Easy Bachat Plan
UIN: 136N068V02
Life is uncertain and there always exists a fear in our mind that what if I am not around? With an aim to secure your family's future and for your financial protection, we present "Canara HSBC Oriental Bank of Commerce Life Insurance Easy Bachat Plan", a life insurance policy that will help you plan your savings in hassle free manner and provide financial protection to your family at affordable premiums.
Product Parameters
- Age Criteria
- Premium Payment Term and Policy Term
- Sum Assured and Premium
- Premium Payment Mode and Modal Factors
Age Criteria
- Entry Age
Minimum
18 yearsMaximum
55 years - Maturity Age
Minimum
28 yearsMaximum
65 years
Premium Payment Term
and Policy Term
-
5 pay with 10 years policy term
-
7 pay with 15 years policy term
-
10 pay with 20 years policy term
Sum Assured and Premium
- Minimum
20,148
- Maximum
10 lacs
The minimum installment premium available under the plan are as follows:
| Premium Payment Mode | Minimum Installment Premium |
| Annual | 5,000 |
| Half-Yearly | 5,100 |
| Quarterly | 2,600 |
| Monthly | 1,000 |
Premium Payment Mode
and Modal Factors
| Mode | Modal Factors |
| Annual | 1.00 |
| Half-Yearly | 0.51 |
| Quarterly | 0.26 |
| Monthly | 0.09 |
The policyholder can choose to change the Mode of Premium Payment, subject to application of modal factor.
- Guaranteed Yearly Additions accrue to you at the end of Policy Year throughout the premium payment term, provided all due premiums have been paid
- Guaranteed benefits are paid on maturity, provided all due premiums have been paid.
- Hassle free purchase process with minimum requirements and no medical tests.
- You have the flexibility to choose a payment term suitable for you - Choice of premium payment terms which can closely align to your premium payment capacity and horizon.
- You may be entitled for Tax Benefits under Section 80C and Section 10(10D), as per the Income Tax Act, 1961 as amended from time to time. Tax benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, please contact your independent tax advisor.
What's More:
- Provides life cover for the entire term while you pay premium only for a limited period.
- Option to choose from two plan options - Endowment and Money back
The benefits under the plan would be as per the plan option chosen.
Endowment Option (Plan Option 1) |
|
| Maturity Benefit | On survival till the policy term (provided that all due premiums are paid), you will receive
On payment of above benefits, your policy will terminate and no further benefit will be payable. |
| Death Benefit | In case of the Life Assured's unfortunate death during the policy term, provided the policy is in-force, the death benefit payable to your Nominee/ Legal Heir (as the case may be) will be as follows: On payment of above benefits, the policy will terminate and no further benefit will be payable. |
Money back Option (Plan Option 2) |
|
Survival Benefit |
On survival till the end of the premium payment term where the Policy is in-force and all due Premiums are paid, a one-time benefit equal to 30% of Sum Assured is payable. |
Maturity Benefit |
On survival till the policy term (provided that all due premiums are paid), you will receive
On payment of above benefits, your policy will terminate and no further benefit will be payable. |
Death Benefit |
In case of the Life Assured's unfortunate death during the policy term, provided the policy is in-force, the death benefit payable to your Nominee/ Legal Heir (as the case may be) will be as follows: On payment of above benefits, the policy will terminate and no further benefit will be payable. The survival benefit already paid will not be deducted from the benefit payable on death. |
The definitions below will help you better understand the benefits of the plan:
- 11 times the Annualized Premium, or
- 105% of Total Premiums Paid as on date of death, or
- Guaranteed Sum Assured on Maturity, or
- Absolute amount assured to be paid on death, which is also equal to Sum Assured
- For Endowment option : 100% of Sum Assured
- For Money back option : 70% of Sum Assured
Paid-up Sum Assured is defined as Sum Assured multiplied by (Number of Premiums paid divided by Total number of Premiums payable during the Policy Term).
Paid-up Sum Assured on Death is defined as Sum Assured on Death multiplied by (Number of Premiums paid divided by Total number of Premiums payable during the Policy Term).
Paid-up Sum Assured on Maturity is defined as Guaranteed Sum Assured on Maturity multiplied by (Number of Premiums paid divided by Total number of Premiums payable during the Policy Term).
You can customize the policy to suit your financial goals and requirements in just 3 simple steps:
Step 1 - Choose your plan option |
Depending on your financial need, select the plan option: 1. If your goal is to get a life cover during the policy term and lump-sum on maturity, we recommend you to opt for ‘Endowment Option’. 2. If your goal is to get life cover during the policy term, some additional liquidity during the policy term and lump-sum on maturity, we recommend you to opt for 'Money back option'. |
Step 2: Choose your premium |
Choose your premium amount. You can check the guaranteed amount available at policy maturity to ensure that your financial needs are met. |
Step 3: Choose your premium payment term, premium payment mode and policy term |
Choose how long you would like to pay premium, at what frequency, and your policy term, to align with your payment preference, life coverage needs, savings horizon and future goals. |
The Sum Assured in this plan will be determined basis your age and the plan option chosen.
