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Guaranteed Savings Plan

A plan that offers guaranteed benefits along with the flexibility to choose your savings horizon

Why choose Guaranteed Savings Plan?

Canara HSBC Life Insurance Guaranteed Savings Plan is a savings cum protection plan that provides life cover along with guaranteed benefits to help you meet your savings goals.

 

The plan ensures:

  • Guaranteed lumpsum benefit payable on maturity

  • Life cover for the entire term while you pay premium only for a limited period

  • Enhanced protection for your family - with double benefit in case of accidental death

  • Premium protection option to safeguard your family's dreams in case of your early demise

  • Flexibility to choose a premium payment term aligned to your financial horizon

  • Customize the policy term to match your financial milestones

  • Better value for higher premium – High Premium Booster to get extra benefit for higher premiums

Plan UIN Number:

136N066V02

Ways to open:

Branch, Online

Plan Options

Guaranteed Lumpsum Benefit payable at maturity

How it works?

Step 1: Choose your plan option depending on your financial need/goals

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

Step 3: Choose your Policy Term, Premium Payment Term and premium payment mode
 

The Sum Assured in this plan will be determined basis your age and the options chosen above.

If your Annualized Premium is eligible for High Premium Booster, the Sum Assured will be enhanced by the High Premium Booster %.

Plan at a Glance

Entry Age:

Plan Option Minimum Maximum
Guaranteed Savings Option 0 years 60 years
Guaranteed Savings with Double Protection Option 18 years 60 years
Guaranteed Savings with Premium Protection Option 18 years 55 years

Entry Age:

Plan Option Guaranteed Savings Option
Minimum 0 years
Maximum 60 years
Plan Option Guaranteed Savings with Double Protection Option
Minimum 18 years
Maximum 60 years
Plan Option Guaranteed Savings with Premium Protection Option
Minimum 18 years
Maximum 55 years

Maturity Age:

Plan Option Minimum Maximum
Guaranteed Savings Option 18 years 75 years
Guaranteed Savings with Double Protection Option 28 years 75 years
Guaranteed Savings with Premium Protection Option 28 years 75 years

Maturity Age:

Plan Option Guaranteed Savings Option
Minimum 18 years
Maximum 75 years
Plan Option Guaranteed Savings with Double Protection Option
Minimum 28 years
Maximum 75 years
Plan Option Guaranteed Savings with Premium Protection Option
Minimum 28 years
Maximum 75 years

Premium Amount:

Premium Payment Mode Minimum (INR)
Yearly
20,000 per annum
Half-Yearly
10,200 per half year
Quarterly
5,200 per quarter
Monthly 1,800 per month

Premium Amount:

Premium Payment Mode Yearly
Minimum (INR)
20,000 per annum
Premium Payment Mode Half-Yearly
Minimum (INR)
10,200 per half year
Premium Payment Mode Quarterly
Minimum (INR)
5,200 per quarter
Premium Payment Mode Monthly
Minimum (INR)
1,800 per month

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.

Sum Assured:

Would depend upon the Premium, Age, Policy Term / Premium Payment Term and other plan related options chosen.

Premium Payment Modes:

Premium can be paid in yearly, half-yearly, quarterly, monthly and single modes.

Premium Payment Terms and Policy Terms:

Premium Payment Term (in years) Policy Term (in years)
5 10 , 12
7 12 , 15
10

15 , 20

Premium Payment Terms and Policy Terms:

Premium Payment Term (in years) 5
Policy Term (in years) 10 , 12
Premium Payment Term (in years) 7
Policy Term (in years) 12 , 15
Premium Payment Term (in years) 10
Policy Term (in years)

15 , 20

Availability of Policy Term will be subject to maturity age being within 18 years to 75 years (both inclusive).

Benefits

Benefits description

Plan Option Death Benefit Maturity Benefit
Guaranteed Savings Option Sum Assured on Death plus Cumulative Guaranteed Yearly Addition(s) added, as on date of death. Guaranteed Sum Assured on Maturity plus Guaranteed Yearly Addition(s) plus Guaranteed Loyalty Addition
Guaranteed Savings with Double Protection Option

Sum Assured on Death plus Cumulative Guaranteed Yearly Addition(s) added, as on date of death.

If death of the Life Assured is due an Accident, an additional amount equal to ADB Sum Assured is also payable.

Guaranteed Sum Assured on Maturity plus Guaranteed Yearly Addition(s) plus Guaranteed Loyalty Addition
Guaranteed Savings with Premium Protection Option

Sum Assured on Death.

In addition, the Policy will continue to be in-force and remaining future Premiums are not payable. Also the Policy will continue to accrue Guaranteed Yearly Addition(s).

Guaranteed Sum Assured on Maturity plus Guaranteed Yearly Addition(s) plus Guaranteed Loyalty Addition

Benefits description

Plan Option Guaranteed Savings Option
Death Benefit Sum Assured on Death plus Cumulative Guaranteed Yearly Addition(s) added, as on date of death.
Maturity Benefit Guaranteed Sum Assured on Maturity plus Guaranteed Yearly Addition(s) plus Guaranteed Loyalty Addition
Plan Option Guaranteed Savings with Double Protection Option
Death Benefit

Sum Assured on Death plus Cumulative Guaranteed Yearly Addition(s) added, as on date of death.

If death of the Life Assured is due an Accident, an additional amount equal to ADB Sum Assured is also payable.

Maturity Benefit Guaranteed Sum Assured on Maturity plus Guaranteed Yearly Addition(s) plus Guaranteed Loyalty Addition
Plan Option Guaranteed Savings with Premium Protection Option
Death Benefit

Sum Assured on Death.

In addition, the Policy will continue to be in-force and remaining future Premiums are not payable. Also the Policy will continue to accrue Guaranteed Yearly Addition(s).

Maturity Benefit Guaranteed Sum Assured on Maturity plus Guaranteed Yearly Addition(s) plus Guaranteed Loyalty Addition

Key things you should know

  1. Canara HSBC Life Insurance Guaranteed Savings Plan is an individual non-linked non-par life insurance savings cum protection plan
  2. It provides life cover for the entire term while you pay premium only for a limited period
  3. Kindly pay your premiums regularly and on time to enjoy life cover. In case premiums are discontinued anytime before the premiums have been paid in full for at least the first two consecutive policy years the policy will lapse and the insurance cover and policy benefits will cease. In case premiums are discontinued anytime after the premiums have been paid in full for at least the first two consecutive policy years , your Life Cover and your policy benefits will reduce proportionately
  4. Maturity Benefit is payable on maturity, provided all due premiums have been paid
  5. You must disclose all your health details appropriately in the proposal form to avail life cover benefits in this policy.
  6. Better Value for Higher Premium – High Premium Booster that provides marginally better benefits for making a higher premium commitment
  7. 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
  8. There is a risk of capital loss if policy is surrendered before completion of full policy term
  9. Guaranteed benefits may not yield positive inflation adjusted returns in case the inflation rate is higher than expected
  10. 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
  11. This product is offered to existing HSBC India customers only
  12. If you are purchasing this product online by clicking on 'Apply now', please note that the first premium payment for this product can only be made online through either HSBC India Credit or Debit Card
  13. Purchase of insurance product is purely voluntary and is not linked to availing of any other facility from the bank
  14. 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 (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/bank) 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 the bank and the insured.
  6. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale:
  7. Website: canarahsbclife.com
  8. Call: 1800-103-0003/1800-180-0003/1800-891-0003
  9. E-mail: customerservice@canarahsbclife.in
  10. 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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