Canara HSBC Traditional / Investment Plans
Canara HSBC Life Insurance Company sells a range of traditional / Investment plans to customers to meet all their savings and protection related needs. Let us take a look at the different types of traditional / investment plans offered by Canara HSBC and the features and benefits of each of them in details. Smart Monthly Income Plan – It is a traditional insurance plan which promises monthly incomes for a fixed period of time. The plan has the below mentioned facets: Premiums under the plan are payable for a limited term under the Limited Pay option of premium payment Premiums are payable for 15 years while the coverage continues for 25 years Bonuses are declared on the plan Guaranteed monthly incomes accrue from 11th year for a 15 year period. This income can be utilized by the policyholder to set-off future premiums. When the plan matures, the reversionary bonuses and any Final bonus is paid On the insureds death, the death benefit payable is higher of the chosen Sum Assured which is 100 times the monthly income or the annual premium multiplied by 10 with a minimum of 105% of premiums paid till death along with the vested reversionary bonuses and any Final Bonus If the policyholder opts for a coverage of Rs.3 lakhs and above, there will be a premium discount Loan facility is available to take loans Premiums paid and claims received earn income tax benefit Eligibility Details Smart Stage Money Back Plan – It is a traditional money back plan which promises regular payouts at definite intervals. The features and benefits of the plan are as follows: Premiums under the plan are payable for a limited period under the Limited Pay option of premium payment There is bonus accrual in the plan which participates in the profits of the insurer Guaranteed survival benefits are paid in the 4th, 8th and 12th policy year @15% of the Sum Assured On maturity, 55% of the Sum Assured is payablewhich also includes the accrued reversionary bonuses and any Final Bonus On the insureds demise during the tenure of the plan, the death benefit payable will be higher of the Sum Assured or 10 times the annual premium subject to a minimum of 105% of all premiums paid till death along with the vested reversionary bonuses and any Final Bonus Rebates in premium for choosing a Sum Assured level of Rs.3 lakhs and above Section 80C exempts premiums paid and Section 10(10D) exempts claims received from tax Eligibility Details Smart Vriddhi Plan – It is a traditional savings insurance plan with the following features and benefits: Premiums under the plan are payable for a limited tenure under the Limited Pay option of premium payment On maturity, 137.5% of the aggregate premiums paid are paid back as Maturity Benefit In case of death of the insured during the tenure of the plan, the death benefit payable will be higher of the Sum Assured which is the annual premium multiplied by the Sum Assured multiple or maturity Sum Assured or 105% of premiums paid till death There is an inbuilt accidental benefit rider which pays additional Sum Assured in case of accidental death The plan can be taken without any medical examinations The Income Tax Act exempts the premiums and claims under the plan Eligibility Details Smart Future Income Plan – It is a savings plan which promises guaranteed incomes. The features and benefits of the plan are as follows: Premiums under the plan are payable for a limited tenure under the Limited Pay option of premium payment The plan participates in the profits of the company by way of earning bonuses Guaranteed monthly incomes accrue in the last 15 years Up on maturity, the reversionary bonuses and any Final bonus is payable In case of death of the insured during the tenure of the plan, the death benefit payable will be higher of the Sum Assured which is 100 times the monthly income or 10 times the annual premium subject to a minimum of 105% of all premiums paid till death along with the vested reversionary bonuses and any Final Bonus Rebates in premium for choosing a Sum Assured level of Rs.7 lakhs and above Loans are available under the plan Eligibility Details Applying For Traditional Insurance through PolicyBazaar On the PolicyBazaar homepage, click on Traditional Insurance 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. Fill in the necessary details to buy the plan. To know about other life insurance plans check at Canara HSBC OBC Life Insurance
Canara HSBC Traditional Plans- FAQs
1. How to pay a premium? What are the modes of payment available? The Canara HSBC Oriental Bank of Commerce Life insurance company Ltd. offers 2 modes of premium payment namely: Cash/ cheque payment at the branch Online Payment For the online payment mode, the policyholder can pay via; Credit Card, Debit Card Net banking 2. How can I check policy status for Canara HSBC traditional plans? Regisitered users can check their policy status online by loging into e-Portal 3. What is the policy renewal process for Canara HSBC traditional plans? You can pay your renewal premium in 5 easy steps online, if you are a registered user: Step1: Enter your Client ID and Date of Birth to login into e-portal Step2: Choose the policy for which you want to pay Step3: Select the payment option – Debit/Credit Card or Net Banking to pay Step 4: Upon successful payment completion print/save the premium deposit receipt 4. What is the companys process to settle claim for Canara HSBC traditional plans? The nominee can visit the branch personally with the policy document and death certificate. The nominee must fill a claim intimation form and then the company will provide a reference number to him. Usually within the 30 days the death claim without investigation cases gets cleared. 5. What is the policy cancellation process for Canara HSBC traditional plans? You can the nearest branch personally with your policy documents and a duly filled surrender form. Upon successful acceptance at the counter, your policy will be cancelled and refunds directly credited in your bank account.