Take a fresh look at your lifestyle.

Your Child is Doing their Best. Are Your Being the Best Parent?

Every parent wants to secure their child’s future right from the moment they’re born. The competitive world requires parents to always think two steps ahead. One way to ensure that you are being the best parent for your child is by purchasing a child insurance plan. Investing in the correct saving plan for child benefits will guarantee that your offspring has a settled financial future.

A child saving plan also benefits the parents largely by relieving any sudden load of money required for their child’s education. The market today flourishes with several good investments in saving plan for child eventualities. One great option of a trusted and well-known bank to trust your child’s future with is Canara HSBC Oriental Bank of Commerce Life Insurance. The Canara HSBC Oriental Bank of Commerce Life Insurance may just be the best child saving plan for all new parents.

In June 2006, Canara Bank completed an entire century of trusted banking with millions of happy clients. The merger of Canara Bank with Syndicate Bank in 2019 resulted in the fourth-largest public sector bank with total revenue of Rs.15.20 Lakh Crore.

Canara HSBC Oriental Bank of Commerce Life Insurance Child saving plan not just promises top-quality education for your child but also a secured future. The bank promises to fulfil the below-mentioned necessities that achieve more than just a secured future:

  • A saviour during financial disruptions: Canara Bank claims that an early investment in the correct child saving plan helps in building a better ‘cushion’ for any unfortunate financial event that your child may face.
  • Focused Approach: The child saving plan offered by Canara HSBC Oriental Bank of Commerce Life Insurance grants monthly investment plans for a larger amount. This makes it easier for parents to approach the goals of their life insurance amount. In this saving plan for child insurance by Canara HSBC Oriental Bank of Commerce Life Insurance, it is easy to wave off the premium in case of an eventuality.
  • Tax Benefits: Parents can benefit from tax payments in the invested money as well as the outcome amount the child receives.

Canara HSBC Oriental Bank of Commerce Life Insurance promises to deliver the best for you and your child. Choosing the correct saving plan for child policy will be beneficial in the long run. Wondering how you can make the right choice? Ways to guarantee adequate investment is being made by you include-

  • Start early: Prices inflate daily, and expenses are on the rise. Hence, it is beneficial to inculcate the habit of saving money from early on. Approach towards your goal steadily and in the correct plan.
  • Make an expenses plan: Saving must be done after ensuring all necessities are met. Choose a plan that suits your budget well while also leaving enough money for diurnal needs.
  • Secure enough funds: While selecting a saving plan for child policy, make sure to invest enough money. In case of any accidents or unfavourable circumstances, your life insurance must provide you with adequate funds while still benefiting your long-term requirements.

Best Child Saving Plans Provided by Canara HSBC Oriental Bank of Commerce Life Insurance

Canara HSBC Oriental Bank of Commerce Life Insurance provides top-quality child saving plans to suit every requirement of conscious parents. Every feature about the plan is out in the open without any hidden repercussions. Here are the three saving plans for child insurance policy provided by Canara HSBC Oriental Bank of Commerce Life Insurance:

  1. Invest 4G

The best tax security and financial planning are provided by the Invest 4G plan for a stable future. This package includes life insurance coverage to support your family in the event of your untimely death. The plan promises to provide the best value for the money earned by you.

  • Death Benefits –

Life options and century options – The higher the amount assured or the fund value will be paid as of the date of death claim notification, and the programme will be terminated.

Care option – The company pays a lump sum at the death of the Life Assured, and the outstanding additional premiums are funded when and when necessary, with the Fund Value charged at maturity.

  • Maturity benefits –

You will obtain the fund valuation depending on the existing NAVs at maturity. As part of the settlement option, you can take the fund value at maturity in periodic increments.

  • Age Criteria –
Options Life Option Care Option Century Option
Entry Age Minimum: 0 years Minimum: 18 years Minimum: 18 years
Maximum: 65 years Maximum: 50 years Maximum: 65 years
Maturity Age Minimum: 18 years Minimum: 28 years Up till 100 years*
Maximum: 80 years Maximum: 80 years
  • Premium Payment details –

Premium can be paid in yearly, half-yearly, quarterly, monthly and single modes.

  • Sum Assured –
  1. Life Option: 1.25 or 10 times single premium based on age at entry for single premium and ten times annualized premium for regular/limited premium
  2. Care Option/ Century Option: 10 times annualized premium for regular/limited premium
  1.  Smart Junior Plan

For the last five years of the programme, the Smart Junior package offers guaranteed payouts that can be matched with a child’s developmental achievements. This child saving plan includes recurring incentives and, if necessary, a final incentive at maturity. This package offers adequate coverage; in the event of the life assured’s untimely death, a lump sum payout is made automatically, and the outstanding payments are charged, if any.

  • Death Benefit –

An immediate lump-sum payment, whichever is greater:

Sum assured is ten times the annualized rate, or 105 per cent of the total premiums paid before the date of death, minus any underwriting extra premium.

Also, the additional premiums (if any) are not required to be charged, and the scheme will remain in effect for the remainder of the policy term. Annual bonuses will continue to be accrued under the scheme.

  • Maturity Benefits –

If you live to maturity, you will get a guaranteed sum assured equal to 20% of the sum assured, as well as all annual incentives and final bonuses.

  • Age Criteria –

Entry Age: Minimum 18 years and maximum 50 years. If the mode of payment is monthly, the maximum age is 40 years.

Maximum maturity age: 70 years

  • Premium Payment details –

Annual and monthly modes are available.

To calculate the monthly instalment premium, multiply the annual premium by 0.09 to get the monthly instalment premium.

  • Sum Assured –

Minimum sum assured:

Annual payment – Rs. 3,00,000

Monthly payment – Rs. 5,00,000

Maximum sum assured: No limit.

  1. Smart Future Income Plan

To fulfil your wishes, get a tax-free guaranteed monthly income for 15 years in this child saving plan. Build a fund for your loved ones in this saving plan for a child insurance policy by accumulating lump sum money by annual and final incentives. You can also enjoy life coverage for 25 years. This way, a guaranteed income and incentives will help you live a better life. To satisfy your unforeseen needs, choose loan versatility.

  • Death Benefits –

Death insurance equal to death benefit sum assured [higher of the sum insured or ten times annualized premium] plus extra annual compensation and final bonus (if any) subject to at least 105 per cent of The premiums paid by the policyholder will be due upon the death of the life assured.

  • Maturity Benefits –

On surviving to adulthood, annual bonuses, as well as any final bonuses, will be paid.

  • Age Criteria –
Age Limit Entry Age Maturity Age
Minimum 18 years 43 years
Maximum 55 years 80 years
  • Premium Payment Details –

Modal factors and premium mode: Annual and monthly reports

To calculate the monthly premium due in monthly mode, multiply the annual premium by a factor of 0.09.

Term of premium payment: 10 years

  • Sum Assured –

Chosen monthly income X 100 times

The child saving plans offered by Canara HSBC Oriental Bank of Commerce Life Insurance child plan guarantees a safe and guarded future for your child. The variety of options and equally amazing benefits will leave parents satisfied with the outcome. Invest in the correct saving plan for child insurance today with Canara HSBC Oriental Bank of Commerce Life Insurance and become the best parent for your child!

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