Compare Canara HSBC Oriental Child Plans

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Canara HSBC Oriental Bank Of Commerce Life Insurance Company

Canara HSBC Oriental Bank Of Commerce Life Insurance Co. Ltd. Is a joint venture between three massive financial institutions: Canara Bank (51% share), Oriental Bank of Commerce (23% share) and HSBC Insurance Holdings Limited (26% share), part of HSBC group. Together these institutions have more than 300 years of experience in providing financial services and the products they have launched are designed keeping in mind their customer base, banking needs and distribution strengths.

Canara HSBC Oriental Bank Of Commerce Life Insurance Co. Ltd. Child Plans

The child plan is designed to provide maximum coverage at least possible cost. The insurance policy offers benefits to ensure your child’s future gets secured and absolute financial assistance is delivered even in your absence.

List of Child Insurance Plans Offered By Canara HSBC Oriental Bank Of Commerce Life Insurance Co. Ltd, With Features, Benefits And Eligibility

Canara HSBC Oriental Bank of Commerce Future Smart Plan

Features:

  • This plan offers the option to switch between various funds, any number of times, to maximise returns. Minimum amount to switch is Rs. 10,000
  • Option to modify the allocation of your premium once in a year and changes will apply in subsequent premiums
  • From the 6th policy year, plan offers the option for partial withdrawals. Minimum withdrawal amount is fixed at Rs. 10,000 and maximum withdrawal is fixed at such an amount that post withdrawal Fund Value should not go down below 120% of the annual premium
  • Option to increase or decrease the sum assured 6th year onwards. It is available once a year subject to a maximum of three time during entire policy term. Premium remains the same
  • The plan works under auto fund rebalancing so that your investments remain safe despite market fluctuations
  • Safety Switch Option: This helps you to lock in your gains by systematically moving your funds to relatively low risk Liquid Funds in the last four years

Benefits:

  • Death Benefits: In case of an untimely death or disability of the insured within the policy term:
    1. Sum assured shall be paid on death to the nominee
    2. All future premiums will be waived of and paid by the company
    3. Death benefit will never be less than 105% of the total premiums paid till the time of death
  • Maturity Benefit: Fund value will be paid at the time of maturity
  • Discounts available on premium allocation charge if renewal premiums paid through ECS/Standing instructions
  • Premium Funding Benefit: Future premiums will be paid in case of the death of the insured and all future premiums will be paid by the company. Also, opting for premium funding benefit for disability will ensure that in case of total and permanent disability, the future premiums will be waived and future premiums shall be borne by the company.
  • Investment Funds: The plan offers you the option to choose from following 5 funds with equity exposure ranging from 0% to 100% to balance your investment risks:
    1. Equity II Fund
    2. Growth Plus Fund
    3. Balanced Plus Fund
    4. Debt Plus Fund
    5. Liquid Fund
  • Milestone Withdrawals: The plan offers the flexibility to withdraw funds during important milestones of your child’s life to meet his educational expenses. This is applicable for policy terms of 15, 20 and 25 years
  • Income tax benefits are applicable under section 80C of the Income Tax Act

Eligibility:

Minimum Entry Age 18 years
Maximum Entry Age 60 years
Child’s Age at Proposal Age Less than 18 years
Policy Term 10, 15, 20 or 25 years
Annual Premium Min: Rs. 25,000 (Rs. 50,000 for policy term of 10 years) | Max: No Limit
Sum Assured Min- Below 45 years of age: 10, 15, 20years term: 10 X Annual Premium | 25years term: 12.5 X Annual Premium | 45 years and above: 7 x Annual Premium | Max: No limit
Premium Payment Term Minimum: 10 years | Maximum: 25 years

HDFC SL YoungStar Udaan

Features:

  • It is a traditional participating insurance plan that combines benefits of endowment plans and money back plan
  • Multiple maturity benefits are offered
  • Two different death benefits are available
  • Income tax benefits can be availed

Benefits:

  • Death Benefits: Before discussing the two options for death benefits, let’s understand some basic terms here:
  • Sum Assured: Sum assured on death is calculated as the higher of sum assured on maturity or 10 times annualized premium for entry age up to 50 years and 7 times annualized premium for entry age above 50 years
    Basic Death benefit is calculated as the higher of sum assured on death or 105% of all premiums paid
    Premium Waiver: All future premiums are waived off at the time of death of the insured, but the policy shall continue and all benefits including survival benefit and maturity benefit shall be paid as per schedule
    The two types of death benefits are:

    1. Classic: Under this option, if the insured dies during the policy term, the insured shall be paid basic death benefit plus accrued guaranteed additions plus accrued bonuses, if any
    2. Classic Waiver: Here, the nominee shall receive basic death benefit plus premium waiver
  • Maturity Benefits: The three type of maturity benefits available are:
    1. Aspiration (Endowment Benefit): A lumpsum amount is paid at the time of maturity. It will be equal to 100% sum assured plus guaranteed additions plus accrued bonuses, if any
    2. Academia (Moneyback benefit): Here the benefits include pay-outs during the last 5 years of policy starting with first guaranteed pay out higher than the subsequent one. The total pay-out at the time of maturity shall come up to be 105% of sum assured plus guaranteed additions plus accrued bonuses, if any
    3. Career (Moneyback benefit): In this option, the pay-outs begin in the last 5 years of the policy with the last guaranteed pay-out higher than the previous guaranteed pay-outs. The total pay-out shall be 115% of sum assured plus guaranteed additions plus accrued bonuses, if any
  • Guaranteed additions are offered during the first 5 policy years, if applicable
  • For sum assured of Rs. 4 lakhs and above, a discount in premium is offered
  • Income Tax benefits available under section 80C and section 10 (10) D

Eligibility

Entry Age 30 days to 60 years
Maturity Age 18 to 75 years
Policy Term 15 years to 25 years
Premium Payment Term 7, 10 or Policy Term minus 5 years
Annual Premium Min: Rs. 24,000 | Max: No limit
Sum Assured As per term, age, premium etc.
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