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.Read more
Save Upto ₹46,800 in tax under Sec 80C
Inbuilt Life Cover
Tax Free Returns Unlike FD+
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.
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
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
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.
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.
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.
The eligibility criteria to buy Canara Grow Smart Plan are given below:
Consult the insurer by filling up the 'Meet our Advisor' form to know about documents required for activating Canara Grow Smart Plan policy status.
Follow the given steps to buy online 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.
*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
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