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Guaranteed Savings Plan

Guaranteed Savings Plan

UIN: 136N066V01

Some goals cannot be left to chance. Like educating your child, or planning for her marriage, or providing financial security to a loved one. How can you make sure that such important goals are always achieved? First, You need a life insurance plan that allows you to save regularly to reach your objective. Second, You want the life insurance plan to work and your goal to be achieved even if anything happens to you.

Presenting Canara HSBC Oriental Bank of Commerce Life Insurance Guaranteed Savings Plan that offers guaranteed benefits along with the flexibility to choose your savings horizon.

Guaranteed Savings Plan Product Parameters Product Parameters

Guaranteed Savings Plan Age Criteria

Age Criteria

    Guaranteed Savings Option

  • Entry Age (Life Assured)

    Minimum

    0 years

    Maximum

    60 years
  • Maturity Age

    Minimum

    18 years

    Maximum

    75 years
  • Guaranteed Savings with Double Protection Option

  • Entry Age (Life Assured)

    Minimum

    18 years

    Maximum

    55 years
  • Maturity Age

    Minimum

    28 years

    Maximum

    75 years
  • Guaranteed Savings with Premium Protection Option

  • Entry Age (Life Assured)

    Minimum

    18 years

    Maximum

    55 years
  • Maturity Age

    Minimum

    28 years

    Maximum

    75 years
Guaranteed Savings Plan Term

Policy Term


Premium Payment Term (in years) Available Policy Term (in years)
5 10,15
7 12, 15
10 15,20
Guaranteed Savings Plan Sum Assured

Sum Assured

  • Minimum
    Minimum Sum Assured is determined basis the Plan Option, minimum Annualised Premium, Entry Age, Policy Term and Premium Payment Term.
  • Maximum
    No Limit as it will depend upon the Board Approved Underwriting Policy of the Company.
Guaranteed Savings Plan Premium Payment Details

Premium Payment Details

Mode Minimum Instalment Premium
(Rs.)
Maximum Premium
Annual 20,000

Maximum Premium: No limit (Subject to Board Approved Underwriting Policy of the Company)

Half-Yearly 10,200
Quarterly 5,200
Monthly 1,800

Some goals cannot be left to chance. Like educating your child, or planning for her marriage, or providing financial security to a loved one. How can you make sure that such important goals are always achieved? First, you need a plan that allows you to save regularly to reach your objective. Second, you want the plan to give you assured returns that are not dependent upon the vagaries of the capital markets, or the bonuses declared by the insurance company. Third, you want the plan to work and your goal to be achieved even if anything happens to you.

Presenting Canara HSBC Oriental Bank of Commerce Life Insurance Guaranteed Savings Plan that offers fully guaranteed benefits along with the flexibility to choose your savings horizon.

  • Guaranteed benefits payable on maturity, provided all due premiums have been paid.
  • Provides life cover for the entire term while you pay premium only for a limited period.
  • Enhanced Protection for your family - Life insurance protection through payment of lump sum benefit on death, all remaining premiums need not be paid and guaranteed benefits payable on maturity (under Guaranteed Savings with Premium Protection Option).
  • Flexibility to choose a payment term suitable for you - Choice of premium payment terms which can closely align to your payment capacity and horizon.
  • Customize your savings horizon to your important financial goals - Multiple policy term options to help you select the best suited policy term which is closely aligned to your financial goals.
  • Better value for higher premium commitment - High Premium Booster to ensure that you get extra benefit for making a higher premium commitment.
  • Tax benefits# on premium paid and benefit received under Section 80C and Section 10(10D), as per the Income Tax Act, 1961, as amended 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..

The benefits under the plan vary as per the plan option chosen.

The definitions below will help you better understand the benefits of the plan:

Sum Assured on Death is the amount which is higher of:-
  • 11 times the Annualised Premium, or
  • 105% of all premiums paid as on date of death, or
  • Guaranteed Sum Assured on Maturity, which is equal to Sum Assured, or
  • Absolute amount assured to be paid on death, which is also equal to Sum Assured
Accidental Death Benefit (ADB) Sum Assured is an amount equal to the Sum Assured on Death.
GUARANTEED SAVINGS OPTION & GUARANTEED SAVINGS WITH DOUBLE PROTECTION OPTION
Maturity Benefit On survival till the Policy Term (provided that all due premiums are paid), you will receive
  • Guaranteed Sum Assured on Maturity, plus
  • Guaranteed Yearly Addition(s), plus
  • Guaranteed Loyalty Addition
On payment of above benefits, your policy will terminate and no further benefit will be payable
Death Benefit In case of the Life Assured's unfortunate death during the Policy Term, provided the policy is in-force, the death benefit payable to your Nominee will be as follows:

1. Sum Assured on Death, plus
2. Cumulative Guaranteed Yearly Addition(s) added, as on date of death

If you have opted for Guaranteed Savings with Double Protection Option and death of the Life Assured is due to an accident, an additional amount equal to ADB Sum Assured will be paid.
On payment of above benefits, the policy will terminate and no further benefit will be payable.
GUARANTEED SAVINGS WITH PREMIUM PROTECTION OPTION
Maturity Benefit On survival till the Policy Term (provided that all due premiums are paid), you will receive
  • Guaranteed Sum Assured on Maturity, plus
  • Guaranteed Yearly Addition(s), plus
  • Guaranteed Loyalty Addition
On payment of above benefits, your policy will terminate and no further benefit will be payable
Death Benefit In case of your unfortunate death during the Policy Term, provided the policy is in-force, the following benefits will be payable:

a. Sum Assured on Death
b. All future premiums (if any) are not be paid and the policy shall continue to be in force for the remaining Policy Term. The policy will also continue to accrue Guaranteed Yearly Addition(s).
c. On maturity - Guaranteed Sum Assured on Maturity plus Guaranteed Yearly Addition (s) plus Guaranteed Loyalty Addition


On payment of above benefits, the policy will terminate and no further benefit will be payable

Other Benefits

Loan Facility

To meet any contingent need, you may avail the loan facility in this plan, once the policy acquires a Surrender Value. The minimum loan amount that can be availed is Rs. 20,000 and the maximum is 80% of prevailing Surrender Value at the time of availing the loan. Loan will be available for an in-force policy only.
The applicable loan interest rate for the financial year 2018-19 is 8.60% per annum.

High Premium Booster

The basic Sum Assured available for a given premium will be increased by the High Premium Booster % applicable as per the table below, in case the annualized premium is more than Rs 30,000 (the upper limit of the first premium band in the table below). The High Premium Booster % will be as per the table below:

Annualised Premium (in Rs.) High Premium Booster (as % of Basic Sum Assured)
20,000 to less than 30,000 Nil
30,000 to less than 40,000 4 %
40,000 to less than 50,000 7 %
50,000 to less than 75,000 8 %
75,000 to less than 1,00,000 10 %
Greater than or equal to 1,00,000 11 %
Tax Benefits#

You may be entitled for tax benefits under Section 80C and Section 10(10D), as per the Income Tax Act, 1961 as amended from time to time.

You can customize the policy to suit your financial goals and requirements in just 3 simple steps:

Step 1 - Choose your plan option Depending on your financial need, select the plan option:

1. If your goal is to get a life cover during the policy term and lump-sum on maturity, we recommend you to opt for 'Guaranteed Savings Option'.
2. If your goal is to get enhanced protection during the policy term and lump-sum on maturity, we recommend you to opt for 'Guaranteed Savings with Double Protection Option'. (Please note only in case of accidental death the additional amount equal to Sum Assured on Death is payable, and, in case of death due to any reason other than accident, no additional amount is payable.)
3. If your goal is to save for your child's future, we recommend you to opt for 'Guaranteed Savings with Premium Protection Option'.
Step 2: Choose your premium Choose your premium amount. You can check the guaranteed amount available at policy maturity to ensure that your financial needs are met.
Step 3: Choose your premium payment term, premium payment mode and policy term Choose how long you would like to pay premium, at what frequency and your policy term, to align with your payment preference, savings horizon and future goals.
The Sum Assured in this plan will be determined basis your age and the options chosen above. If your annualized premium is eligible for High Premium Booster, the Sum Assured will be enhanced by the High Premium Booster %. (refer section "What are the other benefits in this plan?" of the brochure)