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Saving Plans

Our elders have always encouraged us to save for our future, and Canara HSBC Oriental Bank of Commerce Life Insurance's saving plans help you do just that. It offers you multiple avenues to grow your money thru systematic and disciplined investments, ensuring that you achieve your financial goals.

Saving Plans

Saving Plan
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Invest 4G Plan

Canara HSBC Oriental Bank of Commerce Life Insurance Invest 4G" - A protection and savings oriented Unit Linked Insurance Plan which not only gives you choice to opt for protection suitable to you but also provides you opportunity to save for your dreams & life goals. Moreover, it adds back to your savings through Loyalty Additions & Wealth Boosters and also returns the Mortality Charges on policy maturity thereby maximizing your savings.

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Titanium Plus plan

It is an investment-cum-protection plan designed to boost savings. The flexibility to modify the investment asset according to market conditions provides you with better control over your savings. You can choose between single, limited and regular premium payment options as per the availability of funds. A wide variety of portfolio management strategies helps in the efficient management of risk.

Guaranteed Savings Plan

Some goals cannot be left to chance. Like educating your child, or planning for her marriage, or providing financial security to a loved one. How can you make sure that such important goals are always achieved? First, you need a plan that allows you to save regularly to reach your objective. Second, you want the plan to give you assured returns that are not dependent upon the vagaries of the capital markets, or the bonuses declared by the insurance company. Third, you want the plan to work and your goal to be achieved even if anything happens to you.

Smart Lifelong Plan

Our Smart Lifelong Plan is a unit linked life insurance plan with the objective of wealth creation along with providing whole life coverage - uptill 99 years of age. This plan has been designed to help you fulfill various life stage needs/ responsibilities so that throughout life you can grow in the right direction by making the right choice.

Smart Future Income Plan

As you grow in the journey called Life, you would surely like to have a companion who enables you to enjoy the finest lifestyle and meet aspirations of your loved ones, without really having to worry about the finances.

Insure Smart Plan

Insure Smart Plan is a unit linked insurance plan, it helps you save for your specific dreams with the flexibility of paying premiums for 5 years and getting Life Cover for 10 years with freedom to invest in our 6 funds as per your investment needs.

Future Smart Plan

Our Future Smart Plan is a unit linked child plan that provides long-term investment opportunity to build a bright future for your child. Its comprehensive insurance cover (Sum Assured on death and Premium Funding on death or disability) ensures that your plan for your child's future continues unaffected, in any unfortunate event.

Grow Smart Plan

Life is all about the choices you make. With every choice you make your biggest concern is whether you have taken the right decision to fulfill your responsibilities. Keeping this in mind, the life insurance plan has been designed to provide you and your spouse with financial security throughout your retirement.

Guaranteed Income Plan

As you move towards different life stages in your life, there are important goals that you come across which are uncompromising in nature such as educating your child or planning for her marriage or enhancing your own life style or providing financial security to a loved one. How can you make sure that such important goals are always achieved? We present you 'Canara HSBC Oriental Bank of Commerce Life Insurance Guaranteed Income Plan' that offers guaranteed benefits so that you can fulfil your dreams uninterrupted.

Easy Bachat Plan

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.

Smart Future Plan

Our Smart Future Plan is a unit linked plan that provides long-term investment opportunity to fulfill various family needs like building an asset or to ensure a bright future for your child. Its comprehensive insurance cover (Sum Assured on death and Premium Funding benefit on death or disability) ensures that your plan for your family continues unaffected, in any unfortunate event.

Jeevan Nivesh Plan

Each one of us strive to give best of the things to our loved ones' in our journey of life. Be it child's education, marriage, leaving behind a legacy, buying a dream house or a blissful retirement with our loved ones'. However, to fulfill all these important goals in your life time you require a disciplined financial planning. Therefore, we recommend you to be prepared for the unexpected. To help you plan and achieve your goals in life, we present Canara HSBC Oriental Bank of Commerce Life Insurance Jeevan Nivesh Plan.

Money Back Advantage Plan

During your life there are various needs and milestones for which you need to plan and be financially ready. These milestones could be related to your aspirational needs such as vacation or purchasing a new 数字货币app下载_数字合约交易home, or your child's education or extracurricular activities. There's no better way to take care of these needs than to plan for them in advance. Money Back Advantage Plan provides financial protection to your family by offering life cover and the milestone based payouts through guaranteed money back payouts and maturity benefit

Guaranteed Income Advantage Plan

It takes constant labor and perseverance to reach to the level of success that you have attained in life. Be it the goal to plan for your family's financial security in your unfortunate absence, your long term goal like sending your kids abroad for higher studies, or, a short term goal of ensuring a comfortable lifestyle you deserve every bit of it. Hence, it is imperative that your savings also assist you in your pursuit of fulfilling your goals.

What are savings plans?

Saving plans are a kind of life insurance products designed specially to help you make disciplined and periodic savings. These plans ensure steady returns throughout the policy term, which are payable to the beneficiaries as income, lumpsum or combination of both depending on your need and chosen plan.

Additionally, savings plans also provide the tax benefits for their life insurance component, terminal illness benefits, and death benefits, among many others. By selecting a plan that covers your family’s financial needs, you can ensure financial security for your loved ones, and be worry-free for the future.

Why Choose Savings Plans by Canara HSBC OBC Life Insurance?

The Trust of India's largest public-sector banks

Canara HSBC Oriental Bank of Commerce Life Insurance is a joint venture of Canara Bank and Punjab National Bank, along with HSBC Insurance (Asia Pacific) Holdings Limited. Launched in 2008, we offer life insurance products to individuals seeking financial freedom for their loved ones.

Your claim comes first for us:

Our organization continually works on providing comprehensive life insurance policies that make premium payments easier, payouts beneficial and claiming process easy for you and your family. We have a death claim settlement ratio of 98.125% for the Financial Year 2019-20*.

*Individual death claims settled and reported in public disclosure for FY 2019-20.

A choice of millions of happy customers

Our in-depth knowledge from the renowned public sector banks, combined with years of experience with HSBC, makes Canara HSBC Oriental Bank of Commerce Life Insurance stand out from the others. We have sold lakhs of policies and have a family of millions of happily members.

An experience of delivering happiness worldwide

We are completely aligned with the needs of today’s families and their reliance on a few people for financial needs. That is why we, at Canara HSBC Oriental Bank of Commerce Life Insurance offer products from simple Term Plans to ULIPs, Child Plans and Group Insurance Plans for your specific needs.

Why do you need Savings Plans?

It is pertinent to fulfil some crucial financial obligations to lead a happy and content life. These obligations can be of different types, ranging from children’s education and marriage to your retirement. Simply putting aside, a specific amount regularly may not be enough as inflation may erode its value. Every goal requires planned and dedicated investments, and savings plans are the best way to build a corpus over time. Savings plans also merit your attention for a variety of other reasons.

1.Regular Savings

A savings plan helps you inculcate a habit of savings through regular payment of the premium amount. To keep a savings plan active, you will have to pay the premiums regularly without fail. You can set aside a pre-determined amount for the savings amount which you can automatically save for your goals.

2.Guaranteed returns

A savings plan provides guaranteed returns, which sets it apart from other investment options. Traditional non-linked savings plans are not subject to market risks, ensuring guaranteed returns. Unit-linked savings scheme also provide a host of capital preservation options to the policyholder.

3.Bonus

Saving schemes are long-term investment products. Insurance companies offer a variety of bonus options as an incentive for providing long-term stable funds. Insurers generally offer a bonus in the form of loyalty additions depending on the policy term and the sum assured. For instance, Invest 4G unit-linked plan from Canara HSBC Oriental Bank of Commerce Life Insurance offers additional units as loyalty additions and wealth boosters.

4.Tax Benefits

The premiums paid for savings schemes qualify for tax deductions under Section 80C of the Income Tax Act, 1961.

5.Loan

Since there is an investment component and a fund is accumulated under the savings scheme, it is easy to avail secured loans against the policy.

6.Life Covers

You get a life cover with a savings plan. The life cover is not as high as term insurance, but it still provides an additional layer of financial security to your family.

How to choose the plan?

Savings plans, just like other investment products come in different shapes and sizes. The concept of one size fits all doesn’t apply to insurance products. While you may need a savings plan for retirement , someone else may save for his/her child’s education. A savings plan’s sum assured premiums, tenure and the risk varies depending on the financial goal. You can evaluate a savings scheme on a common set of parameters to finalise the best plan.

  • Risk appetite: Before investing in a savings plan, it is important to objectively analyse your risk appetite. If you are in the mid of your career and already have existing financial obligations, it may not be advisable to take excessive risk with your investments. On the other hand, people who are starting out and are in their 20s and 30s may be able to take higher risk. Younger people can opt for unit-linked investment plans that give market-linked returns but carry substantially higher risk. In a nutshell, investments with higher exposure to equities may not be suitable for people with low-risk appetite. People with low-risk appetite may choose traditional endowment plans that have money-back guarantee clause.
  • Investment tenure: The investment tenure is an important aspect to consider before committing your hard-earned money to savings plans. Insurance plans come with different tenures, ranging from short to long term. If you are saving for your retirement, ULIPs , which multiply your savings in the long-term is the ideal product. Without a long-term commitment to ULIPs, you may not be able to receive the maximum benefits from the policy. While one should consider the investment tenure, the flexibility to change the investment duration should also be taken into consideration. Most savings plan provide an option to change the premiums and the investment amount according to the convenience of the policyholder.
  • Investment goal: While evaluating a tax savings plan on various parameters, you should not forget the primary reason for the investment. The final objective should be the base of all decisions. If you aim to save for your retirement and find a savings scheme specifically designed to accumulate a retirement corpus, it should be your natural choice.
  • Features: Insurance companies offer a host of additional features with savings plans. Read the policy document thoroughly and make an informed decision after considering all the features being offered. Typically, you are allowed partial withdrawals from savings plans to meet emergency liquidity needs. You can get life insurance with savings plans. Some insurers will provide life insurance for a limited time while others offer life-time insurance cover. The Guaranteed Money Saving Plan from Canara HSBC Oriental Bank of Commerce Life Insurance provides life cover for the entire term while you have to pay the premiums for a limited period. With insurance as well as savings through a single plan, you can live a stress-free life.
  • Charges: When you buy a savings plan, it comes with various charges which are over the premium amount. If the charges are low, it automatically adds up in your savings. The best savings plans have minimal administrative charges. With the Invest 4G plan, you can get back the mortality charges on the maturity of the plan. The policy also offers loyalty additions and wealth boosters, which indirectly lower the final cost of the savings plan.

Types of Savings Plans in India

A savings plan is a broad term for a host of insurance products. Insurance companies in India offer endowment plans, money back plans and ULIPs, which are slightly tinkered to focus on the savings component of the investment.

1.Endowment plans

These savings plans are a mix of life insurance and savings, which helps policyholders save regularly over a period. These plans pay a lump-sum amount at maturity if the policyholder survives the policy term. The maturity amount can be used for financial obligations such as paying for children’s education or buying a house. In case the policyholder dies during the policy term, the beneficiaries receive the entire sum assured by the policy. Endowment plans are one of the traditional insurance plans available in the country. Endowment plans are of two types—with profit and without profit plans.

When you opt for with-profits endowment plans, the insurance company will pay you a part of its profit it earns from investing your funds. The profits are paid as bonuses during the policy term. However, these plans are relatively expensive due to the probability of higher returns.

In the case of without profit endowment plans, the insurance company is not liable to share any profits with you. The chances of receiving higher returns are minimal, but the premiums are also lower when compared to with-profit plans. Some plans, however, may pay a one-time bonus at maturity.

2.Money-back plans

These plans are largely similar to endowment plans, differing only in the mode of benefit payment. Like endowment plans, money back plans are a mix of insurance and savings. These plans differ from endowment plans as they pay the sum assured at periodic intervals rather than as a lump-sum amount. The periodic cash payout is helpful for people who save regularly but need funds at intervals of 4-5 years to buy large assets. You can accumulate considerable funds for 4-5 years which can be deployed to buy a car or for a child’s education. Money-back plans essentially provide flexibility to the policyholder to utilise his/her savings.

The plan pays the balance sum assured if the insured survives the policy term. On the other hand, the entire sum assured is paid irrespective of the payouts already made, in case the insured dies during the policy term. Money-back plans offer savings security, liquidity and life cover under a single plan, which makes them one of the best savings plans. Your savings are protected from the vagaries of market fluctuations as these plans are not market-linked. The regular payouts take care of intermittent liquidity needs, while the insurance cover provides financial security to your family.

3.Unit-linked insurance plans:

With group insurance schemes from Canara HSBC Oriental Bank of Commerce Life Insurance, you can modify the sum assured during the policy term. Many plans provide the option to opt between linear and decreasing sum assured. The master policyholder can also increase the sum assured depending on the promotion or salary increase of the members. The premium payment schedule of plans can also be modified. You can choose to pay the premiums of some plans on a monthly, quarterly, half-yearly or annual basis.

A plethora of fund options coupled with a wide variety of portfolio management strategies help insurance companies to design ULIPs to suit different financial goals. ULIPs for savings can be classified into three broad categories—single/regular premium plans, guarantee/non-guarantee plans, life stage-based/non-life stage-based plans. You can either choose to pay a lump-sum amount as premium for ULIP or opt to invest small amounts at regular intervals for the policy. One-time premium payment plans are called single premium plans, while multiple premium payment policies are called regular premium plans.

Some ULIPs offer guaranteed benefits in order to attract investors with lower risk appetite. It is ideal for people who want a savings plan with the potential of capital appreciation but manageable risks. On the other hand, non-guarantee plans do not offer assured benefits but provide a wide variety of fund options to choose from according to the market conditions. Life stage based ULIPs modify the investment portfolio according to the life stage of the insured to manage the risk efficiently. These plans ensure that the asset allocation reflects the age and risk profile of the investor.

Eligibility Criteria

The eligibility criteria for savings plans are not very different from other insurance products. The specific life cover and maturity age are different for different plans. The entry age for Guaranteed Money Savings Plan is 0 years, which means even new-born children can be insured under the policy. The maximum age to invest in the plan is 60 years. The policy term ranges from 10 years to 20 years, while the premium payment term is between 5 years and 10 years. The eligibility criteria for Invest 4G plan is slightly different. The minimum age required to invest in the plan is 18 years, while the maximum age is 65 years. The premium payment term offers ample flexibility ranging from 5 years to 30 years. The policy term varies between 5 years to 81 years for the whole life option. Please read the policy document of the savings plan you intend to invest in for detailed eligibility criteria.

Documents Required

It is the form where all the policy-related information is entered.

Any government-issued document such as passport, driving license, Aadhar card, electricity bill, that can be used as the proof for address.

The individual buying the policy has to produce documents to prove that he has sufficient income to pay the premiums.

Any document such as PAN card, Aadhar card, driving license, Voter ID that can be used to establish the buyer’s identity.

The buyer’s passport, birth certificate, or 10th and 12th mark sheets can be used for age proof.

Related Articles on Savings Plans


How Savings Plans by Canara Help You?

Every person has a unique reason to save and invest. With ULIP savings schemes, the company caters to people seeking wealth creation through capital appreciation. Contrarily, the traditional plans can help you save for important life goals without worrying about the fluctuation in fund value. All major savings plan offers partial withdrawal facility that can help you take care of unplanned contingencies. With savings plans from Canara HSBC Oriental Bank of Commerce Life Insurance, you get adequate flexibility while investing and receiving the savings benefits.

Who should invest in Savings Plan?

Savings plan require you to invest a pre-decided amount on a regular basis. People with a regular stream of income who require a lump-sum amount after a period should opt for a savings plan. Working professionals, self-employed people and businessmen should consider a savings plan to meet their long-term financial obligations. Savings plans are also ideal for people who are risk-averse and want to accumulate funds through relatively safer mediums. Savings plans inculcate financial discipline in policyholders which make them crucial for every portfolio.

What is saving plan?

The saving plan is likely to be different for everyone depending on the financial goal, risk profile, returns, and investment horizon. If you are young and want to save for your retirement, ULIPs like Invest 4G plan or Titanium Plus plan would be the best option. You are likely to create a large corpus by your retirement through market-linked returns. If capital protection is your aim, then traditional insurance plans such as Guaranteed Money Saving Plan should be suitable for you.

How much money should you put in savings each month?

The amount that should be invested in a savings plan each month depends on the income, existing financial obligations and the long-term financial goal. If you have a steady income, you should save at least 20% of your monthly income. It is not necessary to invest your entire savings into a savings scheme as investments should be diversified. Ideally, you should aim to have a financial buffer of over ten times of your annual income.

Saving plan for retirement:

The Invest 4G plan with its multiple investment options and various portfolio management strategies for capital protection is an ideal saving plan for retirement.

Saving plan for future

The Smart Goals plan with its unique features such as modification of the sum assured partial withdrawal and fund switch can help you plan for your long-term financial goals.

Saving plan for girl child

The Future Smart unit-linked plan from Canara HSBC Oriental Bank of Commerce Life Insurance is the ideal savings plan for the girl child.

Where should I invest my money?

You should spread your investments across financial instruments. However, having a suitable savings plan in your portfolio is extremely important. It ensures financial stability and also helps in fulfilling short, medium and long-term monetary goals.

What is a good age to start saving money?

When you plan to invest in a financial product, it always pays well to start early. The earlier you start saving and investing, the better. When you start investing early, the capital gets adequate time multiply. Even a small amount invested for a long time can give substantial returns due to compounding.

Tax Saving Investment for retired mother

Savings plans are tax-efficient investment instruments. Samridh Bhavishya traditional savings scheme designed to ensure regular income after retirement is the best savings plan for retired mothers.

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