Canara hsbc obc life insurance surrender form

Canara Bank, HSBC Insurance Holding Ltd. and The Oriental bank of Commerce teamed up to form Canara HSBC OBC Life Insurance Company. In the year 2008, the company started operating in India. Since then, the company has received widespread popularity across the country. As per the IRDA Annual Report of 2013–14, the claim settlement ratio of the company is 86.76%.

Canara HSBC OBC Life Insurance offers a number of life insurance solutions. Here we will review one of the most popular life insurance products offered by the company- Canara HSBC OBC Secure Smart Plan.

Secure Smart Plan is an endowment plan offered by Canara HSBC OBC Life Insurance . This is a traditional non-participating plan that offers limited pay option and guaranteed maturity benefits.

The following table shows eligibility details of the plan:

After the eligibility criteria, the next obviously you would like to know while thinking of buying a life insurance plan is the benefits offered by the plan. Canara HSBC Offers the following benefits under this plan:

· Death Benefi t: In case of your unfortunate death within the policy tenure, your nominee will receive the sum assured as the death benefit. Apart from that, the sum assured also includes the accrued sum assured additions as per CRISIL’s 5 years’ benchmark on investment.

· Maturity benefit. In case of your survival till the completion of the policy term, you will receive the sum assured along with the additional accrued sum assured as the maturity benefit.

· Income Tax Benefit. Premiums up to Rs. 1, 00,000/- annually are considered non-taxable under section 80C of The Income Tax Act. The sum payable on maturity is also non-taxable as per section 10(10D) of Income Tax Act. 1961.

If you find yourself eligible for the plan and if the policy benefits meet your requirements, you should proceed to check out the features of the plan. The key features of Canara HSBC OBC Secure Smart Plan are highlighted below:

· This is a without-profit endowment plan which provides the twofold benefit of savings and insurance.

· The plan has a fixed policy term as well as a fixed premium paying term. You have to pay only for 10 years for a 15 years’ policy term.

· This life insurance plan qualifies you to receive the sum assured additions on every premium paid.

· The sum assured additions is equal to a percentage of the basic sum assured.

· Both the sum assured and the sum assured additions are payable on maturity as well as on the insured event.

· With the commencement of the policy, the first sum assured addition will be accrued. The subsequent sum assured additions will be accrued on each time you pay your premium.

· You get guaranteed sum assured as soon as your policy matures.

· In case you opt for an annual or semi-annual premium, paying mode, you will receive discounted premium rates. You may also receive discounted premium rates in case of higher sum assured, but this facility is subject to change as per the decision of the company.

· Female customers are eligible to receive discounts on premiums.

Other Features of this life insurance policy are as follows:

· Though there is no loan facility available with this plan, you can surrender your policy in case of any emergency situation. If you have paid your premiums regularly for the first three years, you will get a special surrender value in case you choose to discontinue the policy. The surrender value is equal to 30% of all the premiums paid till then.

· In case you fail to pay your due premiums within the grace period, all benefits would cease and your policy will lapse. In case you have regularly paid your premiums for the first 3 years, your policy will continue but it will be converted to a paid-up policy. You can revive your paid up policy within 2 years. Or else you can allow your paid-up policy to continue for a reduced sum assured amount.

The above was a detailed overview of the Canara HSBC OBC secure Smart Plan. If you find the plan suitable for your needs, you can visit the homepage of the company for further information.

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