Canara HSBC Oriental Bank Of Commerce Life Insurance company’s Insure Smart Plan is a unit linked endowment insurance plan that helps you generate wealth by investing in a mix of debt and equity along with providing life cover. The product gives you the freedom to invest in the 5 investment funds. A unit linked insurance plan, it helps you save for your specific dreams with the flexibility of paying premiums for 5 years and getting life cover for 10 years.
Key Features:
- This policy will cover you for a term as chosen by you (Options for policy term are: 10/15/20/25 years). You need to pay annual premiums for a minimum of 10 years or a maximum up to the term of policy.
- Please pay your premiums regularly and on time to enjoy life cover benefits. In case premiums are discontinued anytime during the premium payment term, your Life Cover will cease.
- The lock in period of this plan is 5 years. Please note that if premium payment is discontinued within first 5 years, the surrender value will only be paid at the end of 5 years.
- As this is a Unit linked insurance plan, returns are subject to market performance and therefore not guaranteed.
- Premiums paid by you will be invested in your chosen funds after deducting allocation charges. For e.g. allocation charge of 8.4% in year 1. For details on all charges applicable, please refer sales brochure.
- You must disclose all your health details appropriately in the proposal form to avail life cover benefits in this policy. You should go through the sales brochure to have a complete understanding of the policy you are purchasing.
Product Boundary
Entry Age: – You should be between age 8 and 70 years.
Premium Options
Premium Frequency: This plan offers only annual premium payment frequency.
Annual Premium: The minimum annual premium is Rs. 50,000. You will have to pay this premium throughout the premium payment term of 5 years.
There are attractive discounts on premium allocation charge in case you choose to pay renewal premiums through ECS/ Standing Instructions.
Investment Funds
You can choose to invest in 5 investment funds with equity exposure ranging from 0% to 100%, depending on your investment objectives:
- Equity II fund
- Growth plus Fund
- Balanced plus Fund
- Debt plus Fund
- Liquid Fund
Loyalty Addition
You will get a loyalty addition of 1% of your total fund value at maturity.
Product Benefits
Death Benefit: In case of unfortunate death of the life assured, the nominee (the person nominated to receive the benefits under the plan)/ legal heir will receive the higher of the fund value and the sum assured.
Maturity Benefit: Your policy will mature at the end of 10 years. You will receive the fund value based on the prevailing NAVs at maturity. Moreover, loyalty additions will also be payable.
Flexibilities
- Partial Withdrawal: You can easily withdraw money from your fund in case of financial emergency through Partial Withdrawal, from the 6th policy year.
- Fund Switching & Premium Redirection: You can actively manage your investments by switching from one fund to another and through redirection of premiums.
- Change in sum assured: You can increase or decrease your sum assured, depending on your changing needs, from the 6th policy year, provided all due premiums are paid.
