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
Benefits of Investing In Child Plan
Waiver of Premium Benefit
Future Premiums are paid by the insurer upon death of policyholder
Flexible Payout Options
Your premiums help your child achieve their dreams through lump sum or regular payouts
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Zero Commission
We charge no commission when you buy from us. Also buy online & get extra
Tax Benefits^
You get tax benefits under Section 80(C) and no tax on returns under Section 10 (10D)
Investment Flexibility
It offers the flexibility to invest at regular intervals or as a one-time contribution
Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr# Tax-Free* on Maturity

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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

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.

Investment Investment
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Child Banner
Secure your child’s future with or without you
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₹10,000/Month
& Get
₹1 Crore*
*Standard T & C Apply

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.

Unique Triple Benefit
  • Future premiums paid by insurer on parent's death
  • Monthly income to fund child's education on parent's death
  • Lumpsum payout to family on parent's death
Returns
  • Return as of Apr 2024
  • 12%-15%
  • 8.2%
  • 7.1%
Availability
  • Availability
  • Girl Child or Boy Child
  • Girl child only
  • Girl Child or Boy Child
  • Max Entry Age
  • Upto 18 years
  • Upto 10 years
  • No Age Limit
Flexibility
  • Invested Amount can be Withdrawn after
  • 5 years
  • 21 years
  • 15 years
  • Conditions for Premature closure
  • Anytime after 5years
  • Extreme Compassionate Grounds
  • Serious Ailments or for education
  • Penalty on Premature Closure
  • No Penalty after 5 years
  • Returns reduced to Post Office Savings rate
  • 1% reduction in interest rate
  • Max deposit amount in an year
  • No Limit
  • 1.5 Lacs
  • 1.5 Lacs
Documentation
  • Documentation Required for Withdrawal
  • Low
  • High
  • Low
View Plans

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.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^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.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~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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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Child Plan 2
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(Based on 266 Reviews)

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Canara HSBC Child Plans Reviews & Ratings

4.5 / 5 (Based on 266 Reviews)
(Showing Newest 10 reviews)
Pariniti
Srinagar, January 16, 2025
Good
Recently i bought a child insurance for my child from pnb metlife life insurance. The policy having great plans with low premiums. The policy coverage are really good ~91% and the services are good and on time. The claims are the best among all. Good future investment and it save taxes too. Really happy with the policy.
Harish
Kanyakumari, January 16, 2025
Nice
I have policy for my children from pnb metlife insurance child plan. The plan has low premiums and high returns. The policy coverage is high ~92% and the claim is Rs.39 L. Service is also nice with good and on time availability. Nice future investment and it saves taxes too.
Karan
Mussorie, January 16, 2025
Fair plan
Finally found the policy for my child and buy it and the plan is pnb metlife child insurance policy plan. The policy coverage is high ~87% and the premiums are low. The service provided by you guys is superb and the behaviour of your staff is great with good response. Nice future investment with tax saving.
Devesh
Pilani, January 16, 2025
Satisfactory
I own child policy plan which i buy from pnb metlife insurance. Policy have various benefits but the policy coverage is the best. Approx. 91% is covered in the policy. Claims are high and the premiums are low. Service is good. Nice future investment which saves tax also. The behaviour of executives are also great. I like the policy plan.
Ishant
Firozabad, January 16, 2025
Power Plan
My child policy plan is with pnb metlife insurance. The policy premium is low and the policy coverage is high ~93%. The service is fast and the claiming is become easy without any paper work. The payback amount is around Rs.43 L after policy get mature. Nice future security and it save tax also.
Ojasvi
Calicut, January 16, 2025
Fair Policy
Superb child policy plan which provided by pnb metlife life insurance. The policy coverage is 84% and the claims are ~Rs.39 L after policy ends. The investment is ~Rs.27 K quarterly per year till policy end. Services are great and fast too. Great work guys. I like the policy plan.
Saajid
Indore, January 16, 2025
Perfect
I buy child policy plan with pnb metlife life insurance which has very good policy coverage ~ 92.1%. The service is also good, fast and on time. The claims are high ~ 44 L and claiming process is easy because the executive and staff members providing good response and quick services. Nice work great policy.
Anirudh
Jaipur, January 16, 2025
Fine Child Policy
The best child policy plan i bought from pnb metlife life insurance and the policy plan is awesome. The policy coverage is 96% and the claims are 41 L after policy get mature. The investment is low and the returns are high. Good future plan with tax protection. I like my policy very much.
Lovish
Jhansi, January 16, 2025
Really Good
My child policy plan is very good and the insurer is pnb metlife life insurance. The policy has many benefits like good investments for future and it save taxes also. Policy coverage is 92% and the claims are around 47 L after policy ends. Fair Terms and Conditions. I like the policy plan.
Suraj
Ooty, January 16, 2025
Above Average
I purchase child policy plan from pnb metlife life insurance. The policy coverage is 93.3% and the claims are good with low premiums. Service you provided is very quick and the behaviour of the executives and staff members is nice. Good future investment and it reduces taxes also. Nice policy plan. I like it.
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