guaranteed savings plan - forms.canarahsbclife.com

Guaranteed Savings Plan

Individual, Non-linked, Non – Participating Life Insurance Savings cum Protection Plan

"This is the authorized presentation and should not be altered without the permission of the Insurance Company.“Version: Nov’19

Key Benefits

Fully Guaranteed Benefits on maturity through Guaranteed Sum Assured at Maturity along with Guaranteed Additions, provided all due premiums have been paid

Enhanced guarantees through High Premium Boosters for higher premium commitment

Shorter premium payment term & Multiple policy term options

Comprehensive Protection with Premium Protection option –future premiums waived off in case of death and in addition policy benefits remain “as is”

Enhanced Protection with Double Protection option – Double Sum Assured on Accidental Death

Loan Facility to meet unplanned financial needs

Tax Benefits available under Section 80C and Section 10(10D), as per the Income Tax Act, 1961 as amended from time to time.

For tax related queries, contact your independent tax advisor

Guaranteed Savings Option

Option 1

Option 2

Option 3

Guaranteed Saving with

Premium Protection Option

Guaranteed Saving with

Double Protection

Option

Plan Options

Guaranteed Saving Plan

Boundary Conditions

Boundary ConditionsAge

Guaranteed Savings Option

Guaranteed Savings with Double

Protection Option

Guaranteed Savings with Premium

Protection Option

0 years

60 years

18 years

75 years

Entry Age TO

Maximum

Minimum 18 years

60 years

TO

18 years

55 years

TO

MaturityAge

Maximum

Minimum

TO

28 years

75 years

TO

28 years

75 years

TO

*Age as on Last Birthday

ModeMinimum Instalment Premium

(Rs.)Maximum Premium

Annual 20,000No Limit (Subject to Board Approved Underwriting Policy of the Company)

Half-Yearly 10,200

Quarterly 5,200

Monthly 1,800

Boundary ConditionsPremium

10 Years 12 years 15 years 20 years

Boundary ConditionsPolicy Term & Premium Payment Term

Policy Term

Premium Payment Term

5 years 10 Years 15 years

7 years 12 years 15 years

10 years 15 years 20 years

Sum Assured on Maturity

depends on

Plan option

Annualized Premium

Entry Age

Policy Term


Minimum Sum Assured

₹ 76,500

Boundary ConditionsSum Assured on Maturity

• Guaranteed Sum Assured on Maturity = Sum Assured• Sum Assured = Basic Sum Assured + Applicable Boosters

Maximum Sum Assured

Subject to underwriting

Annualized Premium* Band (Rs.)

High Premium Booster (% of Basic Sum Assured)

20,000 to less than 30,000 Nil

30,000 to less than 40,000 4.0%

40,000 to less than 50,000 7.0%

50,000 to less than 75,000 8.0%

75,000 to less than 1,00,000 10.0%

Greater than or equal to 1,00,000 11.0%

High Premium BoosterHigher Sum Assured for Higher Premium

Basic Sum Assured available for a given premium

increased by

High Premium Booster % applicable as per the table below :

* Annualised Premium is the Premium payable in a year chosen by the Policyholder, excluding the underwriting extra premiums and loadings for modal premiums, if any.

Sum Assured on Death,

Higher of

11 x Annualized Premium105% of all the Premiums

paid till deathGuaranteed Sum Assured on

Maturity

Death BenefitSum Assured on Death

Accidental Death Benefit (ADB) Sum Assured = Sum Assured on Death

Plan Benefits

Guaranteed Yearly AdditionPayable throughout Premium Payment Term

5 years

7 years

10 years


Guaranteed Yearly Addition(% of Cumulative Annual Premium)

8%

10%

12%

• Available under all three Plan Options• Accrue at the end of each Policy Year throughout Premium Payment Term, provided

all due premiums due under the Policy have been paid

Guaranteed Yearly Additions

(% of Cumulative Annual Premium)

12,000

24,000

36,000

48,000

60,000

1,20,000

72,000

84,000

96,000

1,08,000

Premiums paid from Year 1 to Year 10 gets Guaranteed Yearly Additions on Cumulative premium basis

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Guaranteed Yearly AdditionIllustration

Policy TermPremium

Payment Term

10 Yrs 1,00,000

Annual Premium

20 Yrs

Guaranteed Yearly Addition(% of Cumulative Annual Premium)

12%

1,00,000 * 12%

2,00,000 * 12%

3,00,000 * 12%

4,00,000 * 12%

5,00,000 * 12%

6,00,000 * 12%

7,00,000 * 12%

8,00,000 * 12%

9,00,000 * 12%

10,00,000*12%

Cumulative Guaranteed Additions

Rs. 6,60,000/-during policy tenure

5 years

7 years

10 years


Guaranteed Loyalty Addition(% of Guaranteed Sum Assured on Maturity)

10%

14%

20%

• Available under all three Plan Options• Paid on Maturity, provided all due premiums due under the Policy have been paid

Guaranteed Loyalty AdditionPayable on Maturity

Maturity Benefit (All 3 Plan Options)Policyholder enjoys TRIPLE Benefit

Guaranteed Sum Assured At Maturity

Accrued Guaranteed Yearly Additions

Guaranteed Loyalty Additions at Maturity

1

2

3

On payment of this benefit, Policy will terminate and no further benefit will be payable

Death Benefit

Guaranteed Saving Option

Sum Assured on Death


A

B


Death Benefit

Guaranteed Saving with Double

Protection Option



A

B

ADB* Sum Assured, if death is due to an Accident

C

* Accidental Death Benefit (ADB) Sum Assured = Sum Assured on Death


Death Benefit

Guaranteed Saving with Premium

Protection Option


• Future Premiums waived off• Policy* will continue till Maturity• Guaranteed Yearly Additions will continue

to accrue

A

B

On Maturity,1. Guaranteed Sum Assured on Maturity +2. Accrued Guaranteed Yearly Additions +3. Guaranteed Loyalty Addition

C

* Policy cannot be surrendered/ terminated before reaching Maturity


Tax Benefit

Maturity and death benefits received

Eligible for tax benefits u/s 10 10(D) of Income Tax act

Premiums paidEligible for tax benefits u/s

80C of Income Tax act

*Tax benefits on Premiums paid and benefits received during Policy Term under Section 80C and Section 10(10D), as per the Income Tax Act, 1961, as amended from time to time

Policy Conditions

• Available after the policy acquires surrender value

• Min. Loan amount : Rs. 20,000

• Max. Loan Amount : 80% of Surrender Value

• Min. Repayment amount : lowest of Rs. 2,000 or Outstanding Loan Amount

• Max. Repayment amount : Outstanding Loan Amount

• Any benefit (i.e. Surrender benefit, etc.) payable under this Policy shall be

reduced by the Outstanding Loan Amount including interest (if any)

• Loan available only on in-force policies

• No loan facility on paid-up policies

Loan

Discontinuance of Premium

Conditions Description

Discontinuance before paying first 2 policy years full premiums

• Life cover lapses after grace period • No further benefit payable upon death or termination or on

expiry of revival period

Discontinuance after paying first 2 policy years full premiums

• Policy will acquire a Paid-up value after grace period and continuewith reduced benefit till maturity or death, whichever is earlier.

• Surrender request can be accepted and Surrender Value paidimmediately (as per SV factor)

Revival

Revive Policy within revival period of 5 years from due date of first unpaid premium

Pay all due premiums along with applicable interest rate as defined by the Company from time to time (from respective premium due dates till the revival date)

Revival request may be accepted or declined as per Board Approved Underwriting Policy of Company

If a Policy in Lapse state is not revived within Revival Period, it will terminate upon expiry of the revival Period

Post revival of policy, product benefits would be reinstated to full level (including Guaranteed Yearly Addition(s), if any, which were not accrued during revival period)

Paid-up Value – (1/4)

• Policy acquires Paid-up Value after payment at least 2 full years premiums

• Applicable in the event of death or maturity, whichever occurs first

• Guaranteed Yearly Addition(s) will stop accruing once the Policy becomes Paid-up

Paid-up Sum Assured on Maturity

Paid-up Sum Assured on Death

𝑁𝑜. 𝑜𝑓 𝑃𝑟𝑒𝑚𝑖𝑢𝑚𝑠 𝑝𝑎𝑖𝑑

𝑇𝑜𝑡𝑎𝑙 𝑁𝑜. 𝑜𝑓 𝑃𝑟𝑒𝑚𝑖𝑢𝑚𝑠 𝑝𝑎𝑦𝑎𝑏𝑙𝑒 𝑑𝑢𝑟𝑖𝑛𝑔 𝑝𝑜𝑙𝑖𝑐𝑦 𝑡𝑒𝑟𝑚× 𝑆𝑢𝑚 𝐴𝑠𝑠𝑢𝑟𝑒𝑑 𝑜𝑛 𝐷𝑒𝑎𝑡ℎ

Paid-up Value – (2/4)


𝑇𝑜𝑡𝑎𝑙 𝑁𝑜. 𝑜𝑓 𝑃𝑟𝑒𝑚𝑖𝑢𝑚𝑠 𝑝𝑎𝑦𝑎𝑏𝑙𝑒 𝑑𝑢𝑟𝑖𝑛𝑔 𝑝𝑜𝑙𝑖𝑐𝑦 𝑡𝑒𝑟𝑚× 𝐺𝑢𝑎𝑟𝑎𝑛𝑡𝑒𝑒𝑑 𝑆𝑢𝑚 𝐴𝑠𝑠𝑢𝑟𝑒𝑑 𝑜𝑛 𝑀𝑎𝑡𝑢𝑟𝑖𝑡𝑦

Paid-up Guaranteed Loyalty Addition

Paid-up ADB Sum Assured𝑁𝑜. 𝑜𝑓 𝑃𝑟𝑒𝑚𝑖𝑢𝑚𝑠 𝑝𝑎𝑖𝑑

𝑇𝑜𝑡𝑎𝑙 𝑁𝑜. 𝑜𝑓 𝑃𝑟𝑒𝑚𝑖𝑢𝑚𝑠 𝑝𝑎𝑦𝑎𝑏𝑙𝑒 𝑑𝑢𝑟𝑖𝑛𝑔 𝑝𝑜𝑙𝑖𝑐𝑦 𝑡𝑒𝑟𝑚× 𝐴𝐷𝐵 𝑆𝑢𝑚 𝐴𝑠𝑠𝑢𝑟𝑒𝑑


𝑇𝑜𝑡𝑎𝑙 𝑁𝑜. 𝑜𝑓 𝑃𝑟𝑒𝑚𝑖𝑢𝑚𝑠 𝑝𝑎𝑦𝑎𝑏𝑙𝑒 𝑑𝑢𝑟𝑖𝑛𝑔 𝑝𝑜𝑙𝑖𝑐𝑦 𝑡𝑒𝑟𝑚× 𝐺𝑢𝑎𝑟𝑎𝑛𝑡𝑒𝑒𝑑 𝐿𝑜𝑦𝑎𝑙𝑡𝑦 𝐴𝑑𝑑𝑖𝑡𝑖𝑜𝑛

Paid-up Value – (3/4) Maturity Benefit

Paid-up Sum Assured on Maturity

Accrued Guaranteed Yearly Additions, if any*

Paid-up Guaranteed Loyalty Additions

1

2

3

*Guaranteed Yearly Additions will not accrue once the Policy acquires Paid-up State


Paid-up Value – (4/4) Death Benefit

Paid-up Sum Assured on Death

Accrued Guaranteed Yearly Additions, if any*

ADB** Sum Assured, if death is due to an Accident

A

B

C

*Guaranteed Yearly Additions will not accrue once the Policy acquires Paid-up State** Applicable in case of Guaranteed Saving with Double Protection Option


SurrenderGuaranteed Surrender Value (GSV) & Special Surrender Value (SSV)

• A*(Total Premiums Paid excluding UW extra premium, if any)

+• B*(Accrued Guaranteed

Additions)

• Determined by Company

• May be revised in future with prior approval of Authority

A is GSV Factor (As percentage of Total Premiums Paid, excluding extra premium, if any)B is GSV Factor (As percentage of Accrued Guaranteed Additions, if any)For the details on Guaranteed Surrender Value percentages (Factors), please refer to the sample Policy Contract available on Company's website.

Surrender Value Higher ofGuaranteed Surrender

ValueSpecial Surrender ValueOR

Policy acquires Surrender Value after payment at least 2 full years premiums

Exclusions

• Within 12 months from the date of commencement of risk under Policy, Nominee shall be entitled to at least 80% of the total premiums paid, till the date of death or surrender value available as on the date of death whichever is higher, provided the Policy was in-force

• Within 12 months from the Revival date of the Policy, the Nominee shall be entitled to an amount which is higher of 80% of the total premiums paid till the date of death or the surrender value as available on the date of death

Suicide

• Exclusions for Accidental death is mentioned in product brochure and sample policy contract available on our website

Accidental Death

Choose Plan option as per need• Guaranteed Saving Option• Guaranteed Saving with Double Protection

Option• Guaranteed Saving with Premium Protection

Option

Select a combination of Policy Term and Premium Payment Term as per financial goal

• Flexibility to choose among available Policy Terms 10/12/15/20 years & PPT 5/7/10 years

Decide on Premium amount and mode as per convenience• Affordable min. premium - Rs.20,000

p.a. onwards• Modes available – Yearly, Half Yearly,

Quarterly, Monthly

Complete proposal form, pay premium• Enjoy Guaranteed Benefits of the plan• Fulfill Financial Goals with complete

peace of mind

4 Simple steps to buy

Sample Benefit Illustrations

Customer Profile

• Suresh is 40 years old and has recently joined a MNC.

Financial Goal• He is planning to buy a limited pay insurance plan that provides him upfront guarantee with tax benefits as well

Need Based Solution• To fulfill these needs, he opts for Canara HSBC Oriental Bank of Commerce Life Insurance Guaranteed Savings

Plan with Guaranteed Savings Option

• He opts for a Policy Term of 20 years with premium paying term of 10 years and is willing to pay Rs. 1,00,000/-(before applicable Goods and Services Tax & applicable cess (es)/ levy, if any) in annual premium payment mode

Sample Benefit Illustration - 1

• Premium is exclusive of GST and applicable cess/levy if any# Cumulative Premium

Policy TermPremium

Payment Term

10 Yrs 1,00,000

Age

40 Yrs

Annual Premium*

20 Yrs

Guaranteed Sum Assured on Maturity (GSAM)

13,16,738

Sample Benefit Illustration - 1Maturity Benefit


13,16,738

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Total Premium Paid = 10 Lacs

Guaranteed Sum Assured

Accrued Guaranteed Yearly Additions @ 12% of C.P.#

Guaranteed Loyalty Additions @ 20% of GSAM

Guaranteed Yearly Addition(s)

Maturity Amount22,40,085

= 13,16,738

= 6,60,000

= 2,63,348

22,40,085

224% of what

you pay

* Premium is exclusive of GST and applicable cess/levy if any

Policy TermPremium

Payment Term

10 Yrs 1,00,000

Age

40 Yrs

Annual Premium*

20 Yrs


13,16,738


13,16,738

1 2 3 4 5 . . . . . . . . . . . . . . . -

Sum Assured on death

Accrued Guaranteed Yearly Additions of 4 years @ 12% Death Benefit

14,36,738

= 13,16,738

= 1,20,000

14,36,738Dies in 5th year

Total Premium Paid 5 Lacs


Sample Benefit Illustration - 1Death Benefit

Customer Profile

• Mr. Gupta is a 35 years old businessman with a 3 year old son named Yash.

Financial Goal

• He wants to secure his son’s future through planned savings.

• He also wants to ensure that his plans (funding for education) are not impacted even if he is not there tomorrow.

Need Based Solution

• Mr. Gupta therefore takes a wise decision to save through Canara HSBC Oriental Bank of Commerce Life Insurance Guaranteed Savings Plan by opting for Guaranteed Savings with Premium Protection Option

• He opts for a Policy Term of 15 years and makes a commitment to pay Rs. 3,00,000/- every year (before applicable Goods and Services Tax & applicable cess (es)/ levy, if any) for a period of 10 years

Sample Benefit Illustration - 2

Policy TermPremium

Payment Term

10 Yrs 3,00,000

Age

35 Yrs

Annual Premium*

15 Yrs


25,22,741


33,00,000^

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Total Premium Paid = 30 Lacs

Guaranteed Sum Assured

Accrued Guaranteed Yearly Additions @ 12% of C.P.#

Guaranteed Loyalty Additions @ 20% of GSAM


= 25,22,741

= 19,80,000

= 5,04,548

50,07,290

167% of what

you pay

• Premium is exclusive of GSTand applicable cess/levy if any# Cumulative Premium^ 11 times of Annualised Premium

Sample Benefit Illustration - 2Maturity Benefit


Total Premiums Paid = 15 Lacs

Guaranteed Yearly Addition(s) will continue to accrue


Policy TermPremium

Payment Term

10 Yrs 3,00,000

Age

35 Yrs

Annual Premium*

15 Yrs


25,22,741


33,00,000^

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15


• Premium is exclusive of GSTand applicable cess/levy if any# Cumulative Premium^ 11 times of Annualised Premium

Dies in 5th year

Sum Assured on death33,00,000

Total Benefit received by Nominee

A. Sum Assured on Death : 33,00,000B. Maturity Amount : 50,07,290

Total Benefit Amount : 83,07,290

Policy will continue till maturity as originally planned

Future Premiums waived off

Sample Benefit Illustration - 2Death Benefit

THANK YOU

"This is the authorized presentation and should not be altered without the permission of the Insurance Company.“Version: Nov’19

guaranteed savings plan - forms.canarahsbclife.com

Documents