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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 Oriental Bank Of Commerce 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 Oriental Bank Of Commerce 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 Oriental Bank Of Commerce 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.

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 Oriental Bank Of Commerce 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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Our Products

TERM Insurance PLAN

TERM Insurance PLAN

Whole life cover option available

Increase your life cover with changing life stages

Return of premium & in-built protection options

Multiple premium payment options

Avail tax benefits on premiums paid as per tax laws

ULIP PLAN

Unit Linked Insurance Plan

8 funds and 4 portfolio strategies to invest

Loyalty additions and wealth booster

Return of Mortality Charge is available on Maturity under all three cover Options

Flexibility of switching between the fund options to take benefits of market movements or change in risk preference

Pos Easy Bima Plan

Top Benefits

Hassle free

Get double life cover in case of accidental death

Choice of flexible premium payment and policy term

Avail tax benefit on premium paid

Frequently Asked Questions

What is saving plan?

A savings plan is likely to be different for everyone depending on the financial goal, risk profile, returns, and investment horizon. If you are young and want to save for your retirement, ULIPs like Invest 4G or Titanium Plus plan would be the best option. You are likely to create a large corpus by your retirement through market-linked returns if you invest in this savings plan. If capital protection is your aim, then traditional insurance plans such as Guaranteed Money Saving Plan should be suitable for you.

Who should invest in a Savings Plan?

If you are looking for a guaranteed income plan, then saving plans should be on your list of investments that you are planning to make. Savings plan require you to invest a pre-decided amount on a regular basis. People with a regular stream of income who require a lump-sum amount after a period should opt for a savings plan. Working professionals, self-employed people and businessmen should consider a savings plan to meet their long-term financial obligations. Saving plans are also ideal for people who are risk-averse and want to accumulate funds through relatively safer mediums. These saving plans inculcate financial discipline in policyholders which make them crucial for every portfolio.

How much money should you put in savings each month?

The amount that should be invested in a savings plan each month depends on the income, existing financial obligations and the long-term financial goal. If you have a steady income, you should save at least 20% of your monthly income. It is not necessary to invest your entire money into a savings scheme as investments should be diversified. Ideally, you should aim to have a financial buffer of over 10 times of your annual income. Choose an income plan based on your financial circumstances to stay afloat.

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What is the difference between saving and investing?

Saving is the money that you keep aside for emergencies or for buying any big-ticket item. Investing means growing or multiplying the wealth that you have by buying savings plan, or any other assets. Buying a savings plan will help you in achieving your investment goals such as retirement, your child’s higher education or marriage, or for buying a new house.

Which savings plan is best for retirement?

The Invest 4G plan with its multiple investment options and various portfolio management strategies for capital protection is an ideal saving plan for retirement. Also, Guaranteed Income4Life is also another savings plan that you can consider for building your retirement corpus as it acts as a guaranteed income plan that will provide you maturity benefits to manage your post-retirement expenses.

Which savings plan is best for long-term goals?

Smart Goals Plan is a savings plan with its unique features such as modification of the sum assured partial withdrawal and fund switch can help you plan for your long-term financial goals. Canara HSBC Oriental Bank of Commerce Life Insurance offers a wide variety of saving plans that you can invest in as per your risk appetite and investment goal.

Which savings plan is suitable for girl child?

The Future Smart unit-linked plan from Canara HSBC Oriental Bank of Commerce Life Insurance is the ideal savings plan for the girl child. Monthly Income Advantage Plans are also a good option if you are planning to invest in a savings plan for your girl child.

Where should I invest my money?

You should spread your investments across financial instruments. However, having the best savings cum guaranteed income plan in your portfolio is extremely important. Savings plan ensures financial stability and also helps in fulfilling short, medium and long-term monetary goals.

What is a monthly income advantage plan?

A monthly income advantage plan ensures that you lead a stress-free life with your loved ones as it provides a life cover along with giving you guaranteed monthly income. In short, it is a life insurance and income plan that will financially secure commitments made to your loved ones. Canara HSBC Oriental Bank of Commerce Life Insurance Guaranteed Income Advantage Plan is a monthly income advantage plan that provides life cover for the entire term while you pay premium only for a limited period.

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What is a good age to start saving money?

When you plan to invest in a financial product, it always pays well to start early. The earlier you start saving and investing, the better. When you start investing early, the capital gets adequate time multiply. Even a small amount invested for a long time can give substantial returns due to compounding in a savings plan. Invest in an income plan as early as possible to build a significant corpus that will later help you in life. Ensure that you buy the best saving plan in India that can be aligned with your investment goals.

Should you use a savings plan for retirement planning?

Yes. Retirement planning is one of the most important financial decisions of our lives. The best saving plan offers a host of features that may help you build your retirement corpus. Some of the saving plans like Guaranteed Income4Life offer guaranteed returns at policy maturity. Such returns can act as a regular income stream even after your retirement to help you stay financially stable.

Are saving plans beneficial for managing unexpected expenses?

Yes. Best saving plans in India offer partial withdrawal system that can be utilized during your rainy days. Being financially prepared to tackle such odds will help you manage any unforeseen expenses in a smooth manner. Buy a monthly income advantage plan that will generate a steady source of income for you to take care of both long-term and short-term financial goals.

How to save tax by using savings plan?

Saving plans are known for helping us achieve our financial goals. Best saving plans allow you to grow your wealth while providing life cover. Saving and investment plans are also beneficial for tax planning. Premiums of savings cum protection plans come with tax benefit under Section 80C of the Income Tax Act. Moreover, proceeds received upon the death of the policyholder or upon the maturity of the policy are tax free under Section 10 10(D).

What is the right age to start saving money?

When you plan to invest in an income plan, it always pays well to start early. The earlier you start investing in a savings plan, the better. When you start investing early, the appreciation in capital is significant. Even a small amount invested in the best saving scheme for a long time can give substantial returns due to compounding. Buy the best savings plan as soon as you start earning to achieve all your milestones on time.

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How a savings plan can help in building your child’s education fund?

Saving plans help in building wealth over time against the investments that you make. Buy the best savings plan to build an education fund for your child. The best saving plan for kids offered by Canara HSBC Oriental Bank of Commerce Life Insurance eases the stress of planning your child's future by providing a lump-sum payout on the investment. Consider investing in a monthly income advantage plan to assist you in fulfilling your financial goals.

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How Savings Plans by Canara HSBC Oriental Bank of Commerce Life Insurance can help you?

Every person has a unique reason to save and invest. With ULIP savings schemes, the company caters to people seeking wealth creation through capital appreciation. Contrarily, the traditional plans can help you save for important life goals without worrying about the fluctuation in fund value. All major savings plan offers partial withdrawal facility that can help you take care of unplanned contingencies. With savings plans from Canara HSBC Oriental Bank of Commerce Life Insurance, you get adequate flexibility while investing and receiving the savings benefits, which makes them a good investment choice for investors looking for income plans.

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