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.Read more
Save Upto ₹46,800 in tax under Sec 80C
Inbuilt Life Cover
Tax Free Returns Unlike FD
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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.
|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.|
Here is a rundown to the core benefits of Canara HSBC Smart Future Plan:
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:
On survival, the policyholder receives the amount of Fund Value that helps to cater to the needs of the child.
The policyholder has the choice of two options to be irrevocably exercised at inception only:
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 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:
*Standard T&C Apply
There is no provision for the rider in Canara HSBC Smart Future Plan.
Entry Age: 18-51 years
Maturity Age: 28-70 years
Since online Canara HSBC Smart Future Plan purchase is not an option, the documents for offline purchase are:
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.
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:
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