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Canara HSBC OBC Smart Goals Plan

What is the Plan all About?

Smart Goals Plan is a non-participating unit linked insurance plan that helps achieve your life’s goals such as enrolling your child for higher education, buying a house for your family, etc. The flexible features of this plan help meet your financial goals, with no compromises.

Two variants can be opted under this plan:

  • Option 1
  • Option 2

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What are the Key Features?

  • Invest in 5 varied fund options
  • Life cover to suit protection needs
  • Option to alter the sum assured
  • Auto Rebalancing option
  • Safety Switch Option
  • Flexibility to choose the premium payment term
  • Partial withdrawals to access funds
  • Loyalty Additions to grow your savings
  • Switching & premium redirection flexibility
  • 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 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

    On survival of the life insured till the end of the policy term, the Fund Value is payable.

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 end of the policy term. You also have the option to completely withdraw the fund value at any time during the settlement period. No life cover is applicable during this settlement period.

Loyalty Addition

    Under option 1, Loyalty Addition is payable only once the entire policy term. Loyalty Addition as 2% of the average fund value of the last 36 monthly policy anniversaries is payable at the end of the 10th policy year.

    Under option 2, Loyalty Addition is payable twice through the entire policy term. 1.25% of the average fund value of the last 36 monthly policy anniversaries is payable for both 1st & 2nd Loyalty Addition.

    1st Loyalty Addition is payable at the end of the 10th policy year and 2nd Loyalty Addition at the end of the 15th policy year.

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. Increase/Decrease in sum assured does not result in any change in your premium amount. Request for any change in sum assured should be given at least 60 days 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. Option to alter the allocation proportion of your premiums can be exercised from 2nd policy year onwards.

Partial Withdrawal

    Partial Withdrawal is allowed from 6th policy years onwards. The partial withdrawal facility takes care of any unforeseen financial crunch. The minimum partial withdrawal amount allowed is Rs 10,000. The minimum fund value required after such withdrawal should be at least equal to 120% of the annualized premium.

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) 8 Years 64 Years
Age at Maturity 18 Years (option 1), 23 Years (option 2) 74 Years (option 1), 79 Years (option 2)
Policy Tenure 10 Years (option 1), 15/20 Years (option 2) 25 Years (option 2)
Premium Paying Term (PPT) 5 Years (option 1), 10 Years (option 2) 25 Years (option 2)
Premium Paying Mode Annually & Monthly -
Premium Amount Option 1- Rs 50,000 (annually), Rs 5,000 (monthly) Option 2- Rs 25,000 (annually), Rs 3,000 (monthly) No Limit
Sum Assured Option 1- < 45 Years: 10 Times The Annualized Premium >= 45 Years: 7 Times The Annualized Premium Option 2- < 45 Years: Higher Of (0.5 X Policy Term X Annualized Premium) Or 10 Times The Annualized Premium > = 45 Years: 7 Times The Annualized Premium Depends Upon The Age Of The Life Assured
Freelook Period 15 Days 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: 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 when opted for annual mode. It is 7.25%/5% during 1st policy year/2nd to 10th policy year, respectively when opted for monthly mode.

For policies with Premium Paying Term of 5 years (Option 1), no allocation charge is levied from 6th Policy Year onwards.

Policy Administration Charge: Policy administration charge is 0.05% per month on the annualized premium during 1st to 5th policy years. This charge increases by 20% every five years, subject to a maximum of Rs 500 per month. This charge is deducted at the beginning of each policy month by cancelling units till the policy maturity.

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: 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 Smart Goals Plan (option 2) with the policy term of 20 years, premium payment term of 10 years, annual premium amount of Rs 1,00,000, and sum assured of Rs 10,00,000.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Fund Value is payable. On maturity, you can opt to receive your money in installments over a maximum period of 5 years. Loyalty Addition is payable twice through the entire policy term. 1.25% of the average fund value of the last 36 monthly policy anniversaries is payable for both 1st & 2nd Loyalty Addition at the end of the 10th/15th policy year, respectively.

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 Smart Goals Plan Benefits Illestration