Investment Plans 707 views December 8, 2020

With the Canara HSBC OBC Guaranteed Savings Plan, you can achieve various financial goals and have insurance cover for your loved ones. By choosing this investment plan, you can ensure that you have the necessary freedom to achieve your goals in a hassle-free manner. You could ask how? Well, this plan provides guaranteed maturity benefits as a lump sum amount and enhanced protection via different rider options. Apart from this, this plan has three different options that you can choose according to your convenience.

In this post, we will be telling you about some of the important information related to the Canara HSBC OBC Guaranteed Savings Plan such as its key features, eligibility, etc. Keep reading to know more!

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Key Highlights of the Canara HSBC OBC Guaranteed Savings Plan

Canara HSBC OBC Guaranteed Savings Plan is loaded with some of the best-in-class features such as guaranteed maturity benefits, life cover options, enhanced protection, flexibility to choose from different options, etc. We are showing some of the key features of this plan below. Have a look!

  1. One of the best features of this insurance plan is that individuals can choose from different options of Guaranteed Savings, Guaranteed Savings with Double Protection, and Guaranteed Savings with Premium Protection. An individual can choose an option at the inception of the policy and enjoy the benefits accordingly.
  2. On paying all due premiums until maturity, policyholders will receive guaranteed benefits at the time of policy maturity.
  3. Policyholders can pay the premium amount for a limited period, while they continue to get life cover for the entire policy term chosen at the inception of the policy.
  4. With the premium protection option, you can increase the protection for your family during the policy term as it will provide a lump sum payment in the case of death and guaranteed benefits become payable at maturity.
  5. You can choose the premium payment term according to your premium payment capacity and long-term goals. Not only this, you can consider choosing the premium payment frequency according to your convenience.
  6. Canara HSBC OBC Guaranteed Savings Plan also offers the option of choosing the policy term according to your financial goals.
  7. If you pay a higher premium, you will be rewarded with a High Premium Booster when you decide to put your money into this investment plan. With this, you will get some extra benefits for paying a higher premium amount.
  8. Policyholders can also enjoy tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Benefits of Canara HSBC OBC Guaranteed Savings Plan in Detail

Thinking about the benefits of the Canara HSBC OBC Guaranteed Savings Investment Plan that you can enjoy with its different options? Well, we are talking about them in detail. Have a look!

Maturity Benefit

As you can see from the name, these benefits will be provided at maturity provided there have been no due premiums left from your side. Check out below the benefits you will get.

  1. Guaranteed Sum Assured on Maturity of your Policy
  2. Guaranteed Additions on every policy year
  3. Guaranteed Loyalty Addition (Reward for investing for a long period)

Remember that on receiving these benefits, your policy will terminate, and you will not receive any further benefit.

Death Benefit

If the Life Assured dies during the policy term, and policy is in force, the company will pay a death benefit to the nominee/beneficiary. Look below to know the benefit amount the nominee will get

  1. Sum Assured on Death
  2. Accumulated Guaranteed Additions every year until the date of death

Remember that if you have opted for Guaranteed Savings with Double Protection Option, and the reason of death happens to be an accident, the nominee will receive an additional amount which will be equal to the Accidental Death Benefit Sum Assured. Also, the sum assured can be the highest of the amounts mentioned below.

  1. 11 times the Annualized Premium
  2. 105% of the Total Premiums paid as on the date of death of the assured
  3. Guaranteed Sum Assured on the maturity of the policy
  4. An amount assured to be paid on the date of death ( equal to sum assured amount)

Guaranteed Additions Every Year During the Policy Term

Policyholders will also receive Guaranteed Additions every year at a certain percentage of the Annualized Premium. The rate will depend on the chosen premium payment term. We are showing them in the below table. Check it out!

Premium Payment TermGuaranteed Yearly Additions (% of the Cumulative Annualized Premium)
5 years8%
7 years10%
10 years12%

Guaranteed Loyalty Additions

This benefit will be added to your investment plan at the end of the policy term and will be a definite percentage of the guaranteed sum assured at maturity. Here also, the rate will depend on the premium payment term. Have a look at the below table!

Premium Payment TermGuaranteed Yearly Additions (% of the Guaranteed Sum Assured on Maturity)
5 years10%
7 years14%
10 years20%

Canara HSBC OBC Guaranteed Savings Plan Eligibility Criteria

There are a few conditions that you need to know before choosing the Canara HSBC OBC Guaranteed Savings Plan. Check below the conditions you need to meet.

  1. The entry age ranges from 0 to 60 years according to the options chosen by you. For Double Protection and Premium Protection, the minimum entry age can be 18 years, while the maximum age will be 60 and 55 years respectively.
  2. The minimum maturity age for Guaranteed Savings Option is fixed at 18 years, while for Double Protection and Premium Protection, this will be 28 years. However, the maximum age can be 75 years for all options.
  3. Policyholders can choose the Premium payment term from the options of 5, 7 and 10 years for the available policy term ranging from 10 to 20 years.
  4. The minimum sum assured for this investment plan will be INR 76,500.

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