Investment Plans 348 views October 11, 2021

Canara HSBC OBC Life Insurance Invest 4G is a unit-linked, non-participating life insurance plan that helps generate a corpus at the end of the policy term using which you can meet your financial needs. You can invest your premium amount in any of the funds of your choice as per your investment plan. Check out the key features of this Canara HSBC OBC Life Insurance Plan –

  • Life Cover
  • Customization Option
  • Loyalty Additions & Wealth Boosters
  • Liquidity Benefit
  • Seven fund Options
  • Multiple Portfolio Management Options

Investment

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Know more about these and other benefits of Canara HSBC OBC Life Insurance Invest 4G on the page below.

Canara HSBC OBC Life Insurance Invest 4G Life cover Option

In case of death of the life assured, the insurer shall pay the chosen death benefit option to the claimant. The death benefit options available under Canara HSBC OBC Life Insurance Invest 4G are as follows:

Life Option

The insurer shall pay the highest of the following if the life assured dies before the age of 60 years –

  • Sum Assured – Partial Withdrawals (if any, in the preceding two years)
  • Fund Value as on the date of registration of death claim
  • 105% of all premiums

Whereas, if the life assured dies after 60 years of age, the highest of the following shall be payable to the claimant –

  • Sum Assured – Partial Withdrawals (if any, after attaining 58 years)
  • Fund Value as on the date of registration of death claim
  • 105% of all premiums

Life Option with Premium Funding Benefit

The insurance company shall pay higher of the following in a lump sum to the nominee –

  • Sum Assured
  • 105% of total paid premiums till death

Plus, all future premiums shall be funded by the company as and when due. And the Fund Value is paid on maturity.

Note – All the charges except the mortality charge shall continue to be deducted. The Sum Assured payable on death shall not be reduced by the partial withdrawals made by you before the date of death.

Whole of Life Option

Here, the death benefit is the highest of the following, provided the life assured dies before the age of 60 years –

  • Sum Assured – Partial Withdrawals (if any, in the preceding two years)
  • Fund Value as on the date of registration of death claim
  • 105% of all premiums

And if the life assured dies after the age of 60 years, the company shall pay the highest of the following –

  • Sum Assured – Partial Withdrawals (if any, after attaining 58 years)
  • Fund Value as on the date of registration of death claim
  • 105% of all premiums

Note – The payable death benefit is equal to the proceeds of the discontinued policy if your money in the policy is moved to the Discontinued Policy Fund (DPF).

Policy Term & Premium Payment Options

Canara HSBC OBC Life Insurance Invest 4G Policy comes with the following policy term and premium payment options.

Life CoverPremium Payment OptionPremium Payment Term (In Years)Policy Term (In years)
Life OptionLimited Pay5, 6, 7, 8, 9, 10, 15, 20, 255 to 30
Regular PaySame as Policy Term
Life Option with Premium Funding BenefitLimited Pay10, 15, 20, 2510 to 30
Regular PaySame as Policy Term
Whole of Life OptionLimited Pay10, 15, 20, 25, 3099 - Age at entry
Regular PaySame as the Policy Term

The company shall pay the Fund Value based on the prevailing Net Asset Value (NAV) at maturity.

Canara HSBC OBC Life Insurance Invest 4G Loyalty Additions & Wealth Boosters

Under this Canara HSBC OBC Life Insurance plan, you’ll get Loyalty Additions from the end of every 5th policy year starting from the 5th year. The Loyalty Additions are added in the unit-linked funds.

Loyalty Additions = 0.5% of the average Fund Value of the last 60 monthly policy anniversaries

In addition, you’ll get Wealth Boosters based upon your Premium Payment Term.

End of the Policy YearPremium Payment Term (In Years)
10 - 14 15 - 19 20 - 24 25 - 29 30
10th1.0%1.0%1.0%1.0%1.0%
15th-1.5%1.5%1.5%1.5%
20th--2%2%2%
25th---2.5%2.5%
30th----3%

Wealth Boosters = % of average Fund Value of the last 60 monthly policy anniversaries.

It will be added to the unit-linked funds in the same proportion as the value of total units held at the time of addition.

Note – For Regular Premium Pay under Whole of Life Option, Wealth Boosters of 3% shall be added in a gap of every 5 years after the completion of the first 30 policy years.

Canara HSBC OBC Life Insurance Invest 4G Return of Mortality Charge

If you choose the Life Option, an amount equaling the total of all the Mortality Charges deducted during the Policy Term will get added to the Fund Value at the maturity date. This benefit is subject to the following conditions –

  • Return of Mortality Charge shall exclude extra mortality charges due to the Life Assured being substandard or Goods and Service Tax and applicable cess(es) if any.
  • The Return of Mortality Charge will be added to your funds in the same proportion as the value of total units held on the maturity date.
  • If the policy is surrendered, discontinued or remains in a paid-up status, this benefit shall not be payable.

Fund Options Under Canara HSBC OBC Life Insurance Invest 4G Plan

You can invest in any of the following funds as per your risk appetite –

  • Emerging Leaders Equity Fund
  • India Multi-Cap Equity Fund
  • Equity II Fund
  • Growth Plus Fund
  • Balanced Plus Fund
  • Debt Fund
  • Liquid Fund

The insurance company provides you with the following portfolio management options under Canara HSBC OBC Life Insurance Invest 4G –

Systematic Transfer Option (STO) – Here, you can enter into a volatile and unpredictable equity market systematically.

Return Protector Option (RPO) – It will protect your gains from the equity market by automatically moving them into low-risk funds to avoid market volatility.

Auto Funds Rebalancing Option (AFR) – You can maintain the allocation of your savings in a specific proportion across funds, regardless of the market movement.

Safety Switch Option (SSO) – Using this feature, you can systematically move your savings into low-risk funds as they reach maturity to safeguard your returns.

Partial Withdrawals

The insurer provides you an option to make partial withdrawals from your account from the 6th policy year onwards. The minimum partial withdrawal amount is INR 5,000 and the maximum amount is subject to the following –

  • After the partial withdrawal, the minimum balance is at least 120% of the annualized premium.
  • There is no limit on the number of partial withdrawals you make in a policy year and they are free of charge. If you have chosen the SSO or AFR option, post partial withdrawal, the SSO or AFR shall apply to the remaining fund. However, in STO, no partial withdrawals from the Liquid Fund shall be permitted to you. And if you request for the same, the STO will cease to operate.

Partial withdrawals aren’t available during the following –
Settlement Period

  • When the RPO is operational
  • After the death of Life Assured if Life Option with Premium Funding Benefit is chosen

Eligibility Criteria for Canara HSBC OBC Life Insurance Invest 4G

To purchase this Canara HSBC OBC Life Insurance, you need to meet the following criteria –

  • Minimum Entry Age – 18 years
  • Maximum Entry Age – 50 years and 65 years for Whole of Life Option
    Maximum Maturity Age Allowed – Minimum and maximum – 23 and 80 years (Life Option), minimum and maximum – 26 and 80 years (Life Option with Premium Funding Benefits). For the Whole of Life Option, no maximum maturity age is applicable.

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