Canara HSBC OBC Platinum Plus Life Insurance Plan and Policy
Canara HSBC OBC Platinum Plus Life Insurance Plan and Policy - You believe in living your life on your own terms; always. As a successful individual you are used to the best life has to offer. As a passionate person you prefer the best in your life, be it at work or investment. Hence, Our Platinum Plus Plan designed specifically for a accomplished individual like you. This Plan will help you provide the maximum mileage on your investment.
Eligibility - Canara HSBC OBC Platinum Plus Life Insurance Plan and Policy
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| Particulars | Details | |||||||||||
| Entry Age (Life Assured) | Minimum: 0 years, Maximum: 70 years |
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| Maturity Age | Minimum: 18 years, Maximum: 80 years |
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| Premium Payment Term | Limited: 5/7/10/15 years Regular: Equal to Policy Term |
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| Premium Amount & Premium Payment Modes |
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| Policy Term | 10 to 30 Years {The policy term will be subject to combination of Premium Payment Term (PPT) and age at entry. For complete details on available policy terms, please refer the product brochure.} |
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| Sum Assured |
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Policy Details - Canara HSBC OBC Platinum Plus Life Insurance Plan and Policy
Our Platinum Plus Plan is a unit linked investment cum protection plan which can be customized as per your goals and changing requirements. This plan provides you unmatched flexibility while letting you have full control over your investment in any market movement.
- Flexibility of limited or regular Premium Payment with safety net of life coverage for chosen policy term.
- Multiple Investment Management Options to enable you optimize returns from the policy
- Loyalty Additions & Wealth boosters during the Policy Term as additional allocation of units to boost your investments
- Flexibility of switching and redirection between the fund options to take advantage of market movements or change in risk preference
- Liquidity to take partial withdrawals to help you meet unplanned contingencies or meet changing needs of your family
#Tax benefits on Premiums paid and benefits received during Policy Term under Section 80C and Section 10(10D), as per the Income Tax Act, 1961, as amended from time to time
Create exclusive funds under Married Women's Property Act (MWPA)
You can combine a very useful feature with our Platinum Plus plan. Through this feature you will be able to create exclusive corpus for the benefit of your loved ones. With the help of MWPA, you can be sure that only your loved ones have access to this corpus and that it is legally protected from creditors and claimants*.
Under Section 6 of the Married Women's Property Act, 1874, a married man can take an insurance Policy on his own life, and express it to be for the benefit of his wife or children. When such intent is expressed on the face of the Policy, it shall be deemed to be a trust for the benefit of the named beneficiaries and it shall not be subject to the control of the husband; or his creditors; or form part of his estate.
* Unless taken otherwise with the intention to defraud creditors.
Benefits - Canara HSBC OBC Platinum Plus Life Insurance Plan and Policy
KEY BENEFITS - Canara HSBC OBC Platinum Plus Life Insurance Plan and Policy
Death Benefit: In the unfortunate event of your demise while the Policy is in-force, your family will receive higher of:
i. Sum Assured less applicable partial withdrawals, or
ii. Fund Value, or
iii. 105% of all Premiums paid
Maturity Benefit: On maturity, You will receive the Fund Value based on the prevailing NAVs .You also have the option to take Fund Value on maturity in periodic installments as per Settlement Option. (The details on Settlement Option is given below).
| Investment Management Options You can choose one among following 5 different Investment Management Options to manage and build on wealth in an optimal way; |
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1. Self Managed Option (SMO): This option gives you the flexibility to manage & control the investment in your own way. Here you can choose from a range of 6 Unit Linked Funds to cater to your investment needs. You can choose to allocate your Premiums to any, all or a combination of the Unit Linked Funds as per your risk preference.
- India Multi-Cap Equity Fund
- Equity II Fund
- Growth Plus Fund
- Balanced Plus Fund
- Debt Fund
- Liquid Fund
2. Systematic Transfer Option (STO): If you want to invest in equity oriented fund but worry about market volatility and risk associated with lump sum investment, then you can opt for STO which enables you to enter the equity market in a systematic manner. Through this Option, your entire Premium will be first allocated to the Liquid Fund and then systematically transferred on a monthly basis into any one of the Unit Linked Funds --India Multi-Cap Equity Fund or Equity II Fund as chosen by you.
3. Return Protector Option (RPO): This option enables you to take advantage of the equity market by protecting your gains from the future equity market volatility. Through RPO, starting from the 2nd Policy Year onwards ,your gains made from a equity fund basis your chosen 'Target Appreciation' are automatically transferred to a lower risk Debt Fund. This way, your gains are protected from further market volatility.
4. Auto Funds Rebalancing (AFR): If you wish to maintain allocation of your investments in a specific proportion across different Unit Linked Funds, irrespective of market movements, you can do so through Auto Funds Rebalancing. Once opted, after every 3 months, it automatically rebalances the allocation of your investments in various Unit Linked Funds to the allocation proportions chosen by you.
5. Safety Switch Option (SSO): As your Policy nears maturity, you may want to avoid market movements and safeguard your funds. The Safety Switch Option enables you to move your funds systematically to a relatively low risk Liquid Fund at the beginning of each of the last four Policy Years.
6. Loyalty Additions: Your plan offers regular loyalty additions in the form of extra allocation of units to your Unit Linked Fund(s), provided that all due Premiums till date have been paid. These regular loyalty additions will be added to the Unit Linked Fund(s) at the end of the each Policy Year, starting from the 6th Policy Year onwards till the end of chosen Policy Term. Each loyalty additions will be 0.5% of the average Fund Values of the last 12 monthly Policy anniversaries.
7. Wealth Boosters: This plan also offers the additional allocation of units which will be added to the Unit Linked Fund(s) at specific Policy intervals provided all due Premiums till date have been paid. These Wealth Boosters will be a percentage of the average Fund Value of last 60 monthly Policy anniversaries. The percentages of Wealth Boosters are as mentioned below:
| At the end of | Wealth Booster |
| 10th Policy Year | 2.90% |
| 15th Policy Year & thereafter at interval of every 5 Policy Years | 1.50% |
OTHER BENEFITS - Canara HSBC OBC Platinum Plus Life Insurance Plan and Policy
Change in Premium Payment Term: You have the flexibility to change your Premium Payment Term anytime after paying first 5 Policy Years Premiums, in order to align it with your changing financial situation. The increase or decrease in Premium Payment Term will be subject to acceptance by the Company as per its Underwriting Policy and terms & conditions of this plan.
Increase or Decrease of Sum Assured: You can choose to alter your Sum Assured based on your protection needs, from the 6th Policy Year subject to underwriting acceptance.
Settlement Option: You can choose to receive your maturity benefit through Settlement Option in installments as per the frequency chosen by you, over a maximum period of 5 years. There will not be any life cover during this period and you may opt for complete withdrawal of Fund Value at any time during this period.
Tax Benefits - Canara HSBC OBC Platinum Plus Life Insurance Plan and Policy
You can avail tax benefit on the premium paid subject to current applicable provisions of Section 80 C of income Tax Act, 1961. Please note that tax laws are subject to amendments from time to time.
#Tax benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor.
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