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Smart Junior Plan

Smart Junior plan designed to guarantee that your child`s future education needs are fulfilled, whether you are around or not.

Why choose a Smart Junior Plan?

Canara HSBC Oriental Bank of Commerce Life Insurance Smart Junior Plan is a individual, non-linked, participating savings-cum-protection, limited premium payment endowment life insurance plan designed to guarantee that your child`s future education needs are fulfilled, whether you are around or not.
  • Smart Junior plan provides Guaranteed payouts during the last 5 years of policy which can be aligned to child's educational milestones.
  • Further, the plan also provides Annual bonuses and Final bonus, if any, on maturity.
  • This plan provides comprehensive protection - in case of unfortunate demise of Life Assured - a lump sum amount is paid immediately and the remaining due premiums, if any, are not payable.
  • The policy continues to be in-force & policy benefits are paid as scheduled.
Guaranteed payouts will be paid during the last 5 years of the policy provided premiums are paid as and when due

Plan UIN Number:

 

136N043V02

 

Ways to open:

Branch

Features & Benefits

Product at a Glance

  • Entry Age: Minimum:  18 years, Maximum: 50 years (In case of monthly mode, maximum entry age is 40 years)
  • Maximum Maturity Age: 70 years
  • Policy Term: 12 to 25 years
  • Premium Payment Term: The premium payment term will depend upon the chosen policy term & will be as per following table. 
Policy Payment Terms

Premium Payment Term (in years)

Policy Term (in years)

Policy Term minus 8 years

13 to 25

(pick a term option)

5

12, 15, 20

10

19 to 25

(pick a term option)

Policy Payment Terms

Premium Payment Term (in years)

Policy Term minus 8 years

Policy Term (in years)

13 to 25

(pick a term option)

Premium Payment Term (in years)

5

Policy Term (in years)

12, 15, 20

Premium Payment Term (in years)

10

Policy Term (in years)

19 to 25

(pick a term option)

  • Minimum Sum Assured: Annual Mode: ₹3,00,000
  • Monthly Mode: ₹5,00,000
  • Maximum Sum Assured: No limit (Subject to Board Approved Underwriting Policy (BAUP) of the Company)
  • Premium Payment Mode and Modal Factors: Annual & Monthly mode. For monthly mode, the annual premium needs to be multiplied with a factor of 0.09 to arrive at the monthly instalment premium payable
  • Minimum Premium: Depends on factors such as age, sum assured, etc. 
  • Maximum Premium: No limit, will be subject to BAUP of the company

Key features of this Plan:

  • Enhanced Triple Protection – Life insurance protection through payment of lump sum benefit on death, all remaining premiums need not be paid and Guaranteed Annual Payouts as planned to meet child`s education needs
  • Guaranteed payouts for child`s education – Annual payouts aligned closely to your child's educational milestones
  • Customize to your savings horizon and key education milestones Multiple policy term options will ensure that you are able to choose the best suited policy term closely aligned to your child's age and future education milestones
  • Premium payment options Choice of flexible premium payment terms which can closely align to your savings horizon
  • Smooth build-up of education fund – Addition of regular Annual bonuses along with Final bonus (if any), on maturity to ensure that your child's education fund gets built up smoothly
  • Better Value for higher premiums – High sum assured rebate to ensure that you get the extra benefit for making a higher premium commitment for the chosen policy term
  • Tax benefits on premium paid and benefit received during policy term under Section 80C and Section 10(10D), as per the Income Tax Act, 1961, as amended from time to time

Benefits

Survival Benefit:  You will receive the Guaranteed Annual payouts at the end of each of the last 4 policy years before the maturity year provided that all due premiums are paid. You can utilize these guaranteed payouts to fund the future education needs of your child. The amount of annual payouts will be as per below table.

Survival Benefit Payout Term

At the end of Policy Year:

Payout as % of Sum Assured

Policy Term minus 4

20%

Policy Term minus 3

20%

Policy Term minus 2

20%

Policy Term minus 1

20%

Survival Benefit Payout Term

At the end of Policy Year:

Policy Term minus 4

Payout as % of Sum Assured

20%

At the end of Policy Year:

Policy Term minus 3

Payout as % of Sum Assured

20%

At the end of Policy Year:

Policy Term minus 2

Payout as % of Sum Assured

20%

At the end of Policy Year:

Policy Term minus 1

Payout as % of Sum Assured

20%

Maturity Benefit:  On your survival till maturity, You will receive Guaranteed Sum Assured on maturity equal to 20% of Sum Assured along with Annual bonuses and Final bonus, if any.

Death Benefit: In case of unfortunate demise of Life Assured during the policy term, provided the policy is in-force, following benefits will be payable:

Immediate lump sum benefit, higher of:

  • Sum Assured
  • 10 times the annualized premium,
  • 105% of {the total premiums paid till the date of death less underwriting extra premium, if any}.
  • In addition to the above, all future premiums (if any) need not be paid and the policy shall continue to be in force for the remaining Policy Term. The policy will also continue to accrue Annual bonuses.

Guaranteed Annual Payouts – All Guaranteed Annual Payouts as scheduled will continue to be payable at the end of each of the last 4 policy years before the maturity year.

Guaranteed Sum Assured on maturity equal to 20% of Sum Assured payable on maturity.

Bonuses – Accrued Annual bonuses along with Final bonus, if any, will also be payable on maturity.

Key Things You Should Know

This is a traditional life insurance plan which provides comprehensive coverage for the chosen Policy Term

The Policy provides guaranteed lump sum payouts (equal to 20% of Sum Assured) during the last 5 years of the Policy. On maturity, accumulated bonuses are also paid

The Policy provides you the option to choose among multiple Policy Term options ranging from 12 to 25 years. You can choose the Policy Term which is aligned best to the educational milestone of your child

This Policy also provides you the option to choose from multiple Premium Payment Terms starting from 5 years onwards. You can choose Premium Payment Term which suits your income stream and preference. The premium Payment Term will depend upon your chosen Policy Term

Kindly pay your premiums regularly and on time to enjoy life cover and Policy benefits. In case premiums are discontinued anytime during the Premium Payment Term, your Life Cover will cease and Policy benefits will get impacted

You must disclose all your health details appropriately in the proposal form to avail life cover benefits in this Policy. You should go through the entire document to have a complete understanding of the Policy you are purchasing

You should go through the entire document to have a complete understanding of the Policy you are purchasing

Purchase of insurance product is purely voluntary and is not linked to availment of any other facility from the bank

Apply for a HSBC Smart Junior Plan

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Important Information

Terms & Conditions

Unit Linked Life Insurance products are different from traditional insurance products and are subject to risk factors.

The premium paid in Unit Linked life insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of the fund and factors influencing the capital market

Unit Linked Funds are subject to market risks and there is no assurance or guarantee that the objective of the investment fund will be achieved

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is only the name of the insurance company and Canara HSBC Oriental Bank of Commerce Life Insurance Future Smart Plan is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.

The various funds offered and fund management options under this contract are the names of the funds and options and do not in any way indicate the quality of these plans, their future prospects and returns

Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured results.

Please know the associated risks and the applicable charges, from your sales representative or the intermediary or policy document issued by the insurance company.

The premium shall be adjusted on the due date even if it has been received in advance.

For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.

Insurance is the subject matter of the solicitation.

The Insurance products are offered and underwritten by Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (IRDA Regn. No. 136) Unitech Trade Centre, 2 Floor, Sushant Lok, Phase I, Sector- 43, Gurgaon, Haryana – 122009

The Hongkong and Shanghai Banking Corporation Limited, India (IRDAI Regn. no. CA0016) whose registered office is at 52/60, M. G. Road, Fort, Mumbai 400 001, is the Corporate Agent of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited having its registered office at C31 & C32, First Floor, Connaught Circus, New Delhi-110001)

The contract of insurance is between the insurer and the insured and not between the bank and the insured.

The Hongkong and Shanghai Banking Corporation Limited, India does not underwrite the risk or act as an insurer.

Website: www.canarahsbclife.com. Call: 1800-103-0003/ 1800-180-0003. SMS: 9779030003. Email: customerservice@canarahsbclife.in

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS. IRDA clarifies to public that:
IRDA or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums.
IRDA does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of the phone call and number.

In case you are interested in availing of a policy, please read the details of our Wealth Management offering under the “Wealth Management” section of our website