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Guaranteed One Pay Advantage plan

A life insurance plan that guarantees benefits at the end of Policy Term by paying premium only once.

Presenting Canara HSBC Life Insurance Guaranteed One Pay Advantage, a savings oriented life insurance plan, which gives you the flexibility to pay premium  only once and stay covered throughout the policy term. That's right, just pay once and put your worries to rest. Moreover, it helps you attain your financial objectives by giving guaranteed benefits.

Why choose Guaranteed One Pay Advantage plan?

  • Financial protection to your family for the entire Policy Term

  • Convenience of paying one-time Premium

  • Flexibility to choose life cover on single life/ joint life basis

  • Policy benefits are upfront guaranteed at start of the policy

  • Guaranteed maturity benefit at the end of the Policy Term to help you fulfil your dreams and financial goals

  • Tax benefits are available subject to prevailing Tax Laws

  • To meet contingent needs, loan can be availed

Plan UIN Number:

136N083V01

Ways to open:

Branch

How it works?

Step 1: Choose to have this policy on Single Life or Joint Life basis.

Step 2: Choose how much you want to save to contribute towards your goal. This is your premium.

Step 3: Choose your Policy Term basis your financial horizon.

Step 4: In case of Single Life, choose life cover of 10 times or 1.25 times the Single Premium. In case of Joint Life, you can skip this step as life coverage is fixed.

Step 5: The Guaranteed Sum Assured on Maturity in this plan will be determined on the basis of your age and the options chosen above.

Benefits

Death Benefit Maturity Benefit

In case of Single Life:

On death of the Life Assured, Sum Assured on Death will be paid. On payment of this benefit, the policy will terminate.

 

In case of Joint Life:

On first death of either of the Lives Assured, 1.25 times the Single Premium will be paid and policy will continue.

On death of the surviving Life Assured, Sum Assured on Death will be paid. On payment of this benefit, the policy will terminate

Guaranteed Sum Assured on Maturity

Benefits

Death Benefit

In case of Single Life:

On death of the Life Assured, Sum Assured on Death will be paid. On payment of this benefit, the policy will terminate.

 

In case of Joint Life:

On first death of either of the Lives Assured, 1.25 times the Single Premium will be paid and policy will continue.

On death of the surviving Life Assured, Sum Assured on Death will be paid. On payment of this benefit, the policy will terminate

Maturity Benefit Guaranteed Sum Assured on Maturity

About the Plan

Entry Age:

Minimum (as on Last Birthday in years)

Policy Term Age
5 13
7 11
10 8

Minimum (as on Last Birthday in years)

Policy Term 5
Age 13
Policy Term 7
Age 11
Policy Term 10
Age 8

Maximum (as on Last Birthday in years)

50

In case of Joint life, the minimum entry age of one of the Lives Assured should be at least 18 years (age last birthday).

Maturity Age:

Minimum (as on Last Birthday in years) Maximum (as on Last Birthday in years)
18 60

Maturity Age:

Minimum (as on Last Birthday in years) 18
Maximum (as on Last Birthday in years) 60

Premium Amount:

Minimum Maximum
Rs. 10,00,000

No limit

(Subject to Board Approved Underwriting Policy of the Company)

Premium Amount:

Minimum Rs. 10,00,000
Maximum

No limit

(Subject to Board Approved Underwriting Policy of the Company)

Above minimum installment premiums are exclusive of Goods and Services Tax & applicable cess(es) / levy, if any.

Guaranteed Sum Assured on Maturity would depend on Entry Age of the Life Assured, Policy Term and Single Life or Joint Life coverage chosen.

Premium Payment Terms and Policy Terms:

Premium Payment Term (in years) Policy Term (in years)
Single Pay 5,7,10

Premium Payment Terms and Policy Terms:

Premium Payment Term (in years) Single Pay
Policy Term (in years) 5,7,10

Key things you should know

  1. Canara HSBC Life Insurance Guaranteed One Pay Advantage is a non-linked non-participating individual savings life insurance plan.
  2. It provides life cover for the entire policy term while you pay premium only once.
  3. Guaranteed Maturity benefit will be provided at the end of Policy Term.
  4. Tax Benefits as per the Income Tax Act, 1961 as amended from time to time, may be available. For tax related queries, contact your independent tax advisor.
  5. There is a risk of capital loss if policy is surrendered before completion of full policy term.
  6. Guaranteed benefits may not yield positive inflation adjusted returns in case the inflation rate is higher than expected.
  7. Non-resident customers should take into consideration the statutory and regulatory requirements of their respective jurisdictions and shall ensure compliance with the same before buying this product. By facilitating purchase of this product, HSBC India makes no representation that the product is suitable for any particular customer or is appropriate in accordance with any applicable local laws, rules or regulations.
  8. You must disclose all your health details appropriately in the proposal form to avail life cover benefits in this Policy.
  9. This product is offered to existing HSBC India customers only.
  10. Purchase of insurance product is purely voluntary and is not linked to availing of any other facility from HSBC India.
  11. You should go through the entire document to have a complete understanding of the policy you are purchasing.

Important information

Terms & Conditions

  1. This product would not be offered to customers having residence in Japan/US or nationality of Japan/US
  2. Insurance is the subject matter of the solicitation.
  3. The Insurance product is offered and underwritten by the insurer Canara HSBC Life Insurance Company Limited (formerly known as Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited) (IRDA Regn. No. 136) having its head office at 139 P, Sector 44, Gurugram - 122003, Haryana, India.
  4. The Hongkong and Shanghai Banking Corporation Limited, India (IRDAI Regn. No. CA0016) (HSBC India) whose India corporate office is at 52/60, M. G. Road, Fort, Mumbai 400 001, is the Corporate Agent of Canara HSBC Life Insurance Company Limited and does not underwrite the risk or act as an insurer.
  5. The contract of insurance is between the insurer and the insured and not between HSBC India and the insured.
  6. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale:
    Website: canarahsbclife.com 
    Call: 1800-103-0003/1800-180-0003/1800-891-0003
    E-mail: customerservice@canarahsbclife.in
    SMS your query to 9779030003 to get a call back within 48 hours

Beware of spurious / fraud phone calls!

IRDAI is not involved in activities like selling Insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint

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