Canara HSBC Child plan

Choosing the best insurance policy for your children plays a significant role in our everyday life. Children bring joy to us; they bring up the future generation so it is very important to select an insurance policy which would be useful for the future of our children. Canara HSBC child insurance is joint venture of Canara bank which belongs to India and Honk Kong and Shangai banking corporation.  This plan was started recently they provide wonderful and comprehensive plans that are very much suitable for children in this article let us see how this plan works.

Features of Canara HSBC plan

  • This plan is a non-linked plan, which is a blend of savings and protection and it is a life insurance plan
  • Payment options are for daily and monthly basis
  • Tax benefits are received under section 80C and section10(10D) as per Income tax act,1961
  • There is a grace period of 30 days from the premium date
  • The policy is reinstated 2 years from due date
  • It consists of a 15 day look period
  • After the end of policy period you are provided with policy receipt which can be used to purchase the next policy

Benefits of Canara HSBC plan

During the last 4 years of the policy you can avail the guaranteed payout which can be used as an educational milestone. After the maturity period you are provided with maturity benefit along with annual bonus and final bonus. In case of unexpected death you are provided with a comprehensive protection plan and lump sum amount. This amount is paid immediately after death. This insurance plan is flexible plan and you will have a wide variety of options to choose among these plans and you will have waived off and guaranteed payouts.

Survival benefit

After the end of each 4 years you will receive guaranteed annual payouts and for this benefit you should pay all your due premiums. The annual payout is 20% of sum assured

Annual payout

You will be able to receive the annual payout at the end of each 4 years, before the maturity period ends.

Bonus

All accrued, final and annual bonuses, will be declared and be payable on maturity

Loan facility

After the policy reaches the surrender value you avail a loan of RS.20000 but the maximum loan amount cannot exceed 80% of the surrender value. If the sum assured is greater than RS.400000 you an rebate on premium payable

Maturity benefits

After the maturity period ends you will receive guaranteed sum assured plus additional bonus. Compound revisionary bonus will acquire from every 1st year of policy anniversary and will be declared annually by the branch office. It can be payable after death and ending of the maturity period. Maturity benefits are the amount that can be availed after the completion of tenure. It is calculated by sum assured and bonus benefit. It is payable to the owner of financial obligation. This can be availed during the end of policy period. And after the completion of period the lump sum amount can be availed. The claim which rises during maturity period is called maturity claim. Maturity value can predict the amount that can be received on future. The other name of maturity value is called face value.

Death benefits

Death benefit is an amount given to beneficiary when they die. In case of any unfortunate death, the sum is paid 10 times higher. And 1.5 times higher than sum assured. This policy is flexible compared to any other policies. The nominee is also paid equal amount as rider. A grace period of 15 days is given after the maturity period is over. During this period your policy is considered to be force with risk. If your policy remains unpaid after the grace period there are lots of chances to get lapsed. And there is no further value, except non forfeiture provisions which is the first year of the policy which is not paid.  The policy can be surrendered during any time of the policy. The lump sum amount can be availed within few days. India first life insurance the death benefit plan offers 10% more amount, and also gives financial assistance for a long period of time. This policy is compulsory for every customer because it is very beneficial for the customers. Because it is 7 to 10 times the annual salary, it is calculated by subtracting 100% of the deceased workers income. And if he receives pensions it is equal to five times his pension. The child, the spouse of the deceased can claim for funeral claim this deals with funeral expenses of the deceased.

Smart junior plan working

Step 1:  choose your sum assured- initially you need to select the amount required for your child’s education

Step 2: Choose your policy term: this should be aligned with your child’s educational milestone and to your child’s age which is very important for your child’s future. The annual payout begins when your child is 18 years old.

Step 3: Choose your premium payment: At last you need to choose your payment option whether half yearly on monthly option. For further understanding let us consider a scenario

Scenario

Mr. Sharma has a 6 year old daughter named Priya. He started planning ahead for his daughter’s education. This plan should work even if Mr. Sharma is not there. It should not be affected at any cost. He estimates that the guaranteed addition should be Rs.20000 and every 4 years at the end he should earn certain amount and he should receive an amount after the maturity period. This policy becomes applicable after the child is 18 years old and the paying term is for 10 years. Mr. Sharma also makes sure that death benefit and maturity benefits are included in this policy. He ensures that this policy is efficient and there are no flaws in this policy. Through this policy he can admit his daughter in the best institutions.

Future smart plan

Benefits of future smart plan

Survival benefit

After the end of each 4 years you will receive guaranteed annual payouts and for this benefit you should pay all your due premiums. The annual payout is 20% of sum assured

Annual payout

You will be able to receive the annual payout at the end of each 4 years, before the maturity period ends.

Bonus

All accrued, final and annual bonuses, will be declared and be payable on maturity

Loan facility

After the policy reaches the surrender value you avail a loan of RS.20000 but the maximum loan amount cannot exceed 80% of the surrender value. If the sum assured is greater than RS.400000 you an rebate on premium payable

Maturity benefits

After the maturity period ends you will receive guaranteed sum assured plus additional bonus. Compound revisionary bonus will acquire from every 1st year of policy anniversary and will be declared annually by the branch office. It can be payable after death and ending of the maturity period. Maturity benefits are the amount that can be availed after the completion of tenure. It is calculated by sum assured and bonus benefit. It is payable to the owner of financial obligation. This can be availed during the end of policy period. And after the completion of period the lump sum amount can be availed. The claim which rises during maturity period is called maturity claim. Maturity value can predict the amount that can be received on future. The other name of maturity value is called face value.

Death benefits

Death benefit is an amount given to beneficiary when they die. In case of any unfortunate death, the sum is paid 10 times higher. And 1.5 times higher than sum assured. This policy is flexible compared to any other policies. The nominee is also paid equal amount as rider. A grace period of 15 days is given after the maturity period is over. During this period your policy is considered to be force with risk. If your policy remains unpaid after the grace period there are lots of chances to get lapsed. And there is no further value, except non forfeiture provisions which is the first year of the policy which is not paid.  The policy can be surrendered during any time of the policy. The lump sum amount can be availed within few days. India first life insurance the death benefit plan offers 10% more amount, and also gives financial assistance for a long period of time. This policy is compulsory for every customer because it is very beneficial for the customers. Because it is 7 to 10 times the annual salary, it is calculated by subtracting 100% of the deceased workers income. And if he receives pensions it is equal to five times his pension. The child, the spouse of the deceased can claim for funeral claim this deals with funeral expenses of the deceased.

Scenario

Mr. Sharma has a 6 year old daughter named Priya. He started planning ahead for his daughter’s education. This plan should work even if Mr. Sharma is not there. It should not be affected at any cost. He estimates that the guaranteed addition should be Rs.20000 and every 4 years at the end he should earn certain amount and he should receive an amount after the maturity period. This policy becomes applicable after the child is 18 years old and the paying term is for 10 years. Mr. Sharma also makes sure that death benefit and maturity benefits are included in this policy. He ensures that this policy is efficient and it is useful for his daughter.

Why should you insurance policy?

Having such a complicated life we might not know what might happen the next minute. We might require financial resources during an emergency situation. It is very difficult to receive financial aid during emergence an insurance policy from India first will be of great help during emergency situations. Their policies are wonderfully structured which is of great use during emergency situations. Their plans are extremely flexible and they are not rigid compared to any other policies. They are issued within few weeks of application. Due to hectic life situation we might not a lead peaceful life in future. It is also good having an insurance policy which is efficient for our use. Insurance policies include motor insurance, two wheeler insurance, four wheeler insurance, travel insurance and health insurance. They provide monetary support during emergency situation. Which might include sudden accident, death; admission for higher education and schools and final travel insurance, these policies will be a benefit for every one of us. But choosing the policy is definitely a task for our people. Most of the insurance policies are comprehensive plans are efficient.

How to pay premium for insurance policy?

You can pay the premium only through online mode

  • Credit card
  • Debit card
  • NEFT
  • RUPAY
  • Bill collection
  • MNC drop box
  • Infinity
  • Bank website

Initially you need to enter your policy details and your personal information and you need to select your bank account. And authenticate your details. If online mode is not applicable in your location due to internet connection, payment can be availed through offline mode. You can visit the nearest bank and fill the challan details. And the receipt can be submitted in the nearby branch office for proof. But online mode is much better compared to offline. Because it is paperless process and the transaction can be performed within a fraction of seconds. But in offline mode of transaction it might take time for transaction because many people may wait for transaction and it might be a tiring moment for payment

How to check status of policy?

You can check status of your policy through email or SMS. Click on the link and choose your policy. You will get into a new website click on the top right section and enter your login id and password to renew check status