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Canara HSBC OBC Smart One Pay Plan

What is the Plan all About?

Smart One Pay is a non-participating, single premium unit linked insurance plan that fulfills your investment and protection needs. You can accumulate wealth by investing in the funds of your choice. This plan also provides life insurance coverage that ensures financial protection for your family.

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What are the Key Features?

  • Enjoy wealth creation along with life cover
  • Invest in any 5 available fund options
  • Auto Funds Rebalancing option
  • Safety switch option
  • Loyalty Additions to boost the fund value
  • Flexibility to alter the sum assured
  • Unlimited switches available
  • 4 free partial withdrawals in 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 claimant will 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.

    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.

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. 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

    Loyalty Addition is added at the end of each policy month, starting from 61st policy month till end of the policy term. Loyalty Addition is 0.025%/0.06% (% of fund value) during 61st to 120th policy month/121st policy 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. 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.

Partial Withdrawal

    Partial Withdrawal is allowed from 6th policy years onwards. The minimum partial withdrawal amount allowed 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, 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 and the policy gets terminated.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 7 Years 70 Years
Age at Maturity 18 Years 80 Years
Policy Tenure 5 Years 25 Years
Premium Paying Term (PPT) Single -
Premium Paying Mode Single Pay -
Annual Premium Amount Rs 1 Lac No Limit (subject To Underwriting)
Sum Assured 1.25 Times The Single Premium 10 Times The Single Premium (depending Upon Your Age And Policy Term)
Freelook Period 15 Days From The Receipt Of The Policy -
Grace Period Nil -

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 3%/2% for single premium of Rs 1,00,000 to less than Rs 5,00,000/Rs 5,00,000 & above, respectively.

Policy Administration Charge: Policy administration charge is 0.36% per annum of the single premium at the beginning of each policy month from 1st to 5th 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. 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 at zero charge.

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 Smart One Pay with the single premium of Rs 10,00,000 and sum assured of Rs 12,50,000.

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. On maturity, you can opt to receive your money in installments over a maximum period of 5 years. Loyalty Addition is 0.025%/0.06% (% of fund value) during 61st to 120th policy month/121st policy month till end of the policy term.

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 claimant.

Benefit Illustration:

Canara HSBC OBC Smart One Pay Plan Benefit Illustration