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Canara HSBC Life Unit Linked Whole Life Plan
Canara HSBC Life Unit Linked Whole Life Plan
Over the years like most of us, the primary income earners of our families, work hard to provide the best for our children, family and our loved ones and continuously strive to ensure a better future for them. But its only when you start to invest, you realize most of the investment opportunities available to you are not truly designed for you as per your needs. Now you can avail an opportunity that offers an ideal balance between protection and investments for your changing needs through life’s different stages. The Plan not only enables you to secure yourself but also the dreams of your loved ones’ for a lifetime!
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
Introduces the Canara HSBC Life Unit Linked Whole Life Plan, a unique investment linked plan which not only ensures protection and investment returns but also covers you till age 99 years. The Plan allows you the flexibility of choice on amount of cover and flexibility of investing in fund options matching your risk profile and needs as well as Limited Pay Options to suit your financial capabilities.
Key Benefit / Features of Canara HSBC Life Unit Linked Whole Life Plan
- Whole of Life Protection the Plan provides you Life Cover till age 99 years, while you pay for a fixed number of years as per your financial capability
- Limited Pay Option of 5 Years, 10 Years or Up to Age 60 to suit your earning capacity while you enjoy Life Cover up till 99 years
- Flexibility to choose your Life Cover and also increase or reduce your Sum Assured to match your requirements through the Policy Term
- Flexibility of choosing Investment Funds Hassle free investment management product with market related returns. Investment flexibility to choose from 5 funds to match your attitude to investment risk and return.
- Increase the value of your savings by contributing through Top up premiums over and above your regular premiums.
- Liquidity by way of partial withdrawals from your funds, as and when required after completion of 3 years since policy start date, to meet any unforeseen financial hardships.
- Flexibility Of Switching/Redirection between the available funds to take advantage of market movements or change in risk attitude.
- Benefits by way of Loyalty Additions (for premium payment term 10 years and above) up to end of Policy Term to give you free allocation of extra units and enhance the value of your investment
- Option to continue your policy after 3 policy years even if, premiums are unpaid post three years due to financial hardships.
- Save tax while investing under section 80C and get tax-free maturity benefits under section 10 (10 D) as per regulation of Income Tax1
We provide you a wide range of flexibilities to avail various plan options and combinations "For You and Your Loved Ones" as per your needs!
Eligiblity Criteria
| Particular |
Minimum |
Maximum |
| Entry Age# |
31 Days |
65 years |
| Policy Term |
Up till 99 years of age |
| Maturity Age# |
99 years of age |
| Premium |
Rs 25,000 Per Annum. |
No Limit |
| Top Ups |
Rs 2000 |
25% of total cumulative premiums paid |
| Life Cover |
5 * Annualized Premium |
Based on underwriting limits |
| Premium Paying Term |
5 years or 10 years or till age 60 (only for entry ages less than or equal to 55 years of age) |
| Death Benefit |
Higher of the fund value or the Sum Assured |
| Maturity Benefit |
Fund Value |
How Does The Plan Work?
- You can choose your premium and the number of years you want to pay, as per your desired cash flow or as per your protection cover and investment need. A minimum of 5 times of your premium or more as per your need shall be your Sum Assured under the Plan.
- You have 5 fund options to choose from based on your risk appetite, in which after deduction of applicable charges the investible premium shall be invested in the market through the fund options chosen by you.
- Complete your proposal and submit it with the initial premium and the necessary documents
- We shall be notifying you on the requirement of medical examinations, if required. Post assessment of your medical conditions and health standard by the Company, the policy shall be issued and sent to you
- You will be required to pay premiums every year for the premium payment term as chosen by you. After deducting applicable charges, the premium will be allocated to your unit account to create units in the funds that you choose.
- You have the option to pay your premium annually/semi-annually/ quarterly or monthly
- On periodic basis, the company shall notify you about your unit account summary.
- You also can avail the flexibilities a provided in the Plan as your need, post issuance of your Policy.
No one covers you the way we cover you during your financial hardships!
- Auto Cover Continuance Option This Plan offers you on request (before the end of revival period) to continue with your Life Coverage even if you are not in position to pay your premium post first three Policy years. Please refer to the detailed brochure for more details onthe same
- Increase And Decrease Of Sum Assured You can choose to increase/ decrease your Sum Assured to accommodate an increased need for Insurance cover, due to an increase in your responsibility like Birth of a child etc. or lesser cover by directing morefunds towards Investments.
- Tax Benefit (1)Premiums paid under this Policy will be eligible for tax benefit under Section 80C and (2) Any benefit amount paid to you will be eligible for tax benefits under Section 10(10D), as per prevailing Income Tax laws.
For specific details, please contact your tax consultant.
# The tax benefits are as per the law prevailing on the date of issuance of this brochure, and are subject to changes
For detailed description of the product features, benefits, flexibilities and boundaries, kindly refer to the brochure by clicking on the hyperlink below.
Brochure Canara HSBC Life Unit Linked Whole Life Plan
Mortality Rates for Canara HSBC Life Unit Linked Whole Life Plan