Child Insurance Plan

help create a corpus for crucial stages in the child’s life

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Smart Stage Money Back Plan: Ideal Plan for Your Child's Education

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If you intend to save money for your child's education, then you should certainly consider Smart Stage Money Back Plan. This plan has recently been launched by Canara HSBC Oriental Bank of Commerce Life Insurance to suit the needs of various customers with regard to insurance, investment, liquidity and guaranteed returns.

The Policy Term of Smart Stage Money Back Plan is 15 years, while the Premium payment term is only 11 years. The minimum sum Assured that one can opt for under the plan is INR 1,00,00. The plan grants rebates if you choose a Sum Assured amount higher than 1,50,000. The minimum and maximum eligible entry age for those looking to buy this plan is 8 years and 55 years, respectively.

Regular pay-outs provides liquidity and reinforces customer trust and confidence

It offers customers liquidity benefit by providing multiple payouts during the policy tenure. The plan provides for four payouts at different points in time. The first payout which is 15% of the sum assured is scheduled in the fourth year of policy term. The second and third payouts which are also 15% of the sum assured are given out in the 8th and 12th year of the policy term. The Maturity benefit which is 55% of the sum assured is given out at the completion of the policy term.

Apart from the minimum sum assured the Insured will also be entitled to receive bonuses at maturity that would have accumulated during the policy term. All benefits received under the plan are tax free as per existing income tax provisions.

The plan is being hailed as a good child plan as the regular payouts offered by the plan can be utilized by the customers to meet the various expenses related to child’s education. The regular money back clause ensures that you have enough money with you so that you can conveniently meet the various life stage needs of a child like hobby courses, graduation, marriage etc.

Death Benefit

Apart from guaranteed survival benefits payable at various junctures, the plan also ensures life cover to the family during the entire tenure of the policy. The Death Benefit which is higher of the sum assured or 10 times the annualized premium is payable irrespective of any guaranteed money back benefit that would have been paid before the demise of the insured. Apart from the death benefit, family will also be entitled to any bonuses that would have accumulated during the course of the policy before the death.