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Canara HSBC OBC Shubh Labh Plan

What is the Plan all About?

Shubh Labh is a non-participating unit linked insurance plan that provides the dual benefit of investment & protection needs. This plan helps fulfill your financial goals such as children’s education/marriage, saving for retirement, etc. By investing in this plan, you can ensure your family’s financial future, even when you are not around.

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What are the Key Features?

  • Generate wealth by investing in multiple funds
  • Single premium payment
  • Loyalty Additions from 5th policy year onwards
  • Auto Funds Rebalancing
  • Safety Switch Option to ensure Stable Returns
  • Flexibility to change in sum assured
  • Get Fund Value as maturity benefit
  • Financial protection for family
  • Unlimited free switching
  • 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 Sum Assured (less applicable partial withdrawals) or Fund Value. 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 single premium paid, except in case of suicide during the first policy year.

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.

Settlement Option

    On maturity, you can opt to receive your money in installments over a maximum period of 5 years. This option can be exercised 3 months prior to the policy maturity. No life cover is applicable during this settlement period.

Loyalty Additions

    Loyalty Additions as 0.06% per month of fund value is added from 5th policy year onwards. It is added at the end of each policy month, starting from the 49th month till end of the policy term.

Auto Funds Rebalancing

    Auto Funds Rebalancing helps maintain allocation of your investment in a specific proportion across funds, irrespective of market movements. Upon choosing this option, after every 3 months, it automatically rebalances the allocation of your investments across funds in proportion as chosen by you.

Safety Switch Option

    Safety Switch Option helps you to move funds systematically to a relatively low risk Liquid Fund in the last 4 policy years.

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

Switching

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

Partial Withdrawal

    Partial Withdrawal is allowed after completion of five policy years. The minimum partial withdrawal amount is Rs 10,000. The minimum fund value required after such withdrawal should be equal to 25% of the single 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 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) 7 Years 70 Years
Age at Maturity - 80 Years
Policy Tenure 5 Years 40 Years
Premium Paying Term (PPT) Single 25 Years
Premium Paying Mode Single Pay -
Annual Premium Amount Rs 3 Lacs No Limit (subject To Underwriting)
Sum Assured < 45 Years- 1.25 Times The Single Premium >= 45 Years- 1.10 Times The Single Premium 10 Times The Single Premium
Freelook Period 15 Days From The Receipt Of The Policy -
Grace Period Nil -
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 2.20% of the single premium, subject to a maximum of Rs 9,000.

Policy Administration Charge: Policy administration charge is 1.6% per annum of the single premium, subject to a maximum of Rs 500 per month. This charge is levied at the beginning of each policy month from 2nd to 5th policy year.

Mortality Charges: Mortality charge is based on the age of the life insured and Sum at Risk. 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: Unlimited switches available, so no such charge is levied.

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.

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 45 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 Shubh Labh with the policy term of 15 years, single premium of Rs 10,00,000, and the sum assured is Rs 11,00,000.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Fund Value is payable on the prevailing NAVs. On maturity, you can opt to receive your money in installments over a maximum period of 5 years. Loyalty Additions as 0.06% per month of fund value is added from 5th policy year onwards.

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

Benefit Illustration:

Canara HSBC OBC Shubh Labh Plan Benefit Illustration