Easy Bachat Plan

Why Invest in Easy Bachat Plan?

Life is uncertain and there always exists a fear in our mind that what if I am not around? With an aim to secure your family's future and for your financial protection, we present "Canara HSBC Life Insurance Easy Bachat Plan", a life insurance policy that will help you plan your savings in hassle free manner and provide financial protection to your family at affordable premiums.

Features

  • Guaranteed Yearly Additions accrue to you at the end of Policy Year throughout the premium payment term, provided all due premiums have been paid
  • Guaranteed benefits are paid on maturity, provided all due premiums have been paid
  • Life cover for the entire term while you pay premium only for a limited period
  • Hassle free purchase process with minimum requirements and no medical tests
  • Flexibility to choose a payment term suitable for you
  • Tax Benefits#

Eligibility Criteria

Age

Parameters
Minimum
Maximum
Entry Age

18 years

55 years

Maturity Age

28 years

65 years

Benefits

The benefits under the plan would be as per the plan option chosen.

Endowment Option (Plan Option 1)
Maturity Benefit

On survival till the policy term (provided that all due premiums are paid), you will receive

  • Guaranteed Sum Assured on Maturity, plus
  • Guaranteed Yearly Additions added,

On payment of above benefits, your policy will terminate and no further benefit will be payable.

Death Benefit

In case of the Life Assured's unfortunate death during the policy term, provided the policy is in-force, the death benefit payable to your Nominee/ Legal Heir (as the case may be) will be as follows:

  1. Sum Assured on Death, plus
  2. Guaranteed Yearly Addition(s) added, as on date of death
  3. On payment of above benefits, the policy will terminate and no further benefit will be payable.


Money Back Option (Plan Option 2)
Survival Benefit

On survival till the end of the premium payment term where the Policy is in-force and all due Premiums are paid, a one-time benefit equal to 30% of Sum Assured is payable.

Maturity Benefit

On survival till the policy term (provided that all due premiums are paid), you will receive

  • Guaranteed Sum Assured on Maturity (which is equal to 70% of Sum Assured), plus
  • Guaranteed Yearly Additions added,

On payment of above benefits, your policy will terminate and no further benefit will be payable.

Death Benefit

In case of the Life Assured's unfortunate death during the policy term, provided the policy is in-force, the death benefit payable to your Nominee/ Legal Heir (as the case may be) will be as follows:

  1. Sum Assured on Death, plus
  2. Guaranteed Yearly Addition(s) added, as on date of death
  3. On payment of above benefits, the policy will terminate and no further benefit will be payable.

    The survival benefit already paid will not be deducted from the benefit payable on death.

The definitions below will help you better understand the benefits of the plan:

Sum Assured on Death is the amount which is higher of:

  • 11 times the Annualized Premium, or
  • 105% of Total Premiums Paid as on date of death, or
  • Guaranteed Sum Assured on Maturity, or
  • Absolute amount assured to be paid on death, which is also equal to Sum Assured

Guaranteed Sum Assured on Maturity is:

  • For Endowment option : 100% of Sum Assured
  • For Money back option : 70% of Sum Assured

Paid-up Sum Assured is defined as Sum Assured multiplied by (Number of Premiums paid divided by Total number of Premiums payable during the Policy Term).

Paid-up Sum Assured on Death is defined as Sum Assured on Death multiplied by (Number of Premiums paid divided by Total number of Premiums payable during the Policy Term).

Paid-up Sum Assured on Maturity is defined as Guaranteed Sum Assured on Maturity multiplied by (Number of Premiums paid divided by Total number of Premiums payable during the Policy Term).

Annualized Premium is the premium payable in a year chosen by you, excluding the taxes, rider premiums and loadings for modal premiums, if any.

Disclaimer

UIN: 136N068V02

Canara Bank (IRDAI Regn. No. CA0045) is the Corporate Agent of the Insurer.

The online journey is being enabled through the Insurance Self Network platform (ISNP) of the Company where Canara Bank is a market participant as the corporate agent of the insurer.

Purchase of any insurance products by a bank's customer is purely voluntary and is not linked to availment of any other facility from the bank.

Trade Logo of Canara HSBC Life Insurance Company Limited (formerly known as Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited) is used under license with Canara Bank and HSBC Group Management Services Limited.

The Insurance products are offered and underwritten by Insurer (IRDAI Regn. No. 136) having its head office at 139 P, Sector - 44, Gurugram - 122003, Haryana, India.

The premium mentioned is for standard lives. Premium rates for tobacco users will vary. Your actual premium will depend on the Company's assessment of risks on your health, lifestyle, occupation, etc. Annualized premium may vary for monthly mode.

For more details on risk factors, terms and conditions please read the Sales Brochure carefully before concluding a sale.

Website: www.canarahsbclife.com
Call (Toll free no.): 1800-103-0003/ 1800-180-0003/ 1800-891-0003
SMS: 9779030003
Missed Call: 0124-6156600
Email: customerservice@canarahsbclife.in

#Tax benefits under the plan 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.

Collection of advance premium shall be allowed within the same financial year for the premium due in that financial year. However, where the premium due in a financial year is being collected in previous financial year, the premium may be collected for a maximum period of three months in advance of the due date of the premium. The premium so collected in advance shall only be adjusted on the due date of the premium. Such advance premium, if any, paid by the Policyholder shall not carry any interest.

Medical charges will be deducted in case of non-issuance of the policy.

BEWARE OF SPURIOUS / FRAUD PHONE CALLS!

  • IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

Canara HSBC Life Insurance Company Limited
IRDAI Registration no: 136

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©2022 Canara HSBC Life Insurance Company Limited

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