Discovering the Benefits of Canara HSBC Child Insurance Plan
Updated on March 22, 2023 , 17056 views
As a parent, you feel delighted to secure your child's future. A child insurance is one such plans that support your child's future milestones, while you are there for them and even when you cannot be.
In simple words, child insurance is one such plan that is specifically curated to cover your child’s higher education requirements. In the time of necessity, it is this plan that provides you with a backup in every sense.
Canara Bank, a well-acknowledged entity in India, has come up with their own version of child insurance plans. The various choices of policies are a perfect option when it comes to securing the future of your child. This one is a long-term Investment plan; thus, an adequate one for Offering insurance cover in case there is an unexpected, unfortunate event. So, without further ado, let’s find out types of child insurance offered by Canara HSBC Insurance.
Types of Canara HSBC Child Plan
1. Smart Future Plan
It is a unit linked plan that provides long-term investment opportunities to fulfill various family needs. Right from building an asset to the bright future for your child, Smart Future Plan helps you remain at peace knowing that your family's future financial needs are secured even in case of your demise or disability.
The key features of the plan are as follows:
Generate long term Capital appreciation through investments predominantly in mid-cap stocks
You can switch some or all of your investments from one fund to another, any number of times. The minimum amount you can switch is Rs. 10,000
You can make partial withdrawal for any unforeseen contingency, from the 6th policy year
Sum Assured is paid on death
All future premiums are funded by the Company as and when due, in case of death or disability (if opted)
Fund Value is paid at maturity
Under Sec 80C of IT Act, 1961, you can avail tax benefit on the premium paid
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2. Jeevan Nivesh Plan
Jeevan Nivesh Plan makes your child’s future savings and goal achievements easy by disciplined financial planning. The policy offers guaranteed savings through guaranteed payout of Sum Assured at maturity. Here’re some of the key features about this plan:
The maximum maturity age for annual mode is 80 years and monthly mode is 75 years
The choice of flexible premium payment terms which can closely align to your savings horizon
To ensure you get extra benefit for making higher premium commitment, the plan offers high sum assured rebate
Tax benefits on premium paid and benefits received under Section 80C and Section 10(10D), as per the income tax Act, 1961
3. Future Smart Plan
The Future Smart Plan by Canara HSBC Life is a unit linked child plan that provides long-term investment opportunities to build a bright future for your child. The plan helps in capital appreciation by Investing in a diversified Portfolio of small cap,mid cap and large cap companies for the long-term.
Here’re some of the key features about Future Smart Plan:
The entry age is minimum of 18 years and maximum of 60 years
The plan enables you to potentially lock in your gains by moving your funds systematically to Liquid Funds which is relatively low risk
At the end of the term, you will receive the Fund Value that you can use to fulfill your dreams for your child
The plan also offers attractive discounts on premium allocation charge in case you choose to pay renewal premiums through ECS or Standing Instructions
You can avail tax benefits as per the Income Tax Act, 1961
4. Money Back Advantage Plan
Money Back Advantage Plan is an individual non-linked ParLife Insurance savings cum protection plan that provides guaranteed money back payouts. The plan not only provides financial protection to your family, but also helps you plan lifestyle enhancements needs like vacation, house renovation, hobby courses, etc.
Some of the key features of Money Back Advantage Plan are as follows:
The plan offers protection for 16 years through payout of death benefit in case of unfortunate death of the life insured
You can avail tax benefits on premiums paid and benefits received under Section 80C and Section 10(10D), as per the Income Tax Act, 1961
The plan offers rebate on premiums for high Sum Assured
In case of unfortunate death of the life insured, the plan offers family protection for 16 years through payout of death benefit
5. Smart Junior Plan
Smart Junior Plan is an Individual non-linked par life insurance savings cum protection plan designed to fulfill your child's future education needs. Some of the key features of the plan are:
The plan offers guaranteed payouts for child’s education
The policy can be customized to your savings horizon and education goals aligned to your child's age
You have the choice of flexible premium payment terms which can closely align to your savings horizon
Tax benefits are available on the premiums paid and on the benefits received during the policy term under Section 80C and Section 10(10D), as per the Income Tax Act, 1961
The minimum premium depends on factors such as age, sum assured, etc. While, there is no limit to maximum premium, it will be subject to BAUP of the company
6. Invest 4G Plan
Invest 4G is a unit linked individual life insurance savings plan which you can customize as per your goals and changing requirements. The life insurance cover protects your family from unfortunate demise as well as provides you with the greatest value for your hard earned savings. Some of the key features of the pan are:
You have the flexibility of choosing to pay for the entire policy term or for limited years or only once
The plan offers a systematic withdrawal option to create additional income stream during the policy term
You get a multiple portfolio management option to enable you to optimize returns from the policy as per your investment preference
Canara HSBC Child Plan Customer Care Service
Toll-Free Number: 1800-258-5899
Customer Care Email ID: customerservice]@]canarahsbclife[dot]in
1. What are the documents required to apply for HSBC Child Plan?
A: Following are the documents required:
Policy form - It is the policy form where all the policy-related information is entered.
Proof of address- Any government-issued document such as passport, driving license, Aadhar card, electricity bill, that can be used as the proof for address.
Proof of income - The individual buying the policy has to produce documents to prove that he has sufficient income to pay the premiums.
Proof of identity - Document such as PAN Card, Aadhar card, driving license, Voter ID.
Proof of age - Passport, birth certificate, or 10th and 12th mark sheets can be used for age proof.
A: Invest 4G plan allows partial withdrawal after the 5th policy year.
4. What is the mode of premium payment?
A: You can either pay through offline mediums or opt for online ULIP plans. The premiums can easily be paid through the Insurer's website or mobile app.
Disclaimer: All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
Mutual fund investments are subject to market risks. Please read the scheme information and other related documents carefully before investing. Past performance is not indicative of future returns. Please consider your specific investment requirements before choosing a fund, or designing a portfolio that suits your needs.
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