The Canara HSBC OBC Life Smart Stage Money Back Plan is a life insurance plan that is savings oriented with bonus facility. This policy helps policyholders to prepare of milestones in the lives of the policyholders and their loved ones, through the feature of money back guarantee at regular intervals during the policy term. The plan offers high life coverage for fifteen years at the end of which, on survival the policyholders enjoy the benefits of their savings along with added profits from yearly bonuses. Through this policy, the policyholder also gives protection to his loved ones in case of their premature demise.
If the policyholder survives until the policy matures, he or she receives a Maturity Benefit. The Maturity Benefit is 55% of the Sum Assured plus the sum of all annual Simple Reversionary Bonuses and Terminal Bonus (if any).
In the sad event of the demise of the policyholder, the nominee receives a Death Benefit. The Death Sum Assured is the higher of the Sum Assured or ten times the Annualized Premium. The Death Benefit received by the nominee is the Death Sum Assured plus any added annual bonuses as applicable, subject to a minimum of 105% of the premiums paid by the policyholder.
The policy gives Guaranteed Money Back payouts in which the company pays the policyholder 15% of the Sum Assured at the end of the fourth, eighth and twelfth years.
Tax benefits are available as per the prevailing rules of the Income Tax Act.
The policy offers rebates on high Sum Assured amounts.
Bonuses (Simple Reversionary Bonus and Terminal Bonus) are added to the policy at the end of every financial year provided all premiums have been paid.
Additional Features or Riders
If the premiums for three policy years are not paid within the Grace Period, the policy will lapse.
If policyholders pay the premiums for the first three policy years but subsequently no further premiums are paid, the policy acquires Paid- up Value at the end of the Grace Period.
The revival of a lapsed or discontinued policy is possible if the policyholder submits a request for reinstatement within a timeframe of two years from the date of the first unpaid premium and pays all due premium
The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover. The company will refund 80% of the premiums paid. If the suicide takes place within one year of policy reinstatement, the company will refund the higher of 80% of the premiums paid or the Surrender Value.