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Canara HSBC OBC Insure Smart Plan

What is the Plan all About?

Insure Smart Plan is a unit linked insurance plan that ensures you have adequate funds, so you can fulfill your living expenses and long term financial goals such as children’s education, saving for retirement, etc. This plan provides the flexibility to pay premiums for 5 years and get the life insurance coverage for 10 years.

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What are the Key Features?

  • Pay premiums for 5 years
  • Life cover for 10 years
  • Get Fund Value as maturity benefit
  • Loyalty Additions @1% of Fund Value
  • Invest in any 5 available fund options
  • Change in sum assured allowed
  • 6 free switches during a policy year
  • 1 Premium re-direction in a policy year
  • 4 free partial withdrawals during a policy year
  • 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 assured, the nominee is entitled to receive the higher of Fund Value or Sum Assured (less applicable partial withdrawals). In case the life assured is a minor, the death benefit is payable to the policyholder. The Death Benefit shall be at least 105% of the total premiums paid.

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

    Before age 60 years of the life insured, Sum Assured is reduced to the extent of Partial Withdrawals made during the last two years prior the date of death. On or after attaining 60 years of age, Sum Assured is reduced to the extent of Partial Withdrawals made from 58 years onwards.

Maturity Benefit

    On survival of the life insured till the end of the policy term, the Fund Value is payable as calculated on the prevailing NAVs at maturity.

Loyalty Addition

    Loyalty Addition as 1% of the total fund value is payable at maturity of the policy.

Change in Sum Assured

    Increase or Decrease in Sum Assured is allowed from 6th policy year onwards. This option is available once in a policy year, up to a maximum of three times during the entire policy term. Request for any change in sum assured should be given at least 2 months before the policy anniversary.

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 and it will apply to your subsequent premiums.

Partial Withdrawal

    Partial Withdrawal is allowed from 6th policy years onwards (in case of minor lives, life assured attains 18 years). The minimum partial withdrawal amount allowed is Rs 10,000. The minimum fund value required after such withdrawal should not fall below 120% of the annual 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. The policy gets terminated and the life cover ceases upon surrender of the policy.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 8 Years 70 Years
Age at Maturity - 80 Years
Policy Tenure 10 Years (fixed) -
Premium Paying Term (PPT) 5 Years (fixed) -
Premium Paying Mode Annually Only -
Annual Premium Amount Rs 50,000 No Limit
Sum Assured < 45 Years- 10 Times The Annual Premium >= 45 Years- 7 Times The Annual Premium 35 Times The Annual Premium (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 & 5th policy year, respectively. When pay through ECS/SI mode, the Premium Allocation Charge is 8.25%/6.3%/5.3% during the 1st policy year, 2nd & 3rd  policy year, 4th & 5th policy year, respectively.

Policy Administration Charge: Policy administration charge is 0.05%/0.06% per month during 1st to 5th policy year/6th to 10th policy year, respectively subject to a maximum of Rs 500 per month.

Mortality Charges: Mortality charge is based on the age of the life insured and life cover. This charge is deducted every month by cancellation of units.

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.

Taxes: The charges mentioned under this plan are subject to applicable tax and cess, as applicable.

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 Insure Smart Plan with the policy term of 10 years, premium payment term of 5 years, annual premium of Rs 1,00,000, and the sum assured is Rs 10,00,000.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Fund Value is payable as calculated on the prevailing NAVs at maturity. Loyalty Addition as 1% of the total fund value is also payable at maturity of the policy.

Scenario B- Death Benefit: In the event of his death during the policy term, the higher of Fund Value or Sum Assured (less applicable partial withdrawals) is payable to the nominee.

Benefit Illustration:

Canara HSBC OBC Insure Smart Plan Benefit Illustration