Investment Plans 321 views January 3, 2022

Canara HSBC OBC Grow Smart Plan is a unit-linked life insurance policy wherein you can earn money over the policy term despite the risks involved in your investment. There is a wide range of investment options under this ULIP Plan from equity-oriented high-risk funds to secure debt funds. So choose your investment at your convenience. Plus, with the Canara HSBC OBC Grow Smart Plan life cover, your loved ones will be secure financially in case you’re not around. Check out the highlights of the Canara HSBC OBC Grow Smart Plan.

  • Whole Life Protection
  • Loyalty Additions
  • Liquidity via Partial withdrawals

Continue reading this page below to learn about the benefits of the plan.

Investment

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Canara HSBC OBC Grow Smart Plan Benefits

You and your nominee will be eligible for the following benefits under the plan.

Death Benefit Payable

In case of your death during the policy term, the insurance company will pay the following –

Death Before the Age of 60 years – The highest of

  • Sum Assured – Withdrawals (made two years before the death)
    Fund value
  • 105% of paid premiums – withdrawals (made two years before the death)

will be paid to the nominee.

Death At the Age of 60 years or above – Your nominee will receive the highest of –

  • Sum Assured – Withdrawals (made after attaining the age of 58 years)
  • Fund Value
  • 105% of the paid premiums – withdrawals (post attaining the age of 58 years)

Loyalty Additions During the Policy Term

You can get loyalty additions from the end of the 15th policy year in the form of extra allocation of units, subject to 1% of your fund value.

Increase or Decrease of Sum Assured Under the Canara HSBC OBC Grow Smart Plan

You can change the Sum Assured from the sixth policy year onwards. This is available to you once every policy year, subject to a maximum of three times during the policy term. With the increase or decrease in sum assured, there will be no change in your annual premium.

What Happens in the Case of Surrender or Discontinuance?

If you choose to surrender your life insurance policy or are unable to continue paying premiums, the surrender or discontinuance value will be paid to you. But for this, the insurer will deduct the applicable surrender or discontinuance charge from your fund value. When you surrender or discontinue within the first five policy years, the surrender or discontinuance value will be paid after the completion of the fifth policy year. In such a case, the payable amount will be transferred to the discontinued policy fund. The company will pay a minimum return of 3.50% p.a when the money is in the discontinued policy fund. There will be no surrender/discontinuance charge if a surrender request is received after the completion of at least five policy years.

Canara HSBC OBC Grow Smart Plan Partial Withdrawal Facility

If there is any unforeseen liquidity crunch during the policy term, you can do partial withdrawals from your policy. And this will be allowed from the sixth policy year. The minimum withdrawal amount is INR 10,000 and the maximum is allowed such that the fund value does not fall below 120% of the first year premium after withdrawal.

Investment Options Under the Canara HSBC OBC Grow Smart Plan

You can choose to invest in any of the following five funds –

Equity II Fund – You can get long-term capital appreciation from the active management of a portfolio where investments are made in diversified equities.

Growth Plus Fund – For capital appreciation, it predominantly invests in equity and a limited portion goes into fixed-income securities.

Balanced Plus Fund – If you want both capital appreciation and current income, it invests in a mix of equities and fixed-income securities to get the same.

Debt Plus Fund – Get regular income through investments in high-quality debt securities.

Liquid Fund – For reasonable returns, it invests in short-term securities.

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