Canara HSBC Life Insurance Guaranteed Suraksha Kavach Plan

Eligibility Criteria for the Canara HSBC Life Insurance Guaranteed Suraksha Kavach Plan

Features of the Canara HSBC Life Insurance Guaranteed Suraksha Kavach Plan

Here are the key features of the plan:

• Guaranteed benefits during policy commencement.
• Whole life cover during the policy period.
• Premium Protection Benefit (Future Suraksha)
• Guaranteed Survival Income and Faithfulness Income (under Income Suraksha).
• Flexible premium payment modes: Monthly, Quarterly, Half-Yearly, Yearly.
• Loan facility once the value of the surrender is obtained.

You can choose the premium mode that aligns with your income flow and financial planning comfort.

Benefits of the Canara HSBC Life Insurance Guaranteed Suraksha Kavach Plan

Below are the benefits under each plan option:

1. Future Suraksha

   Maturity Benefit:

   Guaranteed Sum Assured plus accrued Guaranteed Monthly Additions (GMAs) payable as a lump sum.

   Death Benefit:

   Higher of:

   • 10 times Annualized Premium
   • 105% of Total Premiums Paid
   • Guaranteed Sum Assured plus total Family Income Benefit

   In case of death:

   • Immediate lump sum payout
   • Monthly Family Income Benefit equal to 12% of Annualized Premium is payable from the next monthly anniversary after death and continuing until the end of the policy term (minimum 36 payouts even if it exceeds the policy term).
   • Waiver of future premiums
   • Maturity benefit continues as an in-force policy

2. Income Suraksha

   Survival Benefit:

   Guaranteed Survival Income plus Loyalty Income payable during the selected income period (10 or 15 years).

   Maturity Benefit:

   Guaranteed Sum Assured on Maturity, expressed as a percentage of total premiums paid:

   PPT	% Of Total Premiums Paid
   5 Years	50%
   7 Years	75%
   10 Years	100%
   12 Years	125%

   Death Benefit:

   Higher of:

   • Total Guaranteed Income on Death
   • 10 times Annualized Premium
   • 105% of Total Premiums Paid

   Accrued GMAs are paid immediately as a lump sum.

   If you are comparing structured protection-based options within the best investment plans in India, this plan provides clearly defined and guaranteed payouts.

Policy Details of the Canara HSBC Life Insurance Guaranteed Suraksha Kavach Plan

Here are the policy details of the Canara HSBC Life Insurance Guaranteed Suraksha Kavach Plan:

1. Grace Period

   • 30 days for Annual, Half-Yearly, and Quarterly modes
   • 15 days for the Monthly mode

   The policy remains in force during the grace period.

2. Revival

   • Revival is possible within five years following the due date of the first unpaid premium.
   • The applicable revival interest rate for FY 2024–25 is 8.50% per year.
   • Upon revival, all benefits, including GMAs, are restored.

3. Free Look Period

   If you don't agree with the terms and conditions, you can cancel the policy within 30 days after getting the policy copy. The refund will be less the risk premium, stamp duty, and medical costs (if any).

4. Surrender

   • Guaranteed Surrender Value (GSV) after payment of at least 2 consecutive years’ premiums
   • Special Surrender Value (SSV) after completion of 1 full year

   The higher of GSV or SSV is payable.

5. Fund Switching

   This is a non-linked plan. Fund switching is not applicable.

6. Loan

   Loan facility is available once the policy acquires surrender value.

   • Minimum Loan Amount: Rs. 20,000
   • Maximum Loan Amount: 80% of surrender value
   • Loan interest rate for FY 2024–25: 8.50% per annum

   A loan is not available once the policy becomes paid-up.

Exclusions Under the Canara HSBC Life Insurance Guaranteed Suraksha Kavach Plan

Suicidal Cover

If suicide occurs within 12 months of policy commencement or revival, the higher of:

• 80% of Total Premiums Paid
• Surrender value available on the date of death

No other exclusions apply to the death benefit apart from this clause.

Explore various options under Canara HSBC Investment Plans and choose the best option available.