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Insurance Company
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Canara HSBC OBC Life Insurance Company Ltd
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Plan Name
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Canara HSBC Life Saral Bima Plus Plan
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Plan Nature
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ULIP
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Plan Category
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Protection Plan
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UIN No.
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136L011V01
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About Plan
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Saral Bima Plus that has been designed to provides you life insurance cover through a simple and hassle-free process. Just answer a few questions and ensure peace of mind for life! What's more, this Plan will give you loyalty additions to help your money grow faster.
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Minimum Entry Age
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18years
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Maximum Entry Age
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45years
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Minimum Policy Term
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15years
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Premium Paying Term
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7years
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Minimum Premium
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Rs6000
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Maximum Premium
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Rs100000
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Minimum Sum Assured
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5 times Annualised Premium Equivalent.
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Benefits
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| Particulars | Description |
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Maturity Benefits
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At maturity, you have the option to either take the entireFund Value as a lump sum and close the policy or opt forthe Settlement Option and take the maturity proceeds as structured payouts over 5 years.
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Additional Benefits
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Premiums paid under this policy will be eligible for taxbenefit under Section 80C and any benefit amount paid toyou will be eligible for tax benefits under Section 10(10D),as per the Income Tax Act, 1961.
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Partial Withdrawal Benefit
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In order to meet any sudden financial requirements, you can make Partial Withdrawals from your policy withouthaving to surrender it. Partial withdrawals are allowed afterthe completion of 3 policy years. The minimum withdrawalamount is Rs. 10,000 and the maximum is such that theFund Value after withdrawal is more than 120% of the firstyear premium. Partial Withdrawal charge is as detailed in'Charges section'.
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Surrender Benefit
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If the policy is surrendered within the first 3 policy years,the surrender value will be paid after completion of the 3policy years, the surrender value as at the date of surrenderwill not vary based on the performance of Invett Fundsand will remain constant till it is paid out. There will be no surrender charges if surrender request is received postcompletion of at least 5 Policy Years
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Other Benefits
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In the unfortnate event of your death during the PolicyTerm, your nominee will receive Sum Assured plus theFund Value.
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Tax Benefits
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| Section | Description |
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SEC 80 C
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Under Section 80 C premiums up to Rs. 100,000 are allowed as deduction from taxable income.
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SEC 10 (10)D
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Maturity and Death Benefits are tax free under section 10 (10) D of the Income Tax Act, 1961.
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Gain express insurance by certifying the 'Declaration of Good Health' without any medical questions
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Fixed benefits and options to maintain ease of understanding with purchase of this Life Insurance cum Investment policy.
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Fixed benefits and options to maintain ease of understanding with purchase of this Life Insurance cum Investment policy.
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Pay premiums for only 7 years while you enjoy life cover up to 15 years.
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Payable twice to give you the benefit to enhance the value of your Investment by extra allocation of units to your funds.
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Liquidity through partial withdrawals from your funds, asand when required, post completion of 3 years since policystart date, to meet any unforeseen financial hardships
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Balanced Fund II
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21-May-13
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12.269
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16-Jun-09
09:41
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HSBC intends to raise stake in insurance JV
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01-Jun-09
21:14
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Benefit through bancassurance
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25-May-09
09:49
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Doubling size of distribution network : Canara HSBC Oriental Life Insurance
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27-Apr-09
11:23
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Canara HSBC Oriental Life Insurance Company looking to double the coverage of branches
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29-Jan-09
16:51
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Insurers to inform consumer on bouncing of cheque
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