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A Guide to smart monthly income plan

dateKnowledge Centre Team dateFebruary 03, 2021 views125 Views
A Guide to smart monthly income plan

Are you looking for a way to manage your income to get benefits in the future? Then you are in the right place. Smart Monthly Income plan by Canara HSBC Life Insurance can provide you with security and assurance in life.

What is a Savings plan?

A Savings plan helps to provide you life insurance and safety with efficient and disciplined management of your income. A savings plan comes with various benefits such as tax benefits, terminal illness benefits, death benefits, and many more. A savings plan can be an ultimate package for managing your’s and your family's financial needs.

Types of Savings plan

There are various types of Savings Plan offered by Canara HSBC Life Insurance such as:

  • Invest 4G Plan

    This plan allows you to protect your life goals and achieve your dreams and the protection for your family. You can customize this plan according to your goals and requirements, and you have absolute control over your savings. It provides you with death benefits, maturity benefits, tax benefits, wealth boosters, and much more. Invest 4G is a savings cum protection plan to help you secure the life goals of you and your loved ones.

  • Titanium plus plan

    This plan provides you with investment along with protection to help you improve your savings. You can change the investment asset according to market conditions and thus, provides you with better control over your savings. There are various payment options available.

  • Guaranteed Saving plan

    This plan provides guaranteed benefits along with complete control over savings. It offers various benefits, such as death benefits, maturity benefits, loan facility, tax benefits, and many more.

  • Smart Lifelong Plan

    This plan allows you to build your wealth along with whole life coverage. With this plan's help, you can fulfil your various responsibilities, and help you make the right decisions. It provides various benefits, such as death benefits, maturity benefits, investment funds, loyalty additions, and many more.

  • Insure Smart Plan

    This plan allows you to meet various financial expenses along with investment. It provides various benefits, such as death benefits, maturity benefits, loyalty additions, investment funds, and many more.

  • Future Smart Plan

    This plan allows you to easily manage your income to meet your family's future needs easily. It provides various benefits, such as death benefits, maturity benefits, premium options, and many more.

  • Grow Smart Plan

    This is an affordable plan which requires you to pay premiums for a limited duration. It provides lifelong insurance cover and financial security. The benefits are death benefits, loyalty additions, investment funds, tax benefits, and many more.

  • Guaranteed income plan

    It provides life cover for the entire term, and you are required to pay the premium only for a particular time. It provides various benefits, such as survival benefits, death benefits, maturity benefits, and many more.

  • Easy Bachat plan

    It allows you to save to provide financial security to your family with affordable premiums and a hassle-free manner. The benefits include death benefits, maturity benefits, survival benefits, and many more.

  • Jeevan Nivesh Plan

    This plan allows you to provide complete financial security to your family. There are various benefits, such as maturity benefits, death benefits, survival benefits, tax benefits, and many more.

  • Money-Back Advantage Plan

    This plan provides you with the double benefit of insurance and protection. The benefits include survival benefits, death benefits, maturity benefits, and many more.

  • Guaranteed Income Advantage Plan

    It helps to provide you with financial security for you and your family without compromising your current needs. It provides guaranteed benefits along with regular income. The benefits include survival benefits, death benefits, maturity benefits, and many more.

    In this article, we are going to cover everything about smart value income plans.

Smart Monthly Income Plan of Canara HSBC Life Insurance

Who doesn't want future security for their loved ones? Unexpected events can happen any time, and in such a case, everyone wants the needs and requirements of their family to be taken care of. This is what this plan does. This plan helps you to provide complete financial security to your family even when you are not around.

It is a unit-linked plan that helps to deliver long-term investment opportunities for you and your family. It helps to furnish complete financial security for your future family needs, such as building an asset, ensure a bright future for your child, or the marriage of your daughter. It provides a comprehensive life insurance cover that includes sum assured on death and premium funding benefit on death or disability. Thus, in case of any unexpected or unfortunate event, the plan continues and remains unchanged.

Also Read - Best Saving Plan in India

Features of Smart Value Income Plan

  • It helps to develop leaders' equity funds.

    With the help of investments, especially in mid-cap stocks, you can produce long-term capital appreciation.

  • You can switch funds.

    This plan allows you to switch some or all of your investment from one fund to another. However, the minimum sum that you are required to switch is Rs 10,000.

  • Premium redirection

    This plan allows you to change the allocation of future premiums once in a policy year. In such cases, the revised allocated proportion will be applied to subsequent premiums.

  • You can change the sum assured

    You can modify your Sum Assured from the 6th policy year. This is available for three times during the policy term. However, then you cannot change your annual premium.

  • Partial Withdrawal

    This policy allows you to withdraw the amount for the six the policy year partially.

  • Auto fund rebalancing

    Auto funds rebalancing allows you to maintain the allocation of your investments in a specific proportion across funds, irrespective of market movements.

  • Safety Switch Option

    With this option, you can shift your funds systematically to a considerably low-risk Liquid Fund in the last four policy years.

Benefits of the Plan

It provides various benefits, such as:

  • Death Benefit

    The sum assured is paid on death, future premiums funded by the company, fund value on maturity, and the death benefit will never be less than 105% of the total premiums paid by you.

  • Maturity Benefit

    At the end of the term, you will get the fund value.

  • Premium Funding Benefit

    In case of death, future premiums will be funded by the company, and your child gets funded value on maturity.

  • Investment Funds

    It allows you to choose to invest in 7 investment funds with equity exposure ranging from 0% to100% according to your preferences.

  • Policy Term

    There are various policy terms offered such as 10, 15, 20, and 25 years and you can choose any of them based on your preferences and requirements.

  • Tax Benefits

    In this policy, you will also get a tax benefit according to Section 80C of the Income Tax Act, 1961.

Age Criteria

Minimum 18 years
Maximum Policy term Age at entry Age at Maturity
10 years 51 years 61 years

Maturity age

Minimum 28 years
Maximum Policy term Age at entry Age at maturity
15 years 51 years 66 years
20 years 49 years 69 years
25 years 45 years 70 years

Policy Term

There are various policy terms offered such as 10, 15, 20, and 25 years and you can choose any of them based on your preferences and requirements.

Premium Payment Details

a. Premium Mode

You can either choose monthly or annually based on your preferences and requirements.

b. Premium payment term

You can choose any premium term from 10 years to 20 years based on your preferences and requirements. However, it would be best if you chose in whole years only, and the premium payment term should always be lower than or equal to the policy term.

Sum Assured

a. Minimum

For ages less than 45: Higher (0.5 x policy term x Annualized Premium) OR 10 x Annualized Premium. For ages 45 & more: 7 x Annualized Premium

b. Maximum

The maximum Sum Assured varies based on age and selected policy term and is subject to underwriting acceptance. You can refer to the product brochure for exact details on the maximum Sum Assured multiply accessible under this product.

Wrap up

We have been taught about savings since our childhood. Savings are an essential part of life that can help you to have a better and secure future. This can help to reduce your worries, and you can be more assured in life. This is what the Smart Monthly Income Plan of Canara HSBC Life Insurance does. It is a savings plan that helps to provide you and your family financial security in the future.

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