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Canara HSBC OBC Life Smart Monthly Income Plan

What is the Plan all About?

Smart Monthly Income Plan is a non-linked & participating Life Insurance Plan that will help you plan well for retirement life. It is a traditional savings oriented life insurance monthly income with-profit plan, which ensures a regular monthly income that helps you to fulfill your lifestyle and retirement needs.

What are the Key Features?

  • Guaranteed Monthly Income for 15 years
  • Annual and Final bonuses to accumulate lump sum money
  • Life Cover for 25 years
  • Boost your lifestyle through Guaranteed Income and Bonuses
  • Legacy for family through Guaranteed Protection
  • Limited premium payment term
  • Adjust premiums from income receivable
  • Loan benefit
  • High Sum Assured Rebate
  • Tax benefits

What are the Plan Benefits?

Death Benefit

    In the event of the demise of the life insured, the Death Benefit Sum Assured plus added annual bonus and final bonus is payable. The Death Benefit Sum Assured is higher of 10 times the annualized premium or Sum Assured.

    The death benefit payable is at least 105% of the total premiums paid. This death benefit is irrespective of the Income Benefit already paid.

Vesting/Maturity Benefit

    In the event of survival of the life insured till the maturity date, added annual bonuses and final bonus are payable.

Guaranteed Income Benefit

    Guaranteed Income Benefit in form of Monthly Income for 15 years - payable from the end of 121st policy month till the end of Policy Term.

Bonus

    Bonuses are declared every year and it depends on the profits generated in with-profit fund managed by the company. Once added, the policy becomes guaranteed to be payable on maturity or death claim, whichever occurs earlier.

    Annual Bonus: This bonus is added every year depending on the profits emerging from the with-profit fund. Annual Bonus is expressed as a percentage of Sum Assured. It is payable either on death or maturity, whichever is earlier.
    An interim bonus during the year in which death occurs may also be payable.

    Final Bonus: The Final Bonus may also be payable and it is expressed as a percentage of Sum Assured.

Loan Benefit

    The minimum loan amount that can be availed under this policy is Rs 20,000 subject to a maximum of 80% of Surrender Value.

Surrender Value

    This policy acquires a Guaranteed Surrender Value after payment of at least 3 full policy years’ premium.

Early Exit Value

    For policies, when one full policy year premium has been paid subject to non-payment of premiums for three policy years, early exit value is payable. It is 10%/20% (of sum of premiums paid) for 1st annualized premium payment/2nd annualized premium payment, respectively.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 55 Years
Maturity Age 43 Years 80 Years
Policy Term 25 Years (fixed) -
Premium Payment Term 15 Years -
Premium Paying Mode Annually & Monthly -
Monthly Income Rs 2,000 No Limit (subject To Underwriting)
Premium Amount Depends On The Age, Income And Premium Mode Chosen No Limit (subject To Underwriting)
Sum Assured 100 Times The Chosen Monthly Income -
Freelook Period 15 Days From The Receipt Of The Policy -
Grace Period 30 Days -
Plan Type Offline -

Is any Rider Available with this Plan?

No rider is available for this plan.

Is the Plan, eligible for Tax Benefit?

This policy provides tax benefits as prescribed under the Income Tax Act, subject to prevailing tax laws.

How the Plan Works?

Arun Singh, aged at 45 years is looking for a plan that can ensure guaranteed monthly income plus life cover. He chooses to buy Canara HSBC Life Smart Monthly Income Plan with guaranteed monthly income of Rs 10,000 with life cover of Rs 10 Lacs. He pays the annualized premium of Rs 1,03,000.

Scenario A: On survival of Arun
In the event of survival of Arun till the date of maturity, added annual bonuses and final bonus are payable (as applicable).

Scenario B: On demise of Arun
On the unfortunate death of Arun, the Death Benefit Sum Assured of Rs 10,30,000 plus added annual bonus and final bonus is payable.

Benefit Illustration:

Canara HSBC OBC Life Smart Monthly Income Plan Benefit Illustration