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Smart Monthly Income Plan

Smart Monthly Income Plan

Make a Smart Choice for a Guaranteed Monthly Income

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Smart Monthly Income Plan

Smart Monthly Income Plan
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About Smart Monthly Income Plan

UIN: 136N029V04

Canara HSBC Oriental Bank of Commerce Life Insurance Smart Monthly 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, meet aspirations of your loved ones and create a legacy for them, without really having to worry about the finances.

The Plan Offers

  • Get tax free# Guaranteed Monthly Income for 15 years to realise your dreams
  • Accumulate Lump Sum money through Annual and Final bonuses to create a pool of money for your loved ones
  • Create a Legacy for your loved ones with Life Cover for 25 years
  • Enhance your Lifestyle through Guaranteed Income and Bonuses
  • Opt for loan flexibility to meet your contingent needs
  • Enjoy convenient Premium Payment by adjusting premiums payable with income to be received in year 11-15
  • #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 to the nominee.

The Death Benefit shall be payable irrespective of the monthly incomes already paid till date of death.

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. Set-off Option: This option is for your convenience and will help you adjust the premiums payable during year 11 to 15 from the incomes receivable in these years.

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 3 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 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.

Mr. Arun 35 years old, Male, looking for guaranteed monthly income of 10,000. He also needs a Life Cover of at least 10,00,000. Premium Payment Term is fixed for 15 years. Policy Term is fixed for 25 years. Annual Premium is ₹ 98,000 (Exclusive of Goods and Services Tax & Applicable cess (es)/levy, if any)

smart-mtl-incmp-plan

Note: In the above scenario returns are projected at gross interest rates of 8% and Annual Premium is exclusive of Exclusive of Goods and Services Tax & Applicable cess (es)/levy, if any, which will be as per government regulations and levied additionally and borne by the Policyholder
  • Entry Age


Minimum

18 years

Maximum

55 years

  • Maturity Age


Minimum

43 years

Maximum

80 years

Policy Term (Fixed) - 25 years

100 times the chosen monthly income

  • Min. Income is ₹ 2,000 per month (in multiples of ₹ 100 thereafter)
  • Premium depends on the age, income and premium mode chosen.
  • Premium Mode & Modal Factors
    Annual and Monthly

    Monthly mode will be available only with SI/ECS option. 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
    15 years
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