Jeevan Nivesh

Canara HSBC Oriental Bank of Commerce Life Insurance Jeevan Nivesh Plan

An Individual Non-Linked Par Life Insurance Savings cum Protection Plan

Each one of us strive to give best of the things to our loved ones' in our journey of life. Be it child's education, marriage, leaving behind a legacy, buying a dream house or a blissful retirement with our loved ones'. However, to fulfill all these important goals in your life time you require a disciplined financial planning approach.

Therefore, we recommend you to be prepared for the unexpected. To help you plan and achieve your goals in life, we present Canara HSBC Oriental Bank of Commerce Life Insurance Jeevan Nivesh Plan.

WHAT ARE THE OPTIONS UNDER THE PLAN?

You can opt for any of the following:
1. Endowment with Whole Life Cover option
2. Only Endowment option
These options are explained in detail in the benefits section of this document. The plan option should be chosen at policy inception and cannot be altered later.

WHAT ARE THE KEY BENEFITS OF THE PLAN?

1. Lump-sum payout at maturity - Guaranteed savings through guaranteed payout of Sum Assured at maturity.

2. Lifelong protection - Life Insurance cover throughout the Policy Term and beyond (under the option Endowment with Whole Life Cover).

3. Settlement option - Flexibility to convert your Guaranteed Sum Assured on Maturity as annual payouts payable over next 15 years, with 5% compounded increase every year to take care of your growing needs (under the only Endowment option).

4. Customize your savings horizon and key financial goals - Multiple Policy Term options will make sure that you are able to select the best suited Policy Term which is closely aligned to your financial goals.

5. Premium payment term options - Choice of flexible Premium Payment Terms which can closely align to your savings horizon.

6. Steady build-up of fund for your financial goals - Additional lump sum benefit through payout of accrued Annual bonuses & Final bonus (if any).

7. Better value for higher premiums - High sum assured rebate to ensure that you get extra benefit for making a higher premium commitment.

8. Tax benefits on premium paid and benefit received under Section 80C and Section 10(10D), as per the Income Tax Act, 1961, as amended from time to time.

HOW DOES THE PLAN WORK?

You can customize the policy to suit your financial goals and requirements in just 3 simple steps:

Step 1 - Choose your plan option Depending on your financial need select the plan option:
1. If your goal is to get a life cover only during the Policy Term and lump sum on policy maturity, we recommend you to opt for 'only Endowment option'. Under this option, you also have the flexibility to convert your Guaranteed Sum Assured on Maturity as annual payouts, which are paid over next 15 years. These annual payouts also increase by 5% compounded every year to take care of your growing needs (referred to as 'Settlement option').

2. If your goal is to get a lump-sum on policy maturity and continue to enjoy a whole life coverage, and leave a legacy behind for your loved ones, we recommend you to opt for 'Endowment with Whole Life Cover option'. Under this option premium charged will be higher than the only 'Endowment Option'.

Step 2: Choose your Sum Assured Choose your Sum Assured adequately basis your life cover needs and the guaranteed amount required at policy maturity to ensure that your financial needs are met.

Step 3: Choose your premium payment term and Policy Term This plan offers flexible premium payment term and Policy Term options that can be aligned to your savings horizon and future goals.