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Guaranteed Savings Plan
Individual, Non-linked, non – participating life insurance Savings cum Protection Plan
"This is the authorized presentation and should not be altered without the permission of the Insurance Company.“ Version: Nov’19
UIN : 136N066V02
Key Benefits
Fully Guaranteed Benefits on maturity through Guaranteed Sum Assured at Maturity along with Guaranteed Additions, provided all due premiums have been paid
Enhanced guarantees through High Premium Boosters for higher premium commitment
Shorter premium payment term & Multiple policy term options
Comprehensive Protection with Premium Protection option –future premiums waived off in case of death and in addition policy benefits remain “as is”
Enhanced Protection with Double Protection option – Double Sum Assured on Accidental Death
Loan Facility to meet unplanned financial needs
Tax Benefits available under Section 80C and Section 10(10D), as per the Income Tax Act, 1961 as amended from time to time. For tax related queries, contact your independent tax advisor
Guaranteed Savings Option
Option 1
Option 2
Option 3
Guaranteed Saving with
Premium Protection Option
Guaranteed Saving with
Double Protection
Option
Plan Options
Guaranteed Saving Plan
Boundary Conditions
Boundary Conditions Age
Guaranteed Savings Option
Guaranteed Savings with Double
Protection Option
Guaranteed Savings with Premium
Protection Option
0 years
60 years
18 years
75 years
Entry Age TO
Maximum
Minimum 18 years
60 years
TO
18 years
55 years
TO
Maturity Age
Maximum
Minimum
TO
28 years
75 years
TO
28 years
75 years
TO
*Age as on Last Birthday
Mode Minimum Instalment Premium
(Rs.) Maximum Premium
Annual 20,000 No Limit (Subject to Board Approved Underwriting Policy of the Company)
Half-Yearly 10,200
Quarterly 5,200
Monthly 1,800
Boundary Conditions Premium
10 Years 12 years 15 years 20 years
Boundary Conditions Policy Term & Premium Payment Term
Policy Term
Premium Payment Term
5 years 10 Years 15 years
7 years 12 years 15 years
10 years 15 years 20 years
Sum Assured on Maturity
depends on
Plan option
Annualized Premium
Entry Age
Policy Term
Premium Payment Term
Minimum Sum Assured
₹ 76,500
Boundary Conditions Sum Assured on Maturity
• Guaranteed Sum Assured on Maturity = Sum Assured • Sum Assured = Basic Sum Assured + Applicable Boosters
Maximum Sum Assured
Subject to underwriting
Annualized Premium* Band (Rs.)
High Premium Booster (% of Basic Sum Assured)
20,000 to less than 30,000 Nil
30,000 to less than 40,000 4.0%
40,000 to less than 50,000 7.0%
50,000 to less than 75,000 8.0%
75,000 to less than 1,00,000 10.0%
Greater than or equal to 1,00,000 11.0%
High Premium Booster Higher Sum Assured for Higher Premium
Basic Sum Assured available for a given premium
increased by
High Premium Booster % applicable as per the table below :
* Annualised Premium is the Premium payable in a year chosen by the Policyholder, excluding the underwriting extra premiums and loadings for modal premiums, if any.
Sum Assured on Death,
Higher of
11 x Annualized Premium 105% of all the Premiums
paid till death Guaranteed Sum Assured on
Maturity
Death Benefit Sum Assured on Death
Accidental Death Benefit (ADB) Sum Assured = Sum Assured on Death
Plan Benefits
Guaranteed Yearly Addition Payable throughout Premium Payment Term
5 years
7 years
10 years
Premium Payment Term
Guaranteed Yearly Addition (% of Cumulative Annual Premium)
8%
10%
12%
• Available under all three Plan Options • Accrue at the end of each Policy Year throughout Premium Payment Term, provided
all due premiums due under the Policy have been paid
Guaranteed Yearly Additions
(% of Cumulative Annual Premium)
12,000
24,000
36,000
48,000
60,000
1,20,000
72,000
84,000
96,000
1,08,000
Premiums paid from Year 1 to Year 10 gets Guaranteed Yearly Additions on Cumulative premium basis
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Guaranteed Yearly Addition Illustration
Policy Term Premium
Payment Term
10 Yrs 1,00,000
Annual Premium
20 Yrs
Guaranteed Yearly Addition (% of Cumulative Annual Premium)
12%
1,00,000 * 12%
2,00,000 * 12%
3,00,000 * 12%
4,00,000 * 12%
5,00,000 * 12%
6,00,000 * 12%
7,00,000 * 12%
8,00,000 * 12%
9,00,000 * 12%
10,00,000*12%
Cumulative Guaranteed Additions
Rs. 6,60,000/- during policy tenure
5 years
7 years
10 years
Premium Payment Term
Guaranteed Loyalty Addition (% of Guaranteed Sum Assured on Maturity)
10%
14%
20%
• Available under all three Plan Options • Paid on Maturity, provided all due premiums due under the Policy have been paid
Guaranteed Loyalty Addition Payable on Maturity
Maturity Benefit (All 3 Plan Options) Policyholder enjoys TRIPLE Benefit
Guaranteed Sum Assured At Maturity
Accrued Guaranteed Yearly Additions
Guaranteed Loyalty Additions at Maturity
1
2
3
On payment of this benefit, Policy will terminate and no further benefit will be payable
Death Benefit
Guaranteed Saving Option
Sum Assured on Death
Accrued Guaranteed Yearly Additions
A
B
On payment of this benefit, Policy will terminate and no further benefit will be payable
Death Benefit
Guaranteed Saving with Double
Protection Option
Sum Assured on Death
Accrued Guaranteed Yearly Additions
A
B
ADB* Sum Assured, if death is due to an Accident
C
* Accidental Death Benefit (ADB) Sum Assured = Sum Assured on Death
On payment of this benefit, Policy will terminate and no further benefit will be payable
Death Benefit
Guaranteed Saving with Premium
Protection Option
Sum Assured on Death
• Future Premiums waived off • Policy* will continue till Maturity • Guaranteed Yearly Additions will continue
to accrue
A
B
On Maturity, 1. Guaranteed Sum Assured on Maturity + 2. Accrued Guaranteed Yearly Additions + 3. Guaranteed Loyalty Addition
C
* Policy cannot be surrendered/ terminated before reaching Maturity
On payment of this benefit, Policy will terminate and no further benefit will be payable
Tax Benefit
Maturity and death benefits received
Eligible for tax benefits u/s 10 10(D) of Income Tax act
Premiums paid Eligible for tax benefits u/s
80C of Income Tax act
*Tax benefits on Premiums paid and benefits received during Policy Term under Section 80C and Section 10(10D), as per the Income Tax Act, 1961, as amended from time to time
Policy Conditions
• Available after the policy acquires surrender value
• Min. Loan amount : Rs. 20,000
• Max. Loan Amount : 80% of Surrender Value
• Min. Repayment amount : lowest of Rs. 2,000 or Outstanding Loan Amount
• Max. Repayment amount : Outstanding Loan Amount
• Any benefit (i.e. Surrender benefit, etc.) payable under this Policy shall be
reduced by the Outstanding Loan Amount including interest (if any)
• Loan available only on in-force policies
• No loan facility on paid-up policies
Loan
Discontinuance of Premium
Conditions Description
Discontinuance before paying first 2 policy years full premiums
• Life cover lapses after grace period • No further benefit payable upon death or termination or on
expiry of revival period
Discontinuance after paying first 2 policy years full premiums
• Policy will acquire a Paid-up value after grace period and continue with reduced benefit till maturity or death, whichever is earlier.
• Surrender request can be accepted and Surrender Value paid immediately (as per SV factor)
Revival
Revive Policy within revival period of 5 years from due date of first unpaid premium
Pay all due premiums along with applicable interest rate as defined by the Company from time to time (from respective premium due dates till the revival date)
Revival request may be accepted or declined as per Board Approved Underwriting Policy of Company
If a Policy in Lapse state is not revived within Revival Period, it will terminate upon expiry of the revival Period
Post revival of policy, product benefits would be reinstated to full level (including Guaranteed Yearly Addition(s), if any, which were not accrued during revival period)
Paid-up Value – (1/4)
• Policy acquires Paid-up Value after payment at least 2 full years premiums
• Applicable in the event of death or maturity, whichever occurs first
• Guaranteed Yearly Addition(s) will stop accruing once the Policy becomes Paid-up
Paid-up Sum Assured on Maturity
Paid-up Sum Assured on Death
Paid-up Value – (2/4)
Paid-up Guaranteed Loyalty Addition
Paid-up ADB Sum Assured
Paid-up Value – (3/4) Maturity Benefit
Paid-up Sum Assured on Maturity
Accrued Guaranteed Yearly Additions, if any*
Paid-up Guaranteed Loyalty Additions
1
2
3
*Guaranteed Yearly Additions will not accrue once the Policy acquires Paid-up State
On payment of this benefit, Policy will terminate and no further benefit will be payable
Paid-up Value – (4/4) Death Benefit
Paid-up Sum Assured on Death
Accrued Guaranteed Yearly Additions, if any*
ADB** Sum Assured, if death is due to an Accident
A
B
C
*Guaranteed Yearly Additions will not accrue once the Policy acquires Paid-up State ** Applicable in case of Guaranteed Saving with Double Protection Option
On payment of this benefit, Policy will terminate and no further benefit will be payable
Surrender Guaranteed Surrender Value (GSV) & Special Surrender Value (SSV)
• A*(Total Premiums Paid excluding UW extra premium, if any)
+ • B*(Accrued Guaranteed
Additions)
• Determined by Company
• May be revised in future with prior approval of Authority
A is GSV Factor (As percentage of Total Premiums Paid, excluding extra premium, if any) B is GSV Factor (As percentage of Accrued Guaranteed Additions, if any) For the details on Guaranteed Surrender Value percentages (Factors), please refer to the sample Policy Contract available on Company's website.
Surrender Value Higher of Guaranteed Surrender
Value Special Surrender Value OR
Policy acquires Surrender Value after payment at least 2 full years premiums
Exclusions
• Within 12 months from the date of commencement of risk under Policy, Nominee shall be entitled to at least 80% of the total premiums paid, till the date of death or surrender value available as on the date of death whichever is higher, provided the Policy was in-force
• Within 12 months from the Revival date of the Policy, the Nominee shall be entitled to an amount which is higher of 80% of the total premiums paid till the date of death or the surrender value as available on the date of death
Suicide
• Exclusions for Accidental death is mentioned in product brochure and sample policy contract available on our website
Accidental Death
Choose Plan option as per need • Guaranteed Saving Option • Guaranteed Saving with Double Protection
Option • Guaranteed Saving with Premium Protection
Option
Select a combination of Policy Term and Premium Payment Term as per financial goal
• Flexibility to choose among available Policy Terms 10/12/15/20 years & PPT 5/7/10 years
Decide on Premium amount and mode as per convenience
• Affordable min. premium - Rs.20,000 p.a. onwards
• Modes available – Yearly, Half Yearly, Quarterly, Monthly
Complete proposal form, pay premium • Enjoy Guaranteed Benefits of the plan • Fulfill Financial Goals with complete
peace of mind
4 Simple steps to buy
Sample Benefit Illustrations
• Suresh is 40 years old and has recently joined a MNC. He is planning to buy a limited pay insurance plan that provides him upfront guarantee with tax benefits as well
• To fulfill these needs, he opts for Canara HSBC Oriental Bank of Commerce Life Insurance Guaranteed Savings Plan with Guaranteed Savings Option
• He opts for a Policy Term of 20 years with premium paying term of 10 years and is willing to pay 1,00,000 (before applicable Goods and Services Tax & applicable cess (es)/ levy, if any) in annual premium payment mode
Sample Benefit Illustration - 1
* Premium is exclusive of GST # Cumulative Premium
Policy Term Premium
Payment Term
10 Yrs 1,00,000
Age
40 Yrs
Annual Premium*
20 Yrs
Guaranteed Sum Assured on Maturity (GSAM)
13,16,738
Sample Benefit Illustration - 1 Maturity Benefit
Sum Assured on Death
13,16,738
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Total Premium Paid = 10 Lacs
Guaranteed Sum Assured
Accrued Guaranteed Yearly Additions @ 12% of C.P.#
Guaranteed Loyalty Additions @ 20% of GSAM
Guaranteed Yearly Addition(s)
Maturity Amount 22,40,085
= 13,16,738
= 6,60,000
= 2,63,348
22,40,085
224% of what
you pay
* Premium is exclusive of GST
Policy Term Premium
Payment Term
10 Yrs 1,00,000
Age
40 Yrs
Annual Premium*
20 Yrs
Guaranteed Sum Assured on Maturity (GSAM)
13,16,738
Sum Assured on Death
13,16,738
1 2 3 4 5 . . . . . . . . . . . . . . . -
Sum Assured on death
Accrued Guaranteed Yearly Additions of 4 years @ 12% Death Benefit
14,36,738
= 13,16,738
= 1,20,000
14,36,738 Dies in 5th year
Total Premium Paid 5 Lacs
Guaranteed Yearly Addition(s)
Sample Benefit Illustration - 1 Death Benefit
• Mr. Gupta is a 35 years old businessman with a 3 year old son named Yash. He wants to secure his son’s future through planned savings.
• He also wants to ensure that his plans (funding for education) are not impacted even if he is not there tomorrow. Mr. Gupta therefore takes a wise decision to save through Canara HSBC Oriental Bank of Commerce Life Insurance Guaranteed Savings Plan by opting for Guaranteed Savings with Premium Protection Option
• He opts for a Policy Term of 15 years and makes a commitment to pay 3,00,000 every year (before applicable Goods and Services Tax & applicable cess (es)/ levy, if any) for a period of 10 years
Sample Benefit Illustration - 2
Policy Term Premium
Payment Term
10 Yrs 3,00,000
Age
35 Yrs
Annual Premium*
15 Yrs
Guaranteed Sum Assured on Maturity (GSAM)
25,22,741
Sum Assured on Death
33,00,000^
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Total Premium Paid = 30 Lacs
Guaranteed Sum Assured
Accrued Guaranteed Yearly Additions @ 12% of C.P.#
Guaranteed Loyalty Additions @ 20% of GSAM
Maturity Amount 50,07,290
= 25,22,741
= 19,80,000
= 5,04,548
50,07,290
167% of what
you pay
* Premium is exclusive of GST # Cumulative Premium ^ 11 times of Annualised Premium
Sample Benefit Illustration - 2 Maturity Benefit
Guaranteed Yearly Addition(s)
Total Premiums Paid = 15 Lacs
Guaranteed Yearly Addition(s) will continue to accrue
Guaranteed Yearly Addition(s)
Policy Term Premium
Payment Term
10 Yrs 3,00,000
Age
35 Yrs
Annual Premium*
15 Yrs
Guaranteed Sum Assured on Maturity (GSAM)
25,22,741
Sum Assured on Death
33,00,000^
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Maturity Amount 50,07,290
* Premium is exclusive of GST # Cumulative Premium ^ 11 times of Annualised Premium
Dies in 5th year
Sum Assured on death 33,00,000
Total Benefit received by Nominee
A. Sum Assured on Death : 33,00,000 B. Maturity Amount : 50,07,290
Total Benefit Amount : 83,07,290
Policy will continue till maturity as originally planned
Future Premiums waived off
Sample Benefit Illustration - 2 Death Benefit
THANK YOU
"This is the authorized presentation and should not be altered without the permission of the Insurance Company.“ Version: Nov’19
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