Canara HSBC OBC Life launches Smart Stage Money Back Plan

The Smart Stage Money Back is an ideal plan to be financially ready for a child's education

January 07, 2014 4:11 IST | India Infoline News Service
Canara HSBC Oriental Bank of Commerce Life Insurance today announced the launch of its Smart Stage Money Back Plan, a traditional participating product, which provides regular guaranteed money back, guaranteed maturity benefit plus all added bonuses to the customer during the term of the policy along with financial protection to the family by way of life cover.
The Smart Stage Money Back is an ideal plan to be financially ready for a child's education and other related needs or fulfilling one’s aspirational needs like purchasing a house or a family vacation.
The plan provides three guaranteed money back payouts of 15% of the sum assured each at the end of 4th, 8thand 12th policy year and a guaranteed maturity benefit equal to 55% of the sum assured at the end of the policy term. All benefits in this plan are tax free as per prevailing income tax laws. The product also provides family protection for 15 years through payout of death benefit and offers limited payment term of 11 years.
John Holden, Chief Executive Officer, Canara HSBC Oriental Bank of Commerce Life Insurance, said, “We are pleased to offer Smart Stage Money Back Plan, our entry into guaranteed money back space, for the customers of our banks at an affordable premium starting as low as Rs 11,080 annually at the minimum eligible entry age and sum assured.  Based on consumer insights, the product was designed to meet their lifestyle and life stage requirements and provide multiple survival benefits to the customer in the form of guaranteed money back at regular intervals. The plan also provides family protection by way of life cover and maturity benefit making it a smart plan for the customers.
Holden further added, “Another important aspect of this plan is that it creates an element of trust and gratification by payout of guaranteed benefits at regular intervals starting as early as end of 4th policy year and hence offers liquidity to customer unlike in traditional endowment plans
With the launch of Canara HSBC Oriental Bank of Commerce Life Insurance Smart Stage Money Back Plan, the Company has further strengthened its product suite to provide the right solution for protecting one’s family and saving for future financial needs.

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