Canara HSBC OBC Life Grow Smart Plan

The Canara HSBC OBC Life Grow Smart Plan is a whole life Unit Linked Insurance Plan that has the option to pay premiums for a limited time. This policy does not have a bonus facility. It helps policyholders to live confidently in the knowledge that they are providing financial security to both their loved ones if they are ever absent from their lives.

Read more
Best ULIP Plans
  • Guaranteed Tax Savings

    Guaranteed Tax Savings^

    Under sec 80C & 10(10D)
  • savings

    ₹1 Crore

    Invest ₹10k Per Month*
  • Zero LTCG Tax

    Zero LTCG Tax^

    Unlike 10% in Mutual Funds
Top performing plans with High Returns*
Invest ₹10K/month & Get ₹1 Crore returns*
We don’t spam
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs
Get Updates on WhatsApp
We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold

Key Features

  • The policy has a choice of six different funds in which policyholders may allocate their investments.

  • Policyholders can switch between the six fund options to get the benefit of market movements. The fund options are India multi-cap, equity II, growth plus fund, balanced fund, debt plus fund and liquid fund. 

  • The policy provides high life coverage for the whole life of the policyholder.

  • The policyholder can choose a premium payment term as per their requirement. He/she may choose to pay premiums regularly or for a limited time. Premiums may be paid for only ten years while enjoying coverage for the rest of the policyholder’s life.

  • Flexibility to choose the life cover as per their protection requirements. The policyholder is free to increase or decrease the sum assured anytime during the policy tenure. 


  • Death Benefit: In the unfortunate demise of the policyholder, the nominee receives a Death Benefit.  

    • In the case of policy-in-force, the Death Benefit payable is the higher of: 

      • The Fund Value as on the intimation of death claim date, or

      • The Sum Assured minus any partial withdrawals, or

      • 105% of the premiums paid up to the death date.

    • In case of discontinuation of a policy before the lock-in period, the nominee will receive the profits of the discontinued fund up to the intimation of the death claim date. 

  • Options of Investment Fund: Based on the customer’s risk appetite, there is a choice of six Unit Linked Funds for investment.

  • Loyalty Additions: Loyalty Additions are made from the end of the fifteenth policy year in form of additional allocation of units to the fund. 

  • Liquidity: Liquidity is available in the form of partial withdrawals that are allowed after the first five policy years are completed. The minimum amount for partial withdrawals is Rs. 10000 and the maximum amount should be the value of the fund after withdraw should not be less than 120 percent of the 1st year premium. 

  • Tax Benefit: Tax benefits are available on the premium paid and Death Benefit as per sections 80(C) and 10 (10D) of the Income Tax Act.

  • Surrendering of Policy: If the plan is surrendered within the 1st five years of the policy, the surrender amount will be transferred to the discontinued fund. And, if it is surrendered after 5 years, the value of the fund will be payable instantly and the plan will be terminated. 

Product Specification:

 Parameters  Minimum Maximum
Entry Age of the Life Assured (Last Birthday) 7 years 65 years
Maturity Age (Last Birthday) of the Life Assured - 99 years
Policy Term (PT) in years Whole Life
Premium Paying Term (PPT) in years 10 years 99 – Entry Age
Premium Paying Frequency Annual
Annual Premium Rs. 25000 No limit
Sum Assured Age less than 45    Higher of: 
  • 0.5 X T X Annual Premium (T = 70 – Age at entry)
  • 10X of annual premium  
Age more than 45  Higher of:
  • 7 X Annual Premium
  • 0.25 X T X Annual Premium 
No limit

 Details About Premium

Benefit illustration for 40-year-old male opting for a Sum Assured = 15 X Annual Premium. Premium payment term of 20 years.

Annual Premium (Rs.) Sum Assured (Rs.) Fund Value at 99 years of age assuming Gross Investment Return of
4% 8%
30000 450000 1748011 12106310
75000 1125000 4370029 30265774
100000 1500000 5826705 40354366
250000 3750000 14664062 101021355
500000 7500000 29611440 202664630

Policy Details

  • Grace Period: The policy gives policyholders thirty days to pay all due premiums The policy will acquire a “Discontinued” status if payment is not made within the applicable timeframe.

  • Policy Termination or Surrender Benefit: If the policy is surrendered before the completion of 5 years, then the insurance cover ceases, and the Fund Value will be transferred to the Discontinued Policy Fund. Proceeds from this will be payable only after the fifth policy anniversary. In case of the death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee. After completing five policy years, if it is surrendered, then there are no Surrender/Discontinuance Charges, the Fund Value is paid to the policyholder, and the policy will terminate immediately. If the policy is not reinstated within the revival period, the policy is terminated. Termination of the policy also occurs on payment of the Death Benefit. The policy will also automatically terminate if at any time the Fund Value falls below or become equal to one year’s regular premium because of poor market performance. In that case, the Fund Value is paid to the policyholder.

  • Free Look Period: Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. If the policyholder does not wish to continue with the policy, then he or she can cancel the policy. The customer will receive the Fund Value plus the unallocated premium minus a proportionate premium for the risk borne by the company, including any extra expenses, such as towards a medical examination or stamp duty charges.


  • Policyholders may opt to change the allocation of future premiums with the Premium Redirection facility.

  • The policyholder may switch between the six unit-linked funds at any point of time during the policy term. The minimum amount that can be switched is Rs. 10000.

  • The policyholder may increase or decrease the Sum Assured as per their changing life coverage. This change can be done from the sixth policy year onwards.

Additional Features or Riders

  • The revival of a lapsed or discontinued policy is possible if the policyholder submits a request for reinstatement within a timeframe of two years from the date of the first unpaid premium and pays all due premium.

  • The policyholder and the Life Insured can be two different individuals. However, all benefits in this policy are linked to the Life assured. If the policyholder dies during the policy term, the Life Insured or the guardian of the Life Insured has to take responsibility for the premium payment. If premiums are not paid because of the death of the policyholder, the policy may be discontinued.

  • Various charges apply to this policy. They are as follows: 

    • Premium Allocation Charge, which is deducted from the Premium paid by the customer. The balance is invested in the investments chosen by the policyholder

    • Policy Administration Charge is deducted at the start of each month.

    • Fund Management Charges are deducted daily while calculating the NAV of the funds.

    • At the beginning of each month, Mortality Charges are deducted by the cancellation of units from the fund value.

    • Switching Charge – There is a limit of six free switches allowed in a single policy year. Subsequently, each switch is charged at Rs. 250 per switch.

    • Partial Withdrawal Charge – The first four partial withdrawals are free, while subsequent withdrawals are charged at Rs. 250 per withdrawal.

    • Miscellaneous Charge is there for medical examination expenses in case of an increase in the Sum Assured.

    • A Discountenance Charge is levied on policies that are discontinued before the end of the lock-in period of the first five years.


The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover. The company will refund the Fund Value as of the date of death.

Documents Required

The policyholder has to fill up an ‘Application form ’with identity proof (Aadhar Card, Passport, PAN Card or Driving license), bank account proof, address proof, and a recent photograph. Select cases may require income proof and medical examination.

*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:-

Ulip Insurer2
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 0 Reviews)
Ulip Insurer4
Ulip Insurer1

Ulip plans articles

Recent Articles
Popular Articles
Dynamic Asset Allocation

21 May 2024

Dynamic Asset Allocation involves actively adjusting investment
Read more
ULIP Plan Riders

17 Jan 2024

ULIP or Unit Linked Insurance Plans provide rider benefits. They
Read more
ULIP Returns in 40 Years

08 Jan 2024

Estimating the ULIP returns over 40 years offers a unique
Read more
ULIP Returns in 35 Years

04 Jan 2024

A 35-year ULIP (Unit Linked Insurance Plan) emerges as an
Read more
ULIP Returns in 30 Years

03 Jan 2024

A 30-year ULIP (Unit Linked Insurance Plan) is a type of
Read more
ULIP Calculator
A ULIP Calculator is a financial tool designed to help you compare ULIP plans and estimate the maturity amount
Read more
SBI Life Smart Privilege Plan: Benefits & Features
SBI Life Smart Privilege is a unit-linked, non-participating life insurance plan offered by SBI Life Insurance
Read more
ULIP Returns in 5 Years
ULIP means Unit Linked Insurance Plan. It is a unique financial instrument that combines insurance coverage with
Read more
Tata AIA ULIP Plan Calculator
A Tata AIA ULIP Plan Calculator is a premium and returns calculation tool that helps easily and quickly compare
Read more
7 Things to Know About the Tax Benefits of ULIPs
Nowadays, Unit Linked Insurance Plans, i.e., ULIPs, have evolved as the popular income tax saving investment
Read more


Become a Crorepati

Invest ₹10K/Month & Get ₹1 Crore returns*

Mobile +91
*T&C Applied.
Download the Policybazaar app
to manage all your insurance needs.