• Term Life
  • Investment

Canara HSBC Smart Suraksha Term Plan

The Canara HSBC Oriental Bank of Commerce Life Insurance Smart Suraksha Plan is a traditional pure protection plan which comes with life cover along with option to get cover against accidental death/ disability. This plan is ideal for individuals who want to protect their family’s future and financial requirements. Note: All information has been sourced from the official website of Canara HSBC Life.

Features of Canara HSBC Smart Suraksha Plan

The features of Canara HSBC Smart Suraksha Plan are:

  • You get life insurance cover at a low cost.
  • Option to cover accidental death or/and total and permanent disability.
  • You will get rewarded for maintaining a healthy lifestyle.
  • Lower premium rates for a non-smoker
  • Rebate for a higher sum assured.
  • Rebate for women.
  • Tax benefits for premium payments as per Section 80C of the Income Tax Act 1961.

Benefits of Canara HSBC Smart Suraksha Plan

The benefits of Canara HSBC Smart Suraksha Plan are: Flexibility to select protection cover based on your needs. The three options available are:

1. Life Cover - Under this plan option, the sum assured will be paid to the nominee.

2. Accident Plus - Under this plan option, if the life insured passes away due to an accident, an additional amount equal to the Sum Assured will be paid to the nominee along with the sum assured.

3. Disability Plus - Under this plan option, if the life insured suffers from accidental total and permanent disability, the sum assured will be paid to the life assured and the policy will terminate.

Rebates:

  1. On a High Sum Assured (Rs. 1 crore and above is eligible for a discount).

  2. For women policyholders, the premium is set back by 3 years.

  3. For policies purchased online, there is a 5% discount on premium.

In short, the policy provides insurance protection + additional accidental death cover + cover against accidental total and permanent disability.

Eligibility Criteria

The eligibility criteria is as follows:

EligibilityEligibility
Age at entry
18 yrs - 65 yrs (for policy term greater than 5 yrs)
40 yrs - 65 yrs (for policy term equal to 5 yrs)
Age at maturity 75 yrs
Policy term
5 yrs / 10 yrs / 15 yrs / 20 yrs/ 25 yrs / 30 yrs
(Policy term of 5 yrs is available only from age 40 onwards)
For coverage up to 60 years.
(available only for ages 30 yrs - 55 yrs)
Sum Assured
₹20,00,000 & above (subject to underwriting)
(Maximum benefit payable for Accident Plus: ₹3,00,00,000)
(Maximum benefit payable for Disability Plus: ₹1,00,00,000)
Premium Payment ModeYearly/Monthly
Premium Payment TermYearly/Monthly

Premium Details

The premium is applicable for a sum assured of ₹50 lakhs.

AgePlan optionPolicy term
15 yrs20 yrs25 yrs
30 yrsLife Cover ₹4,591₹4,704₹5,207
Accident Plus ₹7,337 ₹7,370₹7,849
Disability Plus ₹8,146₹8,147 ₹8,609
40 yrsLife Cover ₹7,116₹8,256₹9,736
Accident Plus ₹9,780 ₹10,893₹12,358
Disability Plus₹10,552₹11,646 ₹13,099

Other Details of the Plan

Grace Period - This plan comes with a grace period of 30 days (15 days if you have opted for monthly mode) from the date of unpaid premium during which you can pay the premium.

Free-Look Period - 15 days from the date of purchase or 30 days in case the policy is sourced through distance marketing mode.

Documents required For Canara HSBC Smart Suraksha Plan

The following documents are required to purchase this policy:

  • KYC - Proof of ID and Address.
  • Proposal/Application Form.
  • Medical Check-up/Report if required.

Exclusions - Canara HSBC Smart Suraksha Term Plan

The exclusions under this policy are:

For Accidental Total and Permanent Disability & Accidental Death Benefit:

  • Pre-existing diseases.
  • Acquired Immuno-Deficiency Syndrome (AIDS) or infection by any Human Immunodeficiency Virus (HIV).
  • Participation in any hazardous sports or pastimes.
  • Self-inflicted injury, suicide or attempted suicide-whether sane or insane.
  • Abuse of drugs, alcohol, narcotics or psychotropic substance.
  • Service in any military, air force, naval or paramilitary organization.
  • War, civil commotion, invasion, terrorism, hostilities.
  • Physical handicap or mental infirmity.

Suicide:

  • In case suicide is committed within one year from the date of inception of the policy and the policy is in-force, death benefit equal to 80% of the premiums paid till then will be refunded.

  • In case if suicide happens within one year from the revival date of the policy, death benefit equal to higher of 80% of the premiums paid till date of death or the surrender value as available on the date of death shall be payable under this policy.

  • In case of suicide after one year from the date of inception of the policy or the date of revival and the policy is in-force, death benefit as applicable shall be payable under this product.

Review of Canara HSBC Smart Suraksha Term Plan

Life is uncertain, therefore it makes sense to protect your family in case of any unforeseen circumstance. The Smart Suraksha is a term insurance plan which provides coverage against untimely death helping you secure your family’s financial future. The additional benefits of accidental death and total permanent disability cover is the reason why this plan is popular among policyholders.

FAQs on Canara Smart Suraksha Term Plan

Can I withdraw money from my policy before maturity?

Yes, many policies provide the facility of withdrawing money before maturity.

What is the turnaround time for refund of proposal deposit?

The maximum turnaround time for refund of proposal deposit is 15 days from the date of underwriting decision on the proposal.

Does this policy come with any maturity value?

No, this is a pure term plan. It does not come with any maturity value.

Can I get a loan under the Smart Suraksha Plan?

No, the Smart Suraksha plan does not come with the feature of taking a loan against the policy.

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