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Guaranteed Suraksha Kavach

Guaranteed Suraksha Kavach

A Non-Linked Non-Par Individual Life Insurance Savings cum Protection Plan

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Guaranteed Suraksha Kavach

Guaranteed Suraksha Kavach
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About Guaranteed Suraksha Kavach

A Non-Linked Non-Par Individual Life Insurance Savings cum Protection Plan

UIN: 136N078V01

Purchase of any insurance products by a bank's customer is purely voluntary and is not linked to availment of any other facility from the bank

Defence personnel take pride in serving the nation and we salute their courage and grit. It’s an honor for us to offer our services to the heroes who protect our country. We promise to stand by you and your family and help you to secure a happy future for your family when you have to leave them behind to protect our nation. Canara HSBC Life Insurance Guaranteed Suraksha Kavach is a guaranteed benefit plan that is exclusively designed to suit defence personnel’s financial needs and provide a secure future with two plan options - Future Suraksha and Income Suraksha. It is a Non-Linked Non-Participating Individual Life Insurance Savings cum Protection Plan.

  • Future Suraksha Assure a bright future for your child with this comprehensive protection plan option

Depending upon your need, you can select your plan option under this product.

Our Plans

Future Suraksha

Safety cushion for your child’s future with Premium Protection Benefit

Guaranteed benefits throughout the policy term

Family Income Benefit every month in case of eventuality

Pay premium for limited years

Tax Benefits as per applicable laws as amended from time to time

Income Suraksha

Guaranteed regular income up to 10 or 15 years

Income protection in case of death

Guaranteed benefits throughout the policy term

Pay premium for limited years

Tax Benefits as per applicable laws as amended from time to time

Future Suraksha

Why Buy


  • Safety cushion for your child’s future
  • Guaranteed benefits throughout the policy term
  • Multiple layers of coverage in case of death
  • Family Income Benefit every month in case of eventuality
  • Tax Benefits as per applicable laws as amended from time to time

READ MORE

Death Benefits

Immediate Benefits
  • Guaranteed Sum Assured as a lumpsum
Family Income Benefit
  • Monthly Income equal to 12% of Annualized Premium every month starting from next monthly anniversary following death till the end of the policy term. Monthly income will be given for atleast 36 months, even if that crosses the policy term.
Premium Protection Benefit
  • All future premiums will be waived off and policy will continue with maturity benefit as an inforce policy i.e Guaranteed Monthly Additions will continue to accrue
Maturity Benefit
  • Guaranteed Sum Assured plus accrued Guaranteed Monthly Additions payable in lumsum.

Maturity Benefit

  • Guaranteed Sum Assured plus accrued Guaranteed Monthly Additions.

Other Benefits

  • Loan facility is available once your in-force policy acquires a Surrender Value.
  • The minimum loan amount that you can be avail is Rs. 20,000 and the maximum is 80% of prevailing 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.

Secure your child’s future in just 3 simple steps:

Step 1: Choose how much you want to save for your child’s future. That is your premium.

Step 2: Choose your Policy Term (PT) and premium payment mode.

Stem 3: The Guaranteed Sum Assured in this plan will be determined on the basis of your age, your nature of duty and the options chosen above.

Sohan Singh, aged 28 years, has a 2 years old child - Pawan. Sohan wants Pawan to become a Doctor once he grows up. To ensure, this dream does not have to face any adversities, he buys an insurance plan with guaranteed benefits - Canara HSBC Life Insurance Guaranteed Suraksha Kavach.

He opts for a Policy Term of 15 years. He makes a commitment to pay Rs. 3,000 at the start of every month for 10 years.

Below are two scenarios illustrating benefits which will be payable under each of them.

Scenario 1: Maturity Benefit

Future Suraksha

Scenario 2: Death Benefit

In case of unfortunate death of Sohan Singh at the end of 4th policy year

Future Suraksha 2

Policy will terminate on payment of this benefit. Premium used in illustration is exclusive of taxes.

Parameter
Minimum
Maximum
Entry Age as on Last Birthday

18 years

55 years

Maturity Age as on Last Birthday

28 years

70 years

Premium Payment Term (PPT), & Policy Term (In years)
Premium Payment Term

5

7

10

12

Policy Term

10

12

15

17

Premium (in Rupees)

Monthly

Quarterly

Half-Yearly

Yearly

2,000

6,000

12,000

24,000

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

Premium Payment Mode

Yearly, Half-Yearly, Quarterly & Monthly

Guaranteed Sum Assured

Will depend upon your age, your nature of duty Annualized Premium, Policy Term and Premium Payment Mode

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

Income Suraksha

Why Buy


  • Guaranteed Monthly Income for 10/ 15 years for you and your family
  • Provision for Supplementary Income
  • Income protection in case of death
  • Tax Benefits as per applicable laws as amended from time to time

READ MORE

Death Benefit

  • Accrued Guaranteed Monthly Additions, if any, will be paid as lumpsum immediately
  • Guaranteed Income on Death will be payable on each monthly anniversary immediately following the date of death of the Life Assured and will continue for the duration of the Income Period. It is expressed as a percentage of Annualized Premium as per the table below:
Income Period
For PPT 5 or 7 years
For PPT 10 years
For PPT 12 years
10 Years
10.0%
15.0%
18.0%
15 Years
8.0%
12.0%
14.0%

Survival/ Maturity Benefit

  • Guaranteed Survival Income plus Loyalty Income will be payable at the end of every month/ quarter/ half-year/ year in case the Income Frequency chosen by you is monthly/ quarterly/ half-yearly/ yearly. This income shall be payable over a period of last 10 or 15 years of the Policy Term as per the Income Period chosen.
  • Guaranteed Sum Assured on Maturity will be paid as lumpsum at the end of the Policy Term on survival of Life Assured and is expressed as a percentage of Total Premiums Paid:
PPT 5 years
PPT 7 years
PPT 10 years
PPT 12 years
50%
75%
100%
125%

Loan Facility

  • Loan facility is available once your in-force policy acquires a Surrender Value.
  • The minimum loan amount that you can be avail is Rs. 20,000 and the maximum is 80% of prevailing 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.

Ensure regular income post retirement for you in just 3 simple steps:

Step 1: Choose how much you want to save towards your goal. That is your Premium

Step 2: Choose your Premium Payment Term (PPT), premium payment mode, income period and income frequency.

Step 3: The Guaranteed Survival Income in this plan will be determined on the basis of your age, your nature of duty and the options chosen above.

Gurbinder Singh, aged 30 years, is happily married and has 2 children. To take care of the household expenses in future when he retires, he buys an insurance plan with guaranteed benefits – Canara HSBC Life Insurance Guaranteed Suraksha Kavach.

He opts for a Premium Payment Term of 10 years, Income Period of 15 years and Policy Term of 30 years, and opts to receive monthly income. He makes a commitment to pay Rs. 5,000 at the start of every month.

Below are two scenarios illustrating benefits which will be payable under each of them.

Scenario 1: Maturity Benefit

mebefits-1

Scenario 2: : Death Benefit

In case of unfortunate death of Gurbinder at the end of 25th policy year, his family will receive the following benefit:


mebefits-1

Policy will terminate on payment of death benefit. Premium used in illustration is exclusive of taxes.

Parameters
Minimum
Maximum
Entry Age as on Last Birthday

18 years

55 years

Maturity Age as on Last Birthday

38 years

75 years

Premium Payment Term (PPT),Policy Term & Income Period (In years)

Premium Payment Term

5

7

10

12

Policy Term For Income Period 10 years

20

22

25

27

Policy Term For Income Period 15 years

25

27

30

32

Premium (in Rupees)

Monthly

Quarterly

Half-Yearly

Yearly

2,000

6,000

12,000

24,000


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

Premium Payment Mode

Yearly, Half-Yearly, Quarterly & Monthly modes are available

Income Frequency

Monthly, Quarterly, Half-Yearly, Annual

Chosen at the Policy inception. You can change it anytime during the Policy Term. Such alteration shall be free and effective from the next Policy Anniversary during the Income Period after receipt of such request.

Guaranteed Survival Income

Will depend upon your age, your nature of duty, Annualized Premium, Premium Payment Term, Premium Payment Mode, Income Period and Income Frequency

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

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