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 15th 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 15th 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 11th 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 10th year. Under option 2, 1.25% of the average fund value over the last 3 years is added at the end of the 10th year and again at the end of the 15th 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 10th and 15th 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 companys 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 On the PolicyBazaar homepage, click on ULIPs under the Personal tab. Click New Quotes to compare and choose from top insurance providers. 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. Fill in your name, email address, city, country code, and mobile number. Click Continue. 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. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan. 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. This will take you to the insurers 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.
