Canara HSBC Oriental Bank of Commerce Secure Smart Review
Plan Name: Secure Smart
Insurer: Canara HSBC Oriental Bank of Commerce Life Insurance
Category: Traditional Plan
Objective: Financial protection of family and returns on investment
Major USP of Canara HSBC Secure Smart
Sum Assured Additions
Limited Premium Payment Term
Sum Assured Rebate
Eligibility of Canara HSBC Secure Smart
Minimum Entry Age: 18 Years
Maximum Entry Age: 60 Years
Age at Maturity: 75 Years
Policy Term: 15 Years
Premium Payment Term: 10 Years
Minimum Premium: Rs 10,000 per annum
Premium Payment Mode: Annual, Semi Annual, Quarterly
What benefits does Canara HSBC Secure Smart offer?
Death benefit:
In case of unfortunate death of the life insured, Sum Assured along with accrued Sum Assured additions will be paid.
Maturity Benefit:
At the end of policy term, Sum Assured along with accrued Sum Assured additions will be paid.
Sum Assured Additions:
These will be added with every premium being paid and are a % of Sum Assured.
Rebate:
For Sum Assured equal and above Rs 2 lacs, discount on base premium will be made.
Are there any tax benefits?
Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Grace Period: A period of 30 days will be given to pay the due premium.
Reinstatement: If the policy lapses due to non-payment of premium, you can revive the policy within 2 years from the date of due unpaid premium.
Surrender Value: You can surrender the policy and the guaranteed surrender value will be equal to 30% of premiums paid except the first premiums.
Free Look Period: Secure Smart plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.
