About the Plan

Canara HSBC Oriental Bank of Commerce Life Insurance Smart Vriddhi Plan will help you plan your savings and provide financial protection to your family at affordable premiums.

Parameter Description
Entry age 18 years - 50 years
Maturity Age 28 years - 60 years
Policy Term 10 Years
Premium Payment Term 5 Years
Premium Mode Annual Only
Annual Premium There are only two premium options: ` 8,000 or ` 10,000. No other premium can be chosen.
Sum Assured Minimum: ` 80,000
Maximum: ` 1,80,000
Sum Assured is fixed based on the entry age of the Life Assured.
  • WHY BUY

    Life is uncertain and there always exists a fear in our mind that what if I am not around? With an aim to secure your family'’s future and for your financial protection, we present "Canara HSBC Oriental Bank of Commerce Life Insurance Smart Vriddhi Plan", that will help you plan your savings and provide financial protection to your family at affordable premiums

    • Family protection for 10 years in case of death of the Life Assured
    • Additional protection through inbuilt accidental death benefit
    • Limited premium payment term of 5 years while you enjoy life cover for 10 years
    • Guaranteed maturity benefit, payable subject to timely payment of all due premiums
    • Simple process where only a short proposal form is to be filled to get yourself covered
    • No Medicals needed as coverage will be provided based on health declaration at the time of proposal
    • Affordable Premium starting from as low as ` 8,000 annually
    • Benefits under this plan may be eligible for tax benefits*

    *Tax Benefits under the plan will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor. The Guaranteed maturity amount is payable provided all premiums are paid.

  • BENEFITS

    Life-cover Benefits

    The Sum Assured is fixed based on the entry age of the life assured. The fixed Sum Assured Multiple for various entry age bands are given in the table below:

    Entry Age Band Sum Assured Multiple
    18-27 18
    28-33 17
    34-37 16
    38-40 15
    41-42 14
    43-44 13
    45-46 12
    47-48 11
    49-50 10

    Death Benefit

    In the unfortunate event of death of the Life Assured, we would pay the Sum Assured on Death to the nominee, which will be higher of:

    i) Sum Assured,
    ii) Guaranteed Sum Assured on Maturity, and
    iii) 105% of {the total premiums paid till the date of death} provided that the policy is in-force at the time of death.

    Where: Sum Assured is defined as Annual Premium times Sum Assured Multiple

    Accidental Death Benefit: In case of death of the Life Assured due to an accident, an additional benefit equal to the Sum Assured will be paid as Accidental Death Benefit.

    Maturity Benefits

    Upon survival to maturity You will receive a Guaranteed Sum Assured on Maturity, which will be equal to 137.5% of the total premiums paid.

    Other Benefits

    No Underwriting/ Medicals:-

    • Simple process where only a short proposal form is to be filled to get yourself covered
    • No Medicals needed as coverage will be provided based on health declaration at the time of proposal

    Tax Benefit #

    You can avail tax benefit on the premium paid subject to current applicable provisions of Section 80 C of income Tax Act, 1961. Please note that tax laws are subject to amendments from time to time.

    #Tax benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor. To avail tax benefits, Sum Assured should be minimum of 10* Annual Premium.

  • HOW IT WORKS

    Let's understand the benefits of this plan for a customer who is aged 35 years (age last birthday) and has opted for an Annual premium of ` 10,000

      Guaranteed Benefits
    Policy Year Annual Premium
    (`)
    Death Benefit
    (`)
    Additional Accidental Death Benefit
    (`)
    Maturity Benefit
    (`)
    Guaranteed Surrender Value (`)
    1 10,000 1,60,000 1,60,000 - 0
    2 10,000 1,60,000 1,60,000 - 9,454
    3 10,000 1,60,000 1,60,000 - 14,646
    4 10,000 1,60,000 1,60,000 28,204
    5 10,000 1,60,000 1,60,000 - 36,180
    6 - 1,60,000 1,60,000 - 37,185
    7 - 1,60,000 1,60,000 - 38,285
    8 - 1,60,000 1,60,000 49,480
    9 - 1,60,000 1,60,000 - 55,780
    10 - 1,60,000 1,60,000 68,750 62,200

    Notes:

    • Annual premium mentioned above is exclusive of applicable taxes.
    • Please note that the Guaranteed Surrender Value (GSV) shown above is guaranteed. Please refer to the surrender value section in key terms and conditions for the formula and factors of GSV.
    • Death Benefit under the plan will be higher of:
      i) Sum Assured,
      ii) Guaranteed Sum Assured on Maturity and
      iii) 105% of {the total premiums paid till the date of death}
      Where:
      Sum Assured is defined as Annual Premium times Sum Assured Multiple.
    • In case of death of the Life Assured due to an accident, an additional benefit equal to the Sum Assured will be paid as Accidental Death Benefit.
  • BROCHURE & PDFs

Get a Call Back

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I agree that even if my contact number is registered with NDNC/NCPR, I would still want the Company to contact me on the given number for the clarifications/product information sought by me.

Claims Process

  • Step1: Claim Intimation & Registration
  • Step2: Fund Value Disbursement & Documentations
  • Step3: Processing & Settlement
Know more

Get a Call Back

*
*
*

I agree that even if my contact number is registered with NDNC/NCPR, I would still want the Company to contact me on the given number for the clarifications/product information sought by me.

Claims Process

  • Step1: Claim Intimation & Registration
  • Step2: Fund Value Disbursement & Documentations
  • Step3: Processing & Settlement
Know more