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Jeevan Nivesh - Whole Life Insurance Plan

Jeevan Nivesh - Whole Life Insurance Plan

A plan that secures the dream of your loved ones, and allows you to leave a legacy behind.

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Jeevan Nivesh - Whole Life Insurance Plan

Jeevan Nivesh - Whole Life Insurance Plan
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About Jeevan Nivesh

UIN: 136N047V02

Canara HSBC Oriental Bank of Commerce Life Insurance Jeevan Nivesh Plan is a savings- cum-protection plan that provides life insurance cover and savings in the ease of a single plan.

Make a one time investment for a lifetime of regular returns.

CLICK HERE for reversionary bonus rates in participating plans.

Why Buy

Each one of us strive to give best of the things to our loved ones' in our journey of life. Be it child's education, marriage, leaving behind a legacy, buying a dream house or a blissful retirement with our loved ones'. However, to fulfil all these important goals in your life time you require a disciplined financial planning. Therefore, we recommend you to be prepared for the unexpected. To help you plan and achieve your goals in life, we present Canara HSBC Oriental Bank of Commerce Life Insurance Jeevan Nivesh Plan.

  • Lump-sum payout at maturityGuaranteed savings through guaranteed payout of Sum Assured at maturity.
  • Lifelong protectionLife Insurance cover throughout the Policy Term and beyond (under the option Endowment with Whole Life Cover)
  • Settlement optionFlexibility to convert your Guaranteed Sum Assured on Maturity as annual payouts payable over next 15 years, with 5% compounded increase every year to take care of your growing needs (under the Endowment option).
  • Customize your savings horizon and key financial goalsMultiple Policy Term options will make sure that you are able to select the best suited Policy Term which is closely aligned to your financial goals.
  • Premium payment term optionsChoice of flexible premium payment terms which can closely align to your savings horizon.
  • Steady build-up of fund for your financial goalsAdditional lump-sum benefit through payout of accrued Annual bonuses & Final bonus (if any).
  • Better value for higher premiumsHigh sum assured rebate to ensure that you get extra benefit for making a higher premium commitment.
  • Tax benefits onPremium paid and benefit received under Section 80C and Section 10(10D), as per the Income Tax Act, 1961, as amended from time to time.
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The definitions below will help you understand the benefits of the plan better:

Sum Assured on Death is the amount which is higher of:

  • 10 times the Annualised Premium
  • Guaranteed Sum Assured on Maturity
  • Absolute amount assured to be paid on death

Absolute amount assured to be paid on death is equal to Sum Assured

Guaranteed Sum Assured on Maturity is equal to Sum Assured

Endowment with Whole Life Cover option
Maturity Benefit
  1. On survival till the Policy Term (provided that all due Premiums are paid), you will receive the Guaranteed Sum Assured on Maturity along with accrued Annual bonuses and Final bonus, if any.
  2. On payment of Maturity Benefit at the end of the Policy Term, the policy shall not terminate and shall continue till you attain age 100 or date of death, whichever is earlier.
Survival Benefit

Upon your survival till age 100 (provided that all due premiums are paid), Guaranteed Sum Assured on Maturity will be payable to you. On payment of above benefit, your policy will terminate and no further benefit will be payable. Note that this benefit is in addition to Maturity Benefit payable at the end of the Policy Term.

Death benefit during the Policy Term

In case of your unfortunate death during the Policy Term, provided the policy is in-force, the death benefit payable to your Nominee will be as follows:

Higher of:

  1. Sum Assured on Death plus accrued Annual bonuses plus Interim bonus plus Final bonus (if any).
  2. 105% of {Total Premiums Paid till the date of death less underwriting extra premiums, if any}

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

Death Benefit after the Policy Term but before attaining age 100 years

In case of your unfortunate death after the Policy Term but before attaining age 100 years, provided the policy is in-force, Guaranteed Sum Assured on Maturity will be payable to your Nominee and the policy will be terminated.

Note that this benefit is in addition to Maturity Benefit payable at the end of the Policy Term.

Only Endowment option
Maturity Benefit

On your survival till the end of Policy Term (provided that all due premiums are paid), you will receive the Guaranteed Sum Assured on Maturity along with accrued Annual bonuses and Final bonus, if any. On payment of above benefits, your policy will terminate and no further benefit will be payable.

Settlement option: Life is dynamic and our needs keep changing with time. As years pass by, marriage, kids, career, and other developments can change your life in a manner you can hardly predict or foresee. In such situations, you require a flexible insurance plan that can adapt to your changing needs. Therefore, we have designed this unique feature called 'Settlement option'. It allows you to convert your Guaranteed Sum Assured on Maturity into annual payouts which are paid over next 15 year period. These annual payouts also increase by 5% compounded every year to take care of your growing needs.

If you have opted for Settlement option, the Maturity Benefit is payable in the following manner, provided that all due premiums are paid:

  1. Accrued Annual bonuses and Final bonus, if any as lump-sum on Maturity.
  2. Guaranteed Sum Assured on Maturity will be paid as defined in Settlement option above.

The policy will terminate after the end of 15 years period under the Settlement option.

Important notes on Settlement option:

  1. You can opt for the Settlement option under the Policy anytime after issuance but at least 3 months before the Maturity date.
  2. Your first annual payout will be payable after one year from Maturity date. The amount of the first annual payout as a percentage of the Guaranteed Sum Assured on Maturity will depend upon the prevailing 10-Year G-Sec yield at the beginning of the month in which the maturity date of the Policy falls and the subsequent payouts will increase every year at compounded rate of 5% (Fixed) per annum.
  3. In case of any liquidity needs you have the option for complete withdrawal, however such request for complete withdrawal should be given at least three months prior to the next annual payout due date. On the request for such withdrawal, the discounted value of the remaining annual payouts will be paid as lump-sum and the policy will terminate.
  4. If the death of the Life Assured occurs during the Settlement option, the Nominee will have the option of continuing to receive the annual payouts as before or receive the balance annual payouts in lump-sum which will be equal to the discounted value of remaining annual payouts.
  5. There is no life cover during the Settlement option period.
  6. Settlement option is not available where any due premiums are outstanding.
  7. Settlement option will not be available if the prevailing 10-year G-Sec yield is below 4%.

Note: For more details on Settlement option, please refer to the sample Policy Contract of this product available on the website.

Death Benefit

In case of unfortunate death during the Policy Term, provided the policy is in-force, the death benefit will be as follows:

Higher of:

  1. Sum Assured on Death plus accrued Annual bonus plus Interim bonus plus Final bonus (if any).
  2. 105% of {Total Premiums Paid till the date of death less underwriting extra premiums, if any}.

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

Tax Benefits#


Rebate: This plan offers rebate on the premium payable, if Sum Assured is higher than or equal to Rs 4,00,000.

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

Other Benefits


You can avail tax benefit on the premium paid subject to current applicable provisions of Section 80 C of income Tax Act, 1961.

#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.

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 lump-sum on policy maturity, enjoy a whole life cover and leave a legacy behind for your loved ones, we recommend you to opt for 'Endowment with Whole Life Cover option'.
  2. If your goal is to get a life cover only during the Policy Term and lump-sum on policy maturity, we recommend you to opt for 'Only Endowment option'. Under this option, you also have the flexibility to convert your Guaranteed Sum Assured on Maturity as annual payouts, which are paid over next 15 years. These annual payouts also increase by 5% compounded every year to take care of your growing needs (referred to as 'Settlement option').
Step 2: Choose your Sum Assured

Choose your Sum Assured adequately basis your life cover needs and the guaranteed amount required at policy maturity to ensure that your financial needs are met.

Step 3: Choose your premium payment term and Policy Term

Choose a flexible premium payment term and Policy Term that can be aligned to your savings horizon and future goals.

Note: The premium amount will be calculated basis the plan option chosen, your age, sum assured, policy term, premium payment term and premium payment frequency.

Case study 1

Mr. Mehra, aged 40, wants to save for his old age through planned savings and at the same time wants to be financially protected so that his family is safeguarded in the unfortunate event of his death. He also wishes to leave behind a legacy for his family. Therefore, Mr. Mehra decides to go for 'Endowment with Whole Life Cover option'. To fulfill his requirement, Mr. Mehra envisages that he needs a lump-sum of at least Rs. 5 lacs when he turns 60 and hence opts for a Sum Assured of Rs. 5 lacs. Keeping this in mind, Mr. Mehra opts for a regular pay term of 20 years with premium payment mode as annual. The premium he has to pay annually for 20 years is Rs. 33,600 (before taxes and cess (es) as applicable).

Below are the two scenarios illustrating the benefits, which are payable under each scenario:

Scenario 1: Maturity and Survival to age 100 Benefit


At end of the Policy Term which is at age 60, Mr. Mehra receives his desired amount of Rs. 5 lacs (Guaranteed Sum Assured on Maturity) along with accrued Annual bonuses and Final bonus, if any. Additionally, Mr. Mehra also receives Rs. 5 lacs (Guaranteed Sum Assured on Maturity) as a Survival Benefit on his 100th birthday, as illustrated below.

Scenario 2: Death Benefit


  • Death during the Policy Term of 20 years: In the unfortunate death of Mr. Mehra during the Policy Term an amount equal to Rs. 5 lacs (Sum Assured on Death) plus accrued Annual bonuses plus Interim bonus plus Final bonus (if any) is payable to Nominee. The minimum death benefit payable will not be less than 105% of {Total Premiums Paid till the date of death less underwriting extra premiums, if any}. On payment of above benefits, the policy will terminate and no further benefit will be payable.
  • Death after Policy Term of 20 years and before age 100: In the unfortunate death of Mr. Mehra an amount equal to Rs. 5 lacs (Guaranteed Sum Assured on Maturity) will be paid to the Nominee and the policy will terminate.This is in addition to Maturity Benefit paid to Mr. Mehra at the end of the Policy Term.

Entry Age


For Endowment with Whole Life Cover option & Only Endowment option

Annual Mode

Minimum

18 years

Maximum

55 years

Monthly Mode

Minimum

18 years

Maximum

45 years

Maximum Maturity Age


80 years for Annual mode

75 years for Monthly mode

However the life insurance coverage will continue up to 100 years of age in case Endowment with Whole Life Cover option is taken.

Annual and Monthly mode


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

Minimum Sum Assured


Annual Mode

₹ 3,00,000

Monthly Mode

₹ 5,00,000

Maximum Sum Assured


No limit

(Subject to Board Approved Underwriting Policy (BAUP) of the Company)

Minimum Premium

Depends on factors such as age, sum assured, etc

Maximum Premium

No limit, will be subject to BAUP of the company

Endowment with Whole Life Cover option & Only Endowment option


Premium Payment Term (in years)
Available Policy Term (in years)

Limited pay 5

10,15,20

Limited pay 7

15,20,25

Limited pay 10

15,20,25

Regular pay

15,20,25,30

For Endowment Option, the Policy will terminate at the end of the Policy Term. However for Endowment with Whole Life Cover Option, the Policy will continue even after the end of the Policy Term until the death of the Life Assured or until the Life Assured attains age of 100 years whichever is earlier.

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