Canara HSBC ULIP Plans

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 15^th 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

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 15^th 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

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

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

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 11^th 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

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 10^th year. Under option 2, 1.25% of the average fund value over the last 3 years is added at the end of the 10^th year and again at the end of the 15^th 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

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 10^th and 15^th 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

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

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.