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Know Everything About Canara HSBC Life Money Back Advantage Plan

HSBC Life Money Back Advantage Plan is a savings and protection-oriented plan. It includes non-linked, participation, and limited premium payment features. It provides guaranteed payouts regularly during the policy term along with bonuses like maturity, survival, tax, and death benefits. This plan can be used to fulfill the life assured’s short-term goals from time to time.

This plan offers better life coverage than most of the life insurance plans out there in the market. It provides financial protection to you and your family if any unforeseen events occur. It provides all the benefits that a traditional money back plan offers.

Features of Canara HSBC Life Money Back Advantage Plan

The plan includes the following features -

  • Family protection

It protects the family of the life assured financially in case of the sudden death of the life assured for 16 years throughout the payment.

  •  Limited payment term 

This plan provides a limited payment term (10 years) to suit or favor your financial situation.

  • Guaranteed Money Back

This plan provides three guaranteed money back payouts of 15%of the sum assured after the 5th, 9th, and 13th policy years to be able to help you fulfill your short-term goals.

  • At Maturity

The life assured receives a guaranteed lump sum payout equal to 55% of the Sum Assured along with accrued simple reversionary bonuses and terminal bonus (if any)

  • Tax benefits 

Being a money back plan, this plan offers tax benefits under which tax deduction is possible and benefits are received under Section 80C and Section 10(10D), as per the Income Tax Act, 1961.

Benefits of Canara HSBC Life Money Back Advantage Plan

The investor of Canara HSBC Life Money Back Advantage Plan enjoys the following benefits - 

  • Maturity Benefit

On surviving the policy term, till maturity, if all due premiums are paid, the life assured will receive Guaranteed Sum Assured on Maturity equal to 55% of Sum Assured along with applicable Simple reversionary bonus and Terminal bonus if any.

After the payment of the above benefits, your policy will terminate.

  • Death Benefit

In case of unfortunate death, or an accidental permanent disability of the life assured, during the policy term, if all due premiums are paid, the death benefit is paid to the nominee.

Where Sum Assured on Death is the amount which is higher of either 10 times the Premium per annum or Sum Assured.

  • Tax Benefits

 You can avail of tax benefit on the premium paid subject to currently applicable provisions of Section 80 C of the Income Tax Act, 1961.

  • Survival Benefit

You will receive regular payouts during the policy term. The payouts start from the 5th year. The second payout is paid at the end of the 9th year and the next is at the end of the 13th year. Each of these payouts contains 15% of the sum assured.

Conclusion

Throughout your life, there are various] situations, needs, and milestones for which you need to be prepared with a plan, and be financially ready. These milestones could be related to your aspirational needs such as vacation or purchasing a new home, or investing in your child's education or extracurricular activities. Investing in this plan and planning for them in advance is the best way to take care of these needs. 

The Money Back Advantage Plan provides financial security to your family by offering high life coverage and helping you reach your short-term goals through guaranteed regular payouts and maturity benefits. This plan also offers benefits like survival, death, tax, and maturity benefits to make sure you and your family are financially safe whether you are around or not. 

Also read 

Exploring Key Features of a Money Back Policy

Are Money-Back Policies Productive?

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.        

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