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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 Unit Linked Child Plan
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Plan Nature
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ULIP
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Plan Category
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Child Plan
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UIN No.
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136L009V01
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About Plan
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Canara HSBC Life Unit Linked Child Plan, with its thoughtfully designed features and options is just another way towards ensuring a safe and happy life for your child in the future. This product will not only help you fulfill your promise to your child, but more importantly help you take the first step towards ensuring a secure future for him/her.
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Minimum Entry Age
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Life Assured (Parent): 18 YrsBeneficiary (Child): 0 Yrs
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Maximum Entry Age
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Life Assured (Parent): 60YrsBeneficiary (Child): 15Yrs
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Maximum Maturity Age
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75Yrs
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Minimum Premium
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Rs.12000/-p.a (Annual Premium)
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Maximum Premium
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No Limit
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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 entire fund value as a lump sum and close the policy or opt for the Settlement Option and take the maturity proceeds as structured payouts over 5 years.
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Death Benefits
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In the unfortunate event of death of the life insured, The Sum Assured is paid to the beneficiary (child) or if the Beneficiary is a minor, then to the appointee. The policy continues till maturity with the future premiums waived and funded by the company as and when due. at maturity, the entire Fund Value is paid to the beneficiary and the policy is closed.
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Loan against policy
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There is no provision of loan on the policy.
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Switch Benefit
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You can either switch a percentage of your investments or an absolute amount. The minimum amount that you can switch is Rs. 10000. The first 6 switches in a policy year are free of charges.
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Additional Benefits
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Loyalty Additions at milestones in your child's life: Boost your investments through Loyalty Additions, twice during the Policy Term - at ages 18 and 25 of your child.
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Partial Withdrawal Benefit
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You can make partial Withdrawals from your policy without having to surrender it. Partial withdrawals are allowed from the 6th policy year without any due. The minimum withdrawal amount is Rs. 10000 and the maximum is such that the Surrender Value pertaining to regular premium after withdrawal is more than 120% of the first year premium. The first four partial withdrawals in a yar are free of charge. You also have the option of Systematic Partial Withdrawal wherein 20% of the Fund Value will be disbursed to you in the last 5 policy years.
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Surrender Benefit
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You have the option to surrender the policy, whereby the Surrender Value will be paid to you after deducting the applicable surrender charge and thereafter the policy will terminate. The Surrender Value will be paid after completion of the 3 policy years if Surrendered within the first 3 years. There are no surrender charges if premiums have been paid for at least 5 policy years.
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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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Canara HSBC Life Unit Linked Child Plan has been thoughtfully designed its features and options and it is just another way towards ensuring a safe and happy life for your child in the future. This product will not only help you fulfill your promise to your child, but more importantly help you take the first step towards ensuring a secure future for him/her.
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Safeguard the immediate and future needs of your child incase of your unfortunate death with the following features:- Immediate payment of the Sum Assured- Funding of all future premiums, as and when due- Payment of the Fund Value at maturity
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Boost your investments through Loyalty Additions, twice during the policy term û at ages 18 and 25 of your child
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Protect the real value of your investments and policy benefits against inflation by opting for Indexation at inception, whereby your regular premium and sum assured will increase by 5% p.a.
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Avail the option of a premium holiday up to 3 years and enjoy all the policy benefits without having to pay any premium for the holiday duration
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Meet the planned needs of your child, such as his/her higher education, through structured payouts in the last 5 policy years. This apart, the Partial Withdrawal option is also available after the completion of 5 policy years for unplanned contingencies
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Choose from 5 investment funds û Equity, Growth, Balanced, Debt and Liquid, ranging from 0% to 100% equity exposure, to match your appetite towards investment risks and returns
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Get the upside of high growth through the term of the plan while protecting your savings when your plan is closer to maturity by opting for Maturity Switch Option.
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At inception, you can opt for Indexation, wherein your regular premium as well as the sum assured will increase by 5% p.a. of the then existing Premium and Sum Assured at each policy anniversary. Indexation helps you effectively beat inflation eating into the value of your funds and make disciplined increased savings towards it. Also, in case of your unfortunate death, the benefits paid to your child are substantially insulated from inflation erosion.
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In order to meet any sudden financial requirements for your child, you can make partial withdrawals from your policy without having to surrender it. Subject to all due premiums being paid, Partial withdrawals are allowed after the completion of 5 policy years. The first four partial withdrawals in a year are free of charge.You also have the option of Systematic Partial Withdrawal, wherein 20% of the fund value (as on the beginning of each respective policy year) will be disbursed to you in the 5 policy years immediately preceding policy maturity. This will give you access to your investments, helping you take care of large expenses of your child such as his/her higher education.
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Enjoy Loyalty Additions twice during the term of your policy, linked to two key milestone ages of your child i.e. a) when he/she attains age 18, and b) when he/she attains age 25. The Loyalty Additions are given in the form of free extra allocation of units.
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You can avail the Premium Holiday facility; provided the policy is in force and at least the first 8 policy yearsÆ premiums have been paid. You can opt not to pay your regular premiums for periods ranging from 1 to 3 years during which the policy will continue with all the benefits. Once the holiday period is over, you can resume premium payment without having to pay the premiums pertaining to the Premium Holiday period. This feature is available multiple times during the policy term and can be availed in case you face any financial constraints during the policy term. We will require a notice of at least 15 days, prior to the premium due date from which you wish to avail the premium holiday.
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Balanced Fund
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Debt Fund
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Equity Fund
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Growth Fund
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Liquid Fund
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Particulars
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Range
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Balanced Fund
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Equity
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30% - 70%
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Debt Securities
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30% - 70%
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Money market
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0% - 40%
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Debt Fund
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Debt Securities
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60% - 100%
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Money market
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0% - 40%
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Equity Fund
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Equity
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60% - 100%
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Money Market
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0% - 40%
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Growth Fund
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Equity
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50% - 90%
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Debt Securities
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10% - 50%
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Money Market
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0% - 40%
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Liquid Fund
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Debt Securities
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0% - 60%
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Money market
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40% - 100%
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Balanced Fund
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23-May-13
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15.163
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Debt Fund
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23-May-13
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16.233
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Equity Fund
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23-May-13
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13.429
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Growth Fund
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23-May-13
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13.817
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Liquid Fund
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23-May-13
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14.452
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Balanced Fund
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Debt Fund
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Equity Fund
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Growth Fund
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Liquid Fund
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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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