Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy
Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy - You have dreams for yourself and the ones you love. You need a financial plan that helps you to achieve these dreams while protecting them in adverse situations. It is our endeavor to provide you with solutions that help you plan better when it comes to your familys needs.
Moreover, you can avoid the trouble of going through a cumbersome process and get yourself insured directly. Its not only simple, but also available at your finger tips.
Benefit Options in this Plan
This plan provides protection features through different benefit options to suit your needs. You can choose your benefit option as below and customize your plan.
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Please note that you can choose a benefit option at inception stage only. Once chosen it cannot be changed later during the Policy Term.
Eligibility - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy
| Particulars | Details | |||||||||||
| Entry Age (Life Assured) | Minimum:18 years, Maximum:50 years | |||||||||||
| Max. Maturity Age | Minimum:28 years, Maximum:65 years | |||||||||||
| Premium Amount & Premium Payment Modes |
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| Premium Payment Term | •Single •Limited :5 years to (Policy Term - 1) •Regular :Equal to Policy Term |
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| Policy Term | •Single Premium Payment:10 years (fixed) •Limited & Regular Premium Payment:10 years to 15 years |
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| Sum Assured |
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*please note that it is mandatory to pay 3 months premium in advance and subsequently through standing instruction.
Policy Details - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy
Our iNVESTSHIELD Plan is a unit linked non-participatory investment cum insurance plan which provides the opportunity to create wealth to fulfill various family needs like building a asset or to ensure for a bright future for your child.
Key benefits
- Convenience to buy directly from our website www.canarahsbclife.com
- Flexibility to customize your plan as per your need
- Zero Premium Allocation Charge throughout the premium payment term of your Policy
- Loyalty Additions as additional allocation of units to boost your investments
- Choice of Investment Funds ranging from 0% to 100% equity exposure, to match your appetite towards investment risks and returns
- Safety Switch Option enables you to move your funds systematically to a relatively low risk Liquid Fund to avoid market movements in the last four Policy years
- Liquidity to take partial withdrawals to help you meet unplanned contingencies
- Tax benefits on premium paid and benefit received during Policy term under Section 80C and Section 10(10D), as per the Income Tax Act, 1961, as amended from time to time
Benefits - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy
Death Benefits - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy
In case of your unfortunate demise while the Policy is in-force, the death benefit will be as per the Benefit Option chosen by you. The death benefit under each of 3 benefit options which becomes payable to your family is as follows:
| Benefit Option | Death Benefit |
| Life Option | Higher of following :
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| Life Option with ADB | Twin Benefit by way of :
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| Life Option with PFB | Higher of the following as lump sum will be paid immediately:
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Maturity Benefits
Your Policy will mature at the end of the Policy Term as chosen by you at inception. You will receive the Fund Value based on the prevailing NAVs at maturity. You also have the option to take Fund Value on maturity in periodic installments as per Settlement Option.
Loyalty Additions - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy
Your plan provides loyalty additions depending upon Policy Term chosen by you. Loyalty additions are paid in the form of extra allocation of units to your Unit Linked Fund(s), provided that all due Premiums till date have been paid. The Loyalty additions will be paid as follows:
Loyalty Additions are as a % of average Fund Value of the last 60 monthly Policy anniversaries
| Premium Payment Option | Policy Term | Frequency of Loyalty additions | At the end of Policy Year | Loyalty Additions |
| Single | 10 years | Once | 10 | 4.0% |
| Regular and Limited | Less than 15 years | Once | 10 | 5.6% |
| Equal to 15 years | Twice | 10 | 5.6% | |
| 15 | 2.2% |
Partial Withdrawal - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy
To take care of any unforeseen liquidity crunch, you can make partial withdrawals from your Policy without completely surrendering it. Partial withdrawals are allowed from the 6th Policy Year.
Tax Benefits - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy
You can avail tax benefit on premium amount and benefit received from the policy under Section 80C and Section 10(10D), as per the 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.
Safety Switch Option - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy
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.
Settlement Option - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy
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.
Switching - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy
In order to take advantage of market opportunity or readjust your investment among different funds , You can opt to switch your investments from one investment fund to another at any point of time. You can either switch a percentage of your investments or an absolute amount.
Premium Redirection - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy
You have the option to change the allocation proportion of your future Premiums into one or more Unit Linked Funds limited to once in a policy year which shall be free of cost. The revised allocation proportion will apply to your subsequent Premiums.
Investment Funds - Canara HSBC OBC iNVESTSHIELD Life Insurance Plan and Policy
You can choose from a range of 5 Unit Linked Funds ranging from 0% to 100% of equity exposure 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.
| Sr. No. | Fund Name | Risk Profile |
| 1 | Equity II Fund | High |
| 2 | Growth Plus Fund | Medium to High |
| 3 | Balanced Plus Fund | Medium |
| 4 | Debt Fund | Low |
| 5 | Liquid Fund | Low |
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