Canara HSBC Smart Lifelong Plan
Handsome returns on investment coupled with a life insurance cover are chosen by many individuals who have a risk appetite. The Canara HSBC Smart Lifelong Plan delivers the twin benefits and lifelong protection, as the name suggests. The Canara HSBC Smart Lifelong Plan Policy is a Unit Linked Life Insurance product laced with flexibility in every step. The policy is perfectly suited to achieve life goals and finance milestones while creating wealth in the long run. The best part is that the policy navigates the insured in the right direction and the right choice to create a healthy corpus.
Canara HSBC Smart Lifelong Plan Details:
||Up to 99 years of age
|Premium Paying Term
||Minimum: 10 years Maximum: 99 years minus the entry age
|Premium Paying Mode
||Yearly or Monthly
||Minimum: 7 years Maximum: 65 years
- 15 days for monthly mode of payment
- 30 days for other modes of payment
||The amount is determined in two bands for below 45 years at entry, age, and over 45 years, based on entry age, annualized premium & policy term.
||The policy does not offer any loan facility.
Benefits of Canara HSBC Smart Lifelong Plan
The prerequisite for the benefit disbursal is that the Canara HSBC Smart Lifelong Plan Policy status should be active.
- Death Benefit: Upon the insured's death within the policy term, the nominee will receive the death sum asured or the fund value as on the intimation date.
- Maturity Benefit: On survival till the attainment of 99 years of age, the insured will receive the fund value, and the policy will terminate.
- Loyalty Addition: It is paid in the form of an extra allocation of units to the fund. It is guaranteed once added to the fund value.
- Investment Fund Options: The insured is free to choose from among the available seven options to satisfy investment needs. As per the insured's risk preference, the premium can be allocated to all, any, or a combination of instruments.
- Tax Benefit: According to the prevailing tax laws under the Income Tax Act, 1961, the premium paid and benefit received are entitled to the tax deduction.
*Tax benefit is subject to changes in tax laws
The Premium for Canara HSBC Smart Lifelong Plan
The Canara HSBC Smart Lifelong Plan premium frequency is either annual or monthly. Those who opt for the Monthly frequency must remember that the initial three premiums are collected in advance. The indicative sample premium in the policy is:
- Monthly Premium: Rs.3,000 every month
- Annual Premium : Rs.25,000 p.a.
Maximum: No limit
*Standard T&C Apply
Additional Riders for Canara HSBC Smart Lifelong Plan
The Canara HSBC Smart Lifelong Plan Reviews offer a great scope to update knowledge about the plan's features and their significance. It is found that the policy does not offer any additional riders.
Eligibility for Canara HSBC Smart Lifelong Plan
- Minimum: 7 years
- Maximum: 65 years
Maturity Age: 99 years
What are the Documents Required to Buy this Policy?
The bare minimum copies of Official Valid Documents to buy Canara HSBC Smart Lifelong Plan are listed below. However, it must be remembered that the insurer can call for any additional document if needed.
- Identity Proof
- Address Proof
- Income Proof
- Bank Account Details
- Recent Photograph
How to Buy this Plan Online?
The online Canara HSBC Smart Lifelong Plan is not among the policies offered for purchase at the insurer portal. The applicant can request for meeting with an advisor to help arrive at an informed decision. The Canara HSBC Smart Lifelong Plan calculator also helps the applicant to visualize the policy contours matching financial status. Under the circumstances, the applicant must buy the plan at the nearest insurer's brick and mortar office. The points to be kept in mind specifically are the boundary conditions in the policy.
Exclusions of Canara HSBC Smart Lifelong Plan
The Suicide Exclusion is applied in the case of suicidal death within the first twelve months of the policy's inception, or from the revival date. The insurer's nominee is entitled to the Fund Value available on the intimation of the death date. The applicable charges are recovered, and the policy is terminated.
Ans: The insurer can use the facility four times in a policy year free, subject to completion of 18 years of age from the sixth policy year. The minimum withdrawal amount is Rs.10,000, in multiples of Rs.1,000. The maximum permissible amount is dependent on the fund value, being not less than 120% times the annualized premium.
Ans: Yes, the facility is available after the 6th policy year. The change is allowed once in a policy year, up to three times in a policy term. The premium remains unchanged, but minors and those aged over 50 years are not eligible.
Ans: It is an option for the insurer to allocate investments in a specific proportion of funds regardless of the market movements. The auto rebalancing is executed once in a quarter.
Ans: It is an option to switch from one Unit Linked Fund to another any number of times at any time in a policy year, subject to a minimum of Rs.10000.
Ans: The investments are directed to market instruments for higher returns. A host of charges are recovered to manage the portfolio based on the insured's risk preferences. The full list and its implications are available in the policy bond.
Ans: The policy can be surrendered both within the lock-in period of five years and after. The value will be paid after the completion of the 5th policy year in the former, while it is immediate in the latter.
Ans: The claim settlement process is defined in three distinct steps – Claim Intimation and Registration, Document Submission, and finally, Processing and Settlement. With the "InstaPromise" facility, the claim is approved in one day.