Why Buy Canara HSBC OBC Money Back Advantage Plan?

Founded in 2008, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is one of the celebrated life insurance companies in India. The life insurance company is a joint venture between Canara Bank, HSBC Insurance Holdings Limited and Punjab National Bank. Headquartered in Gurugram, the company has multiple branches across the country. As far as the product range is concerned, the life insurance company offers a wide range including savings plans, one of them being the Money Back Advantage Plan. 

What Is the Money Back Advantage Plan?

Canara HSBC OBC Money Back Advantage Plan is an individual, non-linked, life insurance savings as well as protection Plan. This is a popular money back policy that provides guaranteed money back payouts during the policy term. Moreover, the policy provides a guaranteed lump sum on maturity in addition to bonuses that the policyholder can use as per their requirements and life goals. 

What Is the Need for the Money Back Advantage Plan?

Be it for life needs or goals, every individual needs financial backing. Even if one plans to purchase a home or go on a vacation, they need a financial backup so that money is never a concern. Canara HSBC OBCs Money Back Advantage Plan grants the much-desired protection to you and your family members by offering life cover. Furthermore, guaranteed money back payouts in addition to maturity benefits.

What Is the Benefit of Buying the Money Back Advantage Plan?

Some of the key reasons why you should buy the Money Back Advantage Plan include:

1. Helps in Lifestyle Enhancement & Meeting Life-stage Milestones - With the passage of time, everyone wants to improve their lifestyle. A money back policy like Canara HSBC OBC Money Back Advantage Plan can help in allowing lifestyle enhancement requirements, be it family vacation, purchase of a new vehicle, home renovation, or any other with the help of Guaranteed Money Back payouts (provided at regular intervals) and lump sum benefit (provided on maturity). Every individual has certain life-stage milestones that they want to attain in their life, be it associated with hobby courses, child’s marriage or any other. The Money Back Advantage plan by Canara HSBC OBC supports you in attaining varipopus life goals through its Guaranteed Money Back payouts and lump sum benefit. 

2. Ensures Family Protection - Canara HSBC OBC’s Money Back Advantage Plan ensures that your family stays financially protected for 16 years through payout of death benefit in the event of the unfortunate death of the life insured.

3. Allow Limited Payment Term - The Money Back Advantage Plan allows the short payment term of 10 years so as to meet the financial condition and preferences of the policyholders.

4. Gives Guaranteed Money Back - The Money Back Advantage Plan gives 3 guaranteed money back payouts of 15% of the sum assured. The money back payouts are given at the end of 5th, 9th and 13th policy year so that the policyholder can meet their financial milestones. 

5. Gives Lump Sum at Maturity - The Money Back Advantage Plan by Canara HSBC OBC provides the policyholder with a guaranteed lump sum payout equal to 55% of the sum assured. In addition, accrued simple reversionary bonuses and the terminal bonus (if any) are also provided at the time of policy maturity. 

6. Grants Rebate on Premiums - The policyholder of Money Back Advantage Plan by Canara HSBC OBC gets to enjoy rebate on premiums for a high sum assured. 

7. Provides Tax Benefits - The policyholder is eligible to avail tax benefits on premiums paid and benefits according to the Section 80C and Section 10(10D) of the Income Tax Act, 1961.

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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.