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Smart Future Income Plan

Smart Future Income Plan

Plan your post-retirement life to secure your happiness forever

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Smart Future Income Plan

Smart Future Income Plan
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About Smart Future Income Plan

UIN: 136N036V02

Canara HSBC Oriental Bank of Commerce Life Insurance Smart Future Income Plan that will help you plan well as you move towards the golden years of life.

CLICK HERE for reversionary bonus rates in participating plans.

Why Buy

As you grow in the journey called Life, you would surely like to have a companion who enables you to enjoy the finest lifestyle and meet aspirations of your loved ones, without really having to worry about the finances.

  • Get tax free# Guaranteed Monthly Income for 15 years to realize your dreams
  • Accumulate Lump Sum money through Annual and Final bonuses to create a pool of money for your loved ones
  • Enjoy Life Cover for 25 years
  • Enhance your Lifestyle through Guaranteed Income and Bonuses
  • Opt for loan flexibility to meet your contingent needs
  • #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.

READ MORE

Life-cover Benefits


Sum Assured: 100 times the chosen monthly income.

Death Benefit: On death of the life assured, a death benefit equal to Death Benefit Sum Assured [Higher of Sum Assured or 10 times Annualised Premium] plus added annual bonus (and any interim bonus for the part of the year in which death occurs) and final bonus (if any) subject to at least 105% of Total Premiums Paid by the policyholder {excluding underwriting extra premiums, if any} shall be payable.

Survival Benefits


Income Benefit: You will receive the chosen monthly income during the last 15 years of the plan i.e. from the end of 121st policy month (not the calendar month) up to the end of policy term.

Maturity Benefit: On survival till maturity, Added Annual bonuses along with Final Bonus, if any will be paid.

Other Benefits


Rebate: If your Sum Assured is more than or equal to 7 Lacs, you will be entitled for a premium rebate.

Loans: You can avail of the loan facility to meet your liquidity needs, once the policy acquires a surrender value.

Bonuses


Annual Bonuses: Your policy is entitled to get annual bonuses (expressed as a percentage of Sum Assured) based on the profits emerging from the with-profit fund managed by the company. These bonuses will be declared and added to your policy at the end of every year.

Final Bonus: Your policy may be entitled to get the final bonus (if any), expressed as a percentage of Sum Assured.

Please note that there is no guarantee on the amount of future bonuses and these will be declared at the sole discretion of the company. Hence, the bonuses in this plan may vary from time to time.

Tax Benefits


#You may 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.

Let us understand this through the case study of Arun, who is 45 years old, has 2 kids, aged 10 and 7. Although his present income is sufficient to meet his and his family's current needs, he wants to ensure a guaranteed source of supplemental income of 10,000 per month in case his mainstream income is insufficient.

Step 1: He chooses Guaranteed Monthly Income = ₹ 10,000.

Sum Assured = ₹ 10 Lacs (100 times Guaranteed Monthly Income)

Step 2: He chooses to pay premiums Annually. Basis his age, Sum Assured and the mode of premium payment, he needs to pay ₹ 139,310 per annum (before applicable taxes).

Step 3:Arun has now safeguarded his family through a guaranteed Life Cover. His family is assured of receiving the following death benefit in case of his unfortunate demise.

Death Benefit Sum Assured, which is higher of

  • Sum Assured or
  • 10 times Annualized Premium

Plus Annual Bonuses added till date of death (and any interim bonus for the part of the year in which death occurs) along with the final bonus (if any)

The death benefit will be at least equal to 105% of {Total Premiums Paid till date of death less underwriting extra premiums, if any}. Please note that the above benefit is irrespective of any of the survival benefits already paid to Arun.

Step 4: Provided all the premiums are paid as and when due, regular Annual Bonuses added to the policy will be payable either on death or maturity, whichever is earlier. Further, Arun may be eligible for Final Bonus, if any.

Step 5: Provided premiums are paid as and when due and Arun survives, he will start receiving the chosen Guaranteed Monthly Income after completion of 10 policy years.

To summarize, the key dates (for example) he should keep in mind are:

Policy starts

15 December, 2014

Premiums are due on

15th December every year till year 2023

1st monthly income

15th January, 2025

Last monthly income

15th December, 2039

HOW IS ARUN'S FAMILY PROTECTED?

In case of Arun's unfortunate demise (say in 3rd month of policy year 5), Smart Future Income Plan protects Arun's family as follows:

  • Death Benefit Sum Assured of 13,93,100, which is higher of (Sum Assured: 1,000,000 and 10 Times Annualized Premium: 13,93,100) plus Annual Bonuses added till policy year 5, final bonus (if any) and interim bonus (if any)
  • 105% of {Total Premiums Paid till date of death less underwriting extra premiums, if any}
  • Please note:

  • Post payment of death benefit, his policy stands terminated.
  • Outstanding Loan Amount and interest thereon, if any, will be adjusted from death benefit payable to Arun's family.
  • Entry Age


Minimum

18 years

Maximum

55 years

  • Maturity Age


Minimum

43 years

Maximum

80 years

25 Years

100 times the chosen monthly income

  • Min. Income is ₹ 5,000 per month (in multiples of ₹ 100 thereafter)
  • Premium depends on the age, income and premium mode chosen.
  • Premium Mode & Modal Factors
    Annual and Monthly

    For Monthly mode, the Annual premium needs to be multiplied with a factor of 0.09 to arrive at the monthly premium payable.

  • Premium Payment Term
    10 years
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