Canara HSBC OBC- Smart Vriddhi Plan

What is the Plan all About?

Canara HSBC OBC- Smart Vriddhi plan is a traditional endowment plan which offers you to plan your savings for a better future of your loved ones. This plan is a participating life insurance plan which participates in the profits of the company. This plan offers the premium at an affordable price for a better tomorrow. This plan has been discontinued.

What are the Key Features?

Comprehensive saving plan
Family protection by offering death benefit
Guaranteed maturity benefit
No medical tests required at the inception
Affordable premium charge
Avail Tax Benefit under IT Act

What are the Plan Benefits?

Death Benefit

Death benefit Sum Assured is paid in the event of death of the life insured.It is an amount which is Higher of:

1. Death Benefit Sum Assured plus added annual (reversionary) bonus (and any interim bonus for the part of the financial year in which death occurs) and final (terminal) bonus (if any) accrued till date of death

2. 105% of {the total premiums paid till the date of death less extra premium (if any)

Maturity Benefit

Maturity benefit is payable if the insured survives the policy term. On the survival of the Life Assured to the end of the policy term maturity benefit is payable to the Policyholder which is; Guaranteed Sum Assured at Maturity + Accrued Annual Bonus (If Any) + Final Bonus (If Any) provided the policy is in-force and Guaranteed Sum Assured at Maturity is equal to Sum Assured under the plan.

Bonus

Applicable bonus is paid by the company.

Loan Benefit

The policy is not eligible for loans.

Surrender Value

If premiums under this policy have been paid at least for the first two years by the policyholder, the policy shall acquire a Guaranteed Surrender Value (GSV). The Guaranteed Surrender Values payable under this product is the applicable GSV Factor multiplied by the Sum of Premiums Paid till date.

Tax Benefit

Premiums paid, are eligible for the tax benefits as per Section 80C and the death benefit qualify for tax benefits under section 10 (10D) of the Income Tax Act.

Who can Buy the Plan?

Factor	Minimum	Maximum
Age (as on last birthday)	18 Years	50 Years
Age at Maturity	28 Years	60 Years
Policy Tenure	10 Years	10 Years
Premium Paying Term	Limited Pay- 5 Years	-
Premium Paying Mode	Annually	-
Premium Amount	Rs 8,000	Rs 10,000
Sum Assured	Rs 80,000	Rs 1,80,000
Freelook Period	15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy	-
Grace Period	30 Days	-
Plan Type	Offline	-

Is any Rider Available with this Plan?

No Riders are available under this plan.

How the Plan Works?

Let's understand the benefits of this plan with the help of a case study.

Life Insured: Raman

Age: 35 years (age last birthday)

Annual premium: Rs 10,000

Canara HSBC Smart Vriddhi Plan

Annual premium mentioned above is exclusive of applicable taxes.

Please note that the Guaranteed Surrender Value (GSV) shown above is guaranteed. Please refer to the surrender value section in key terms and conditions for the formula and factors of GSV.
Death Benefit under the plan will be higher of:
i) Sum Assured,
ii) Guaranteed Sum Assured on Maturity and
iii) 105% of {the total premiums paid till the date of death}
Where:
Sum Assured is defined as Annual Premium times Sum Assured Multiple.
In case of death of the Life Assured due to an accident, an additional benefit equal to the Sum Assured will be paid as an Accidental Death Benefit.