applicable only in policy terms of 15, 20, and 25 years.

  • The Auto Rebalancing option and the Safety Switch option help policyholders manage their investment portfolios.

  • The Auto Rebalancing option maintains the allocation of investments across all funds in a specific proportion throughout the policy term. It is opted for at the inception of the policy. Every three-policy month, the policy automatically rebalances the allocation of the investments in various funds to the allocation proportions that were chosen by the policyholder.

  • Safety Switch Option allows policyholders to move their investments systematically to a low-risk Liquid Fund in the last four policy years in order to avoid market volatility and movement and to safeguard the funds.

  • Partial withdrawals can be made from the sixth policy year onwards. The minimum amount for partial withdrawals is Rs. 10000.

  • Tax benefits are available on the premium paid and Death Benefit as per sections 80(C) and 10 (10D) of the Income Tax Act.

  • The policyholder may opt for the Permanent and Total Disability Rider, in which case, if the policyholder is deemed permanently and totally disabled future premiums, will be paid by the company and the policy will continue to be in effect till the Maturity or Death Benefit is paid.

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Product Specification:

Parameters  Minimum Maximum
Entry Age of the Policyholder (Last Birthday) 18 years 60 years
Maturity Age (Last Birthday) of the Life Assured - 70 years
Entry Age of Child (Last Birthday) 0 18 years
Policy Term (PT) in years 10 years 25 years
Premium Paying Term (PPT) in years Regular pay Limited Pay – 10 years
Premium Paying Frequency Annual
Annual Premium Rs. 25000 Rs. 50000 for PT of 10 years -
Sum Assured Entry age less than 45:
  • PT of 10, 15, 20 years = 10 X Annual Premium
  • PT of 25 years = 12.5 X Annual Premium
  Entry age 45 and above:  7 X Annual Premium
No Limit

Policy Details

  • Grace Period: The policy gives policyholders thirty days to pay all due premiums. This timeframe is reduced to 15 days in case of premiums being paid via monthly mode. The policy will acquire a “Discontinued” status if payment is not made within the applicable timeframe.

  • Policy Termination or Surrender Benefit: If the policy is surrendered before the completion of 5 years, then the insurance cover ceases, and the Fund Value will be transferred to the Discontinued Policy Fund. Proceeds from this will be payable only after the fifth policy anniversary. In case of the death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee. After completing five policy years, if it is surrendered, then there are no Surrender/Discontinuance Charges, the Fund Value is paid to the policyholder, and the policy will terminate immediately. If the policy is not reinstated within the revival period, the policy is terminated. Termination of the policy also occurs on payment of the Maturity benefit or the Death Benefit.

  • Free Look Period: Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. If the policyholder does not wish to continue with the policy, then he or she can cancel the policy. The customer will receive the Fund Value plus the unallocated premium minus a proportionate premium for the risk borne by the company, including any extra expenses, such as towards a medical examination or stamp duty charges.

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Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *


  • The policy allows policyholders to receive the Maturity Benefit in installments via the Settlement Option. The installments will be received over a maximum period of five years.

  • The policyholder may switch between the unit-linked funds at any point in time during the policy term.

  • Policyholders may opt to change the allocation of future premiums with the Premium Redirection facility.

  • From the sixth policy year onwards, the policyholder may opt to increase to decrease the Sum Assured on the condition that all previous premiums are paid.

Additional Features or Riders

  • The revival of a lapsed or discontinued policy is possible if the policyholder submits a request for reinstatement within a timeframe of two years from the date of the first unpaid premium and pays all due premium.

  • Various charges apply to this policy. They are as follows:

    • Premium Allocation Charge, which is deducted from the Premium paid by the customer. The balance is invested in the investments chosen by the policyholder

    • Policy Administration Charge is deducted at the start of each month.

    • Fund Management Charges are deducted daily while calculating the NAV of the funds.

    • At the beginning of each month, Mortality Charges are deducted by the cancellation of units from the fund value.

    • Switching Charge – There are six free switches allowed in a single policy year. Subsequently, each switch is charged at Rs. 250 per switch.

    • The partial Withdrawal Charge is Rs.250 per withdrawal with the first four withdrawals in a policy year being free of cost.

    • Miscellaneous Charge is there for medical examination expenses in case of an increase in the Sum Assured.

    • A Discountenance Charge is levied on policies that are discontinued before the end of the lock-in period of the first five years.


The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover or policy reinstatement. The company will refund the Fund Value as on the date of death.

Documents Required

The policyholder has to fill up an ‘Application form ’with identity proof, bank account proof, address proof and a recent photograph. Select cases may require income proof and medical examination.

*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:-
#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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