Canara HSBC Life Insurance has launched Guaranteed One Pay Advantage plan, requiring a one-time premium cost and offering a hard and fast quantity on maturity. Guaranteed One Pay Advantage plan is a non-linked non-participating particular person financial savings life insurance coverage plan offering flexibility in premium cost and in selecting the tenure.
The coverage supplies assured maturity advantages on the finish of the tenure. Those who’re searching for one-time hassle-free financial savings, can go for Guaranteed One Pay Advantage because the product will supply Life Cover and assured maturity advantages to the insured or household regardless of the market actions. Policy advantages are upfront assured in the beginning of the coverage to the coverage holder.
The plan provides two protection choices Single Life and Joint Life protection. In case of Single Life, on loss of life of the Life Assured, Sum Assured on Death can be paid and the coverage will terminate. In case of Joint Life, on first loss of life of both of the Lives Assured, 1.25 instances the Single Premium can be paid and coverage will proceed. On loss of life of the surviving Life Assured, Sum Assured on Death can be paid to the nominees.
Anyone until age 50 should buy the plan for a time period of 5,7 or 10 years by paying a minimal single premium of Rs 5 lakh.
To meet any contingent want, one could avail the mortgage facility on this plan, as soon as your coverage acquires a give up worth. One can avail a mortgage for an quantity as much as 80% of the give up worth topic to a minimal mortgage quantity of Rs. 20,000. The coverage can be assigned to the Company to the extent of excellent mortgage quantity and all advantages – Surrender, Death and Maturity can be paid after deducting the excellent coverage mortgage and curiosity. Only the stability quantity, if any, shall be payable
The coverage can’t be foreclosed even when the excellent mortgage quantity together with curiosity exceeds the give up worth. The prevailing price of curiosity on mortgage for FY 22-23 is 7.30% every year compounded yearly on coverage anniversary and chargeable from the date of mortgage disbursement. The Company reserves the best to overview the rate of interest for Policy Loan on thirty first December yearly and the modifications shall be relevant from 1st April of the next 12 months.
Source: www.financialexpress.com”