Canara HSBC ULIP Plans

4.6 / 5 based on 23 User Reviews
*Please note that the quotes shown will be from our partners

Canara HSBC was launched on 16th June 2008 and it’s a joint venture between Canara Bank (51%) and HSBC (28%) and Oriental Bank of Commerce (23%). It offers a combined experience of over 300 years in the financial business territory of our country. The business strategy followed by them testifies their understanding of the market especially when it comes to looking for a bank partner or scaling up their bancassurance channels.

What are ULIPs?

Unit Linked Insurance Plans (ULIPs) are insurance plans combined with the features of a mutual fund. The premiums paid by the policyholder are held in a corpus which is then invested in stocks and shares of different companies operating in the capital market. The total market value of the corpus invested divided by the number of securities purchased give the Net Asset Value (NAV) which is the price of one unit of the fund. The premium paid is invested at the prevailing NAV which changes every moment with the market trend. ULIPs promise good returns linked to the market and also insurance coverage. The basic features of ULIP are as follows:

  • The premium paid is invested in a choice of funds offered by the company. Each fund represents different risk criteria. The basic funds offered are Equity Fund which has a high risk, Debt Fund which has low risk and Balanced Fund a mix of Equity and Debt Fund with a moderate risk. The returns are directly related to the risk profile of the fund.
  • Applicable charges are deducted from the premium paid for insurance coverage, administration charge, fund management charge, etc.
  • Insurance coverage depends on the amount of premium paid
  • The premiums are to be locked-in for 5 years after which partial withdrawals are allowed from the fund value
  • Switching option is available which enables the policyholder to switch his investment between funds

Canara HSBC Unit Linked Insurance Plans

Canara HSBC Life Insurance Company offers a range of unit linked plans for its customers to reap the benefits of market linked returns and at the same time enjoy life insurance protection. Let us take a detailed look at the different types of plans offered by the company and their features and benefits:

Grow Smart Plan –

A unit linked insurance plan which covers the individual for the entire life till 99 years of age. The features and benefits of the plan are as follows:

  • Premium paid net of charges is invested in a choice of 5 funds namely Equity II Fund, Growth Plus Fund, Balanced Plus Fund, Debt Plus Fund and Liquid Fund
  • Loyalty Additions are added @ 1% of the fund value from the 15th policy year
  • In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured net of partial withdrawals or the Fund Value or 105% of all premiums paid till the date of death
  • The Sum Assured can be increased or decreased subject to certain terms and conditions
  • Partial withdrawals can be made after 5 completed policy years with four free withdrawals yearly
  • 6 free switches are available annually and also is the feature of premium redirection to redirect future premiums to a new fund than the actual chosen one
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

7 years

65 years

Maturity Age

-

99 years

Policy Term

99 – age at entry

Premium amount

Rs.25, 000

No limit

Sum Assured

For ages below 45 years – 0.5*(70-entry age)*annual premium

For ages above 45 years – 7 times the annual premium

No limit

Premium Payment Term

10 years

99 – age at entry

Premium Paying Frequency

Yearly

 

Dream Smart Plan –

A unit lined plan with attractive returns. The features and benefits of the plan are as follows:

  • The premiums under the plan can either be paid for the entire tenure of the plan or for a limited tenure.
  • Premium paid net of charges is invested in a choice of 5 funds namely Equity II Fund, Growth Plus Fund, Balanced Plus Fund, Debt Plus Fund and Liquid Fund
  • Loyalty Additions are added @ 1% of the fund value from the 15th policy year
  • In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured net of partial withdrawals or the Fund Value or 105% of all premiums paid till the date of death
  • On maturity the fund value is paid
  • The Sum Assured can be increased or decreased subject to certain terms and conditions
  • Partial withdrawals can be made after 5 completed policy years with four free withdrawals yearly
  • 6 free switches are available annually and also is the feature of premium redirection to redirect future premiums to a new fund than the actual chosen one
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

7 years

60 years

Maturity Age

-

80 years

Policy Term

20 years

Premium amount

Rs.25, 000

No limit

Sum Assured

10 or 7 times the annual premium

No limit

Premium Payment Term

10 years

20 years

Premium Paying Frequency

Yearly

 

Insure Smart Plan –

A ULIP Plans providing the dual benefit of insurance protection and market linked growth. The features  and benefits of the plan are as follows:

  • Premiums are paid for a fixed tenure of 5 years while the coverage runs for a tenure of 10 years
  • Premium paid net of charges is invested in a choice of 5 funds namely Equity II Fund, Growth Plus Fund, Balanced Plus Fund, Debt Plus Fund and Liquid Fund
  • Loyalty Additions are added @ 1% of the fund value on maturity of the plan
  • In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured net of partial withdrawals or the Fund Value or 105% of all premiums paid till the date of death
  • On maturity the fund value is paid
  • The Sum Assured can be increased or decreased subject to certain terms and conditions
  • Partial withdrawals can be made after 5 completed policy years with four free withdrawals yearly
  • 6 free switches are available annually and also is the feature of premium redirection to redirect future premiums to a new fund than the actual chosen one
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

8 years

70 years

Maturity Age

-

80 years

Policy Term

10 years

Premium amount

Rs.50, 000

No limit

Sum Assured

10 or 7 times the annual premium

No limit

Premium Payment Term

5 years

Premium Paying Frequency

Yearly

 

ShubhLabh –

A unit linked plan where premium is paid once at the commencement of the plan. The features  and benefits of the plan are as follows:

  • Premium paid net of charges is invested in a choice of 5 funds namely Equity II Fund, Growth Plus Fund, Balanced Plus Fund, Debt Plus Fund and Liquid Fund
  • Under the Auto Funds Rebalancing option, the funds rebalance themselves every 3 months in the ratio chosen by the policyholder at the commencement of the plan while investing money.
  • Under the Safety Switch Option, the funds are moved to a low risk fund in the last 4 years of the policy in a pre-determined ratio to protect the funds against market volatility
  • Loyalty Additions are added every month after the completion of 4 years @ 0.06% of the fund value
  • On maturity the fund value is paid which can either be availed in lump sum or in instalments over a period of 5 years post maturity under the Settlement Option
  • In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured net of partial withdrawals or the Fund Value or 105% of all premiums paid till the date of death
  • The Sum Assured can be increased or decreased subject to certain terms and conditions
  • Partial withdrawals can be made after 5 completed policy years with four free withdrawals yearly
  • Unlimited free switches are available annually
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

7 years

70 years

Policy Term

5 years

40 years

Premium amount

Rs.3 lakhs

No limit

Sum Assured

110% or 125% of the single premium

Premium Payment Term

Single

 

Smart One Pay Plan -

A unit linked plan where premium is paid once at the commencement of the plan. The features  and benefits of the plan are as follows:

  • Premium paid net of charges is invested in a choice of 5 funds namely Equity II Fund, Growth Plus Fund, Balanced Plus Fund, Debt Plus Fund and Liquid Fund
  • Loyalty Additions are added to the fund value every month from the 11th policy year @ 0.025% of the fund value in the first 10 years and thereafter @0.06% of the fund value
  • Under the Auto Funds Rebalancing option, the funds rebalance themselves every 3 months in the ratio chosen by the policyholder at the commencement of the plan while investing money.
  • Under the Safety Switch Option, the funds are moved to a low risk fund in the last 4 years of the policy in a pre-determined ratio to protect the funds against market volatility
  • On maturity the fund value is paid which can either be availed in lump sum or in instalments over a period of 5 years post maturity under the Settlement Option
  • In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured net of partial withdrawals or the Fund Value or 105% of all premiums paid till the date of death
  • The Sum Assured can be increased or decreased subject to certain terms and conditions
  • Partial withdrawals can be made after 5 completed policy years with four free withdrawals yearly
  • Unlimited free switches are available annually
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

7 years

70 years

Policy Term

5 years

25 years

Premium amount

Rs.1 lakh

No limit

Sum Assured

125% of the single premium

10 times the single premium

Premium Payment Term

Single

 

Smart Goals Plan –

A unit linked plan which comes in two variants. The features  and benefits of the plan are as follows:

  • Premiums are payable for a limited tenure only
  • The plan has two variants of Option I and Option II
  • Premium paid net of charges is invested in a choice of 5 funds namely Equity II Fund, Growth Plus Fund, Balanced Plus Fund, Debt Plus Fund and Liquid Fund
  • Under the Auto Funds Rebalancing option, the funds rebalance themselves every 3 months in the ratio chosen by the policyholder at the commencement of the plan while investing money.
  • Under the Safety Switch Option, the funds are moved to a low risk fund in the last 4 years of the policy in a pre-determined ratio to protect the funds against market volatility
  • On maturity the fund value is paid which can either be availed in lump sum or in instalments over a period of 5 years post maturity under the Settlement Option
  • In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured net of partial withdrawals or the Fund Value or 105% of all premiums paid till the date of death
  • Loyalty Additions are added depending on the option chosen, under Option 1, 2% of the average fund value over the last 3 years is added at the end of the 10th year. Under option 2, 1.25% of the average fund value over the last 3 years is added at the end of the 10th year and again at the end of the 15th year
  • The Sum Assured can be increased or decreased subject to certain terms and conditions
  • Partial withdrawals can be made after 5 completed policy years with four free withdrawals yearly
  • Unlimited free switches are available annually and the facility of premium redirection is also available
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

8 years

64 years

Maturity Age

Option 1 – 18 years

Option 2 – 23 years

Option 1 – 74 years

Option 2 – 79 years

Policy Term

Option 1 – 10 years

Option 2 – 15, 20 or 25 years

Premium amount

Option 1 – Rs.50, 000

Option 2 – Rs.25, 000

No limit

Sum Assured

Option 1 – 10 or 7 times the annual premium

Option 2 – higher of 10/7 times the annual premium or 0.5*term*annual premium

35 times the annual premium

Premium Payment Term

Option 1 – 5 years

Option 2 – 10 to 25 years

Premium Paying Frequency

Yearly or monthly

 

Smart Lifelong Plan -

A unit linked insurance plan which covers the individual for the entire life till 99 years of age. The features and benefits of the plan are as follows:

  • Premium paid net of charges is invested in a choice of 5 funds namely Equity II Fund, Growth Plus Fund, Balanced Plus Fund, Debt Plus Fund and Liquid Fund
  • Loyalty Additions are added @1.25% of the average fund value over the last 3 years at the end of the 10th and 15th policy year
  • Under the Auto Funds Rebalancing option, the funds rebalance themselves every 3 months in the ratio chosen by the policyholder at the commencement of the plan while investing money
  • On maturity the fund value is paid which can either be availed in lump sum or in instalments over a period of 5 years post maturity under the Settlement Option
  • In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured net of partial withdrawals or the Fund Value or 105% of all premiums paid till the date of death
  • Partial withdrawals can be made after 5 completed policy years with four free withdrawals yearly
  • Unlimited free switches are available annually and the facility of premium redirection is also available
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

7 years

65 years

Maturity Age

-

99 years

Policy Term

99 – age at entry

Premium amount

Rs.25, 000

No limit

Sum Assured

For ages below 45 years – 0.5*(70-entry age)*annual premium

For ages above 45 years – 7 to 10 times the annual premium

No limit

Premium Payment Term

10 years

99 – age at entry

Premium Paying Frequency

Yearly or monthly

 

Smart Future Plan -

A unit liked plan providing the dual benefit of insurance protection and market linked growth. The features  and benefits of the plan are as follows:

  • Premium paid net of charges is invested in a choice of 5 funds namely Equity II Fund, Growth Plus Fund, Balanced Plus Fund, Debt Plus Fund and Liquid Fund
  • Under the Auto Funds Rebalancing option, the funds rebalance themselves every 3 months in the ratio chosen by the policyholder at the commencement of the plan while investing money
  • Under the Safety Switch Option, the funds are moved to a low risk fund in the last 4 years of the policy in a pre-determined ratio to protect the funds against market volatility
  • On maturity the fund value is paid which can either be availed in lump sum or in instalments over a period of 5 years post maturity under the Settlement Option
  • In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured net of partial withdrawals or the Fund Value or 105% of all premiums paid till the date of death
  • If the Total & Permanent Disability benefit is opted for, in case of accidental total and permanent disability, all future premiums are waived off and are paid for by the company and on maturity, the fund value is paid
  • The Sum Assured can be increased or decreased subject to certain terms and conditions
  • Partial withdrawals can be made after 5 completed policy years with four free withdrawals yearly
  • 6 free switches are available annually and also is the feature of premium redirection to redirect future premiums to a new fund than the actual chosen one
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

61 years

Maturity Age

28 years

70 years

Policy Term

10, 15, 20 or 25 years

Premium amount

Rs.25, 000

No limit

Sum Assured

10 or 7 times the annual premium or 0.5*term*annual premium

No limit

Premium Payment Term

10 years

20 years

Premium Paying Frequency

Yearly or monthly

 

Applying for a Unit Linked Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For ULIPs through PolicyBazaar

  1. On the PolicyBazaar homepage, click on ULIPs under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  8. This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

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

Canara HSBC ULIP Plans - FAQs

1. 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

2. How can I check policy status for Canara HSBC ULIP plans?

Regisitered users can check their policy status online by loging into e-Portal

3. 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.

4. 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.

5. 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.

Canara HSBC ULIP Plans Reviews

TOTAL REVIEWS (23)
Saahir
Mohali
July 18, 2016

Insurance Policy

The ulip plan of canara hsbc obc life insurance is perfect. It gives me full satisfaction regarding benefits and even its terms and conditions are good. Policy premium is good and claims are even better. Updates of the insurance policy and renewals of the plans can easily done via online portal.

Sandeep
Jamukeswar
July 07, 2016

Ulip plan

My ulip insurance plan is good and the policy coverage is high ~89%. Premium of the policy is less and service is fantastic provided by the staff of the company. Online portal service is fast and easy to use which reduces paperwork and documentation is hassle free.

Tanmay
Ghazipur
June 28, 2016

Good Plan

The ulip plan I have is good insurance policy which provide me good number of benefits. Service is fine but the behaviour is very calm and nice of your department. Web service is good and simple to access. Hassle free documentation. The customer service keep me updated about my insurance policy.

Kunal
Delhi
April 11, 2016

Fabulous Policy

I have ulip plan from canara hsbc life insurance. The plan works for me from last few year. Policy coverage is also good with claiming amount of Rs.37 lakh. Service provided by you is awesomely fabulous with fast interface.

Chandan
Nizamabad
April 11, 2016

Power Policy Plan

I have less idea about the insurance policies because I never gone through buying insurances, now i purchase canara hsbc life insurance ulip policy plan the policy is great. Premium for my plan is 32.1 K thrice per year and at the time of maturity the sum assured might be 41 L. They have daily update so i get numbers of mails from them.

Bhupendra
Rewari
April 11, 2016

slow service issue

One of the most convenient insurance policies provider is canara hsbc life insurance ulip policy plan so my investments will be safe. As far as I seen this company is coming generation to generation. Everybody is been benefited with its benefits. Customer service need to be improved as that is bit slow and never on time. Please improve it.

Deepika
Ooty
April 11, 2016

ULIP Policy Plan

My ulip policy plan is from canara hsbc life insurance and the policy is the awesome because the policy has many benefits like the accident insurance is inbuilt in this policy. Policy coverage is high approx. 87% and the premiums are low. Claims are 1.75 times of the investment. The service is fast and very quick. Good policy plan.

Harindra
Poriyahat
April 11, 2016

Satisfactory

Canara hsbc life ulip policy plan is good and the policy coverage is 97% with low premiums. The policy claims are simple to sanctioned with good interest. Services provided by executives and the staff members are good and on time. There is an inbuilt Accidental Death Benefit feature. The policy is fully satisfactory.

Prajapati
Meerut
April 11, 2016

Damn Good

From canara hsbc life insurance i have taken a ulip policy plan for the tenure of 46 years in which we get lumps um amount after the maturity of the policy plan. Policy coverage is 92% of investment. Accident and natural death is inbuilt secure in this policy. Service is fast and on time which is facilitate from staff members.

Jiten
Gautam_buddha_nagar
April 11, 2016

Good Coverage

Canara hsbc life insurance ulip policy plans is the fantastic policy. The policy has low premiums, the policy coverage is high around 94% and the claims are easily sanctioned. The services are really fast and the staff members are responding with good behaviour. There is an inbuilt accidental death benefit feature. I like the policy plan.

Mankaran
Kurukshetra
April 11, 2016

service is bit slow

My ulip plan is nice but the only thing is the service is slow rather than this the policy plan is good. Like, policy coverage and claims are high but the investments are low. The behaviour of the executives and staff members is nice. Please improve your services and web services too.

Chirag
Mangalore
April 11, 2016

Policy coverage is good

The canara hsbc life insurance provide me good policy coverage ~94% with low premiums. I have ulip policy plan i have which have good benefits and the claims are sum assure amount that i invested. The investment is 37 K per year with extra benefit that is it includes the inbuilt accidental death benefit. Good policy plan.

Sandeep
Manipal
April 11, 2016

Future Savings

The policy coverage is 87%, The claims are high and the claiming is easy because of the executives and the staff members service they provide. The benefits provided by you guys canara hsbc life ulip policy plans is fantastic. The premiums are less ~31 K and the returns are high ~Rs.37 L.

Dinesh
Siliguri
April 11, 2016

Fantastic Policy Plan

I purchase ulip policy plan from canara hsbc life insurance. The policy coverage is high around 86% and the claims are huge. The policy premiums are low ~33.8 K and the recovery returning amount is 29 L. Services are good and on time too. Executives are doing there jobs very nicely. And the web services are also fantastic.

Gaurav
Lucknow
April 11, 2016

Awesome

I have ulip policy plan with canara hsbc life insurance. Plan is good and the benefits are better. Premium is low and payback are high. Claims and policy coverage is really awesome with good interest. The service is very quick and on time till now. And the behaviour of the executives and staff members are very nice.

Karan
Rohtak
April 11, 2016

Super Policy

My ulip policy plan is one of the best plan ever. Thank you, canara hsbc life insurance, the premiums are less and policy coverage is high approx. 89%. Service you provided is super, that's why the claiming procedure get so simple and easy. Great work guys.

Hemant
Bengaluru
April 11, 2016

Great Policy

I found fine policy plan at last from web. Canara hsbc life insurance ulip policy plan i purchase which has low premiums and the the policy coverage is high 91%. Service is good with claiming amount at high interest. The staff facilitate good treatment and solve almost all the problems. Good job.

Tarun
Kota
April 11, 2016

Fine Policy Plan

I have ulip policy plan from canara hsbc life insurance. The plan works for me from last few years. Policy coverage is great i.e., 96% with claiming amount of Rs.26 L of you sum assured payment. Service provided by you is fast with great behaviour of executives of the company.

Yogesh
Chittoor
April 11, 2016

Best Policy Plan

I own canara hsbc life insurance ulip policy plan. The policy plan is good with low investments. Policy coverage is 91% and premium is Forty four thousand (quarterly) per year till policy end. Claims are high. Service you facilitate is really good with fast interface. I like the plan.

Umakant
Kalyan
April 11, 2016

Average

I have canara hsbc life insurance ulip policy plan. The policy i have is an average one which has low premiums but the paybacks returns are good. The policy coverage 79% and claims is nice. The services provided is bit slow but the behaviour of the staff members and executives are really very nice.

Lalit
Jodhpur
April 11, 2016

Nice Insurance

I buy ULIP insurance policy plan with canara hsbc life insurance and the policy provides better service then others. The large team are working with the company for good performance and provides great outcomes with good care. The policy coverage and claims are high as compared to premium which is low.

Jayant
Kota
April 11, 2016

Good Work

I got ULIP policy plan with canara hsbc life insurance. The policy is good with some fine terms and conditions. Policy coverage is 84%. The Claims are about Rs.31 L which can be easily done with the help of executives. This is best services provided. I must say great work guys.

Mayank
Agra
April 11, 2016

Great Policy

Recently i find the great policy plan that is ulip insurance policy plan and buy one from canara hsbc Life Insurance. The policy coverage is high ~87% with very low premium. The service of all staff of your company is great with nice response. The return payback amount is around Rs 32 L at end of the policy.