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:
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Guaranteed lumpsum benefit payable on maturity
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Life cover for the entire term while you pay premium only for a limited period
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Enhanced protection for your family - with double benefit in case of accidental death
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Premium protection option to safeguard your family's dreams in case of your early demise
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Flexibility to choose a premium payment term aligned to your financial horizon
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Customize the policy term to match your financial milestones
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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
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
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 |
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 |
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 |
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 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 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 Term (in years) | Policy Term (in years) |
---|---|
5 | 10 , 12 |
7 | 12 , 15 |
10 | 15 , 20 |
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
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 |
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
- Canara HSBC Life Insurance Guaranteed Savings Plan is an individual non-linked non-par life insurance savings cum protection plan
- It provides life cover for the entire term while you pay premium only for a limited period
- 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
- Maturity Benefit is payable on maturity, provided all due premiums have been paid
- You must disclose all your health details appropriately in the proposal form to avail life cover benefits in this policy.
- Better Value for Higher Premium – High Premium Booster that provides marginally better benefits for making a higher premium commitment
- 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
- There is a risk of capital loss if policy is surrendered before completion of full policy term
- Guaranteed benefits may not yield positive inflation adjusted returns in case the inflation rate is higher than expected
- 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
- This product is offered to existing HSBC India customers only
- 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
- Purchase of insurance product is purely voluntary and is not linked to availing of any other facility from the bank
- You should go through the entire document to have a complete understanding of the policy you are purchasing
Apply for Guaranteed Savings Plan
Before applying, please go through the sales brochure to have a complete understanding of the Policy you are purchasing.
Important information
Terms & conditions
- This product would not be offered to customers having residence in Japan/US or nationality of Japan/US.
- Insurance is the subject matter of the solicitation.
- 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.
- 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.
- The contract of insurance is between the insurer and the insured and not between the bank and the insured.
- 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