Investment Plans 1201 views April 10, 2020

Money-Back Advantage Plan Canara HSBC

Life is a culmination of several milestones strung together. And it is needless to say, a lot of these milestones require proper financial planning for their accurate execution. If you are caught off guard, you might end up spending a lot of time and energy in gathering funds for the milestones. These milestones can be buying your dream car, buying a house, paying for children’s education, travelling abroad, etc.


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However, a bit of planning and discipline will go a long way in ensuring that you are able to enjoy these milestones, rather than constantly worrying about funds. The Money Back Advantage Plan aims to do exactly the same.

This Non-Linked life insurance savings plan ensure that you receive adequate funds at regular intervals so that you can go ahead with your life. At the same time, it offers life protection as well. During the term of the plan, it will provide payouts at regular intervals and guaranteed lump sum benefits on the completion of the term as well.

Why Buy Money Back Advantage Plan Canara HSBC?

Here are some of the prominent reasons why you must opt for the Money-back Advantage Plan Canara HSBC.

  1. The plan offers a death benefit for the family up to a duration of 16 years, for the unfortunate event of the death of the insured.
  2. The policy has a relatively shorter policy paying period of 10 years, thus allowing you to plan your finances and preferences accordingly.
  3. The plan offers three guaranteed payouts at the end of the 5th, 9th and 13th year of the policy, each amounting to 15% of the sum insured.
  4. The plan also offers guaranteed lump sum benefits which are equivalent to 55% of the sum assured.
  5. On opting for a higher sum assured, the insurer offers rebates.
  6. The premiums that you pay towards the policy are tax-deductible under Section 80C and the payouts of the policy are non-taxable under Section 10(10D).


The plan offers multiple benefits for policyholders under different circumstances.

Maturity Benefit

If a policyholder has paid all the premiums and the term of the policy is complete, you stand to receive 55% of the sum assured as maturity benefits.

Death Benefit

In the unfortunate event of the death of the policyholder, the insurer will pay death benefits to the nominees of the policy. The insurer pays the higher amount of either 10 times of the annual premium or the sum insured.

The insurer will provide 15% of the sum insured as money back, at the end of the 5th, 9th and 13th year.


The insurer offers reversionary bonuses along with terminal bonuses. Depending on your status, you can be eligible for either or both.

Traditional life insurance policies are designed to be helpful from the long term perspective. While there is nothing wrong with it, there might be a lot of instances where you need access to your funds. In such cases, a traditional life insurance policy might not offer you a lot of value.

This is exactly where a policy like the money-back advantage plan Canara HSBC shines. The plan offers you the benefits of a life insurance policy while providing with regular money backs. Thus, ensuring that you can continue with your life as usual.

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