Canara HSBC ULIP Plan

About Canara HSBC Life Insurance

Canara HSBC is a joint venture between Canara Bank (51%), HSBC (28%), and Oriental Bank of Commerce (23%). The company was launched on 16th June 2008 and offers a combined experience of over 300 years in the financial business territory of our country.

The business strategy followed by Canara HSBC testifies their understanding of the market especially when it comes to looking for a bank partner or scaling up their bancassurance channels. 

The company aims to provide financial security and protection to individuals and families through innovative and customer-centric insurance solutions.

Introduction to Canara HSBC ULIP Plan

The Canara HSBC ULIP Plan is a unique financial product that combines insurance and investment. ULIP stands for Unit Linked Insurance Plan. It works by allowing you to invest a portion of your premium in different investment funds, such as equity, debt, or a mix of both. The performance of these funds influences the returns on your investment.

What sets the Canara HSBC ULIP Plan apart is that it not only provides life insurance coverage but also gives you the flexibility to choose how your money is invested. This means you have the potential to earn returns based on market performance while ensuring financial protection for your loved ones through the insurance component.

In essence, it is a two-in-one solution that caters to both your insurance needs and investment goals, offering a personalized approach to financial planning.

Types of Canara HSBC ULIP Plans^††

Canara HSBC Life Insurance Company offers a range of Unit Linked Insurance Plans (ULIP) for its customers to reap the benefits of market-linked returns and at the same time enjoy life insurance protection. 

Following are the different types of plans of online and online Canara HSBC ULIP plans offered by the company:

Disclaimer: †† Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is done in alphabetical order (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

Let us learn about the above-mentioned Canara HSBC ULIP plans in detail in the following sections.

1. Canara HSBC Invest 4G Plan

   The Canara HSBC Invest 4G Plan is a Unit Linked Insurance Plan (ULIP) offered by Canara HSBC Life Insurance. It combines both life insurance protection and investment options, allowing you to build wealth for your future while also providing financial security for your loved ones.

   Features of Canara HSBC Invest 4G Plan:

   • Mortality Charges Benefits: Mortality charges deducted during the policy term are added to the Fund Value at maturity for Regular and Limited Premium Paying policies.

   • Premium Funding Benefit: The Care Option ensures your targeted savings contributions are maintained even in your absence.

   • Additional Bonuses: Loyalty Additions and Wealth Boosters during the policy term provide extra units to enhance your investments.

   • Income Stream Flexibility: Systematic Withdrawal Plan (SWP) Option allows you to create an additional income stream during the policy term.

2. Alpha Wealth Plan

   Canara HSBC Alpha Wealth Plan is a Unit Linked Insurance Plan (ULIP) offered by Canara HSBC Life Insurance in India. It aims to help you achieve your financial goals while providing life insurance coverage for your family.

   Features of Canara HSBC Alpha Wealth Plan:

   Plan Options: The Alpha Wealth plan offers three investment plan options- Alpha Invest Plus Plan, Alpha Premium Plus Plan, and Alpha Life Plus Plan.

   • Alpha Invest Plus:

     • Flexibility to pay premiums once or for a limited period.

     • Returns include Mortality Charges, Loyalty Additions, and Wealth Boosters.

     • Choose from 8 funds and 5 portfolio management strategies.

   • Alpha Premium Plus:

     • Premiums waived off in unfortunate events; investment return remains intact.

     • Returns include Mortality Charges, Loyalty Additions, and Wealth Boosters.

     • Choose from 8 funds and 5 portfolio management strategies.

   • Alpha Life Plus:

     • Provide financial protection till age 100 for loved ones.

     • Systematic Withdrawal Option (SWO) / Milestone Withdrawal Option (MWO) for income in golden years.

     • Returns include Mortality Charges, Loyalty Additions, and Wealth Boosters.

   People also read: What is ULIP

3. Wealth Edge Plan

   The Canara HSBC Wealth Edge Plan is a unit-linked insurance plan (ULIP) offered by Canara HSBC Life Insurance. It is a combination of investment and insurance that provides you with the potential to grow your wealth while also protecting your loved ones in case of your untimely demise.

   Features of Canara HSBC Wealth Edge Plan:

   • Plan Variety: The plan allows you to choose from multiple plan options like 'Invest Plus,' 'Premium Plus,' or 'Life Plus' based on your preferences.

   • Recurring Income Options: Allows you to enjoy recurring income through Systematic Withdrawal Option (SWO) or Milestone Withdrawal Option (MWO).

   • Enhanced Fund Value: The plan offers you the benefit from the return of Mortality Charges, Loyalty Addition, and Wealth Boosters to boost your fund value.

   • Flexible Customization: You can modify your premiums, premium payment term, policy term, and sum assured for added flexibility.

4. Insure Smart Plan

   Canara HSBC Insure Smart Plan is a Unit Linked Insurance Plan (ULIP) offered by Canara HSBC Life Insurance in India. It combines investment and life insurance in a single plan, helping you achieve your financial goals while providing protection for your loved ones.

   Features of Canara HSBC Insure Smart Plan:

   • Flexible Premiums: Get premium allocation charge discounts on ECS/Standing Instructions renewals, offering flexibility in payment options.

   • Fund Switching: Effortlessly switch investments between funds with just Rs. 10,000 minimum, ensuring strategic portfolio management.

   • Premium Redirection: Adjust the allocation of future premiums once yearly, tailoring proportions for subsequent premiums as needed.

   • Sum Assured Flexibility: Modify Sum Assured from the 6th policy year, with the freedom to make changes once annually, up to 3 times during the Policy Term.

5. Smart Goals Plan

   The Canara HSBC Smart Goals Plan is a Unit Linked Insurance Plan (ULIP) offered by Canara HSBC OBC Life Insurance Company Limited. It is a flexible plan that allows you to choose your sum assured, premium paying term, and investment fund options to suit your individual needs and goals.

   Features of Canara HSBC Smart Goals Plan:

   • Customizable Premium Payment Term: You can choose a Premium Paying Term (5, 10 years, or up to 25 years) aligning with your earning capacity.

   • Switching/Premium Redirection: Opt for fund switching or redirection to capitalize on market shifts or adapt to changing risk preferences.

   • Adjustable Sum Assured: Modify your Sum Assured based on changing needs from the 6th policy year, within specified limits.

   • Safety Switch Option: Switch to a low-risk fund as your policy approaches maturity, providing a safety net. 

   

6. Smart Lifelong Plan

   Canara HSBC Smart Lifelong Plan is a Unit Linked Insurance Plan (ULIP) that offers life cover till the age of 99 and also helps you grow your wealth through market-linked investments. It provides flexibility in terms of premium payment terms, fund options, and withdrawal options.

   Features of Canara HSBC Smart Lifelong Plan:

   • Switching and Redirection: Allows you to opt for fund switching and redirection to capitalize on market trends or adjust risk preferences.

   • Partial Withdrawal: You can withdraw funds in financial emergencies starting from the 6th policy year onwards.

   • Adjustable Sum Assured: Modify your sum assured from the 6th policy year based on changing needs, within specified limits.

   • Auto Funds Rebalancing: The plan automatically rebalances your investment allocation across funds, regardless of market movements. 

   People also read: ULIP Calculator

7. Smart Future Plan

   Canara HSBC Smart Future Plan is a unit-linked child insurance plan that provides long-term investment opportunities for your child's future. It offers comprehensive insurance cover (sum assured on death and premium funding benefit on death or disability) and the flexibility to switch investment funds, increase or decrease sum assured, and make partial withdrawals.

   Features of Canara HSBC Smart Future Plan:

   • Premium Redirection: You can modify future premium allocations once a year, affecting subsequent premiums.

   • Change in Sum Assured: The plan allows you to adjust your Sum Assured annually from the 6th policy year, up to 3 times during the policy term, without changing your annual premium.

   • Auto Fund Rebalancing: Allows you to maintain pre-set investment proportions across funds automatically every 3 months, regardless of market shifts.

   • Safety Switch Option: You can safeguard your funds from market fluctuations in the last four policy years by systematically moving them to a lower-risk Liquid Fund using the Safety Switch Option.

Steps to Apply for Canara HSBC ULIP Plan at Policybazaar

You can follow the steps mentioned below to start investing in the Canara HSBC ULIP Plan from Policybazaar in a hassle-free way: 

Step 1- Choose Your Plan:

Policybazaar offers several Canara HSBC ULIP plans. Choose the one that suits your needs and budget by browsing the plans on their website or app. Popular choices include:

• Canara HSBC OBC Invest 4G Plan: Combines savings and protection with multiple fund options.

• Canara HSBC Smart Lifelong Plan: Offers guaranteed tax savings and zero LTCG tax.

• Canara HSBC OBC Life Insure Smart Plan: Provides life cover, partial withdrawals, and loyalty additions.

Step 2- Fill in the Application Form:

Once you have chosen your plan, click on "Apply Now" or "Get Quote." Then, complete the online application form, providing details like:

• Your personal information (name, date of birth, contact details)

• Proposed policy details (term, sum assured, premium amount)

• Medical history, if applicable

• Nominee details

Step 3- Submit Documents:

After completing the form, upload scanned copies of the necessary documents:

• Proof of identity (PAN card, Aadhaar card)

• Proof of address (driving license, utility bill)

• Proof of income (salary slips, ITR)

• Medical reports, if required

Step 4- Payment and Verification:

Once your documents are verified, proceed with the premium payment using available online payment options. Policybazaar may also conduct a medical test based on your age and sum assured.

Step 5- Policy Issuance:

Upon successful payment and verification, Canara HSBC will issue your ULIP policy. You will receive a policy document with all the details, including terms and conditions. 

 To know about other life insurance plans check at Canara HSBC OBC Life Insurance