Introduction/Overview
The Canara HSBC OBC Life Shubh Labh Plan is a non-participating endowment Unit Linked Insurance Plan with a single premium payment. It is a non-traditional insurance plan that does not have bonus facility. This plan enables policyholders to plan and prepare for future financial requirements, while providing protection for their loved ones in the unfortunate event of their premature demise.
|
Minimum |
Maximum |
Entry Age of the Life Assured (Last Birthday) |
7 years |
70 years |
Maturity Age (Last Birthday) of the Life Assured |
- |
80 years |
Policy Term (PT) in years |
5 years |
40 years |
Premium Paying Term (PPT) in years |
Single Premium |
|
Premium Paying Frequency |
Single Premium |
|
Single Premium |
Rs. 300000 |
No limit |
Sum Assured |
Age less than 45 = 125% X Single Premium
Age more than 45 to 60 years = 110% X Single Premium |
No limit |
Benefit illustration for 45 year old male. Single Premium amount = Rs. 1000000. Sum Assured = 110% of Single Premium with 100% investment in Equity II Fund.
Single Premium (Rs.) |
Sum Assured (Rs.) |
Fund Value at the end of 20 years assuming Gross Investment Return of |
|
4% |
8% |
||
1000000 |
1100000 |
1496131 |
2644635 |
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 is 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 as any extra expenses, such as towards a medical examination or stamp duty charges.
The policyholder has to fill up an ‘Application form ’with identity proof, 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.
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