Investment Plans 436 views October 27, 2021

Canara HSBC OBC Titanium Plus Plan is an individual-linked life insurance cum savings policy wherein you’ll get a lump sum corpus at the end of the term. And along with that, the company provides you with a life cover, so your family doesn’t face any financial trouble in case you die during the policy term. The following are the key benefits of this Canara HSBC OBC Life Insurance Plan

  • Maturity Benefit
  • Life cover as per your choice
  • Single Pay, Limited Pay and Regular Pay premium payment term
  • Loyalty Additions & Wealth Boosters
  • Partial Withdrawals

So, to learn more about these and other benefits of the Canara HSBC OBC Titanium Plus Plan, read this page below.

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Canara HSBC OBC Titanium Plus Plan Base Benefits

You or your nominee will be eligible for the following benefits under the Canara HSBC OBC Titanium Plus Plan.

Death Benefit Your Nominee will Receive

In case of your death, the claimant will receive the highest of

  • Sum Assured – Partial Withdrawals (made two years before the death)
  • Fund Value as on the date of intimation of death claim
  • 105% of the paid premiums as on the date of death

The death benefit is equal to the proceeds of the Discontinued Policy if the money is moved to Discontinued Policy Fund (DPF). And if the policy is in a paid-up status, the nominee will receive the highest of –

  • Paid-up Sum Assured – Partial Withdrawals (made two years before the death)
  • Fund Value as on the date of intimation of death claim
  • 105% of the paid premiums as on the date of death

Note – The Paid-up Sum Assured is calculated as – Sum Assured X Total Number of Paid Premiums / Total Number of Payable Premiums.

Maturity Benefit Payable on Completion of the Policy Term

ou will receive the fund value at the prevailing rate on the maturity date. And once it is paid, the risk cover will cease and your policy shall terminate.

Loyalty Additions During the Policy Term

Under this Canara HSBC OBC Life Insurance Plan, you’ll receive regular loyalty additions, which will be allocated to your unit-linked fund, provided all premiums are paid till that date. These additions shall be done at the end of each policy year, from the 6th year onwards till the end of term. Each addition is 0.5% of the average fund values of the last 12 monthly policy anniversaries.

Wealth Boosters

The insurer shall add units at specific intervals during the policy term, provided all due premiums are paid till that date. These are wealth boosters and are a certain percentage of the average fund value of the last 60 monthly policy anniversaries. Check out the table below to see when will you receive this benefit.

End of Policy YearWealth Booster
10th2.90%
15th and thereafter at an interval of every
5 years
1.50%

Partial Withdrawal Facility

The insurer shall allow you to make partial withdrawals from the 6th policy year, provided all due premiums are paid till that date. You can avail of this facility if you are 18 years old or above. There is no maximum limit on the number of partial withdrawals and it is free of charge. But the fund value should be at least 120% of the annualized premium in case of regular or limited premium and 25% of the single premium in case of single pay after the withdrawal.

Partial Withdrawals can be done even if Safety Switch Option (SSO) or Auto Funds Rebalancing Option (AFR) is operational. But after the withdrawal, the SSO or AFR option will work on the balance fund units available in the policy account. However, in the case of Systematic Transfer Option (STO), partial withdrawals from the Liquid Fund shall not be permitted. And even if you apply for a withdrawal, the STO will cease to operate.

Note – Partial withdrawals are not allowed during the settlement period or if you opt for Return Protector Option (RPO).

Canara HSBC OBC Titanium Plus Plan Policy Term and Premium Payment Options

Check out the table below and have a look at the policy term premium payment term options available to you under Canara HSBC OBC Titanium Plus Plan.

Age at Entry (In Years)Policy Term (In Year)Premium Payment OptionPremium Payment Term (In Years)Minimum Premium Amount (IN INR)
0 - 5010 to 30Limited Pay - Here, you’ll pay a premium for a specified period from the available option.5, 7, 10, 15Yearly - 1,25,000
Monthly - 16,667
51 - 5510 to 255, 7, 10, 15
56 - 6010 to 207, 10, 15
56 - 6010 to 155
0 - 5010 to 30Regular Pay - You need to pay the premium till the end of your policy term. Same as your chosen term
51 - 5510 to 25
56 - 6010 to 20
61 - 6510 to 15
66 - 7010
13 - 705Single Pay - If you choose this option, you need to pay premium one-time onlyOne-time payment at the inception of the policy1,25,000

Canara HSBC OBC Titanium Plus Plan Fund Options

To do investment under this Canara HSBC OBC Titanium Plus Plan, you can choose any of the following funds –

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

Eligibility Criteria for Canara HSBC OBC Titanium Plus Plan

You can get this insurance plan from Canara HSBC OBC Life Insurance if you meet the following –

  • Minimum Entry Age: 0 years
  • Maximum Entry Age: 70 years
  • Minimum Age Allowed at Maturity: 18 years
  • Maximum Age Allowed at Maturity: 80 years

Suicide Exclusion from Canara HSBC OBC Titanium Plus Plan

In case of the life assured’s suicide within 12 months from the date of commencement of risk or revival, the claimant shall receive the fund value at the prevailing rate. And, if any charges other than fund management charges are recovered subsequently, they shall be added back to the fund value as on the date of intimation of death.

Free Look Period

You can review the terms and conditions of the policy within 15 days of the free look period that starts from the date of receipt of the policy document. The free look period is 30 days in case of electronic policies and policies obtained through distance mode. If you disagree with any of the terms and conditions, return the policy stating the reason for it. And upon cancellation, the company will refund the fund value plus any non-allocated premium amount and any charge deducted by the cancellation of units, after the deduction of proportionate risk premium for the period on cover and stamp duty and medical examination charges (if any).

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