Canara HSBC Life Insurance iSelect Guaranteed Future Plus Plan

Eligibility Criteria for the Canara HSBC Life Insurance iSelect Guaranteed Future Plus Plan

Features of the Canara HSBC Life Insurance iSelect Guaranteed Future Plus Plan

Here are the key features of this Canara HSBC Investment Plan:

• Guaranteed benefits are provided if all due premiums are paid
• Guaranteed Additions* accruing in the last five policy years
• Life cover for financial security
• Flexible premium payment and policy term options
• Optional Payor Premium Protection Cover
• Optional Accidental Death Benefit up to Rs. 2 crore (subject to conditions)
• Available through online and offline channels

*Guaranteed Additions accrue at the beginning of each of the last five policy years and are calculated as a percentage of cumulative Annualised Premium paid. The percentage varies based on age, premium band, policy term, premium payment term, and optional benefits selected.

Benefits of the Canara HSBC Life Insurance iSelect Guaranteed Future Plus Plan

Here are the benefits of each plan option:

1. Endowment Option

   • Maturity Benefit: When the policy matures, you will get a guaranteed sum equal to 100% of all premiums paid (not including taxes, rider premiums, or extra premiums) plus any accrued guaranteed additions.
   • Death Benefit: The higher of 11 times the annualized premium or 105% of the total premiums paid, plus any accrued guaranteed additions, as long as the minimum surrender value is met.

2. Early Income Choice

   • Guaranteed Income will start being paid from the second year of the insurance (after the Consolidation Period, if it applies) and will continue until the insurance Term ends.
   • Death Benefit: The sum that is guaranteed to be paid out at death, with a minimum surrender value.

3. Regular Income Choice

   • Survival Benefit: Guaranteed income that will be paid after the Premium Payment Term ends and until the Policy Term ends, according to the set frequency of income.
   • Maturity Benefit: Guaranteed Additions that have built up.
   • Death Benefit: Same basic structure as before, but with extra benefits if you choose them.

   Guaranteed Income is calculated as:

   Annualized Premium × Guaranteed Income Percentage × Income Frequency Factor.

4. Long-Term Income With Return Of Premium Option

   • Guaranteed income during the income period.
   • Maturity Benefit: A guaranteed amount that is equal to the total premiums paid at maturity.
   • Death Benefit: The amount that is guaranteed to be paid out upon death, but not less than the minimum surrender value. Where Sum Assured on Death = higher of:
     • 11 × Annualised Premium
     • 105% of Total Premiums Paid

   This makes it a good choice for people looking for structured best Investment plans in India that don't involve the stock market and offer predictable results.

Riders Under the Canara HSBC Life Insurance iSelect Guaranteed Future Plus Plan

The plan does not offer standalone riders but provides optional benefits within the base product:

• Payor Premium Protection Cover
• Accidental Death Benefit (ADB)

Only one of these optional benefits can be chosen at inception.

Policy Details of the Canara HSBC Life Insurance iSelect Guaranteed Future Plus Plan

The following are the policy details of the plan:

• Grace Period:
  • 30 days for Annual, Half-Yearly, Quarterly modes
  • 15 days for the monthly mode
• Revival: Policy can be revived within 5 years from the date of the first unpaid premium during the policy term.
• Free Look Period: 30 days from receipt of the policy document.
• Surrender: Policy acquires Guaranteed Surrender Value after payment of at least the first two consecutive policy years’ premiums in full. Special Surrender Value becomes available after completion of the first policy year with one full year’s premium paid.
• Loan: Policy loan available up to 80% of surrender value, subject to a minimum loan amount of Rs. 20,000.

Exclusions Under the Canara HSBC Life Insurance iSelect Guaranteed Future Plus Plan

Suicide Exclusion

If someone dies by suicide within 12 months of the start of the risk or the revival of the risk, payments will be paid according to the policy provisions under the suicide exclusion clause.