Money Back Advantage Plan

Why Invest in Money Back Advantage Plan?

This is an Individual Non-Linked Par Life Insurance Savings cum Protection Plan. This product provides guaranteed money back payouts during the policy term along with guaranteed lump sum on maturity and bonus(es) which can be utilized by the customer to fulfill various planned milestones.


  • 3 Guaranteed1 money back payouts in the policy term
  • Guaranteed1 maturity benefit equal to 55% of sum assured2
  • Policy term of 16 years
  • Limited payment term of 10 years
  • Tax benefits# on premiums paid and benefits received

Eligibility Criteria

Entry Age

Minimum: 8 years
Maximum: 55 years (In case of monthly mode, maximum entry age is 45 years)

Maximum Maturity Age

71 years


Survival and Maturity Benefit

Survival Benefit
You will receive Guaranteed Money Back payouts at the regular intervals as specified in the table below provided all due premiums are paid.

Guaranteed Money Back payouts payable at the end of the Policy Year

Guaranteed Money Back payouts payable(as a Percentage of the Sum Assured)







Maturity Benefit
On your survival till maturity provided all due premiums are paid, you will receive Guaranteed Sum Assured on Maturity equal to 55% of Sum Assured along with accrued Simple reversionary bonus and Terminal bonus, if any.
On payment of above benefits, your policy will terminate.

Death Benefit

In case of your unfortunate death during the policy term, provided all due premiums are paid, the death benefit payable to your nominee will be as follows:

Higher of:
  1. Sum Assured on Death plus accrued Simple reversionary bonus plus Interim bonus (for the part of the year in which death occurs, if any) plus Terminal bonus (if any); or

  2. 105% of {the Total Premiums Paid till the date of death less underwriting extra premium, if any}. Where Sum Assured on Death is the amount which is higher of :-

    • 10 times the Annualised Premium; or
    • Sum Assured
    For an in-force policy, the survival benefit (Guaranteed Money Back payouts) already paid will not be deducted from the benefit payable on death.
    On payment of above benefits, your policy will terminate and no further benefit will be payable.


  • Simple Reversionary Bonus: Simple reversionary bonus may be added in this plan provided you pay premiums as and when due and is expressed as a percentage of Sum Assured. This bonus may be declared at the end of every financial year based on the profits emerging from the with-profit fund managed by the Company. Once declared, the simple reversionary bonus gets accrued to the policy and once accrued is guaranteed to be payable.
  • Terminal Bonus: Terminal bonus, if any, based on the profits emerging from the with-profit fund managed by the Company may also be payable at maturity.

There is no guarantee on the amount of future bonuses and these will be declared at the sole discretion of the Company. Hence, the bonuses in this plan may vary from time to time.

The Sum Assured limits mentioned above are subject to underwriting acceptance as per Board Approved Underwriting Policy of the Company.


UIN: 136N048V02

1 Conditions Apply - Guaranteed Money Back Payouts and Guaranteed Maturity Benefits will be payable provided all premiums are paid as and when due.
2The Sum Assured limits mentioned above are subject to underwriting acceptance as per Board Approved Underwriting Policy of the Company.

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.

Call (Toll free no.): 1800-103-0003/ 1800-180-0003/ 1800-891-0003
SMS: 9779030003
Missed Call: 0120-6927801

#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.


  • 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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