Canara Money Back Advantage Plan

The Canara Money Back Advantage Plan is a life insurance policy designed to offer both life cover and guaranteed payouts at regular intervals. This investment plan ensures that you have financial support throughout the policy term while still providing a lump sum benefit to your beneficiaries in case of an unfortunate event.

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What is the Canara Money Back Advantage Plan?

The Canara Money Back Advantage Plan is a life insurance plan offered by Canara HSBC Life Insurance that ensures your family's financial security with life coverage and milestone-based payouts. You receive guaranteed cash at set intervals and a lump-sum payout upon maturity. 

It is a non-linked participating plan, where the returns are not linked to the market performance but are based on the company's profits.

Features of Canara Money Back Advantage Plan

  • Death Benefit Protection: Receive a payout for your family if the policyholder passes away within 16 years.

  • Flexible Payment Schedule: Pay premiums for just 10 years to meet your budget and preferences.

  • Guaranteed Cash Returns: Get three payouts of 15% of the sum assured at the end of the 5th, 9th, and 13th policy years if you're still alive.

  • Maturity Benefit: At the end of the policy, receive a guaranteed lump sum equal to 55% of the sum assured, along with any accrued bonuses.

  • Premium Discounts: Enjoy lower premiums when you opt for a higher sum assured.

  • Tax Advantages: Benefit from tax relief on premiums paid and payouts received, according to the Income Tax Act, 1961, including Sections 80C and 10(10D).

People also read: Canara HSBC Child Plan

Eligibility Criteria of Canara Money Back Advantage Plan

This investment option is offered by Canara HSBC Life Insurance with the following eligibility conditions:

Eligibility Criteria Details
Entry Age  8 – 55 years
Premium Payment Term (PPT) 10 years
Maturity Age 71 years
Policy Term (PT) 16 years
Minimum Sum Assured (SA)
  • 8 - 50 years Entry Age: Rs. 1,00,000
  • 51 - 55 years Entry Age: Rs. 2,00,000
Minimum Premium Depends upon Entry Age, Sum Assured, and Premium Payment Mode.

Benefits under the Canara Money Back Advantage Plan

Some of the key benefits offered by the Canara Money Back Advantage Plan are listed below:

Survival Benefit: You will receive guaranteed money back payouts at set intervals, provided all due premiums are paid.

  • 5th Policy Year: 15% of the Sum Assured

  • 9th Policy Year: 15% of the Sum Assured

  • 13th Policy Year: 15% of the Sum Assured

Maturity Benefit: If you survive to the end of the policy term and have paid all due premiums, you'll receive:

  • 55% of the Sum Assured as Guaranteed Sum Assured on Maturity.

  • Any accrued simple reversionary bonuses.

  • Any applicable terminal bonus.

  • After this payout, the policy ends.

Death Benefit: If you pass away during the policy term and have paid all due premiums, your nominee will receive the greater of:

  • Sum Assured on Death, plus any accrued simple reversionary bonuses, interim bonuses, and terminal bonuses, if applicable.

  • 105% of the total premiums paid (excluding underwriting extra premiums).

  • The Sum Assured on Death is the higher of:
    • 10 times the annual premium, or

    • The Sum Assured.

NOTE: 
– If you have received survival benefits, they won't be deducted from the death benefit.
– Once the death benefit is paid, the policy ends with no further benefits.

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Bonuses:

  • Simple Reversionary Bonus:

    • Added to the policy if premiums are paid on time.

    • Expressed as a percentage of the Sum Assured.

    • Declared at the end of each financial year based on the with-profit fund's performance.

    • Once declared, it becomes part of the guaranteed payout.

  • Terminal Bonus:

    • It may be declared at maturity, depending on the with-profit fund's performance.

NOTE: The bonuses are not guaranteed and are at the discretion of the company, so they may vary.

Paid-Up Status: A life insurance policy can enter "Paid-Up" status if premiums are not fully paid but at least the first two consecutive years' premiums have been paid.

  • Once a policy is "Paid-Up":

    • It is still valid but has reduced benefits.

    • You do not earn any new bonuses.

    • It can be revived within 5 years from the first unpaid premium.

Benefits of a Paid-Up Policy:

  • Survival Benefit:

    • If the policy reaches specific milestones, you receive a percentage of the "Paid-Up Sum Assured."

    • This happens at the end of the 5th, 9th, and 13th policy years, with 15% of the Paid-Up Sum Assured paid each time.

    • The "Paid-Up Sum Assured" is calculated by multiplying the original Sum Assured by the ratio of premiums paid to total premiums due.

  • Reduced Maturity Benefit: Upon policy maturity, you receive:

    • Paid-Up Sum Assured on Maturity.

    • Any bonuses accumulated before the policy became paid up.

    • This amount is reduced by any survival benefits already paid.

  • Reduced Death Benefit: If the policyholder dies, the nominee gets:

    • Paid-Up Sum Assured on Death.

    • Any bonuses accrued before the policy went paid up. 

This amount is also reduced by any survival benefits already paid.

High Sum Assured Rebate:

If the policy's Sum Assured is ₹200,000 or more, you can receive a rebate on the premiums payable.

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Policy Details of Canara Money Back Advantage Plan

  • Surrendering the Policy: Surrendering the policy means you cancel it before its term ends.

    • It’s generally not recommended, as it may lead to a loss of benefits and value.

    • If you must surrender, be aware it might not yield the expected financial benefits.

  • Lapse: If you miss premium payments during the first two years and don't pay within the grace period, your policy lapses. This means the insurance coverage ends, and you won't get any benefits upon death or at maturity.

  • Paid-Up Status: If you've paid premiums for at least two consecutive years, the policy becomes "paid-up" if you don't pay within the grace period. You'll still receive some benefits upon death or maturity, but at a reduced level compared to an active policy.

  • Revival Options: You can revive a lapsed or paid-up policy within five years from the first missed premium date by paying all overdue premiums with interest. After revival, your benefits are reinstated to the original level.

  • Grace Period: You have a grace period of 30 days for annual payments and 15 days for monthly payments to make up for missed premiums. If you don't, the consequences mentioned above apply.

  • Free Look Period: You have a "free look" period of 15 days (30 days for distance marketing) after receiving your policy document to cancel the policy. If you cancel within this time, you'll get a refund of your premiums minus certain deductions like the cost of insurance coverage, stamp duty, and any medical expenses.

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How Does the Canara Money Back Advantage Plan Work?

Step 1- Purchase the Plan:

  • Choose a sum assured amount, which is the death benefit paid to your beneficiary if you die during the policy term.

  • Decide on the policy term, which is the duration for which you'll pay premiums and the plan will be active.

  • Pay the initial premium to activate the policy.

Step 2- Guaranteed Money Back Payments:

  • Throughout the policy term, you'll receive regular payouts at predetermined intervals as a percentage of the sum assured.

  • These payouts are guaranteed, meaning you'll receive them regardless of the plan's performance.

Step 3- Maturity Benefit: Upon surviving until the policy maturity date, you'll receive a lump sum amount. This benefit consists of:

  • A guaranteed amount equal to 55% of the sum assured.

  • Any accrued simple reversionary bonuses.

  • A terminal bonus, if applicable.

Step 4- Bonuses (potential): The plan is a participating policy, which means you might be eligible for bonuses if the insurer performs well. These bonuses can include:

  • Simple reversionary bonuses: Added to the maturity benefit and grow with a fixed interest rate.

  • Terminal bonus: A one-time bonus paid at maturity.

Step 5- Death Benefit:

  • If you pass away during the policy term, your beneficiary will receive the full sum assured amount.

  • The guaranteed survival benefits (money-back payouts) already received won't be deducted from this death benefit.

Step 6- Policy Termination:

  • The policy terminates after the maturity benefit payout or upon receiving the death benefit.

  • No further benefits are payable after termination.

People also read: Government Schemes for Girl Child

Suicide Exclusion of Canara Money Back Advantage Plan

  • If the policyholder dies by suicide within the first year (12 months) from the policy start or revival, the beneficiaries will not receive the full death benefit.

  • Instead, the payout will be limited. The exact amount depends on the policy terms, but it typically consists of premiums paid till death.

  • After one year (12 months) from the policy start/revival date, suicide exclusion is lifted. If the policyholder dies by suicide after this period, the death benefit as per the policy terms will be paid.

FAQs

  • What is the Canara Money Back Advantage Plan?

    The Canara Money Back Advantage Plan is an individual, non-linked participating life insurance plan. It combines savings and protection by offering guaranteed payouts at specific intervals throughout the policy term, along with a maturity benefit and potential bonuses.
  • What are the benefits of the plan?

    • Guaranteed Money Back payouts: Receive money at predefined intervals during the policy term to meet your life stage goals.

    • Maturity benefit: Get a lump sum amount on policy maturity, along with accrued bonuses.

    • Life cover: Provides financial security for your family in case of your unfortunate demise during the policy term.

    • Potential bonuses: Earn additional benefits through declared bonuses if the plan performs well.

    • Tax benefits: You may be eligible for tax deductions on premiums paid and exemptions on received benefits under prevailing tax laws.

  • What is the policy term and premium payment term of Canara Money Back Advantage Plan?

    The Canara Money Back Advantage Plan typically offers a policy term of 16 years with a limited premium payment term of 10 years. However, specific details may vary, so it's best to consult the product brochure or contact Canara HSBC Life Insurance for the latest information.
  • How many guaranteed money back payouts are there?

    The exact number of guaranteed payouts in the The Canara Money Back Advantage Plan depends on the chosen plan variant and policy term. Typically, there are 3 payouts during the policy term, but this can vary. Refer to the product brochure or contact the insurer for details.
  • Who is this plan suitable for?

    The Canara Money Back Advantage Plan is suitable for individuals who want to build a corpus for life stage goals while receiving life cover for their family. It caters to those seeking guaranteed benefits alongside potential bonus accumulation.

*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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