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Easy Bachat Plan

Easy Bachat Plan

Experience the ease of saving with security for life

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Easy Bachat Plan

Easy Bachat Plan
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About Easy Bachat Plan

UIN: 136N068V02

Life is uncertain and there always exists a fear in our mind that what if I am not around? With an aim to secure your family's future and for your financial protection, we present "Canara HSBC Oriental Bank of Commerce Life Insurance Easy Bachat Plan", a life insurance policy that will help you plan your savings in hassle free manner and provide financial protection to your family at affordable premiums.

Why Buy

  • Guaranteed Yearly Additions accrue to you at the end of Policy Year throughout the premium payment term, provided all due premiums have been paid
  • Guaranteed benefits are paid on maturity, provided all due premiums have been paid.
  • Hassle free purchase process with minimum requirements and no medical tests
  • You have the flexibility to choose a payment term suitable for you - Choice of premium payment terms which can closely align to your premium payment capacity and horizon.
  • 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. 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, please contact your independent tax advisor.

What's More:

  • Provides life cover for the entire term while you pay premium only for a limited period.
  • Option to choose from two plan options - Endowment and Money back
READ MORE

The benefits under the plan would be as per the plan option chosen.

Endowment Option (Plan Option 1)
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 Additions added,

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/ Legal Heir (as the case may be) will be as follows:

1. Sum Assured on Death, plus

2. Guaranteed Yearly Addition(s) added, as on date of death

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

Money back Option (Plan Option 2)
Survival Benefit

On survival till the end of the premium payment term where the Policy is in-force and all due Premiums are paid, a one-time benefit equal to 30% of Sum Assured is payable.

Maturity Benefit

On survival till the policy term (provided that all due premiums are paid), you will receive

Guaranteed Sum Assured on Maturity (which is equal to 70% of Sum Assured), plus Guaranteed Yearly Additions added,

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/ Legal Heir (as the case may be) will be as follows:

1. Sum Assured on Death, plus

2. Guaranteed Yearly Addition(s)Â added, as on date of death

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

The survival benefit already paid will not be deducted from the benefit payable on death.

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 Annualized Premium, or
  • 105% of Total Premiums Paid as on date of death, or
  • Guaranteed Sum Assured on Maturity, or
  • Absolute amount assured to be paid on death, which is also equal to Sum Assured

Guaranteed Sum Assured on Maturity is:

  • For Endowment option: 100% of Sum Assured
  • For Money back option: 70% of Sum Assured

Paid-up Sum Assured is defined as Sum Assured multiplied by (Number of Premiums paid divided by Total number of Premiums payable during the Policy Term).

Paid-up Sum Assured on Death is defined as Sum Assured on Death multiplied by (Number of Premiums paid divided by Total number of Premiums payable during the Policy Term).

Paid-up Sum Assured on Maturity is defined as Guaranteed Sum Assured on Maturity multiplied by (Number of Premiums paid divided by Total number of Premiums payable during the Policy Term).

Annualized Premium is the premium payable in a year chosen by you, excluding the taxes, rider premiums and loadings for modal premiums, if any

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 ‘Endowment Option’.

2. If your goal is to get life cover during the policy term, some additional liquidity during the policy term and lump-sum on maturity, we recommend you to opt for 'Money back 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, life coverage needs, savings horizon and future goals.

The Sum Assured in this plan will be determined basis your age and the plan option chosen.

  • Entry Age
Minimum

18 years

Maximum

55 years

  • Maturity Age
Minimum

28 years

Maximum

65 years

  • 5 pay with 10 years policy term
  • 7 pay with 15 years policy term
  • 10 pay with 20 years policy term
Minimum

₹ 20,148

Maximum

₹ 10 lacs

The minimum instalment premium available under the plan are as follows:

Premium Payment Mode
Minimum Instalment Premium

Annual

₹ 5,000

Half-Yearly

₹ 5,100

Quarterly

₹ 2,600

Monthly

₹ 1,000

Maximum Annualized Premium: ₹ 90,000 per annum

Minimum and Maximum Premiums are exclusive of Goods and Services Tax & applicable cess (es)/levy, if any

Mode
Modal Factors

Annual

1.00

Half-Yearly

0.51

Quarterly

0.26

Monthly

0.09

The policyholder can choose to change the Mode of Premium Payment, subject to application of modal factor.

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