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Invest 4G

Invest 4G Plan

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Invest 4G Plan

Invest 4G
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About Invest 4G

In this policy the investment risk in investment portfolio will be borne by the policyholder UIN: 136L064V03.

You always work hard towards the very best in your life. Never settling for the second best option is your signature. So, for a valued customer like you, financial protection and financial planning for your loved ones has to be the very best. This plan provides life insurance cover to protect your family in case of your unfortunate demise as well as provides you with the greatest value for your hard earned savings. No matter at what life stage you are; a youngster just getting into the habit of savings, a family man planning for creating a secure future for his kids, planning for your own golden years or even for creating a legacy after you and at the same time safeguarding your wealth so that your personal financial goals are met even in case you are not around. We have a solution for you.

Presenting Canara HSBC Oriental Bank of Commerce Life Insurance Invest 4G - A Unit Linked Individual Life Insurance Savings Plan which you can customize as per your goals and changing requirements. With an unmatched combination of Portfolio Management Options and flexibilities, this plan gives you complete control over your savings and insurance needs. This product is a non-participating product.

Why Buy

Invest 4G is a Unit Linked Individual Life Insurance Savings Plan which you can customize as per your goals and changing requirements. With an unmatched combination of Portfolio Management Options and flexibilities, this plan gives you complete control over your savings. It also provides you with a Life Insurance Cover to protect your family in case of your unfortunate demise.

  • Flexibility of choosing to pay for entire policy term or for limited years or only once.
  • Mortality Charges deducted during the Policy Term for Regular and Limited Premium Paying policies will be added to the Fund Value at maturity.
  • Three cover options to suite to different life stages.
  • Premium Funding Benefit under Care Option to ensure your targeted savings contributions are made even in your absence.
  • Loyalty Additions and Wealth Boosters during the policy term as additional allocation of units to boost your investments.
  • Systematic Withdrawal Option to create additional income stream during the policy term.
  • Milestone Withdrawal Option for enhanced liquidity at regular milestones.
  • Multiple Portfolio Management Options to enable you optimize returns from the Policy as per your investment preference.
  • A bouquet of 8 funds to choose from.
READ MORE

Death Benefits


1. Life Option and Century Option

Higher of Sum Assured ( less applicable Partial Withdrawal/ Systematic Withdrawal/ Milestone Withdrawal) or Fund Value will be paid as on date of intimation of death claim and policy will terminate

2. Care Option

On death of the Life Assured , lump sum is paid immediately and remaining future premiums are funded by the Company as & when due and Fund Value is paid at maturity.

Maturity Benefits


On maturity, You will receive the Fund Value based on the prevailing NAVs .You also have the option to take Fund Value on maturity in periodic installments as per Settlement Option. (The details on Settlement Option is given below)

Choose your Funds or Portfolio Management Option


This Plan gives you the flexibility to manage & control the savings in your own way. Here you can choose from a range of 8 Unit Linked Funds. You can choose to allocate your Premiums to any, all or a combination of the Unit Linked Funds as per your risk preference.

  • Emerging Leaders Equity Fund
  • India Multi-Cap Equity Fund
  • Equity II Fund
  • Growth Plus Fund
  • Balanced Plus Fund
  • Large Cap Advantage Fund
  • Debt Fund
  • Liquid Fund

Alternatively, you may select one among following 4 different Portfolio Management Options to manage and build on wealth.

1. Systematic Transfer Option (STO)

If you want to invest in equity oriented fund but worry about market volatility and risk associated with lump sum investment, then you can opt for STO which enables you to enter the equity market in a systematic manner.

Through this option, your entire premium will be first allocated to the Liquid Fund and then systematically transferred on a monthly basis into any one of the Unit Linked Funds - India Multi-Cap Equity Fund or Equity II Fund or Emerging Leaders Equity Fund as chosen by you.

2. Return Protector Option (RPO)

This option enables you to take advantage of the equity market by protecting your gains from the future equity market volatility. Through RPO, starting from the 2nd policy year onwards ,your gains made from a equity fund basis your chosen 'Target Appreciation' are automatically transferred to a lower risk Debt Fund. This way, your gains are protected from further market volatility.

3. Auto Funds Rebalancing (AFR)

If you wish to maintain allocation of your investments in a specific proportion across different Unit Linked Funds, irrespective of market movements, you can do so through Auto Funds Rebalancing. Once opted, after every 3 months, it automatically rebalances the allocation of your investments in various Unit Linked Funds to the allocation proportions chosen by you.

4. Safety Switch Option (SSO):

As your policy nears maturity, you may want to avoid market movements and safeguard your funds. The Safety Switch Option enables you to move your funds systematically to a relatively low risk Liquid Fund at the beginning of each of the last four policy years.

Loyalty Additions


This plan offers fund value related Loyalty Additions from end of 5th policy year and every 5th year till the end of the Premium Payment Term provided all the due premiums are received till that time. The Loyalty Additions for each Unit Linked Fund will be equal to a percentage of the average fund value of last 60 monthly policy anniversaries for the respective Unit Linked Fund.

Wealth Boosters


This plan also offers the additional allocation of units which will be added to the Unit Linked Fund(s) at specific policy intervals provided all due premiums till date have been paid. These wealth boosters will be a percentage of the average fund value of last 60 monthly policy anniversaries.

Other Benefits


1. Partial Withdrawal: This product allows the Policyholder to make partial withdrawals from 6th policy year onwards provided all due Premiums for first 5 policy years have been paid or Life Assured attaining 18 years of age, whichever is later.

2. Systematic Withdrawal Option (SWO):This plan also offers a systematic partial withdrawals facility called SWO. Under this option, a pre-decided percentage of the fund value will be withdrawn and paid to the Policyholder at a chosen frequency for the remainder of the Policy Term. The Policyholder can choose for SWO option at inception or anytime during the Policy Term. The availability / operation of this option will be subject to certain conditions.

3. Milestone Withdrawal Option (MWO):): In this option, at the end of the 10th Policy Year and every 5th year thereafter (excluding the milestone coinciding with the Policy Maturity Date), 20% of the available fund value as on the date of payment will be given to the Policyholder. The availability / operation of this option will be subject to certain conditions.

4. Return of Mortality Charge:This feature is available under all three Options under the Product. An amount equal to the total of all the Mortality Charges deducted during the Policy Term will be added to the Fund Value at the maturity date, provided all due premiums have been received till the maturity date, subject to certain conditions.

5. Reduction in Premium:After payment of premiums for the first five completed Policy Years, the Policyholder will have an option to decrease the premium payable under the Policy up to 50% of the Annualised Premium, subject to the minimum premium limits as applicable basis the Cover Option opted. Premium reduction shall be subject to certain conditions.

6. Settlement Option: You can choose to receive your maturity benefit through Settlement Option in installments as per the frequency chosen by you, over a maximum period of 5 years. You may opt for complete withdrawal of fund value at any time during this period. The Settlement Option will be available only in Cover Options 1 and 2. However, request of settlement option cannot be made after the death of the Life Assured under Cover Option ‘Care’.

7. Tax Benefits: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, contact your independent tax advisor.

Illustration 1: Rahul, aged 21, has just started his career and is getting into habit of insurance & savings using this plan. Rahul opts for Cover Option 1 (Life Option) under this plan and starts saving with a monthly premium of Rs. 3,000 and a Premium Paying Term & Policy Term of 15 years.

Maturity Benefit:


The table below shows maturity values for multiple scenarios assuming annual gross investment return of 4% and 8% with 100% investment in Equity II Fund.

Monthly Premium (₹)
Sum Assured (₹)
Total Premiums Paid (₹)
Total Maturity Benefit (₹) (Fund Value) at the end of 15 years

4%##

8%##

3000

360000

540000

663960

907889

Rahul, with small but disciplined contribution, at the end of 15 years is not only able to create a substantial corpus but also developed a habit for savings towards a strong financial future.

Illustration 2: Amit aged 35, is married and has a 3 years old daughter. He wants insurance & to create a corpus for the future of his daughter. He is looking for a customized solution which ensures that in an event he is not around, the family's immediate needs are met and in the meantime his dream for providing a corpus to his daughter is also met. Amit chooses Cover Option 2 (Care Option) under this plan with a Premium Paying Term and Policy Term of 15 years.

Maturity Benefit


The table below shows maturity values with multiple scenarios assuming annual gross investment return of 4% and 8% with 100% investment in an Equity II Fund.

Annual Premium (₹)
Sum Assured (₹)
Total Premium Paid (₹)
Total Maturity Benefit (Fund Value) at the end of 15 years

4%##

8%##

60,000

600000

900000

1115305

1546869

1,20,000

1200000

1800000

2244078

3111471

1,80,000

1800000

2700000

3366117

4667206

Death Benefit: In case of Amit’s unfortunate death at the end of 5th policy year:


  • Lump sum (higher of Sum Assured or 105% of all Premiums paid up to the date of death) is paid on death – to take care of any immediate liabilities on the family.
  • Remaining future premiums as and when due would be funded by the Company - ensuring that Rahul’s savings for his desired goal continues uninterrupted.
  • The Fund Value would be paid on maturity of the Policy.
Annual Premium (₹)
Lump Sum paid on Death(₹)
Total future Premium funded by the Company (₹)
Total Maturity Benefit (₹)
(Fund Value) at the end of 15 years

4%##

8%##

60,000

6,00,000

6,00,000

11,23,963

15,61,458

1,20,000

12,00,000

12,00,000

22,61,694

31,40,996

1,80,000

18,00,000

18,00,000

33,92,541

47,11,494

Entry Age & Maturity Age


Life Option

Detail
Minimum
Maximum
Entry age

0 years

65years

Maturity age

18 years

80 years

Care Option

Details
Minimum
Maximum
Entry age

18 years

50 years

Maturity age

28 years

80 years

Century Option

Details
Minimum
Maximum
Entry age

18 years

65 years

Maturity age

Up till age 100 years*

* The policy will auto terminate on policy anniversary following the 100th birthday of Life Assured by paying the Fund Value as available at that point of time.

Premium Payment Terms


For Regular/ Limited Premium Policies

Option
Premium Payment Option
Premium Payment Term (PPT) (in years)
Policy Term (PT) (in years)

Life Option

Limited Pay*
Regular Pay

5 to (PT-1) years
Same as PT

10 to 30 years (inclusive)
10 to 30 years (inclusive)

Care Option

Limited Pay*
Regular Pay

10 to (PT-1) years
Same as PT

10 to 30 years (inclusive)
10 to 30 years (inclusive)

Century Option

Limited Pay
Regular Pay

10 to PT -1
Same as PT

100-Age at entry
100-Age at entry

For Single Premium Policies

SA Cover Multiple

Age at entry (in years)

Policy Term (in Years)

10

0-32

5 to 30 years

10

33-38

5 to 20 years

10

39 to 44

5 to 10 years

10

45 to 49

5 years

10

50 to 65

NA

1.25

0-65

5 to 30 years

Note: Single Premium option is not available under Care Option and Century Option. The above Policy Terms for Regular/Limited/Single Premium policies are available subject to Maximum Maturity Age allowed under the product as well as subject to Maturity Age being 18 years or more. For instance, a customer aged 5 years (age last birthday), cannot opt for a Policy Term of 10 years under Cover Option 1 as the age at maturity in this case will be 15 years, which is lower than the minimum maturity age requirement of 18 years.

Life Option:


For Single Premium- 1.25 or 10 times Single Premium basis Age at Entry

For Regular/ Limited Premium- 10 times Annualized Premium

Care Option/ Century Option:


For Regular/ Limited Premium- 10 times Annualized Premium

Premium Amount & Premium Payment Modes


Premium can be paid in Yearly, Half- Yearly, Quarterly, Monthly and Single Modes.

Life Option

Single Premium- 1, 00,000

Annual Premium- 24,000

Half- Yearly- 12,000

Quarterly- 6,000

Monthly- 2,000

Care/ Century Option

Annual Premium- 48,000

Half- Yearly- 24,000

Quarterly- 12,000

Monthly- 4,000

Maximum Premium: No Limit

FAQs

Under the Invest 4G Unit Linked Insurance Plan, you may be entitled to tax benefits under Section 80C and Section 10(10D), as per the Income Tax Act, 1961. These include, first of all, tax benefit on the premium paid towards a ULIP. This amount of premium is allowed as a deduction under Section 80C of the Income Tax Act up to a limit of Rs 1.5 lakhs. The next tax benefit is in the form of tax savings on the withdrawals made or the amount you receive as a part of the policy, whether it is the maturity benefit received at the culmination of the plan or death benefit received by the beneficiary upon the death of the policyholder or a partial withdrawal during the term of the plan. All such receipts are tax-free in the hands of the receiver. The plan also allows for partial withdrawals, so that you can tend to any liquidity requirements or emergencies that strike. You can make these partial withdrawals in multiples of 1000s, 6th policy year onwards, provided all due premiums for first 5 policy years have been paid. These partial withdrawals made without completely surrendering the whole plan, are also completely tax-free

Apart from these, the ULIP plans tax benefits also extend to their exemption from the Long-term capital gains tax. Often referred to as the LTCG tax for short, this tax provides for the taxation of the profits made through long-term investments. ULIPs, including the Invest 4G plan, are exempt from this tax.

A lock-in period is, as the name suggests, the period during which you are locked into the ULIP scheme. During this period, as you are not able to make withdrawals.

In the case of Invest 4G ULIPs, the lock-in period is 5 consecutive policy years from the date of commencement of policy during which no benefits will be payable, except in case of death of the life assured.

This is in line with the latest guidelines of the Insurance and Regulatory Development ity of India (IRDAI). In 2010, the lock-in period was extended from 3 years to 5 years, including top-up premiums. This increase was brought in to signify that ULIPs are meant to serve the purpose of long-term investment goals.

If you surrender or discontinue the ULIP during this 5-year stipulated period, you will receive no liquidity or payout at the end of 5th policy year only. Withdrawals are allowed after the end of the lock-in. Here’s how this works: if you stop paying premiums during the lock-in period, you are given the option to either revive the policy within the revival period or go ahead with the withdrawal from the policy without any risk cover at the end of the lock-in period.

As is clear, it is advisable to stay invested in your Unit Linked Insurance Plan for longer durations to be able to reap the benefits. You can always exercise the option of fund switching if you feel like they’re underperforming, but it is always a good idea to stay invested for longer period even beyond the lock-in period.

Sometimes emergency strikes and there is a need for liquid funds. It is understandable that you might want to draw into your investments. For this purpose, you are allowed to make partial withdrawals without having to completely surrender it. Partial withdrawals are allowed from the 6th year, i.e. when the lock-in period is over and all premiums for the first 5 policy years have been paid. You are allowed to take a minimum amount of Rs. 5000 and a maximum partial withdrawal amount that leaves the fund value at least 120% of the annualized premium immediately after the withdrawal. You can make as many partial withdrawals as needed in a policy year, subject to the above conditions, free of charge.

In fact, if you have chosen Life Option with Premium Funding Benefits, then the amount of your death benefit is not reduced by the partial withdrawals made by you.

However, if you wish to surrender your investment in the Invest 4G Unit Linked Insurance Plan, then it is treated differently. If you surrender the policy within the first 5 policy years, that is within the lock-in period, then surrender charges are levied on the fund value and this amount is transferred to the Discontinued Policy Fund and will earn at least a minimum guaranteed interest rate of 4% or as prescribed by IRDAI from time to time. The proceeds of the discontinued policy will be paid to you only after completion of the 5th policy year. On the other hand, if you surrender after the 5-year lock-in period, the fund value will be paid to you immediately without any surrender charges or penalty.

By definition, a maturity benefit refers to a lump-sum amount that the insurance company pays you upon the maturity of the insurance policy, i.e. when the policy term ends. In the case of Invest 4G Unit Linked Insurance Plan, this is no different.

The Invest 4G policy matures at the end of the policy term as chosen by you at inception. You will receive an amount equivalent to the Fund Value which is calculated on the basis of the prevailing NAVs (Net Asset Value) multiplied by number of units at maturity. Once you receive this fund value, all the benefits in policy gets terminated.

Under this plan, the minimum sum assured is Rs 5 lakhs. Here is the sum assured paid as maturity benefit in case the life assured is below 45 years of age: higher of either a) 10 times the annualized premium or b) 0.5 T annualized premium. If the life assured is 45 years of age or above, the sum assured is higher of either a) 10 times the annualized premium or b) 0.25 T annualised premium. Here T is the Policy Term for Option 1 (Life option) & Option 2 (Life Option with Premium Funding Benefit Option). For Option 3 (Whole of Life Option), T shall be taken as 70-age at entry.

Apart from this, the Invest 4G Plan also provides fund value related Loyalty Additions from the end of every 5th policy year starting from the commencement of the Policy i.e. 5th Policy Year, 10th Policy Year, 15th Policy year etc. if you have paid all the premiums.

Yes, the Invest 4G ULIP offers death benefits. Like any other Life Insurance Plan, the Invest 4G Plan also comes with the provision of death benefits. Death benefits imply that in the case of the unfortunate death of the life assured during the term of the policy, death benefits are paid to the beneficiary or nominee or the claimant as per the policy documents.

What is the quantum of death benefits paid depends on the option chosen by the life assured under the scheme. There are three benefit options. The first is Life Option. This means that the death benefit paid out is the higher amount of either a) Sum assured less partial withdrawals made during the last two years b) Fund Value as on the date of intimation of death claim c) 105% of all the premiums paid up to the date of death.

The Second Option is the Life Option with Premium Funding Benefits. Under this option, death benefits are paid as higher of one of the following as a lump sum: a) Sum Assured b) 105% of all premiums, paid up to the date of death. Besides this, the Fund Value is paid when it reaches maturity and all future premiums are paid for by the insurer as and when due.

The third option is the Whole of Life Option. Under this option, the death benefits are equivalent to higher amount of either a) Sum Assured less partial withdrawals, if any, in the preceding two years, or b) the fund value as on the date of intimation of death claim, or c) 105% of all premiums paid up to the date of death.

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