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Canara HSBC OBC Platinum Plus Plan

What is the Plan all About?

Platinum Plus Plan is a non-participating unit linked insurance plan that provides the benefits of investment plus insurance. This plan provides the flexibility to customize as per your goals and changing requirements. You can have absolute control to manage your investments and just go ahead to grow your savings.

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What are the Key Features?

  • Flexible life cover
  • Option to Invest in 6 varied funds
  • 5 different Investment Management Options
  • Limited/Regular premium payment term
  • Enjoy Loyalty Additions & Wealth Boosters
  • Option to customize the policy
  • Flexibility of switching and redirection
  • Liquidity through partial withdrawals
  • Avail tax benefits

What are the Fund Investment Options?

This policy offers following 6 ULIP funds and you have the option to invest in any one or combination of fund options.

  • India Multi-Cap Equity Fund
  • Equity II Fund
  • Growth Plus Fund
  • Balanced Plus Fund
  • Debt Fund
  • Liquid Fund


You can choose from the following 5 investment management options:

Self Managed Option: This option provides you the flexibility to manage the investment in your own way. You have the flexibility to choose from 6 available investment funds to cater to your investment needs.

Systematic Transfer Option: Under this option, your entire annual allocable Premium will be first allocated to the Liquid Fund and then systematically transferred on a monthly basis in to any one of the Unit Linked Funds as opted by you.

Return Protector Option (RPO): Under this option, your entire annual allocable Premium is invested into any one of either India Multi-Cap Equity Fund or Equity II Fund, as opted by You and gains made from RPO Fund are automatically transferred to a lower risk Debt Fund. You can choose the RPO at inception only.

Auto Funds Rebalancing: Under this option, you can maintain allocation of your investments in a specific proportion across different ULIP Funds, irrespective of market movements. Upon exercising his option, after every 3 months, it automatically rebalances the allocation of your investments with available ULIP funds as per allocation proportions chosen by you.

Safety Switch Option: Under this option, you have the flexibility to move your funds systematically to a relatively low risk Liquid Fund at the beginning of each of the last four policy years.

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured during the policy term, the nominee will receive the following Death Benefit.

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

    On survival of the life insured till the end of the policy term, the Fund Value as prevailing on the date of maturity is payable. You have the option to receive this benefit as a Lump Sum or periodical installments by opting ‘Settlement Option’.

Settlement Option

    On maturity, you can opt to receive your money in installments over a maximum period of 5 years, after the date of maturity. Only fund management charge is levied to remain invested in funds beyond the policy maturity date. You have the option to withdraw the entire fund value during the settlement period. No life cover is available during this period.

Loyalty Additions

    Loyalty Additions as 0.5% is made in the form of extra allocation of units at the end of each policy year, starting from 6th Policy year till end of the policy term. Loyalty Addition is expressed as a percentage of the average Fund Values of the last 12 monthly Policy anniversaries.

Wealth Boosters

    Wealth Boosters as 2.9%/1.5% is made in the form of additional allocation of units at the end of the 10th policy year/15th policy year & thereafter every 5 Policy Years. Wealth Booster is expressed as a percentage of the average Fund Value of the last 60 monthly Policy anniversaries.

Alterations

    You have the option to Increase/Decrease the Sum Assured from 6th policy year onwards. Increase/Decrease in Sum Assured does not result in any change in annual premium. Change of premium payment term is also available anytime after paying all premiums for the first 5 policy years. Any alteration in premium payment term is subject to the company’s underwriting policy.

Switching

    You can switch among 6 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 after completion of five policy years (in case of minor lives, life assured attains 18 years). You can make partial withdrawals in multiples of Rs 1,000.

Bonus

    The plan is not eligible for the bonuses, as it is a non-participating insurance plan.

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) 0 Year 70 Years
Age at Maturity 18 Years 80 Years
Policy Tenure 10 Years 30 Years
Premium Paying Term (PPT) Limited (5/7/10/15 Years) & Regular -
Premium Paying Mode Annually & Monthly -
Premium Amount Rs 2,00,000 (annually), Rs 25,000 (monthly) -
Sum Assured < 45 Years: Higher Of (0.5 * Policy Term * Annualized Premium) Or 10 Times Of Annualized Premium >= 45 Years: Higher Of (0.25 * Policy Term * Annualized Premium) Or 7 Times Of Annualized Premium Depending On Maximum Sum Assured Multiple
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
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 5%/3.35%/1% during the 1st policy year/2nd to 5th policy year/6th to 10th policy year, respectively. No Premium Allocation Charge is levied from 11th policy year onwards.

Policy Administration Charge: Policy administration charge is 0.2% per month on the annual premium during 1st to 5th policy years. This charge increases by 20% every five years from the 6th policy year, subject to a maximum of Rs 500 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 India Multi-Cap Equity Fund, Equity II Fund, Growth Plus Fund & Balanced Plus Fund, 1% p.a for Debt Fund, 0.80% p.a for Liquid Fund, 0.50% p.a for Discontinued Policy Fund. Fund management charge for Debt Fund & Liquid Fund may be revised up to 1.35% p.a upon 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 24 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 allowed and it is free of cost. If not availed, it cannot be carried forward to the next policy year.

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: Increase/Decrease in sum assured, change in premium payment term and premium payment mode attracts a charge of Rs 250. This charge can be revised to a maximum of Rs 500 per request, 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. Nair aged 40 years, is looking for a plan that can help create wealth along with life insurance protection. He makes a smart decision by buying Platinum Plus Plan with the policy term of 10 years, premium paying term of 10 years, annual premium of Rs 2,00,000 and chooses the life cover with 10 times the annual premium.

Scenario A- Maturity Benefit: The Fund Value as prevailing on the date of maturity is payable. You also have the option to receive the maturity benefit in installments. Loyalty Additions & Wealth Boosters also add-up to the fund value payable at the policy maturity.

Scenario B- Death Benefit: In the event of his death when the policy is in-force, the higher of Sum assured less partial withdrawals (in the preceding two years), 105% of all premiums paid or Fund value is payable to the nominee.

Benefit Illustration:

Canara HSBC OBC Platinum+ Plan Benefit Illustration