- *T&C Applied. Returns guaranteed by the Insurer as per the Insurance Plans.
- **Returns guaranteed by the insurer
- *** Tax adjusted Returns - assuming 30% tax bracket
Canara Grow Smart Plan
Canara Grow Smart Plan
Canara Grow Smart Plan is a whole life ULIP plan that provides the policyholder with financial coverage throughout his/her life. Under this plan, the policyholder is needed to pay premiums for the duration as mentioned by the insurer for which the nominee chosen by the insured person will receive a death benefit in case the policyholder dies during the policy tenure. This plan offers various benefits, such as India Multi-Cap Equity Fund, whole life protection, flexibility in premium paying term, choice in life coverage, premium redirection, liquidity for partial withdrawals, and increased/decreased sum assured amount.
Canara Grow Smart Plan Details:
Premium Paying Term
Minimum: 10 years
Maximum: 99 years minus entry age
Premium Paying Mode
Minimum: 7 years
Maximum: 65 years
For ages below 45 years: 10 times annualised premium
For 45 years & above: 7 times annualised premium
Maximum: No limit
Partial withdrawal availability from the sixth year of the plan tenure
Benefits of Canara Grow Smart Plan
The following are the core benefits of Canara Grow Smart Plan:
The death benefit payable under this plan is provided to the nominee chosen by the policyholder if the latter dies during the tenure of the Canara Grow Smart Plan policy.
A surrender benefit or discontinuance benefit is given out immediately by the insurer only if the Canara Grow Smart Plan policy status is surrendered after the fifth year of the tenure. If the plan is surrendered within 5 years from the policy inception, then it shall cease immediately on surrender with no payable benefit.
Under Section 80C and Section 10(10D) of the Income Tax Act, 1961, the policyholder can avail of the tax benefit on the paid Canara Grow Smart Plan premium.
* Tax benefit is subject to changes in tax laws
Premiums for Canara Grow Smart Plan
The Canara Grow Smart Plan premium follows a premium paying term of 10 years minimum to 99 years minus the age of entry maximum. The only available premium paying mode is annual. The premium depends on the sum assured chosen by the policyholder at the time of purchase of the plan.
Apart from that, Canara Grow Smart Plan also offers the facility of changing allocation proportion of the future premiums into one/more than one Unit-Linked Funds. This allowance is available only once in a policy year and is free of cost.
- Annual Premium: Rs. 25,000 (Minimum); there is no maximum limit
- Premium payment term: 10 years (Minimum); there is no maximum limit
One can easily calculate the premium needed to be paid using the Canara Grow Smart Plan calculator. The same can be found on the insurer’s website.
Additional Riders for Canara Grow Smart Plan
There is no information available regarding additional riders for Canara Grow Smart Plan. Please, visit the official website to book a meeting with an advisor to know more in details regarding the plan.
Eligibility for Canara Grow Smart Plan
The eligibility criteria to buy Canara Grow Smart Plan are given below:
- The minimum entry age is 7 years
- The maximum entry age is 65 years
What are the Documents required to buy this Policy?
Consult the insurer by filling up the 'Meet our Advisor' form to know about documents required for activating Canara Grow Smart Plan policy status.
How to buy this Plan Online?
Follow the given steps to buy online Grow Smart Plan:
- Select the Canara Grow Smart Plan premium and number of years of payment under the policy
- Choose the required sum assured
- Choose from the six fund options, as per requirement
- The policyholder can pay the annual Canara Grow Smart Plan premium through demand draft, ECS, direct debit, cheque, or standing instruction given to the respective bank
- Duly fill-up the proposal form and submit required documents, as asked by the insurer
- Make an initial premium payment
- The policy will be issued to the buyer and will be sent to them after the insurer's approval
Exclusions of Canara Grow Smart Plan
The payout of the suicide exclusions available under the online Canara Grow Smart Plan is payable if the policyholder dies due to suicide within 12 months from the inception of the plan, and then the nominee shall receive fund value, as available, on the date of death. The Canara Grow Smart Plan policy status is considered terminated after the payment of the fund value.
Ans: The current minimum guaranteed interest rate for the discontinued policy fund, as declared by the IRDAI, is 4% per annum.
Ans: The first six switches in a policy year are free of cost. A charge of Rs. 250 is applicable for more than six switches. However, no unutilised switches can be carried to the next policy year.
Ans: Yes, you can increase or decrease the sum assured for the Canara Growth Smart Plan, depending on your changing needs and requirements.
Ans: Yes, Canara Grow Smart Plan policy status can be reinstated any time before the maturity date, if applicable, within three years of the revival period. In case of discontinued policy, a revival window of three years is provided, from the date of the first unpaid premium.
Ans: No surrender charge will be asked for if the policyholder requests surrender after the five years of the policy tenure.
Ans: Four partial withdrawals are given free of cost in a policy year. Then onwards, Rs. 250 will be charged under this plan.
Ans: The minimum switch amount of this plan policy is Rs. 10,000.
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