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Canara HSBC OBC Grow Smart Plan

What is the Plan all About?

Grow Smart Plan is a unit linked plan that provides insurance cover through your entire life. This plan is designed in a manner that helps fulfill your responsibilities. It is an affordable plan in which you pay premiums for a limited duration and get lifelong insurance coverage as well.

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What are the Key Features?

  • Option to invest in 5 varied funds
  • Offers dual benefit of life insurance and investment
  • Flexible premium payment term
  • Avail Loyalty Additions
  • Flexible life cover as per need
  • Option to alter the sum assured
  • Flexibility to switch between fund options
  • Liquidity through partial withdrawals
  • Avail tax benefits

What are the Fund Investment Options?

This policy offers following 5 investment funds and you have the option to invest in any one or combination of fund options.

  • Equity II Fund
  • Growth Plus Fund
  • Balanced Plus Fund
  • Debt Plus Fund
  • Liquid Fund

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured during the policy term,

    Before age 60 years, the Death Benefit payable is higher of Sum assured less partial withdrawals (in preceding two years), 105% of all premiums paid or Fund value. On attaining 60 years or above, the Death Benefit payable is higher of Sum assured less partial withdrawals (after attaining 58 years of age), 105% of all premiums paid or Fund value.

    If the policy is in discontinuance state, the Death Benefit is equivalent to the Proceeds of Discontinuance Policy Fund.

Maturity Benefit

    No maturity benefit is payable under this plan.

Loyalty Additions

    Loyalty Additions as 1% of your fund value is made in form of extra allocation of units at the end of the 15th policy year.

Alter the Sum Assured

    You have the option to Increase/Decrease the Sum Assured from 6th policy year onwards. This option is available once in a policy year, subject to a maximum of three times during the entire policy term. Increase/Decrease in Sum Assured does not result in any change in annual premium.

Switching

    You can switch among 5 available fund options to suit your changing investment needs. The minimum switch amount allowed is Rs 10,000.

Premium Re-direction

    Premium Re-direction facility is available to alter future premium allocation.

Partial Withdrawal

    Partial Withdrawal is allowed after completion of five policy years (in case of minor lives, life assured attains 18 years). The minimum partial withdrawal amount is Rs 10,000. The minimum fund value required after such withdrawal does not fall below 120% of the first year premium.

Bonus

    The plan is not eligible for the bonuses.

Loan Benefit

    No loan benefit can be availed under this plan.

Surrender Value

    Upon surrendering the policy with-in the lock-in period of 5 years, the fund value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. The proceeds after addition of interest subject to a minimum guaranteed interest rate of 4% per annum or as stipulated by IRDAI is payable after the end of the lock-in period.

    Upon surrendering the policy after the lock-in period of 5 years, the Fund Value as on the date of surrender is payable immediately.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 7 Years 65 Years
Age at Maturity - -
Policy Tenure Whole Of Life -
Premium Paying Term (PPT) 10 Years (99- Age At Entry) Years
Premium Paying Mode Annually Only -
Annual Premium Amount Rs 25,000 No Limit
Sum Assured <45 Years- 0.5 * T * Annual Premium, Where T= 70 - Age At Entry >=45 Years - 7 * Annual Premium No Limit (subject To Underwriting)
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 under this plan.

What are the Plan Charges?

Premium Allocation Charges: This charge is deducted from the premium paid. The Premium Allocation Charge is 8.4%/6.4%/5.4% during the 1st policy year, 2nd & 3rd  policy year, 4th to 10th policy year, respectively. No Premium Allocation Charge is levied from 11th policy year onwards.

Policy Administration Charge: Policy administration charge is 0.05% per month on the annual premium during 1st to 5th policy years. This charge increases by 20% every five years, subject to a maximum of Rs 416.67 per month.

Mortality Charges: Mortality charge is based on the age of the life insured and Sum at Risk (SAR) at the time of deduction of charge.

Fund Management Charges: Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a for Equity II Fund, Growth Plus Fund, Balanced Plus Fund & Debt Plus Fund, 0.80% p.a for Liquid Fund, 0.50% p.a for Discontinued Policy Fund. Fund management charge for Liquid Fund may be revised up to 1.35% p.a on prior approval from IRDAI.

Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Switching Charge: You can avail 6 free switches during a policy year. A charge of Rs 250 is levied per switch when opted for subsequent switches in the same policy year. This charge can be revised to Rs 500, with prior approval from IRDAI.

Premium Re-direction: Premium re-direction once in a policy year is available.

Partial Withdrawal: 4 free partial withdrawals are allowed during a policy year. A charge of Rs 250 is levied when opted for subsequent withdrawal in the same policy year. This charge can be revised to Rs 500, with prior approval from IRDAI.

Miscellaneous Charges: Medical examination expenses in case of increase in sum assured, subject to a maximum of Rs 3000. This charge can be revised to a maximum of Rs 5000, upon prior approval from IRDAI.

Is the Plan, eligible for Tax Benefit?

Tax benefits can be availed under section 80C & 10(10D) under the Income Tax Act, subject to change in tax laws.

How the Plan Works?

Mr. Raman aged 40 years, is leading a happy life with his wife ananya and a daughter sanya. He wants to build a corpus amount, so his family can achieve their dreams such as sanya’s education, her marriage, etc. He also wants to ensure financial security of the family, in case of a mishap. He thus opts for Grow Smart Plan with the premium paying term of 20 years, annual premium of Rs 1,00,000 and the sum assured of Rs 15,00,000.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, Loyalty Additions as 1% of your fund value is made in form of extra allocation of units at the end of the 15th policy year.

Scenario B- Death Benefit: In the event of his death during the policy term, Before age 60 years, the Death Benefit payable is higher of Sum assured less partial withdrawals (in preceding two years), 105% of all premiums paid or Fund value. On attaining 60 years or above, the Death Benefit payable is higher of Sum assured less partial withdrawals (after attaining 58 years of age), 105% of all premiums paid or Fund value.

Benefit Illustration:
 

Canara HSBC OBC Dream Smart Plan Benefit Illustration