Canara Future Smart Plan

Canara Future Smart Plan Details

Benefits of Canara Future Smart Plan

• Maturity Benefit: A maturity benefit is payable under Canara Future Smart Plan, where the insurer pays the policyholder with a fund value. To avail the maturity benefit, the age of the insured cannot exceed 70 years.
• Death Benefit: In case the policyholder dies within the policy tenure, the nominated child would receive the pre-determined amount of sum assured. This benefit amount will never be less than 105% of the total premium paid till death.
• Surrender Benefit: If the policyholder decides to surrender his/her Canara Future Smart Plan within five years of its inception, the surrender value would be transferred to the Discontinued Policy Fund which will earn a 4% of minimum guaranteed interest rate, subject to the decisions of IRDAI. However, if the Canara Future Smart Plan policy is surrendered after five years of the policy tenure, the surrender benefit would be paid immediately, and the Canara Future Smart Plan policy status would be considered terminated with immediate effect.
• Tax Benefit: An insured can avail tax benefits under Section 80C and Section 10(10D) as per the Income Tax Act, 1961.

* Tax benefit is subject to changes in tax laws

Premiums for Canara Future Smart Plan

For Canara Future Smart Plan premium, an insured person can pay the annual premiums in various premium paying terms, such as 10/15/20/25 years.

• The minimum annual premium available under this plan is Rs. 25,000 (Rs. 50,000 for 10 years)
• There is no maximum limit for annual premiums under this policy.

One can calculate these premiums easily on the Canara Future Smart Plan calculator.

Additional Riders for Canara Future Smart Plan

Currently, there is no information available regarding the additional riders under this policy. However, one can directly consult the insurer to gather information about the same.

Eligibility for Canara Future Smart Plan

To be eligible to buy Canara Future Smart Plan, the insurance seeker must be:

• Of the minimum age of 18 years
• Or the maximum age of 60 years

What are the Documents Required to Buy this Policy?

The following documents might be required to buy an online Canara Future Smart Plan. Please note that the insurer may ask for more details/documents, as per their norms and regulations:

• Identity proof (Aadhar card/voter's card/driving license/passport)
• Address proof (Aadhar card/ voter's card/ driving license/ passport)
• A recent photograph
• Bank account proof
• Income proof (if mentioned)
• Medical report (if mentioned)

How to Buy this Plan Online?

It is easy to buy Canara Future Smart Plan by following the simple steps given below:

• Visit the official website of Canara Future Smart Plan.
• Choose the policy term, paying term, and the annual premium amount.
• Choose the sum assured and premium funding benefit option.
• Choose the preferred investment fund.
• Fill-up proposal form.
• Submit and wait for approval.

Exclusions of Canara Future Smart Plan

In the case of the policyholder's death due to suicide within 12 months from the date of policy inception, the Canara Future Smart Plan policy status stands void immediately after the payment of benefit. The nominee shall receive the fund value on the date of death after which the policy will cease to exist.

To be sure of choosing this insurance plan, an insurance seeker can check the Canara Future Smart Plan reviews to gather the experience other buyers have had with this plan. It is always necessary to buy a policy that supports the buyer's own needs and requirements. Since it is all about securing the future of one's child, therefore it is advised to buy a plan only after extensive research and thought.

FAQs