Canara Smart Junior Plan

The Canara Smart Junior Plan is a child-focused life insurance policy which offers both protection and savings, ensuring that your child's key milestones, like education and marriage, are financially supported. This investment plan helps you build a solid foundation for your child's aspirations while providing peace of mind.

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Investing in your child's future:A wise decision & a loving choice
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What is the Canara HSBC Smart Junior Plan?

Canara HSBC Smart Junior Plan is an individual, non-linked, participating life insurance savings plus protection plan offered by Canara HSBC Life Insurance. It is a mix of insurance and savings designed to help you meet your child's future education needs. This investment plan provides guaranteed lump sum payouts during the last 5 years of the policy term. This can be helpful for aligning the payouts with your child's educational milestones.

Features of Canara HSBC Smart Junior Plan

Following are the key features of this investment option offered by Canara HSBC Smart Junior Plan:

  • Triple Protection: Life insurance with a lump-sum death benefit, waived premiums, and annual payouts for your child's education.

  • Education-Focused: Guaranteed payouts timed with key educational milestones.

  • Flexible Policy Terms: Choose a policy duration that matches your child's education needs.

  • Customizable Premium Plans: Flexible payment options to align with your budget.

  • Steady Growth: Annual bonuses help build the education fund, with a potential final bonus at maturity.

  • Value for Higher Premiums: Get a rebate for higher premium commitments.

  • Tax Benefits: Enjoy tax advantages on premiums and payouts under Sections 80C and 10(10D) of the Income Tax Act, 1961.

People also read: Canara HSBC Child Plan

Eligibility Criteria of Canara Smart Junior Plan

Eligibility Criteria Details
Entry Age
  • Monthly Payment Mode: 18 – 40 years
  • Annual Payment Modes: 18 – 50 years
Maximum Maturity Age 70 years
Policy Term 12 – 25 years
Premium Payment Term (PPT) 
  • 13 – 25 years PT: PT – (minus) 8 years;
  • 12/ 15/ 20 years PT: 5 years;
  • 19 – 25 years PT: 10 years.
Minimum Sum Assured Annually: Rs. 3 lakhs;
Monthly: Rs. 5 lakhs;
Maximum Sum Assured No Limit*
Premium Payment Mode Annual/ Monthly 
Premium Amount Depends on various factors like age, sum assured, policy term, etc.

* Decided as per the Board Approved Underwriting Policy (BAUP) of the company.

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₹10,000/Month
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Benefits of the Canara Smart Junior Plan

  • Survival Benefit: Receive guaranteed annual payouts at the end of each of the last 4 policy years before maturity, provided all premiums are paid. Ideal for funding your child's education.

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

    • 20% of the Sum Assured

    • Accrued annual bonuses

    • Final bonus, if applicable

  • Death Benefit: If the policyholder dies during the policy term (provided the policy is active), the Canara Smart Junior Plan provides the following benefits:

    • Lump-Sum Payment: The higher of:

      • Sum Assured

      • 10 times the annual premium

      • 105% of total premiums paid (minus any underwriting extra charges)

    • Premium Waiver: No more premiums are required, and the policy stays active.

    • Guaranteed Annual Payouts: The same guaranteed payouts continue to be paid at the end of each of the last 4 policy years before maturity.

    • Maturity Payment: 20% of the Sum Assured, along with any accrued bonuses, will be paid at maturity.

  • Bonuses

    • Annual Bonus: A simple reversionary bonus may be declared yearly if premiums are paid on time. This bonus accumulates and is guaranteed once added to the policy.

    • Final Bonus: This may be declared at maturity based on the company's profits. The amount varies at the company's discretion.

  • Paid-Up Policy: If the policy enters a paid-up status (due to missed premium payments after the grace period), here is what happens:

    • Reduced Survival Benefit: The annual payouts are reduced based on the ratio of premiums paid to the total premiums due.

    • Reduced Maturity Benefit: Maturity benefits are calculated similarly, based on the proportion of premiums paid.

    • Reduced Death Benefit: The lump-sum payment is reduced according to the ratio of premiums paid.

  • Loan Facility: Once the policy acquires a surrender value, you can borrow against it:

    • Minimum Loan Amount: Rs. 20,000

    • Maximum Loan Amount: 80% of the surrender value at the time of loan application.

  • High Sum Assured Rebate: If the Sum Assured is Rs. 4,00,000 or more, you may receive a rebate on your premium.

  • Tax Benefits: You can avail of tax deductions of up to Rs. 1.5 lakhs under Section 80C on investment made to this child plan. The maturity returns are also tax-free under Section 10(10D) if your annual premium payment is below Rs. 2.5 lakhs.

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Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

Policy Details of Canara HSBC Smart Junior Plan

  • Surrender Options: You can surrender the Canara HSBC Smart Junior Plan at any time, but it is best to avoid this unless absolutely necessary.

    • The Surrender Value is the higher of: Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).

    • The policy must have at least 2 years of consecutive premium payments to qualify for these values.

  • Policy Loan: A loan against your Canara HSBC Smart Junior Policy can be availed, subject to terms and conditions, to meet liquidity needs.

  • Grace Period: You have 30 days for yearly payments and 15 days for monthly payments to make overdue premium payments. If you do not pay within the grace period during the first two years, the policy will lapse, and coverage ends.

  • Revival: You can request revival within 5 years from the first unpaid premium due date. The revival requires paying all overdue premiums with applicable interest. Once revived, all benefits, including bonuses, will be reinstated as if the policy never lapsed.

  • Free Look Period: You have 15 days (30 days if acquired through distance marketing) to review the policy terms after receiving the policy document. If you cancel within this period, you will get a refund minus the proportionate risk premium, stamp duty, and any medical costs.

People also read: Child Investment Plans

How Does the Canara HSBC Smart Junior Plan Work?

Step 1: Set Your Coverage Amount

Decide how much you need to cover your child's education costs. This becomes your "sum assured." The payouts and maturity benefits depend on this amount.

Step 2: Choose the Policy Term

Set the policy length to match your child's key education milestones. For example, if your child is currently 6 years old, you might choose a 16-year term to start payouts when they turn 18.

Step 3: Select Premium Payment Details

Choose how long you will make premium payments and how often (e.g., annually or monthly). Consider your income and savings plans.

Note: Your premium amount is determined by factors like your age, sum assured, policy term, and payment frequency.

Suicide Exclusion

The Canara HSBC Smart Junior Plan excludes full death benefit payout in case of suicide within the first year of the policy or its revival. Here is a breakdown of the exclusion:

  • Within 1 year of policy commencement: If the life insured commits suicide during the first year after the policy starts, the nominee will receive either 80% of the total premiums paid till death or the surrender value available on the date of death, whichever is higher.

  • Within 1 year of policy revival: The same exclusion applies if the suicide happens within one year from the date the policy was revived.

There is no exclusion for suicide after one year from the policy commencement or revival date. In such cases, the full death benefit is payable to the nominee.

FAQs

  • What is the Canara Smart Junior Plan?

    Canara HSBC Smart Junior Plan is a child education insurance plan offered by Canara HSBC Life Insurance. It is a combination of savings and protection plan that guarantees payouts during your child's higher education years.
  • What are the benefits of the Canara Smart Junior Plan?

    Canara HSBC Smart Junior Plan offers guaranteed payouts in the last 5 years of the policy term, annual bonuses, and a potential final maturity bonus. It also provides comprehensive life insurance coverage for you.
  • Is there a loan facility available with the Canara HSBC Smart Junior Plan?

    Yes, you may be able to avail a loan against the surrender value of your Canara HSBC Smart Junior Policy after a certain period.
  • What happens if I stop paying premiums?

    There are options like grace periods and extended paid-up options depending on the policy details of the Canara HSBC Smart Junior Plan and the number of premiums paid.
  • What is the Canara Smart monthly income plan?

    The Canara HSBC Smart Monthly Income Plan is a type of fixed deposit scheme offered by Canara Bank that provides a consistent monthly income to investors. It is designed for those who seek a stable source of income from their investment while keeping the principal amount secure. The interest earned on the deposit is paid out as a monthly income, making it suitable for retirees or those who rely on a steady cash flow.

*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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