Canara HSBC INVEST4G

A carefree and financially unchallenging post-retirement life becomes a priority as age advances. With a majority of savings and investments spent on achieving life goals like marriage, child education, asset purchases and loan payoffs, building a post-retirement corpus takes a backseat. Canara HSBC Invest 4G is a Unit Linked Individual Life Insurance cum savings plan that is designed to provide life cover plus building up wealth as an investment product.

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  • Save Upto ₹46,800 in tax under Sec 80C

  • Inbuilt Life Cover

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During the lifetime of the insured, the plan helps to build up his corpus through its efficient portfolio management mechanism, thus compiling crucial life savings for the post-retirement period. It also provides a life cover to the insured’s family in the event of his demise. The plan thus comes with dual benefits to suit different needs. It is available in 3 plan variants: Life, Care and Century.

Canara HSBC Invest 4G Details:

Parameters  Details 
Policy Tenure For Single Pay Life Option: 5 years to 30 years; as per cover multiple and entry age For Limited & Regular Pay:
  • Life: 10 years to 30 years
  • Care: 10 years to 30 years
  • Century: 100 years- Entry Age
Premium Paying Term Life:  
  • Single
  • Limited: 5 years to the Policy Term less 1 year 
  • Regular- Same as the Policy Term
Care: 
  • Limited: 10 to the Policy Term less 1year
  • Regular: Same as the Policy Term
Century:
  • Limited: 10 to the Policy Term less 1 year
  • Regular: Same as the Policy Term
Premium Paying Mode Annual, Semi-Annual, Quarterly and Monthly, Single
Entry Age Life: Minimum 0/ Maximum 65 years Care: Minimum 18 years/ Maximum -50 years Century: Minimum 18 years/Maximum 65 years
Maturity Age Life: Minimum 18 years/ Maximum 80 years Care: Minimum 28 years/ Maximum 80 years Century: Up to 100 years
Grace Period Monthly: 15 days; Other Modes: 30 days
Sum Assured Based on PPT, Entry Age and Annualized premium
Liquidity  Partial Withdrawals available after 5 policy years.

Benefits of the Canara HSBC INVEST4G

Canara HSBC Invest 4G has a wide range of benefits to offer to its buyers. They are mentioned below:

  • Death benefit- The Death Benefit is given to the policyholder’s nominee in the event of the Insured’s death during the plan tenure, the policy being in force, i.e. Canara HSBC Invest policy status is active. This benefit depends upon the plan variant. It will be calculated based on the Sum Assured less withdrawal, the existing Fund Value of the Policy or as a fixed percentage of all the premiums paid.
  • Maturity Benefit- This will be based on the existing Fund Value and the cover option chosen. For Life, Care and Century options, the Maturity Benefit is paid as the Fund Value as on maturity and the policy ceases to act thereafter, depending upon the maturity date.
  • Fund Additions- The plan offers additions to the investor’s funds in the form of Loyalty Additions and Wealth Boosters. Loyalty additions are added every 5th Policy year, till the end of the premium payment term. Also, if all due premiums of the policy are taken care of, Wealth boosters are added as a percentage mentioned in the policy document.
  • Partial Withdrawals available- These are available as Milestone Withdrawal Option or MWO, and Systematic Withdrawal option or SWO. The policyholder can make partial withdrawals from the sixth policy year and they are free of charge.
  • Tax Benefits: Tax savings are available for the premiums paid under the policy or the benefits received under the prevailing Income Tax laws.

The tax benefit is subject to changes in tax laws

The Premium for Canara HSBC INVEST4G Plan

Canara HSBC Invest 4G Premium values for Single premium or Annualized Premium under all 3-plan options are as follows:

Life:

  • Single-Premium: Rs. 1 Lakh to NO LIMIT
  • Limited and Regular Premium: Rs. 24,000 to NO LIMIT

Care:

  • Limited and Regular Premium: Rs. 48,000 to NO LIMIT

Century:

  • Limited and Regular Premium: Rs. 48,000 to NO LIMIT

One can use Canara HSBC Invest 4G plan calculator to determine different values of premium under various plan covers.

Additional Riders for Canara HSBC INVEST4G

No riders are available.

Eligibility for Canara HSBC INVEST4G

Age of Entry for all the 3 plan covers is:

    • Life: From 0 years to 65 years
    • Care: From 18 years to 50 years
  • Century: From 18 years to 65 years

Age of Maturity for all 3 plan variants is:

  • Life: From 18 years to 80 years
  • Care: From 28 years to 80 years
  • Century: Up to the age of 100 years

What are the Documents Required to Buy this Policy?

Individuals, who are planning to buy Canara HSBC Invest Plan, need to submit these documents to the Insurer:

  • Identity proof - Passport,  Driver license, AADHAR card, or PAN Card
  • Address proof - Passport, Driving license, AADHAR card or voter’s card
  • Income proof, such as salary statements or ITRs

How to Buy this Plan Online?

Online Canara HSBC Invest Plan is not available directly. Applicants need to go online on the CANARA HSBC website and fill up and submit a personal detail form with their financial and insurance requirements. A financial advisor from Canara HSBC will contact them and guide through the plan purchase process.

Exclusions of Canara HSBC INVEST4G

Canara HSBC Invest Plan reviews have spoken about suicide exclusion in the policy document. Herein, in the event the insured person commits suicide within one year of the policy commencement or the policy revival, his nominee will become entitled to receive the then prevailing Fund Value less extra charges as on the date of intimation of the death. The policy will terminate post the payout.

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