Canara Guaranteed Savings Plan

What is the Canara Guaranteed Savings Plan?

The Canara Guaranteed Savings Plan is a life insurance plan offered by Canara HSBC Life Insurance. It provides a combination of guaranteed benefits and flexibility to suit your financial goals. You can choose a savings term that aligns with your needs, with multiple policy term options available.

There are three plan options available to further customize your coverage:

• Guaranteed Savings Option

• Guaranteed Savings with Double Protection Option

• Guaranteed Savings with Premium Protection Option 

These options provide additional benefits such as enhanced protection for your family and waiver of future premiums in case of death. The plan also allows you to choose a premium payment term that fits your budget and lets you earn a higher benefit by making a larger premium commitment.

Features of Canara Guaranteed Savings Plan

Features of the Canara Guaranteed Savings Plan are: 

• Guaranteed Maturity Benefit: Receive a guaranteed sum of money upon policy maturity, providing peace of mind for your future.

• Life Cover: Enjoy life insurance protection for the entire policy term, even while paying premiums for a limited period.

• Enhanced Family Protection: The plan ensures your family receives a lump sum benefit in case of your unfortunate demise. Additionally, all remaining premiums are waived off, and your loved ones still get the guaranteed benefits at maturity (with the Premium Protection Option).

• Flexible Payment Options: Choose a premium payment term that aligns with your budget and financial goals.

• Plan Your Savings Timeline: Select a policy term that matches your financial milestones, ensuring your savings mature when you need them the most.

• Reward for Higher Premiums: Benefit from the High Premium Booster program, which grants you additional benefits for making a larger premium commitment.

• Tax Advantages: Enjoy tax benefits on premiums paid and benefits received under the Income Tax Act.

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Eligibility Criteria for the Canara Guaranteed Savings Plan

Investment

Secure

Secure your child’s future with or without you

Start Investing

₹10,000/Month

& Get

₹1 Crore^*

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*Standard T & C Apply

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Benefits of the Canara Guaranteed Savings Plan

Below are the benefits of Canara Guaranteed Savings Plan: 

• Guaranteed Maturity Benefit: Upon surviving the policy term and paying all premiums, you receive a guaranteed sum assured amount, along with accumulated guaranteed yearly additions and a loyalty addition. This ensures predictable and secure growth on your investment.

• Death Benefit:  In case of the policyholder's unfortunate demise during the policy term, your beneficiary receives the sum assured on death, along with any accumulated guaranteed yearly additions. This benefit provides financial security for your loved ones.

• Optional Double Protection Benefit:  An additional benefit (ADB Sum Assured) is payable in case of accidental death during the policy term if you choose the Guaranteed Savings with Double Protection Option. This offers enhanced financial protection for your family.

• Loan Facility: The plan allows you to avail of a loan against the policy's surrender value to meet unexpected financial needs.

• High Premium Booster: For those who choose to pay an annualized premium exceeding Rs. 30,000, the plan offers an increased sum assured through the High Premium Booster benefit.

Policy Details of the Canara Guaranteed Savings Plan

• Loan Availability: You can apply for a loan against the policy's surrender value. However, the policy document will be held by the company until the loan is repaid.

• Free Look Period: You have 15 days (30 days for distance marketing) to review the policy and cancel it for a full refund (minus certain charges).

• Grace Period for Premium Payment: You have a grace period to pay your premium:

  • 30 days for annual, half-yearly, and quarterly modes.

  • 15 days for monthly mode.

• Accidental Death Benefit (ADB)

  • This benefit is payable if death results from an accident within 180 days of the accident, even if it occurs after the policy term ends.

• Minor Lives:

  • For policies on minors, the policyholder and life assured are initially different.

  • Coverage begins immediately for the minor (life assured).

  • The policy automatically vests with the minor upon reaching 18 years old.

  • Until then, benefits are paid based on the minor's life, not the policyholder's.

  • In case of the minor's death, all benefits are paid to the policyholder, and the policy terminates.

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Exclusions Under the Canara Guaranteed Savings Plan

• Suicide Exclusion: If the policyholder (Life Assured) dies by suicide within 12 months of starting the policy or reviving a lapsed policy, the beneficiary will receive a limited payout. This is either 80% of the total premiums paid or the surrender value (whichever is higher).

• Accidental Death Benefit Exclusions: The Accidental Death Benefit is not payable in the following cases:

  • Pre-existing Conditions: If the death is caused by a condition, ailment, or injury for which the policyholder had received medical advice/treatment within 48 months before the policy began or revival.

  • AIDS/HIV: If death results from Acquired Immuno-Deficiency Syndrome (AIDS) or Human Immunodeficiency Virus (HIV) infection.

  • Hazardous Activities: If death occurs while participating in hazardous sports like mountaineering, racing, bungee jumping, etc.

  • Flying: If death occurs while piloting an aircraft (except as a passenger on a licensed airline).

  • Self-Harm: If death is caused by self-inflicted injury, suicide, or drug/alcohol abuse.

  • Military Service: If death happens while serving in the military, air force, navy, or paramilitary forces.

  • War/Unrest: If death is a result of war, terrorism, civil commotion, or participation in strikes, riots, or illegal activities.

  • Radiation/Chemical Exposure: If death is caused by exposure to nuclear reactions, biological/chemical contamination, or radiation.

  • Physical/Mental Health: If the policyholder has a pre-existing physical handicap or mental illness (disclosed at the application stage), the Guaranteed Savings with Double Protection Option (which includes Accidental Death Benefit) will not be available.