Canara HSBC Invest 4G

A savings plus life insurance plan provides a protection benefit for an individual to save for the future. Moreover, a program that offers a lump-sum payment after the insured's death and builds a portfolio for the long run is crucial. The Canara HSBC Invest 4G is a plan that gives a secure life cover combined with flexible investment options in 8 unit-linked funds. This feature helps one to build funds to protect the family's future. The purpose of this plan is to introduce financial protection and planning for the members of your family, especially the children. The plan has three cover options designed to suit different life stages, like childcare, education, and marriage.

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Canara HSBC Invest 4G Plan Details:

Parameters

Details

Policy Tenure

10-30 years, based on cover option and plan

For century option: 100-Entry Age

Premium Paying Term

For Life Option- Single Pay; Limited Pay: 5 to PT-1 years; Regular Pay: Same as PT

For Care Option- Limited Pay: 10 to PT-1 years; Regular Pay: Same as PT

For Century Option- Limited Pay: 10 to PT - 1 year; Regular Pay: Same as PT

*PT is Policy Tenure

Premium Paying Mode

Single, Monthly, Quarterly, Semi-Annual, Annual

Entry Age

0 to 65 years based on plan variant and cover option

Maturity Age

18-100 years based on plan variant

Grace Period

30 days (15 days for monthly)

Sum Assured

Life Option- Single Pay: 1.25 or 10 times Single Premium; Limited Pay /Regular Pay: 10 times Annualized Premium

Care Option- Limited Pay /Regular Pay: 10 times Annualized Premium

Century Option- Limited Pay /Regular Pay: 10 times Annualized Premium

Liquidity

Systematic Withdrawal/ Milestone Withdrawal options during the policy term

Partial withdrawal allowed after 6th policy year

Benefits of Canara HSBC Invest 4G

Canara HSBC Invest 4G Plan has the following core benefits to offer:

Death Benefit

  • Life Option/ Century Option: The greater of sum assured or the Fund Value will be payable
  • Care Option: Upon the insured's death, a lump-sum payment gets paid

Maturity Benefits 

One can get the Fund Value on the maturity of their Canara HSBC Invest 4G Policy.

Portfolio Management Options 

One can choose any one of these eight funds as per their risk preference:

  • Emerging Leaders Equity Fund
  • Equity II Fund
  • India Multi-Cap Equity Fund
  • Growth Plus Fund
  • Large Cap Advantage Fund
  • Balanced Plus Fund
  • Debt Fund
  • Liquid Fund

Alternatively, you get to select among the four options for wealth-creation and portfolio management:

  • Systematic Transfer Option (STO)
  • Return Protector Option (RPO)
  • Auto Funds Rebalancing (AFR)
  • Safety Switch Option (SSO)
  • Loyalty Additions
  • Wealth Boosters

Tax Benefits

Tax benefits under the policy are subject to amendments in prevailing tax laws.*

*Tax benefit is subject to changes in tax laws.

The Premium for Canara HSBC Invest 4G

The Canara HSBC Invest4G premium amounts for the different cover options are:

Life Option

Single-Premium: 1,00,000*

Annual Premium: 24,000

Half-Yearly- 12,000

Quarterly- 6,000

Monthly- 2,000

*Standard T&C Apply

Care/Century Option

Annual Premium- 48,000

Half-Yearly- 24,000         

Quarterly- 12,000

Monthly- 4,000

Maximum Premium: No Limit

Moreover, people can utilize the Canara HSBC Invest4G calculator to get an estimate about the premium sum.

Additional Riders for Canara HSBC Invest 4G

The Canara HSBC Invest4G policy does not come with any riders. However, there are options to manage your portfolio with Premium Funding Benefit, Systematic and Milestone withdrawals, and multiple portfolio management options.

Eligibility for Canara HSBC Invest 4G

  • Life Option
    • Entry age- 0 to 65 years
    • Maturity- 18 to 80 years
  • Care option
    • Entry age- 18- 50 years
    • Maturity age- 28- 80 years
  • Century Option
    • Entry age- 18- 65 years
    • Maturity age- Up to 100 years

What are the Documents required to Buy this Policy?

To buy Canara HSBC Invest4G, prospectors require:

  • Proof of identity: AADHAR card, passport, PAN card, driving license, or Voter ID Card
  • Age Proof: To verify if you are eligible for a policy
  • Proof of Address: In the form of a passport, PAN card, and other documents
  • Income Proof: Form 16 or Income Tax returns
  • Medical Reports
  • Photographs

How to Buy this Plan Online?

A common myth of insurance buying is that it is a long process requiring a ton of paperwork. Fortunately, you can buy Canara HSBC Investing4G online. Here's the method to purchase it:

Step 1: Visit the insurer’s website.

Step 2: Enter your name, email ID, and mobile number.

Step 3: Agree to the Privacy Policy.

Step 4: Click "Contact Me," and a call back will get arranged for you at the earliest.

You can also approach Policy bazaar and provide your details for purchase assistance.

Exclusions for Canara HSBC Invest 4G

Canara HSBC Invest 4G reviews are predominantly favourable. Moreover, it is a comprehensive plan giving both savings and opportunities for wealth creation. There is exclusion: the suicide exclusion, which states that the Policyholder is entitled to the Fund Value if death due to suicide occurs within 12 months of commencement. The policy terminates after that.

FAQs

  • Q. How does this life insurance policy from Canara Bank work?

    Ans:  There are three steps to finalizing the cover option and estimating the premium amount. They are as follows:
    • Deciding the cover option and premium amount
    • Choosing the premium payment term, policy term, and SA Multiple (in case of single premium payment)
    • Choosing from a bouquet of eight unit-linked funds with variable risk appetite
  • Q. Under what conditions does the policy terminate after payment of death benefits?

    Ans: There are three modes of compensation for the family:
    • The sum assured minus withdrawals, if any, in the last two years
    • Fund Value as of the date of intimation of claim
    • 105% of the premiums paid up to the date of death

    If any of the above payments have gotten paid off, then the policy will get terminated.

  • Q. What is the lock-in period for Canara HSBC Invest 4G?

    Ans: When you buy Canara HSBC Invest4G, the lock-in period is of 5 consecutive policy years. During this time, no benefits are available except compensation upon the untimely death of the assured.
  • Q. What do the four portfolio management options do?

    Ans: Here are the functions of the portfolio management options:
    • Systematic Transfer Option (STO): It is for investors worried about market volatility
    • Return Protector Option (RPO): This option protects your equity gains
    • Auto Fund Rebalancing (AFR): It automatically rebalances the allocation of your investments
    • Safety Switch Option (SSO): It allows you to safeguard your funds by moving them to a low-risk Liquid Fund
    • .
  • Q. Is it possible to revive this life insurance once the Canara HSBC Invest4G policy status gets deemed discontinued?

    Ans: Yes, it is possible, and all one must do is pay the unpaid premiums and the interest fee under the Revival period. The company will alter one's Canara HSBC Invest4G policy status back to active.
  • Q. How do the loyal additions and wealth boosters work?

    Ans: Loyal additions offer fund value related Loyalty Additions at every 5th year from the end of the 5th year of your Canara HSBC Invest 4G Policy. Canara HSBC Invest 4G wealth boosters provide a unit allocation to Unit Linked Funds at specific policy intervals.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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