Canara HSBC Smart Future Plan

Individual investors looking for life insurance cover as well as investment options to meet life goals like building an asset and child’s progress in the long and short term are generally satisfied with safety-first option. But to those with higher risk appetite and philosophy for booking handsome returns on investments, coupled with life cover can choose the Canara HSBC Smart Future Plan to maximize gains.

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Canara HSBC Smart Future Policy is an Individual Unit Linked Life Insurance cum Savings Plan which ensures a bright future for the child and helps sustain growth plans undisturbed, even when the policyholder is not around. Death and maturity benefit coupled with Payment of Future Premiums ensures the child’s aspirations. 

Canara HSBC Smart Future Plan Details:

Parameters Particulars
Policy Tenure Choice of 10,15,20 and  25 years
Premium Paying Term  From 10 years to 20 years as per choice, but lower than or equal to the policy term
Premium Paying Mode Annual or Monthly
Entry Age  18 -51 years at last birthday, depending on Policy Term
Maturity Age  28 -70 years, depending on Policy Term
Grace Period  15 days for Monthly and 30 days for Annual  mode from the premium due date
Sum Assured  Minimum:  For ages below 45 years: Higher of (10 X Annualized Premium) or (0.5 X policy term X Annualized Premium) For Age 45 years and above: 7X Annualized Premium 
Maximum: Depends on Age and Policy term, subject to underwriting acceptance and plan grid
Liquidity No loan facility is available in this plan. 

Benefits of Canara HSBC Smart Future Plan

Here is a rundown to the core benefits of Canara HSBC Smart Future Plan:

  1. Death Benefit

    The policyholder enjoys peace of mind having ensured cover for the child’s immediate and future financial needs in case of death or disability within the policy term, provided the Canara HSBC Smart Future Policy status is active. The benefit comprises of:

    • Lump-sum Sum Assured
    • All future premiums are funded by the insurer
    • The benefit will not be lower than 105% of the premium paid
  2. Maturity Benefit

    On survival, the policyholder receives the amount of Fund Value that helps to cater to the needs of the child. 

  3. Premium Funding Benefit

    The policyholder has the choice of two options to be irrevocably exercised at inception only:

    • Option I: Death
    • Option II: Death and Permanent Disability
  4. Tax Benefit

    Though a part of the premium of Canara HSBC Smart Future Plan is invested in market instruments for higher gains, the premium paid and also the other benefits received in a financial year is exempt from tax under Sections of 80C and 10(10D) of Income Tax Act, 1961. 

    *Tax benefit is subject to changes in tax laws

The premium for Canara HSBC Smart Future Plan

The determinant for Canara HSBC Smart Future Plan premium is the age and policy term, coupled with the Premium Payment Mode. Accordingly, the sample premium is listed below:

    1. Minimum Premium

      • For 10 years policy term:
        • Annual Payment Mode: Rs. 50,000
        • Monthly Payment Mode: Rs. 5,000
      • For 15, 20, 25 years policy term:
        • Annual Payment Mode: Rs.25,000
        • Monthly Payment Mode: Rs. 3,000
    2. Maximum Premium

      No Limit

      *Standard T&C Apply

Additional Riders for Canara HSBC Smart Future Plan

There is no provision for the rider in Canara HSBC Smart Future Plan.

Eligibility for Canara HSBC Smart Future Plan

Entry Age: 18-51 years

Maturity Age: 28-70 years

What are the Documents required to Buy this Policy?

Since online Canara HSBC Smart Future Plan purchase is not an option, the documents for offline purchase are:

  • ID Proof
  • Age Proof
  • Address Proof
  • Income Proof
  • Bank account Proof

How to Buy this Plan Online?

To buy   Canara HSBC Smart Future Plan, one has to use the traditional offline mode. One can contact an advisor online for this. The sequential steps to buy the policy are:

Step 1: Select Premium Payment Mode, Premium Amount and the number of years of Payment. 

Step 2: Select the Policy Term, Sum Assured and Premium Funding Benefit.

Step 3: Choose the 7 Fund Options for investment in tune with Risk Philosophy.

Step 4: Complete the Proposal Form and submit along with the initial premium amount.

Step 5: Once the proposal is accepted, the Policy Document is issued. 

Exclusions of Canara HSBC Smart Future Plan

The exclusions are detailed in Canara HSBC Smart Future Plan Reviews and the policy document. The claim related to suicidal death within 12 months of commencement of risk, the fund value is paid to the claimant minus the applicable charges. Other disability exclusions are:

  • Disability due to HIV/AIDS
  • Due to drug abuse or alcohol
  • Service in the army or other armed forces
  • Hazardous activities
  • Participation in riots or strikes, etc.

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