In this policy the investment risk in investment portfolio will be borne by the policyholder UIN: 136L064V03.
You always work hard towards the very best in your life. Never settling for the second best option is your signature. So, for a valued customer like you, financial protection and financial planning for your loved ones has to be the very best. This plan provides life insurance cover to protect your family in case of your unfortunate demise as well as provides you with the greatest value for your hard earned savings. No matter at what life stage you are; a youngster just getting into the habit of savings, a family man planning for creating a secure future for his kids, planning for your own golden years or even for creating a legacy after you and at the same time safeguarding your wealth so that your personal financial goals are met even in case you are not around. We have a solution for you.
Presenting Canara HSBC Oriental Bank of Commerce Life Insurance Invest 4G - A Unit Linked Individual Life Insurance Savings Plan which you can customize as per your goals and changing requirements. With an unmatched combination of Portfolio Management Options and flexibilities, this plan gives you complete control over your savings and insurance needs. This product is a non-participating product.
Invest 4G is a Unit Linked Individual Life Insurance Savings Plan which you can customize as per your goals and changing requirements. With an unmatched combination of Portfolio Management Options and flexibilities, this plan gives you complete control over your savings. It also provides you with a Life Insurance Cover to protect your family in case of your unfortunate demise.
Death Benefits
1. Life Option and Century Option
Higher of Sum Assured ( less applicable Partial Withdrawal/ Systematic Withdrawal/ Milestone Withdrawal) or Fund Value will be paid as on date of intimation of death claim and policy will terminate
2. Care Option
On death of the Life Assured , lump sum is paid immediately and remaining future premiums are funded by the Company as & when due and Fund Value is paid at maturity.
Maturity Benefits
On maturity, You will receive the Fund Value based on the prevailing NAVs .You also have the option to take Fund Value on maturity in periodic installments as per Settlement Option. (The details on Settlement Option is given below)
Choose your Funds or Portfolio Management Option
This Plan gives you the flexibility to manage & control the savings in your own way. Here you can choose from a range of 8 Unit Linked Funds. You can choose to allocate your Premiums to any, all or a combination of the Unit Linked Funds as per your risk preference.
Alternatively, you may select one among following 4 different Portfolio Management Options to manage and build on wealth.
1. Systematic Transfer Option (STO)
If you want to invest in equity oriented fund but worry about market volatility and risk associated with lump sum investment, then you can opt for STO which enables you to enter the equity market in a systematic manner.
Through this option, your entire premium will be first allocated to the Liquid Fund and then systematically transferred on a monthly basis into any one of the Unit Linked Funds - India Multi-Cap Equity Fund or Equity II Fund or Emerging Leaders Equity Fund or Large Cap Advantage Fund as chosen by you.
2. Return Protector Option (RPO)
This option enables you to take advantage of the equity market by protecting your gains from the future equity market volatility. Through RPO, starting from the 2nd policy year onwards ,your gains made from a equity fund basis your chosen 'Target Appreciation' are automatically transferred to a lower risk Debt Fund. This way, your gains are protected from further market volatility.
3. Auto Funds Rebalancing (AFR)
If you wish to maintain allocation of your investments in a specific proportion across different Unit Linked Funds, irrespective of market movements, you can do so through Auto Funds Rebalancing. Once opted, after every 3 months, it automatically rebalances the allocation of your investments in various Unit Linked Funds to the allocation proportions chosen by you.
4. Safety Switch Option (SSO)
As your policy nears maturity, you may want to avoid market movements and safeguard your funds. The Safety Switch Option enables you to move your funds systematically to a relatively low risk Liquid Fund at the beginning of each of the last four policy years.
Loyalty Additions
This plan offers fund value related Loyalty Additions from end of 5th policy year and every 5th year till the end of the Premium Payment Term provided all the due premiums are received till that time. The Loyalty Additions for each Unit Linked Fund will be equal to a percentage of the average fund value of last 60 monthly policy anniversaries for the respective Unit Linked Fund.
Wealth Boosters
This plan also offers the additional allocation of units which will be added to the Unit Linked Fund(s) at specific policy intervals provided all due premiums till date have been paid. These wealth boosters will be a percentage of the average fund value of last 60 monthly policy anniversaries.
Other Benefits
Illustration 1: Rahul, aged 21, has just started his career and is getting into habit of insurance & savings using this plan. Rahul opts for Cover Option 1 (Life Option) under this plan and starts saving with a monthly premium of Rs. 3,000 and a Premium Paying Term & Policy Term of 15 years.
The table below shows maturity values for multiple scenarios assuming annual gross investment return of 4% and 8% with 100% investment in Equity II Fund.
| Monthly Premium (₹) | Sum Assured (₹) | Total Premiums Paid (₹) | Total Maturity Benefit (₹) (Fund Value) at the end of 15 years | |
|---|---|---|---|---|
| 4%## | 8%## | |||
| 3000 | 360000 | 540000 | 663960 | 907889 |
Rahul, with small but disciplined contribution, at the end of 15 years is not only able to create a substantial corpus but also developed a habit for savings towards a strong financial future.
Illustration 2: Amit aged 35, is married and has a 3 years old daughter. He wants insurance & to create a corpus for the future of his daughter. He is looking for a customized solution which ensures that in an event he is not around, the family's immediate needs are met and in the meantime his dream for providing a corpus to his daughter is also met. Amit chooses Cover Option 2 (Care Option) under this plan with a Premium Paying Term and Policy Term of 15 years.
The table below shows maturity values with multiple scenarios assuming annual gross investment return of 4% and 8% with 100% investment in an Equity II Fund.
| Monthly Premium (₹) | Sum Assured (₹) | Total Premiums Paid (₹) | Total Maturity Benefit (₹) (Fund Value) at the end of 15 years | |
|---|---|---|---|---|
| 4%## | 8%## | |||
| 60,000 | 600000 | 900000 | 1115305 | 1546869 |
| 1,20,000 | 1200000 | 1800000 | 2244078 | 3111471 |
| 1,80,000 | 1800000 | 2700000 | 3366117 | 4667206 |
| Annual Premium (₹) | Lump Sum paid on Death(₹) | Total future Premium funded by the Company (₹) | Total Maturity Benefit (₹) (Fund Value) at the end of 15 years | |
|---|---|---|---|---|
| 4%## | 8%## | |||
| 60,000 | 6,00,000 | 6,00,000 | 11,23,963 | 15,61,458 |
| 1,20,000 | 12,00,000 | 12,00,000 | 22,61,694 | 31,40,996 |
| 1,80,000 | 18,00,000 | 18,00,000 | 33,92,541 | 47,11,494 |
Life Option
| Detail | Minimum | Maximum |
|---|---|---|
| Entry age | 0 years | 65 years |
| Maturity age | 18 years | 80 years |
Care Option
| Detail | Minimum | Maximum |
|---|---|---|
| Entry age | 18 years | 50 years |
| Maturity age | 28 years | 80 years |
Century Option
| Detail | Minimum | Maximum |
|---|---|---|
| Entry age | 18 years | 65 years |
| Maturity age | Up till age 100 years* |
* The policy will auto terminate on policy anniversary following the 100th birthday of Life Assured by paying the Fund Value as available at that point of time.
For Regular/ Limited Premium Policies
| Option | Premium Payment Option | Premium Payment Term (PPT) (in years) | Policy Term (PT) (in years) |
|---|---|---|---|
| Life Option | Limited Pay* Regular Pay |
5 to (PT-1) years Same as PT |
10 to 30 years (inclusive) 10 to 30 years (inclusive) |
| Care Option | Limited Pay* Regular Pay |
10 to (PT-1) years Same as PT |
10 to 30 years (inclusive) 10 to 30 years (inclusive) |
| Century Option | Limited Pay Regular Pay |
10 to PT - 1 Same as PT |
100-Age at entry 100-Age at entry |
For Single Premium Policies
| SA Cover Multiple | Age at entry (in years) | Policy Term (in Years) |
|---|---|---|
| 10 | 0-32 | 5 to 30 years |
| 10 | 33-38 | 5 to 20 years |
| 10 | 39 to 44 | 5 to 10 years |
| 10 | 45 to 49 | 5 years |
| 10 | 50 to 65 | NA |
| 1.25 | 0-65 | 5 to 30 years |
Note: Single Premium option is not available under Care Option and Century Option. The above Policy Terms for Regular/Limited/Single Premium policies are available subject to Maximum Maturity Age allowed under the product as well as subject to Maturity Age being 18 years or more. For instance, a customer aged 5 years (age last birthday), cannot opt for a Policy Term of 10 years under Cover Option 1 as the age at maturity in this case will be 15 years, which is lower than the minimum maturity age requirement of 18 years.
Life Option
For Single Premium- 1.25 or 10 times Single Premium basis Age at Entry
For Regular/ Limited Premium- 10 times Annualized Premium
Care Option/ Century Option
For Regular/ Limited Premium- 10 times Annualized Premium
Under the Invest 4G Unit Linked Insurance Plan, you may be entitled to tax benefits under Section 80C and Section 10(10D), as per the Income Tax Act, 1961. These include, first of all, tax benefit on the premium paid towards a ULIP. This amount of premium is allowed as a deduction under Section 80C of the Income Tax Act up to a limit of Rs 1.5 lakhs. The next tax benefit is in the form of tax savings on the withdrawals made or the amount you receive as a part of the policy, whether it is the maturity benefit received at the culmination of the plan or death benefit received by the beneficiary upon the death of the policyholder or a partial withdrawal during the term of the plan. All such receipts are tax-free in the hands of the receiver. The plan also allows for partial withdrawals, so that you can tend to any liquidity requirements or emergencies that strike. You can make these partial withdrawals in multiples of 1000s, 6th policy year onwards, provided all due premiums for first 5 policy years have been paid. These partial withdrawals made without completely surrendering the whole plan, are also completely tax-free
Apart from these, the ULIP plans tax benefits also extend to their exemption from the Long-term capital gains tax. Often referred to as the LTCG tax for short, this tax provides for the taxation of the profits made through long-term investments. ULIPs, including the Invest 4G, are exempt from this tax.
A lock-in period is, as the name suggests, the period during which you are locked into the ULIP scheme. During this period, as you are not able to make withdrawals.
In the case of Invest 4G, the lock-in period is 5 consecutive policy years from the date of commencement of policy during which no benefits will be payable, except in case of death of the life assured.
This is in line with the latest guidelines of the Insurance and Regulatory Development Authority of India (IRDAI). In 2010, the lock-in period was extended from 3 years to 5 years, including top-up premiums. This increase was brought in to signify that ULIPs are meant to serve the purpose of long-term investment goals.
If you surrender or discontinue the ULIP during this 5-year stipulated period, you will receive no liquidity or payout at the end of 5th policy year only. Withdrawals are allowed after the end of the lock-in. Here’s how this works: if you stop paying premiums during the lock-in period, you are given the option to either revive the policy within the revival period or go ahead with the withdrawal from the policy without any risk cover at the end of the lock-in period.
As is clear, it is advisable to stay invested in your Unit Linked Insurance Plan for longer durations to be able to reap the benefits. You can always exercise the option of fund switching if you feel like they’re underperforming, but it is always a good idea to stay invested for longer period even beyond the lock-in period.
Sometimes emergency strikes and there is a need for liquid funds. It is understandable that you might want to draw into your investments. For this purpose, you are allowed to make partial withdrawals without having to completely surrender it. Partial withdrawals are allowed from the 6th year, i.e. when the lock-in period is over and all premiums for the first 5 policy years have been paid. You are allowed to take a minimum amount of Rs. 5000 and a maximum partial withdrawal amount that leaves the fund value at least 120% of the annualized premium immediately after the withdrawal. You can make as many partial withdrawals as needed in a policy year, subject to the above conditions, free of charge.
In fact, if you have chosen Life Option with Premium Funding Benefits, then the amount of your death benefit is not reduced by the partial withdrawals made by you.
However, if you wish to surrender your investment in the Invest 4G Unit Linked Insurance Plan, then it is treated differently. If you surrender the policy within the first 5 policy years, that is within the lock-in period, then surrender charges are levied on the fund value and this amount is transferred to the Discontinued Policy Fund and will earn at least a minimum guaranteed interest rate of 4% or as prescribed by IRDAI from time to time. The proceeds of the discontinued policy will be paid to you only after completion of the 5th policy year. On the other hand, if you surrender after the 5-year lock-in period, the fund value will be paid to you immediately without any surrender charges or penalty.
By definition, a maturity benefit refers to a lump-sum amount that the insurance company pays you upon the maturity of the insurance policy, i.e. when the policy term ends. In the case of Invest 4G Unit Linked Insurance Plan, this is no different.
The Invest 4G policy matures at the end of the policy term as chosen by you at inception. You will receive an amount equivalent to the Fund Value which is calculated on the basis of the prevailing NAVs (Net Asset Value) multiplied by number of units at maturity. Once you receive this fund value, all the benefits in policy gets terminated.
Sum Assured under Invest 4G is 10 times of Annualized Premium in case of regular and limited pay. In case of Single Pay, Sum Assured is 1.25 or 10 times Single Premium basis Age at Entry
Apart from this, the Invest 4G also provides fund value related Loyalty Additions from the end of every 5th policy year starting from the commencement of the Policy i.e. 5th Policy Year, 10th Policy Year, 15th Policy year etc. if you have paid all the premiums.
Yes, the Invest 4G offers death benefits. Like any other Life Insurance Plan, the Invest 4G also comes with the provision of death benefits. Death benefits imply that in the case of the unfortunate death of the life assured during the term of the policy, death benefits are paid to the beneficiary or nominee or the claimant as per the policy documents.
What is the quantum of death benefits paid depends on the option chosen by the life assured under the scheme. There are three benefit options. The first is Life Option. This means that the death benefit paid out is the higher amount of either a) Sum assured less partial withdrawals made during the last two years b) Fund Value as on the date of intimation of death claim c) 105% of all the premiums paid up to the date of death.
The Second Option is the Care Option. Under this option, death benefits are paid as higher of one of the following as a lump sum: a) Sum Assured b) 105% of all premiums, paid up to the date of death. Besides this, the Fund Value is paid when it reaches maturity and all future premiums are paid for by the insurer as and when due.
The third option is the Century Option. Under this option, the death benefits are equivalent to higher amount of either a) Sum Assured less partial withdrawals, if any, in the preceding two years, or b) the fund value as on the date of intimation of death claim, or c) 105% of all premiums paid up to the date of death.
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