Canara HSBC Oriental Bank of Commerce Life Insurance Launches Smart Sanchay Plan, a traditional group protection-cum-savings product. Smart Sanchay Plan has been designed for deposit account holders of the distributor banks and is tailor-made for the Company’s bancassurance model of distribution. The plan is available to all new depositors who can opt for this product after opening an account, as well as to existing customers who simply need to enrol. The plan provides life cover and accident protection along with fixed returns. The maturity benefit is fixed and is equivalent to the premiums invested at 4% (current savings rate of interest). The premium is deducted directly from the bank account of the account holder.
Salient features of Smart Sanchay Plan are –
1- A limited pay product with premium payment term of 5 years and policy term of 10 years
2- Protection – In case of unfortunate death of the life assured, the Sum Assured will be paid to the nominee (The product offers a Sum Assured of 10 times the annual premium for ages 35 years and below and 7 times for ages 36 years and above)
3- In case of death due to accident, an additional amount equal to the Sum Assured will also be paid i.e. Double Sum Assured will be paid in case of death due to accident
4- Savings – On survival at policy maturity, the policyholder will get guaranteed maturity benefit of 137.5 % of total premiums paid
5- Tax Benefit – the policyholder will get tax benefits under Section 80C and Section 10(10D), as per the Income Tax Act