Guaranteed Savings Plan

Why Invest in Guaranteed Savings Plan?

Some goals cannot be left to chance. Like educating your child, or planning for her marriage, or providing financial security to a loved one. How can you make sure that such important goals are always achieved? First, you need a life insurance plan that allows you to save regularly to reach your objective. Second, you want the life insurance plan to work and your goal to be achieved even if anything happens to you.

Presenting Canara HSBC Life Insurance Guaranteed Savings Plan that offers guaranteed benefits along with the flexibility to choose your savings horizon.

Features

  • Guaranteed benefits payable on maturity, provided all due premiums have been paid
  • Life cover for the entire term while you pay premium only for a limited period
  • Enhanced Protection for your family - Life insurance protection through payment of lump sum benefit on death, all remaining premiums need not be paid and guaranteed benefits payable on maturity (under Guaranteed Savings with Premium Protection Option)
  • Flexibility to choose a payment term suitable for you
  • Multiple policy term options
  • High Premium Booster to ensure that you get extra benefit for making a higher premium commitment
  • Tax benefits#

Eligibility Criteria

Age

Guaranteed Savings Option

Parameters
Minimum
Maximum
Entry Age (Life Assured)

0 years

60 years

Maturity Age

18 years

75 years


Guaranteed Savings with Double Protection Option

Parameters
Minimum
Maximum
Entry Age (Life Assured)

18 years

55 years

Maturity Age

28 years

75 years


Guaranteed Savings with Premium Protection Option

Parameters
Minimum
Maximum
Entry Age (Life Assured)

18 years

55 years

Maturity Age

28 years

75 years

Benefits

The benefits under the plan vary as per the plan option chosen.

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

Accidental Death Benefit (ADB) Sum Assured is an amount equal to the Sum Assured on Death.


GUARANTEED SAVINGS OPTION & GUARANTEED SAVINGS WITH DOUBLE PROTECTION OPTION
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 Addition(s), plus.
  • Guaranteed Loyalty Addition
  • 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 will be as follows:

    1. Sum Assured on Death, plus
    2. Cumulative Guaranteed Yearly Addition(s) added, as on date of death

    If you have opted for Guaranteed Savings with Double Protection Option and death of the Life Assured is due to an accident, an additional amount equal to ADB Sum Assured will be paid. On payment of above benefits, the policy will terminate and no further benefit will be payable.


    GUARANTEED SAVINGS WITH PREMIUM PROTECTION OPTION
    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 Addition(s), plus.
  • Guaranteed Loyalty Addition
  • On payment of above benefits, your policy will terminate and no further benefit will be payable

    Death Benefit

    In case of your unfortunate death during the Policy Term, provided the policy is in-force, the following benefits will be payable:

    1. Sum Assured on Death
    2. All future premiums (if any) are not be paid and the policy shall continue to be in force for the remaining Policy Term. The policy will also continue to accrue Guaranteed Yearly Addition(s).
    3. On maturity - Guaranteed Sum Assured on Maturity plus Guaranteed Yearly Addition (s) plus Guaranteed Loyalty Addition

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

    Other Benefits

    Loan Facility

    To meet any contingent need, you may avail the loan facility in this plan, once the policy acquires a Surrender Value. The minimum loan amount that can be availed is Rs. 20,000 and the maximum is 80% of prevailing Surrender Value at the time of availing the loan. Loan will be available for an in-force policy only.

    The applicable loan interest rate for the financial year 2018-19 is 8.60% per annum.


    High Premium Booster

    The basic Sum Assured available for a given premium will be increased by the High Premium Booster % applicable as per the table below, in case the annualized premium is more than Rs 30,000 (the upper limit of the first premium band in the table below). The High Premium Booster % will be as per the table below:

    Annualised Premium (in Rs.)
    High Premium Booster (as % of Basic Sum Assured)
    20,000 to less than 30,000

    Nil

    30,000 to less than 40,000

    4%

    40,000 to less than 50,000

    7%

    50,000 to less than 75,000

    8%

    75,000 to less than 1,00,000

    10%

    Greater than or equal to 1,00,000

    11%

    Tax Benefits#

    You may be entitled for tax benefits under Section 80C and Section 10(10D), as per the Income Tax Act, 1961 as amended from time to time.

    Disclaimer

    UIN: 136N066V02

    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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