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Guaranteed One Pay Advantage

Guaranteed One Pay Advantage

A Non-Linked Non-Participating Individual Savings Life Insurance Plan.

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Guaranteed One Pay Advantage

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About Guaranteed One Pay Advantage

A Non-Linked Non-Participating Individual Savings Life Insurance Plan

UIN 136N083V01

In today’s fast-paced world, you want to always be one step ahead of the competition. To make sure you are achieving new horizons in this uncertain environment, ensuring sufficient financial protection for your family 24X7 is the key and keeping tabs on your funds is essential to grow your wealth. But with an already busy schedule and a long list of priorities, we know it’s difficult for you to add another layer of responsibility.

Presenting Canara HSBC Life Insurance Guaranteed One Pay Advantage, a non-linked non-participating individual savings life insurance plan, which gives you the flexibility of pay only once and stay covered throughout the policy term. That’s right, just pay once and put your worries to rest.

Why Buy

  • Safeguarding your loved ones: Life cover for the entire policy term
  • One Pay Commitment: Short premium payment commitment of One-Pay
  • Single Life/Joint Life cover: Option to choose cover on single life or Joint life basis
  • Guaranteed benefits: Policy benefits are upfront guaranteed at start of the policy
  • Wealth Creation: Assured returns on maturity to meet financial goals
  • Flexibility of coverage: Option to choose life insurance coverage equal to 10 or 1.25 times the Single Premium basis your financial protection needs(applicable under single life option only)
  • Tax benefits are available subject to prevailing Tax Laws

Death Benefit

In case of Single Life:

On death of the Life Assured, Sum Assured on Death will be paid. On payment of this benefit, the policy will terminate.

In case of Joint Life:

On first death of either of the Lives Assured, 1.25 times the Single Premium will be paid and policy will continue.

On death of the surviving Life Assured, Sum Assured on Death will be paid. On payment of this benefit, the policy will terminate.

Sum Assured on Death is equal to:

  • In case of Single Life, higher of:
    - 1.25 times or 10 times the Single Premium, as opted at inception of the policy
    - Guaranteed Sum Assured on Maturity X Death Benefit Factor
  • In case of Joint Life, 10 times the Single Premium

Maturity Benefit

Guaranteed Sum Assured on Maturity

Loan Facility

To meet any contingent need, you may avail the loan facility in this plan, once the policy acquires a Surrender Value.

Tax Benefit

You may be entitled for tax benefits in accordance with the provision of Income Tax Act, 1961 as amended from time to time. Please consult your independent tax advisor for tax related queries.

You can customize the policy to suit your financial goals and requirements in just 5 simple steps:

Step 1: Choose to have this policy on Single Life or Joint Life basis.

Step 2: Choose how much you want to save to contribute towards your goal. This is your premium.

Step 3: Choose your Policy Term basis your financial horizon.

Step 4: In case of Single Life, choose life cover of 10 times or 1.25 times the Single Premium. In case of Joint Life , you can skip this step as life coverage is fixed.

Step 5: The Guaranteed Sum Assured on Maturity in this plan will be determined on the basis of your age and the options chosen above.

Case Study1: Raghuveer is a 40 years old Investment Banker. He wants to invest in an instrument that can assure tax planning. He invests Rs.10,00,000 in Guaranteed Pay One Advantage for a policy term of 10 years and chooses 10 times the Single Premium as the life coverage. Let’s see the illustrative numbers:

Scenario 1: Maturity Benefit

Scenario 2: Death Benefit

Parameters Minimum Maximum
Entry Age as on Last Birthday*
Policy Term (years) Age (years)
5 13
7 11
10 8
50 years
Maturity Age as on Last Birthday 18 years 60 years
Policy Term 5,7,10 years
Minimum Premium Rs. 5,00,000 No limit (Subject to Board Approved Underwriting Policy of the Company)

* In case of Joint life, the minimum entry age of one of the Lives Assured will be at least 18 years (age last birthday)

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