Introduction
A
rewarding financial plan has become a necessity in the times we live. Without a
proper plan it is impossible to protect yourself in adverse situation.
Canara HSBC Oriental Bank of Commerce Life Insurance Company
Limited is a joint venture of India's largest public sector banks – Canara Bank
(holding 51%) and Oriental Bank of Commerce (23%) – and HSBC Insurance (Asia Pacific)
Holdings Limited (26%) which was launched in June 2008.
The Company currently has a customer base of 60 million
customers with over 8000+ branches of Canara Bank, HSBC and Oriental Bank of
Commerce in India. Canara HSBC Oriental Bank of Commerce Life Insurance aims to
pass on the savings to customers through lower charges.
The Company's policies are among the most competitive in the
Market today
Getting to know about iNVESTSHIELD PLAN
Your financial plan can play an
important role in reaching your dreams and provides you with ways to cater the
needs of your family.
iNVESTSHIELD Plan helps you
benefit based on your needs. The process is simplified to avoid you the trouble of going
through a cumbersome process and get yourself insured directly.
Benefit Options in this Plan
iNVESTSHIELD Plan comes in
three flavors viz Life Option, Life Option with ADB and Life Option with PFB.
Life
Option gives you protection against Death whereas Life Option with ADB gives
you a protection on Accidental Deaths. If you plan to go ahead Life Option with
PFB, the dependents will be provided with premiums.
Below
are the key benefits which makes this an attractive policy
The
policy can be brought directly www.canarahsbclife.com
The
policy allows you to customize the plans as per your needs thus providing you
the power to choose what you need the most.
Zero
Premium Allocation Charge throughout the premium payment term of your Policy
Loyalty
Additions as additional allocation of units to boost your investments
Choice
of Investment Funds ranging from 0% to 100% equity exposure, to match your
appetite towards investment risks and returns
The
policy provides Safety Switch Option to move your funds systematically to a
relatively low risk Liquid Fund to avoid market movements in the last four
Policy years
Liquidity
to take partial withdrawals to help you meet unplanned contingencies
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
What are the features of iNVESTSHIELD Plan
Safety Switch Option11: This
option allows you to transfer your funds to a low risk Liquid Fund during the
last four years of your Policy. This allows to avoid market movement and thus safeguard your funds. The following
table shows the proportion of investment in Liquid Fund and other than Liquid
Fund, for the last four Policy Years:
Beginning
of...
|
Allocation
in Liquid Fund
|
Allocation
in Unit Linked Funds other than Liquid Fund
|
Fourth last Policy Year
|
30%
|
70%
|
Third last Policy Year
|
60%
|
40%
|
Second last Policy Year
|
90%
|
10%
|
Last Policy Year
|
100%
|
0%
|
Settlement Option10: You can choose to receive your
maturity benefit over a maximum period of 5 years in installments through
Settlement Option as per the frequency chosen by you. You can at any point in
this time period wish to withdraw complete Fund Value. Though during this
installment period there will be no life cover.
Switching: You can
move your investment from one investment fund to another any time you want. You
can switch it partially too.
The minimum amount that you can switch
is Rs 5,000 by paying a nominal charge.
Premium Redirection: You can during the Policy Term change the allocation
proportion of your future Premiums into one or more Unit Linked Funds. The
redirection of premiums will be free of cost and will be allowed once in a
policy year. In case this option is not availed, it cannot be carried forward
to the next Policy Year. The revised allocation proportion will apply to your
subsequent Premiums.
Key Details of iNVESTSHIELD Plan
Particulars
|
Details
|
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Entry Age (Life Assured)
|
Minimum:18 years, Maximum:50 years
|
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Max. Maturity Age
|
Minimum:28 years, Maximum:65 years
|
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Premium Amount & Premium
Payment Modes
|
|
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Premium Payment Term
|
•Single
•Limited :5 years to (Policy Term - 1) •Regular :Equal to Policy Term |
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Policy Term
|
•Single Premium Payment:10
years (fixed)
•Limited & Regular Premium Payment:10 years to 15 years |
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Sum Assured
|
|
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*please note that it is mandatory to
pay 3 months premium in advance and subsequently through standing instruction.
General Observation & Verdict
iNVESTSHIELD Plan is a competitive policy which
provides you the flexibility to choose to your plan as per you own needs. This
plan has features which safeguards the finances of the policy holders.
For more Financial Plans & reviews - Stay Tuned to ReviewsToday.
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