Smart Junior Plan

Why Invest in Smart Junior Plan?

Canara HSBC Oriental Bank of Commerce Life Insurance Smart Junior Plan is an Individual Non-linked Par Life Insurance Savings cum Protection Plan designed to fulfill your child`s future education needs, whether you are around or not.

Smart Junior plan provides Guaranteed1 payouts during the last 5 years of policy which can be aligned to child's educational milestones. Further, the plan also provides Annual bonuses and Final bonus, if any, on maturity.

This plan provides comprehensive protection - in case of unfortunate demise of Life Assured - a lump sum amount is paid immediately and the remaining due premiums, if any, are not payable. The policy continues to be in-force & policy benefits are paid as scheduled.

Features

  • Comprehensive protection
  • Guaranteed1 lump sum payouts for child's education
  • Limited premium payment and flexible policy term options
  • Addition of regular annual bonuses2 and final bonus (if any) on maturity
  • Higher sum assured3 rebate
  • Tax benefits# on the premiums paid and benefits received

Eligibility Criteria

Entry Age

Minimum: 18 years
Maximum: 18 years 50 years (In case of monthly mode, maximum entry age is 40 years)

Maximum Maturity Age

70 years

Benefits

Survival and Maturity Benefit

Survival Benefit
You will receive the Guaranteed Annual payouts at the end of each of the last 4 policy years before the maturity year provided that all due premiums are paid. You can utilize these guaranteed payouts to fund the future education needs of your child. The amount of annual payouts will be as per below table.

At the end of Policy Year:

Payout as % of Sum Assured

Policy Term minus 4

20%

Policy Term minus 3

20%

Policy Term minus 2

20%

Policy Term minus 1

20%

Maturity Benefit
On your survival till maturity, you will receive Guaranteed Sum Assured on maturity equal to 20% of Sum Assured along with Annual bonuses and Final bonus, if any.

Death Benefit

In case of unfortunate demise of Life Assured during the policy term, provided the policy is in-force, following benefits will be payable:

  1. Immediate lump sum benefit, higher of :
    • Sum Assured
    • 10 times the Annualized Premium,
    • 105% of {the Total Premiums Paid till the date of death less underwriting extra premium, if any}.
    In addition to the above, all future premiums (if any) need not be paid and the policy shall continue to be in force for the remaining Policy Term. The policy will also continue to accrue Annual bonuses.
  2. Guaranteed Annual Payouts
    All Guaranteed Annual Payouts as scheduled will continue to be payable at the end of each of the last 4 policy years before the maturity year.

  3. Guaranteed Sum Assured on maturity
    This benefit will be equal to 20% & will be paid on maturity.

Bonuses

Accrued Annual bonuses along with Final bonus, if any, will also be payable on maturity.

Other Benefits

  1. Rebate: This plan offers rebate on the premium payable, if Sum Assured is higher than or equal to Rs. 4,00,000.
  2. Loans: You can avail of the loan facility to meet your liquidity needs, once the policy acquires a surrender value.

Tax Benefits#

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

Disclaimer

UIN: 136N043V03

1 Guaranteed lumpsum payouts will be made in last 5 policy years provided all premiums are paid as and when due.
2 Bonuses are added in this plan provided you pay premiums as and when due. Annual Bonus, if any, once added, will be guaranteed.
3 If Sum Assured is higher than or equal to Rs. 4,00,000.

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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