Canara HSBC ULIP Plan

The Canara HSBC ULIP Plan is a comprehensive insurance product offered by Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited. This Unit Linked Insurance Plan (ULIP) seamlessly combines the benefits of life insurance with investment opportunities. It allows you to secure your financial future while participating in the potential for market-linked returns.

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    Zero LTCG Tax^

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Best ULIP Funds - Consider the best performing ULIP funds to invest in 2024 with Policybazaar. Find the list of best ULIP funds in India on the basis of Returns, Latest Nav, Fund Size and Categories

Data source : value research

Returns as on 28-05-2024. The returns are the returns of best-performing fund in the plan

About Canara HSBC Life Insurance

Canara HSBC is a joint venture between Canara Bank (51%), HSBC (28%), and Oriental Bank of Commerce (23%). The company was launched on 16th June 2008 and offers a combined experience of over 300 years in the financial business territory of our country.

The business strategy followed by Canara HSBC testifies their understanding of the market especially when it comes to looking for a bank partner or scaling up their bancassurance channels. 

The company aims to provide financial security and protection to individuals and families through innovative and customer-centric insurance solutions.

Introduction to Canara HSBC ULIP Plan

The Canara HSBC ULIP Plan is a unique financial product that combines insurance and investment. ULIP stands for Unit Linked Insurance Plan. It works by allowing you to invest a portion of your premium in different investment funds, such as equity, debt, or a mix of both. The performance of these funds influences the returns on your investment.

What sets the Canara HSBC ULIP Plan apart is that it not only provides life insurance coverage but also gives you the flexibility to choose how your money is invested. This means you have the potential to earn returns based on market performance while ensuring financial protection for your loved ones through the insurance component.

In essence, it is a two-in-one solution that caters to both your insurance needs and investment goals, offering a personalized approach to financial planning.

Types of Canara HSBC ULIP Plans

Canara HSBC Life Insurance Company offers a range of Unit Linked Insurance Plans (ULIP) for its customers to reap the benefits of market-linked returns and at the same time enjoy life insurance protection. 

Following are the different types of plans of online and online Canara HSBC ULIP plans offered by the company:

Canara HSBC Life ULIP Plan Entry Age Maximum Maturity Age Premium Payment Term (PPT) Policy Term (PT) Minimum Monthly Premium (in Rs.) Tax Benefits under the Income Tax Act, 1961
Invest 4G Plan 0 – 65 years 18 – 80 years Single Pay;
Limited Pay: 5 to PT-1 years
Regular Pay: Same as PT
Single: 5 - 30 years;
Limited & Regular: 10 -30 years
Limited / Regular Pay: Rs. 24,000;
Single Pay: Rs. 1 lakh
Section 80C and Section 10(10D)
Alpha Wealth Plan 0 - 70 years 18 - 80 years Single;
Limited: 5/ 7/ 10/ 15/ 20/ 25
Regular: Same as PT
10 -30 years Single: Rs. 1.5 lakhs;
Regular: Rs. 1.5 lakhs per annum
Section 80C and Section 10(10D)
Wealth Edge Plan 0 - 70 years 18 - 80 years Single;
Limited: 5/ 7/ 10/ 15/ 20/ 25
Regular: Same as PT
10 -30 years Single: Rs. 1.25 lakhs;
Regular: Rs. 1.25 lakhs per annum
Section 80C and Section 10(10D)
Smart Future Plan 18 - 51 years 61 years 10 -20 years 10/ 15/ 20/ 2 25 years Rs. 3,000 Section 80C and Section 10(10D)
Smart Goals Plan 8 - 64 years 18 - 74 years 5 years 10 years Rs. 5,000 Section 80C and Section 10(10D)
Smart Life Long Plan 7 - 65 years 99 years 10 to 99 - Entry Age years 99 years Rs. 3,000 Section 80C and Section 10(10D)
Insure Smart Plan 8 - 70 years 99 years 5 years 10 years Rs. 50,000 lump sum Section 80C and Section 10(10D)

Invest more and Get more with ULIP Plan Invest more and Get more with ULIP Plan

Let us learn about the above-mentioned Canara HSBC ULIP plans in detail in the following sections.

  1. Canara HSBC Invest 4G Plan

    The Canara HSBC Invest 4G Plan is a Unit Linked Insurance Plan (ULIP) offered by Canara HSBC Life Insurance. It combines both life insurance protection and investment options, allowing you to build wealth for your future while also providing financial security for your loved ones.

    Features of Canara HSBC Invest 4G Plan:

    • Mortality Charges Benefits: Mortality charges deducted during the policy term are added to the Fund Value at maturity for Regular and Limited Premium Paying policies.

    • Premium Funding Benefit: The Care Option ensures your targeted savings contributions are maintained even in your absence.

    • Additional Bonuses: Loyalty Additions and Wealth Boosters during the policy term provide extra units to enhance your investments.

    • Income Stream Flexibility: Systematic Withdrawal Plan (SWP) Option allows you to create an additional income stream during the policy term.

  2. Alpha Wealth Plan

    Canara HSBC Alpha Wealth Plan is a Unit Linked Insurance Plan (ULIP) offered by Canara HSBC Life Insurance in India. It aims to help you achieve your financial goals while providing life insurance coverage for your family.

    Features of Canara HSBC Alpha Wealth Plan:

    Plan Options: The Alpha Wealth plan offers three investment plan options- Alpha Invest Plus Plan, Alpha Premium Plus Plan, and Alpha Life Plus Plan.

    • Alpha Invest Plus:

      • Flexibility to pay premiums once or for a limited period.

      • Returns include Mortality Charges, Loyalty Additions, and Wealth Boosters.

      • Choose from 8 funds and 5 portfolio management strategies.

    • Alpha Premium Plus:

      • Premiums waived off in unfortunate events; investment return remains intact.

      • Returns include Mortality Charges, Loyalty Additions, and Wealth Boosters.

      • Choose from 8 funds and 5 portfolio management strategies.

    • Alpha Life Plus:

      • Provide financial protection till age 100 for loved ones.

      • Systematic Withdrawal Option (SWO) / Milestone Withdrawal Option (MWO) for income in golden years.

      • Returns include Mortality Charges, Loyalty Additions, and Wealth Boosters.

    People also read: What is ULIP

  3. Wealth Edge Plan

    The Canara HSBC Wealth Edge Plan is a unit-linked insurance plan (ULIP) offered by Canara HSBC Life Insurance. It is a combination of investment and insurance that provides you with the potential to grow your wealth while also protecting your loved ones in case of your untimely demise.

    Features of Canara HSBC Wealth Edge Plan:

    • Plan Variety: The plan allows you to choose from multiple plan options like 'Invest Plus,' 'Premium Plus,' or 'Life Plus' based on your preferences.

    • Recurring Income Options: Allows you to enjoy recurring income through Systematic Withdrawal Option (SWO) or Milestone Withdrawal Option (MWO).

    • Enhanced Fund Value: The plan offers you the benefit from the return of Mortality Charges, Loyalty Addition, and Wealth Boosters to boost your fund value.

    • Flexible Customization: You can modify your premiums, premium payment term, policy term, and sum assured for added flexibility.

  4. Insure Smart Plan

    Canara HSBC Insure Smart Plan is a Unit Linked Insurance Plan (ULIP) offered by Canara HSBC Life Insurance in India. It combines investment and life insurance in a single plan, helping you achieve your financial goals while providing protection for your loved ones.

    Features of Canara HSBC Insure Smart Plan:

    • Flexible Premiums: Get premium allocation charge discounts on ECS/Standing Instructions renewals, offering flexibility in payment options.

    • Fund Switching: Effortlessly switch investments between funds with just Rs. 10,000 minimum, ensuring strategic portfolio management.

    • Premium Redirection: Adjust the allocation of future premiums once yearly, tailoring proportions for subsequent premiums as needed.

    • Sum Assured Flexibility: Modify Sum Assured from the 6th policy year, with the freedom to make changes once annually, up to 3 times during the Policy Term.

  5. Smart Goals Plan

    The Canara HSBC Smart Goals Plan is a Unit Linked Insurance Plan (ULIP) offered by Canara HSBC OBC Life Insurance Company Limited. It is a flexible plan that allows you to choose your sum assured, premium paying term, and investment fund options to suit your individual needs and goals.

    Features of Canara HSBC Smart Goals Plan:

    • Customizable Premium Payment Term: You can choose a Premium Paying Term (5, 10 years, or up to 25 years) aligning with your earning capacity.

    • Switching/Premium Redirection: Opt for fund switching or redirection to capitalize on market shifts or adapt to changing risk preferences.

    • Adjustable Sum Assured: Modify your Sum Assured based on changing needs from the 6th policy year, within specified limits.

    • Safety Switch Option: Switch to a low-risk fund as your policy approaches maturity, providing a safety net. 

    Invest in high growth ULIP Plans Invest in high growth ULIP Plans
  6. Smart Lifelong Plan

    Canara HSBC Smart Lifelong Plan is a Unit Linked Insurance Plan (ULIP) that offers life cover till the age of 99 and also helps you grow your wealth through market-linked investments. It provides flexibility in terms of premium payment terms, fund options, and withdrawal options.

    Features of Canara HSBC Smart Lifelong Plan:

    • Switching and Redirection: Allows you to opt for fund switching and redirection to capitalize on market trends or adjust risk preferences.

    • Partial Withdrawal: You can withdraw funds in financial emergencies starting from the 6th policy year onwards.

    • Adjustable Sum Assured: Modify your sum assured from the 6th policy year based on changing needs, within specified limits.

    • Auto Funds Rebalancing: The plan automatically rebalances your investment allocation across funds, regardless of market movements. 

    People also read: ULIP Calculator

  7. Smart Future Plan

    Canara HSBC Smart Future Plan is a unit-linked child insurance plan that provides long-term investment opportunities for your child's future. It offers comprehensive insurance cover (sum assured on death and premium funding benefit on death or disability) and the flexibility to switch investment funds, increase or decrease sum assured, and make partial withdrawals.

    Features of Canara HSBC Smart Future Plan:

    • Premium Redirection: You can modify future premium allocations once a year, affecting subsequent premiums.

    • Change in Sum Assured: The plan allows you to adjust your Sum Assured annually from the 6th policy year, up to 3 times during the policy term, without changing your annual premium.

    • Auto Fund Rebalancing: Allows you to maintain pre-set investment proportions across funds automatically every 3 months, regardless of market shifts.

    • Safety Switch Option: You can safeguard your funds from market fluctuations in the last four policy years by systematically moving them to a lower-risk Liquid Fund using the Safety Switch Option.

Steps to Apply for Canara HSBC ULIP Plan at Policybazaar

You can follow the steps mentioned below to start investing in the Canara HSBC ULIP Plan from Policybazaar in a hassle-free way: 

Step 1- Choose Your Plan:

Policybazaar offers several Canara HSBC ULIP plans. Choose the one that suits your needs and budget by browsing the plans on their website or app. Popular choices include:

  • Canara HSBC OBC Invest 4G Plan: Combines savings and protection with multiple fund options.

  • Canara HSBC Smart Lifelong Plan: Offers guaranteed tax savings and zero LTCG tax.

  • Canara HSBC OBC Life Insure Smart Plan: Provides life cover, partial withdrawals, and loyalty additions.

Step 2- Fill in the Application Form:

Once you have chosen your plan, click on "Apply Now" or "Get Quote." Then, complete the online application form, providing details like:

  • Your personal information (name, date of birth, contact details)

  • Proposed policy details (term, sum assured, premium amount)

  • Medical history, if applicable

  • Nominee details

Step 3- Submit Documents:

After completing the form, upload scanned copies of the necessary documents:

  • Proof of identity (PAN card, Aadhaar card)

  • Proof of address (driving license, utility bill)

  • Proof of income (salary slips, ITR)

  • Medical reports, if required

Step 4- Payment and Verification:

Once your documents are verified, proceed with the premium payment using available online payment options. Policybazaar may also conduct a medical test based on your age and sum assured.

Step 5- Policy Issuance:

Upon successful payment and verification, Canara HSBC will issue your ULIP policy. You will receive a policy document with all the details, including terms and conditions. 

 To know about other life insurance plans check at Canara HSBC OBC Life Insurance 

Canara HSBC ULIP Plans - FAQs

  • How can I withdraw my ULIP after 5 years?

    Withdrawing your ULIP after 5 years involves different options depending on your specific policy and insurance provider: 

    • Partial withdrawal: This allows you to withdraw a portion of your accumulated fund value, typically within specific limits set by your insurer. Common limits are 10-20% of the total premiums paid.

    • Surrender: This involves terminating your policy and withdrawing the entire fund value.

  • Is Canara HSBC ULIP plan good for 5 years?

    Canara HSBC ULIP plan is considered good for 5 years for the following features:

    • Offer life insurance protection along with the potential for market-linked returns

    • Provide tax benefits on premiums paid (subject to conditions) and maturity proceeds are also tax-free under Section 10(10D) of the Income Tax Act, 1961.

    • Various fund options cater to different risk appetites.

    • Allow premium flexibility and fund switching options.

  • Is Canara HSBC ULIP plan good or bad?

    Whether a Canara HSBC ULIP plan is good or bad for you depends on several factors, including your individual circumstances, financial goals, and risk tolerance.

    Pros:

    • Combination of life insurance coverage and investment potential.

    • Allows you to tailor a ULIP plan as per your risk appetite and goals.

    • Range of investment funds with varying risk profiles.

    • Pre-defined portfolio management strategies or the ability to switch funds manually.

    • Offer features like loyalty additions, wealth boosters, and systematic withdrawal options, enhancing returns or providing liquidity.

    • Tax benefits like deductions on premiums paid and exemption on maturity amount under certain conditions.

  • How is Canara HSBC Life Insurance ranked in India?

    Canara HSBC Life Insurance's ranking in India depends on the following specific criteria:
    • Overall Ranking:

      • Tracxn Score: Ranks 16th out of 31 competitors with a score of 47/100.

      • AmbitionBox: Has an overall rating of 3.8, with salary & benefits being its top-rated aspect (3.7).

    • Financial Strength:

      • Solvency Ratio: Ranked 12th among life insurance companies in India with a solvency ratio of 2.79.

      • Claims Paying Ability: Holds the highest rating (AAA) by CARE, a reputed independent rating agency.

  • How to pay a premium? What are the modes of payment available?

    The Canara HSBC Oriental Bank of Commerce Life insurance company Ltd. offers 2 modes of premium payment namely:
    • Cash/ cheque payment at the branch
    • Online Payment

    For the online payment mode, the policyholder can pay via;

    • Credit Card,
    • Debit Card
    • Net banking
  • How can I check policy status for Canara HSBC ULIP plans?

    Regisitered users can check their policy status online by loging into e-Portal
  • What is the policy renewal process for Canara HSBC ULIP plans?

    You can pay your renewal premium in 5 easy steps online, if you are a registered user:

    Step1: Enter your Client ID and Date of Birth to login into e-portal

    Step2: Choose the policy for which you want to pay

    Step3: Select the payment option – Debit/Credit Card or Net Banking to pay

    Step 4: Upon successful payment completion print/save the premium deposit receipt

    Alteranatively, you can pay via cash/cheque at any of the nearest branch.

  • What is the company’s process to settle claim for Canara HSBC ULIP plans?

    The nominee can visit the branch personally with the policy document and death certificate. The nominee must fill a claim intimation form and then the company will provide a reference number to him. Usually within the 30 days the death claim without investigation cases gets cleared.
  • What is the policy cancellation process for Canara HSBC ULIP plans?

    You can the nearest branch personally with your policy documents and a duly filled surrender form. Upon successful acceptance at the counter, your policy will be cancelled and refunds directly credited in your bank account.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Tax benefit is subject to changes in tax laws
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^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.
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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