For Endowment with Whole Life Cover option & only Endowment Option
80 years for Annual mode & 75 years for Monthly mode, however the life insurance coverage will continue up to 100 years of age in case Endowment with Whole Life Cover option is taken.
The definitions below will help you understand the benefits of the plan better:
Sum Assured on Death is the amount which is higher of :
Absolute amount assured to be paid on death is equal to Sum Assured
Guaranteed Sum Assured on Maturity is equal to Sum Assured
Upon your survival till age 100 (provided that all due premiums are paid), Guaranteed Sum Assured on Maturity will be payable to you. On payment of above benefit, your policy will terminate and no further benefit will be payable. Note that this benefit is in addition to Maturity Benefit payable at the end of the Policy Term.
In case of your unfortunate death during the Policy Term, provided the policy is in-force, the death benefit payable to your Nominee will be as follows:Higher of:
In case of your unfortunate death after the Policy Term but before attaining age 100 years, provided the policy is in-force, Guaranteed Sum Assured on Maturity will be payable to your Nominee and the policy will be terminated.
Note that this benefit is in addition to Maturity Benefit payable at the end of the Policy Term.
On your survival till the end of Policy Term (provided that all due premiums are paid), you will receive the Guaranteed Sum Assured on Maturity along with accrued Annual bonuses and Final bonus, if any. On payment of above benefits, your policy will terminate and no further benefit will be payable.
Settlement option: Life is dynamic and our needs keep changing with time. As years pass by, marriage, kids, career, and other developments can change your life in a manner you can hardly predict or foresee. In such situations, you require a flexible insurance plan that can adapt to your changing needs. Therefore, we have designed this unique feature called 'Settlement option'. It allows you to convert your Guaranteed Sum Assured on Maturity into annual payouts which are paid over next 15 year period. These annual payouts also increase by 5% compounded every year to take care of your growing needs.
If you have opted for Settlement option, the Maturity Benefit is payable in the following manner, provided that all due premiums are paid:
The policy will terminate after the end of 15 years period under the Settlement option.
Important notes on Settlement option:
Note : For more details on Settlement option, please refer to the sample Policy Contract of this product available on the website.
In case of unfortunate death during the Policy Term, provided the policy is in-force, the death benefit will be as follows:Higher of:
On payment of above benefits, your policy will terminate and no further benefit will be payable.
Rebate: This plan offers rebate on the premium payable, if Sum Assured is higher than or equal to Rs 4,00,000.
Loans: You can avail loan facility to meet your needs, once the policy acquires a surrender value.
You can avail tax benefit on the premium paid subject to current applicable provisions of Section 80 C of income Tax Act, 1961.
1 Applicable only under the endowment with Whole Life Cover
2 Conditions Apply – Provided all due premiums are paid as and when due
3 The Sum Assured limits mentioned above are subject to underwriting acceptance as per Board Approved Underwriting Policy of the Company.
4 This option is available under only Endowment option
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 Oriental Bank of Commerce Life Insurance Company Limited (Insurer) is used under license with Canara Bank, HSBC Group Management Services Limited and Oriental Bank of Commerce.
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.
#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!
Canara HSBC Oriental Bank of Commerce Life Insurance Co Ltd
IRDAI Registration no: 136
©2021 Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.