Canara Guaranteed Fortune Plan

Features of Canara Guaranteed Fortune Plan

Here are the key features of the Canara Guaranteed Fortune Plan:

• It is a non-linked and non-participating individual savings life insurance policy

• A lump sum payout is offered to the nominee in case of the life assured’s demise

• Guaranteed payout at the policy term’s end

• Option to get guaranteed cash back at the last of 5th year of the policy

• Option for providing the survival benefit

• A limited premium payment option is also available

• Flexibility in policy terms and premium payment terms

• Guaranteed additions on an annual basis to increase maturity benefit payout

Eligibility Criteria of Canara Guaranteed Fortune Plan

Benefits of Canara Guaranteed Fortune Plan

1. CARE Pay Benefit

   CARE i.e., Claims Accelerated for Relief & Ease pay benefit offered by Canara life insurance company. helps assist family members in case of an unfortunate death. Upon the demise, the plan will pay 100% of the full premium paid till the death date on the intimation of the policyholder’s death.

   This is an accelerated life cover and the amount payable for this will be deducted from the sum assured on demise payable. After the payment of the CARE pay benefit and investigation the claim, the remaining sum assured amount on death shall be paid. The payment shall be done, provided all the due amounts of premiums have been paid and the plan is active at the time of demise.

2. Survival Benefit

   1. Guaranteed Yearly Additions

      The plan offers guaranteed yearly additions to increase the corpus paid at the last of the policy term. These additions will accumulate in the last 3 policy years of the plan tenure at the start of each year. They are computed as a % of the cumulative annualized premium paid to date and vary by entry age, plan option, policy term, and premium payment term.

   2. Guaranteed Cash Back Option

      15 percent of the guaranteed sum assured amount on maturity paid at the last of every 5th year of the policy

      The survival benefit shall be payable as follows:

   Policy Term	Period of Survival Benefit Payout
   10	At the last of 5th year of the policy
   12, 15	At the last of the 5th, 10th year of the policy
   20	At the last of 5th, 10th and 15th year of policy
   25	At the last of 5th, 10th , 15th and 20th year of policy
   30	At the last of 5th, 10th , 15th , 20th and 25th year of policy

3. Guaranteed Maturity Benefit

   A guaranteed lump sum payment will be paid to the life assured on death or outliving the plan tenure.

   Sum assured amount on death is defined as the greater of:

   • 11X the annual premium

   • 105% of the full premium paid

   • Guaranteed sum assured amount on the maturity

   • Absolute sum assured amount to be payable on death

4. Tax Benefit

   Get tax benefits as per the prevailing laws of the Income Tax Act, of 1961.

Plan Options

The product offers 2 plan options to select from, depending on your saving requirements:

• Guaranteed Savings Option

• Guaranteed Cash Back Option

1. Guaranteed Savings Option

   • Death Benefit (Benefit paid on death): Sum assured on death minus CARE pay benefit paid already (if any), along with accumulated guaranteed additions (yearly). Upon this benefit payment, the plan will terminate and no extra benefits shall be paid.

   • Survival Benefit (Benefit that is payable during the policy tenure on surviving the plan): Not Valid

   • Maturity Benefit (Benefit payable at the last of the policy tenure): Guaranteed SA on maturity along with the accumulated guaranteed yearly additions. Upon the payment of this benefit, the plan will terminate and no extra benefits shall be paid.

2. Guaranteed Cash Back Option

   • Death Benefit: Sum assured on death minus the CARE pay benefit that is already paid (if any), + deferred survival benefits (if any) + accumulated guaranteed annual additions (if any). Upon paying this benefit, the plan will stop and no extra benefit shall be paid.

   • Survival Benefit: 15 percent of the guaranteed sum assured amount at the time of maturity shall be payable at the last of each 5th year of the policy.

   • Maturity Benefit: Guaranteed sum assured on maturity minus survival benefits paid already (if any) + deferred survival benefit (if any) + accumulated guaranteed additions yearly. Upon paying this benefit, the plan will end and no further benefits shall be paid.

Policy Details of Canara Guaranteed Fortune Plan

1. Non-payment of premiums

   This plan shall attain lapse phase at the expiration of the grace time if the life assured fails or forget to pay due premiums within the grace time in the 1st two consecutive years of the policy.

   If the plan is in lapsed phase, no benefit shall be paid on death or on request for surrender/termination of the plan by the life assured or on the expiration of the revival time. If the plan in the lapsed phase is not revived within the period of revival, it shall terminate upon the revival period’s expiry.

2. Paid Up

   After the premiums payment of 1st two consecutive years, if the subsequent due amount of premium is not paid within the grace time, the plan gets into a paid-up status. In case the plan is in paid-up status (provided the plan is not surrendered), the life assured will get some benefits.

3. Revival

   This plan can be revived anytime during the plan tenure within 5 years from the first unpaid date of the premium.

4. Free Look Period

   If the life assured doesn’t agree with the T&Cs of the plan, he/she has the option to put in the request for cancellation of a plan by returning the original plan documents along with a written notice mentioning the reasons for canceling within 15 days (and 30 days if the plan is bought through distance marketing channel) from the plan documents receipt.

5. Grace Period

   It is important to pay your premium amounts on or before the due date of paying premiums. So, a grace time of 30 days is provided for annually, half-yearly, & quarterly modes, and 15 days for monthly from the premium due date to pay the due amounts of premium.