Canara HSBC Smart Monthly Income Plan

Canara HSBC Smart Monthly Income Plan is designed to provide coverage for 25 years and guaranteed monthly income for 15 years. The sum assured is eligible to gain guaranteed income and bonuses. Loan flexibility is available to cover urgent contingencies. Premium payment can be adjusted so that income is received in years 11 to 15. *

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Buy Canara HSBC Smart Monthly Income Plan to accumulate a lump sum of money by adding annual and final bonuses that create a pool of money. The money can be used for children's education, children's marriage, retired life planning, home purchase etc. Guaranteed monthly income is tax-free.

*Terms and Conditions apply

 Canara HSBC Smart Monthly Income Plan Details:

Parameters  Details 
Policy Tenure 25 years
Premium Paying Term 15 years
Premium Paying Mode Canara HSBC Smart Monthly Income Plan can be on an annual or monthly basis. A monthly mode is available with the ECS/SI option. Premium mode can be changed. To arrive at the monthly premium payable, annual premium is multiplied with a factor of 0.09. 
Entry Age Minimum age at entry is 18 years Maximum age at entry is 55 years
Maturity Age Minimum age at maturity is 43 years. Max age at maturity is 80 years
Grace Period 30 days from the date of unpaid premium. For monthly and PSP mode it is 15 days. If premiums are not paid within the grace period, the policy lapses. 
Sum Assured Minimum sum assured is 100 multiplied by the chosen monthly income.
Liquidity  Every year's annual bonus (simple reversionary bonus) is added to the policy, provided Canara HSBC Smart Monthly Income Plan policy status is in-force. The policy can also receive a final bonus (terminal bonus). Accrued bonuses are paid along with the sum assured at policy maturity or as a death benefit. 

Benefits of the Canara HSBC Smart Monthly Income Plan

Online Canara HSBC Smart Monthly Income Plan has the following benefits:

  • Maturity Benefit: Upon surviving the policy term, the policyholder receives the sum assured, along with the terminal bonus, if any. The policy must be in force. There is no guaranteed maturity lump-sum sum assured amount. 
  • Death Benefit: Death benefit is given to the nominee of the policyholder on the unfortunate death of the latter. It is computed as the higher of the sum assured, or 10 times the annualized premium. Death benefit contains accrued bonuses (if any). The minimum death benefit payable is 105% of all premiums paid until the date of the demise of the policyholder. 
  • Policy Loan Benefit: Once the Canara HSBC Smart Monthly Income Plan status has acquired a surrender value, a loan can be taken against the policy. A minimum loan that can be availed is Rs. 20,000, and the maximum loan that can be availed is 80% of the prevailing surrender value. Loan facility is not available once the policyholder starts receiving monthly income. If any loan exists, then the new loan will be adjusted to deduct the outstanding loan amount and interest thereon. 
  • Surrender Benefit: The policy is broadly a long-term insurance plan where the full benefits are realized upon completion of the policy term. However, the policy allows an early surrender after the 2 years of policy have been completed. The surrender value at that time is estimated as a sum of the paid-up premiums, bonuses and the monthly incomes at the time of surrender.
  • Tax Benefits:  Tax benefits for the PNB MetLife Bachat Yojana can be claimed under Section 10(10D) and Section 80C of the Income Tax Act,1961.

          * Tax benefit is subject to changes in tax laws

Premiums for Canara HSBC Smart Monthly Income Plan

The online Canara HSBC Smart Monthly Income Plan has ten years premium payment term. *

The minimum monthly income should be Rs. 2000 per month to avail of premium paying status. Premium depends on factors such as monthly income, entry age, and premium mode chosen. Use the Canara HSBC Smart Monthly Income Plan calculator to compute the premium.

*Standard T&C Apply

Additional Riders for Canara HSBC Smart Monthly Income Plan

There are no additional riders available in the policy. For further knowledge the individual may visit the insurance company’s website or contact with the customer helpline available for the plan online.

Eligibility for Canara HSBC Smart Monthly Income Plan

The minimum age at entry for the Canara HSBC Smart Monthly Income Plan policy is 18 years and the maximum age for entry is 55 years. Min and Max age at maturity is 43 and 80 years. 

What are the Documents Required to Buy this Policy?

To buy Canara HSBC Smart Monthly Income Plan, the following documents are required: 

  • Identification proof: Aadhaar, Driver’s license, Voter ID card 
  • Address proof: Amenities bill such as phone or electricity bill, Passport, Aadhaar or PAN card
  • Salary proof: ITR returns, Salary certificate

How to Buy this Plan Online?

The candidate can buy Canara HSBC Smart Monthly Income Plan by:

  • Visit the official website of Policybazaar and start the online Canara HSBC Smart Monthly Income Plan purchase process
  • Download the policy application and complete it by providing personal details and premium term or premium payment mode details.
  • Submit the application form by attaching the policy documents 
  • Final step is the payment of premium using online payment modes.

Exclusions of Canara HSBC Smart Monthly Income Plan

The suicide exclusion of Canara HSBC Smart Monthly Income Plan states that the policy shall provide coverage for expenses incurred due to an attempted suicide if the scenario occurs within 12 months of policy commencing.

FAQ's

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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