Jeevan Nivesh Plan

Why Invest in Jeevan Nivesh Plan?

Canara HSBC Oriental Bank of Commerce Life Insurance Jeevan Nivesh Plan is a savings- cum-protection plan that provides life insurance cover and savings in the ease of a single plan.

Make a one time investment for a lifetime of regular returns.

Features

  • Lifelong protection up till the age of 1001
  • Guaranteed2 maturity benefit equal to 100% sum assured3
  • Option to receive maturity sum assured3 as annual payouts for 15 years with 5% increase every year4
  • Choice of flexible policy terms and premium payment terms
  • Tax benefits# on premium paid and benefit received

Eligibility Criteria

Entry Age

For Endowment with Whole Life Cover option & only Endowment Option

 
Annual Mode
Monthly Mode
Minimum

18 years

18 years

Maximum

55 years

45 years

Maximum Maturity Age

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.

Benefits

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

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

  • 10 times the Annualised Premium
  • Guaranteed Sum Assured on Maturity
  • Absolute amount assured to be paid on death

Absolute amount assured to be paid on death is equal to Sum Assured

Guaranteed Sum Assured on Maturity is equal to Sum Assured

Endowment with Whole Life Cover option
Maturity Benefit
  1. On survival till the 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.
  2. On payment of Maturity Benefit at the end of the Policy Term, the policy shall not terminate and shall continue till you attain age 100 or date of death, whichever is earlier.
Survival Benefit

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.

Death benefit during 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:
  1. Sum Assured on Death plus accrued Annual bonuses plus Interim bonus plus Final bonus (if any).
  2. 105% of {Total Premiums Paid till the date of death less underwriting extra premiums, if any}.
    On payment of above benefits, your policy will terminate and no further benefit will be payable.
Death Benefit after the Policy Term but before attaining age 100 years

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.

Only Endowment option
Maturity Benefit

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:

  1. Accrued Annual bonuses and Final bonus, if any as lump-sum on Maturity.
  2. Guaranteed Sum Assured on Maturity will be paid as defined in Settlement option above.

The policy will terminate after the end of 15 years period under the Settlement option.

Important notes on Settlement option:

  1. You can opt for the Settlement option under the Policy anytime after issuance but at least 3 months before the Maturity date.
  2. Your first annual payout will be payable after one year from Maturity date. The amount of the first annual payout as a percentage of the Guaranteed Sum Assured on Maturity will depend upon the prevailing 10-Year G-Sec yield at the beginning of the month in which the maturity date of the Policy falls and the subsequent payouts will increase every year at compounded rate of 5% (Fixed) per annum.
  3. In case of any liquidity needs you have the option for complete withdrawal, however such request for complete withdrawal should be given at least three months prior to the next annual payout due date. On the request for such withdrawal, the discounted value of the remaining annual payouts will be paid as lump-sum and the policy will terminate.
  4. If the death of the Life Assured occurs during the Settlement option, the Nominee will have the option of continuing to receive the annual payouts as before or receive the balance annual payouts in lump-sum which will be equal to the discounted value of remaining annual payouts.
  5. There is no life cover during the Settlement option period.
  6. Settlement option is not available where any due premiums are outstanding.
  7. Settlement option will not be available if the prevailing 10-year G-Sec yield is below 4%.

Note : For more details on Settlement option, please refer to the sample Policy Contract of this product available on the website.

Death Benefit

In case of unfortunate death during the Policy Term, provided the policy is in-force, the death benefit will be as follows:

Higher of:
  1. Sum Assured on Death plus accrued Annual bonus plus Interim bonus plus Final bonus (if any).
  2. 105% of {Total Premiums Paid till the date of death less underwriting extra premiums, if any}.

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

Other Benefit

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.

Tax Benefit#

You can avail tax benefit on the premium paid subject to current applicable provisions of Section 80 C of income Tax Act, 1961.

Disclaimer

UIN: 136N047V02

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.

Website: www.canarahsbclife.com
Call (Toll free no.): 1800-103-0003/1800-180-0003 (BSNL/MTNL)
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 Oriental Bank of Commerce Life Insurance Co Ltd
IRDAI Registration no: 136

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