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Investment Plans 1310 views March 6, 2021
Canara HSBC OBC Smart Stage Money Back Plan is a traditional savings oriented life insurance money-back plan under which the insured will get the following benefits –
Know in detail the benefits of the Canara HSBC OBC Smart Stage Money Back Plan below.
Table of Contents
Your loved ones will stay financially protected for 15 years with Canara HSBC OBC Smart Stage Money Back Plan. The policy will provide your nominee/beneficiary a death benefit in case of your death during the policy term. Here, Canara HSBC OBC will pay the Sum Assured to the nominee. The Sum Assured on death is higher of the following –
The company shall also pay the added annual bonus, interim bonus, and final bonus, if any. Canara HSBC OBC Smart Stage Money Back Plan death benefit is subject to at least 105% of the premiums paid by the policyholder, excluding the extra premiums, if any.
To meet your financial needs at different life stages, the Canara HSBC OBC Smart Stage Money Back Plan provides you guaranteed money back at 15% of the sum assured at the end of 4th, 8th and 12th policy year. The payment is subject to the policy being in force and all due premiums are paid till the date of the money-back payment date.
On survival till the end of the policy term, the life insured will be entitled to 55% of the Sum Assured plus accumulated annual bonuses, and final bonus, if any. Bonuses will be added to your insurance, provided you pay premiums as and when due. These bonuses are declared by the company at the end of every financial year. When bonuses are added to the policy, it is guaranteed to be payable either on death or on maturity, whichever is earlier. The following are the bonuses under this savings life insurance plan –
Note: The bonuses in this plan may vary from time to time.
You can purchase Canara HSBC OBC Smart Stage Money Back Plan if you meet the following criteria-
Age Criteria | Details |
---|---|
Minimum Entry Age | 8 years |
Maximum Entry Age | 55 years |
Maximum Maturity Age | 70 years |
Note: The age of the life assured is considered by the date of the last birthday.
The insured needs to pay a premium for Canara HSBC OBC Smart Stage Money Back Plan for a limited period of 11 years. The premium can be paid either yearly or monthly as per your convenience. The minimum premium will be based on the minimum entry age and minimum sum assured. Whereas the maximum premium has no limit.
If the policyholder commits suicide within one year of the policy inception, whether sane or insane, the nominee will get 80% of premiums paid as on the date of suicide. On the other hand, if the policyholder commits suicide within one year from the revival date, an amount higher of 80% of premiums paid till the date of death or the surrender value as applicable on the date of death will be payable to the nominee. In case of suicide after one year from the risk commencement date or the date of revival, the Canara HSBC OBC Smart Stage Money Back Plan death benefit shall be payable to the nominee.
You can review the policy terms and conditions within 15 days of the free look period. This period will start from the date of receipt of the policy document, and if you cancel the policy during the free look period, you will be entitled to a refund of premiums. The company will provide you a refund after deducting the proportionate risk premium and expenses incurred on medicals and stamp duty.