What Are The Common Exclusions Under Canara Hsbc Money-Back Insurance Plans?
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Planning plays a crucial role when it comes to achieving major milestones in life. Be it an abroad vacation, buying a new house, marriage, saving for your child's future, etc, everything requires proper planning.
Canara HSBC Money Back Insurance Plans has been specially designed to help you plan your major milestones in advance so that you can live your life in a worry free manner for a longer time without thinking about the needs of your loved ones. It provides guaranteed returns during the policy tenure along with a lump sum and bonus on the maturity of the policy.
In this article we will go through the benefits and exclusions of Canara HSBC Money Back Insurance Plans in detail to make you have a clear and thorough understanding of the plan
Benefits of Canara HSBC Money Back Insurance Plans
Some of the benefits covered under Canara HSBC Money Back plans are as follows:
1. Death Benefit
Under the policy, If in case you passes away during the policy tenure and all the premiums has been paid then the nominee will receive the death benefit upto a duration of 16 years under as follows:
- Sum Assured on Death
- Additional Simple Reversionary Bonus
- Interim Bonus along with Terminal Bonus if any.
However, Sum Assured on Death is the amount provided to the nominee is higher of sum assured and 10 times the Yearly Premium.
2. Maturity Benefit
Under this benefit, in case you survive the term and not miss any premium payment then you will be eligible to receive Guaranteed Sum Assured on Maturity which is equal to 55% of Sum Assured plus Additional Simple Reversionary Bonus and Terminal Bonus If any. After paying the benefit, the policy will terminate.
3. Survival Benefits
Canara HSBC Money Back plans guaranteed Money Back payout at the end of 5th, 9th and 13th policy year to meet the living expenses but on the condition that no premium payments have been missed. Guaranteed Money Back payouts are the percentage of sum assured which is equal to 15% for every interval.
4. Tax Benefits
Under the plan, you are eligible to avail tax benefits not only on premiums paid but also on the benefits received Under Section 10(10D) and Section 80C as per the prevailing tax laws.
Exclusions Under Canara HSBC Money-Back Insurance Plans
Canara HSBC Money-Back Insurance Plans does not entertain any benefits or coverage for death of the policyholder on ground of suicide -
- If in case the policyholder commits suicide in the period of 12 months from the beginning day of the Policy, Nominees will receive at least 80% from all the premiums paid, or surrender value as available whichever is higher till the date of death.
- If in case the policyholder commits suicide in the period of 12 months after the revival date of the Policy, the Nominee of the policy will receive the 80% of all the premiums paid and the surrender value as available on the date of death.
Conclusion
Canara HSBC Money-Back Insurance Plans provides you the triple privilege of death benefit, maturity benefits and survival benefits under the policy. It is a comprehensive solution which offers you insurance cum investment plans to reduce your worry related to your loved ones. Before going for a particular policy, go through the exclusions, terms and conditions in the entire document carefully so that you do not miss any term which can be important for you to know.
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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
