Canara HSBC life insurance company introduces a guaranteed fortune plan that provides assured benefits to life assured. These plans provide double benefits of sum assured along with guaranteed payout helping policyholders fulfill their objectives such as savings for children’s higher education or marriage expenses, dream trips, or securing the family’s future. This plan will also be available for sale through online mediums.Read more
+Tax benefit is subject to changes in tax laws.
++All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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
|Entry Age||0 years|
|Maturity Age||18 years|
|Premium payment term and policy term||
|Premium payment modes||Annual, Half-yearly, Quarterly and Monthly|
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.
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.
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|
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
Get tax benefits as per the prevailing laws of the Income Tax Act, of 1961.
The product offers 2 plan options to select from, depending on your saving requirements:
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.
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.
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.
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.
This plan can be revived anytime during the plan tenure within 5 years from the first unpaid date of the premium.
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.
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.
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