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IFE INSURANC

FULFILL EVERY WISH WITH

GUARANTEED INCOME
ENJOY GUARANTEED2 MONEY BACK PAYOUTS WITH LIFE COVER

GUARANTEED1 ANNUAL 4 YEARLY MONEY BACK PERIODIC GUARANTEED3

INCOME PAYOUTS BEFORE MATURITY2 ADDITIONS TO THE POLICY

GUARANTEED GUARANTEED CASHBACK GUARANTEED INCOME GUARANTEED SINGLE

PLAN OPTIONS: CASHBACK WITH PREMIUM PROTECTION ADVANTAGE PAY ADVANTAGE
1
Conditions Apply-Available under Guaranteed Income Advantage Option. 2 Conditions Apply-Available under Guaranteed Cashback Option and Guaranteed Cashback with Premium
Protection Option. 3 Condition Apply - Guaranteed Yearly Addition (GYA) - Available under Guaranteed Cashback Option (Plan Option 1) & Guaranteed Cashback with Premium Protection
Option (Plan Option 2) and Guaranteed Loyalty Addition (GLA) - Available under Guaranteed Cashback Option (Plan Option 1), Guaranteed Cashback with Premium Protection Option (Plan
Option 2) & Guaranteed Single Pay Advantage (Plan Option 4). Purchase of any insurance products by a bank's customer is purely voluntary and is not linked to availment of any other facility
from the bank.
As you move towards different life stages in your life, there are important goals that you come
across which are uncompromising in nature such as educating your child or planning for her
marriage or enhancing your own life style or providing financial security to a loved one. How can
you make sure that such important goals are always achieved? First, you need an insurance plan
that secures your life and allows you to save as per your requirement to reach your objective.
Second, you want the insurance plan to give you assured returns that are not dependent upon the
vagaries of the capital markets, or the bonuses declared by the insurance company. Third, you
want the insurance plan to work and your goal to be achieved even if anything happens to you.

To help you ensure that none of your goals are compromised, we present you ‘Canara HSBC Oriental
Bank of Commerce Life Insurance Guaranteed Income Plan’ that offers guaranteed benefits so
that you can fulfil your dreams uninterrupted.

WHAT ARE THE OPTIONS UNDER THE PLAN?

You can opt for any one of the following options:

1. Guaranteed Cashback Option,
2. Guaranteed Cashback with Premium Protection Option,
3. Guaranteed Income Advantage Option, or
4. Guaranteed Single Pay Advantage Option

These options are explained in the “What are the key benefits of the plan?” section. The plan option can
only be chosen at policy inception. The Guaranteed Sum Assured at Maturity under various options will
vary for the same premium paid.

WHAT ARE THE KEY HIGHLIGHTS OF THE PLAN?

• Provides life cover for the entire term while you pay premium only for a limited period/one time.
• Payouts For Child`s Education – Guaranteed Annual Cashback payouts aligned closely to your child’s
educational milestones under Guaranteed Cashback Option (Plan Option 1) & Guaranteed Cashback
with Premium Protection Option (Plan Option 2).
• Guaranteed Annual Income payable at the end of every year after the premium payment term till
maturity (under Guaranteed Income Advantage Option {Plan Option 3}).
• Guaranteed Maturity Benefit: Guaranteed benefits payable on maturity, provided all due premiums
have been paid.
• Better Value For Higher Premium – High Premium Booster to ensure that you get extra benefit for
making a higher premium commitment.
• Flexibility to choose a payment term suitable for you - Choice of premium payment terms which can
closely align to your premium payment capacity and horizon.
• Customize your savings horizon to your important financial goals - Multiple policy term options to help
you select the best suited policy term which is closely aligned to your financial goals.
• You may be entitled for Tax Benefits# under Section 80C and Section 10(10D), as per the Income Tax
Act, 1961 as amended from time to time.For tax related queries, contact your independent tax advisor.

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:
i. If your goal is to get protection during the policy term, liquidity in last 4 years and lump-sum on
maturity, we recommend you to opt for either ‘Guaranteed Cashback with Premium Protection Option
(Plan Option 2) or Guaranteed Cashback Option’ (Plan Option 1) as per your requirement.
ii. If your goal is to get protection during the policy term and Guaranteed Annual Income after the
completion of premium payment term, we recommend you to opt for ‘Guaranteed Income Advantage
Option’ (Plan Option 3).
iii. If your goal is to receive lump-sum payout on maturity on payment of Single Premium, we recommend
you to opt for ‘Guaranteed Single Pay Advantage Option (Plan Option 4)'.
Step 2: Choose your premium:
Choose your premium amount. You can check the guaranteed amount available at policy maturity and
the guaranteed survival benefits that you will be receiving during the policy term to ensure that your
financial needs are met.
Step 3: Choose your premium payment term, premium payment mode and policy term:
Choose how long you would like to pay premium, at what frequency and your policy term, to align with
your payment preference, savings horizon and future goals.
The Sum Assured in this plan will be determined basis your age and the options chosen above. If your
Annualised Premium is eligible for High Premium Booster, the Sum Assured/ Guaranteed Annual Income
will be enhanced by the High Premium Booster %. (refer section “What are the other benefits in this
plan?”)

Sample Guaranteed Sum Assured at Maturity for different Plan Options

For Plan Option Guaranteed Cashback Option, Guaranteed Cashback with Premium Protection Option &
Guaranteed Income Advantage: Policy term 20 years, PPT 10 years, Male life and Annual Premium Rs.
1,00,000 (excluding GST)
For Plan Option Guaranteed Single Pay Advantage: Policy term 10 years, Male life, Sum Assured 10 times
and Single Premium Rs. 1,00,000 (excluding GST)

Age (years)
Plan options
30 35 40 45 50

1. Guaranteed
CashbackOp- Rs. 8,49,595 Rs. 8,48,873 Rs. 8,47,685 Rs. 8,15,529 Rs. 7,60,395
tion

2. Guaranteed
Cashback with
Rs. 8,26,995 Rs. 8,01,920 Rs. 7,67,255 Rs. 6,95,837 Rs. 5,90,454
Premium Pro-
tection Option

3.Guaranteed
Income Ad- Rs. 2,85,440 Rs. 2,80,940 Rs. 2,57,840 Rs. 2,13,540 Rs. 1,30,490
vantage

4. Guaranteed
Single Pay Rs. 1,38,611 Rs. 1,33,340 Rs. 1,22,042 NA NA
Advantage

WHAT ARE THE KEY ELIGIBILITY CONDITIONS OF THE PLAN?

Parameters Description

Plan Options Minimum Entry Age Maximum Entry Age

1.Guaranteed
0 years 60 years
Cashback Option

2. Guaranteed
Cashback with
18 years 55 years
Premium Protection
Entry Age1 Option
Age as on
3. Guaranteed
Last Birth- Income Advantage 0 years 60 years
day Option

Death Cover Death Cover Death Cover Death Cover

Option A Option B Option A Option B
4. Guaranteed
Single Pay
For PT 5: 45 years
Advantage Option
8 years 8 years For PT 7: 43 years 65 years
For PT 10:40 years
 Plan Options Minimum maturity Age Maximum maturity Age

1.Guaranteed
18 years 75 years
Cashback Option
2. Guaranteed
Cashback with
28 years 75 years
Premium Protection
Option
Maturity Age
Age as on Last 3. Guaranteed
Birthday Income Advantage 18 years 75 years
Option

Death Benefit Death Benefit Death Benefit Death Benefit

4. Guaranteed
Option A Option B Option A Option B
Single Pay
Advantage Option
18 years 18 years 50 years 75 years

Plan Options Premium Payment Term Policy Term

5 10,15
1.Guaranteed Cashback Option
7 12,15
2. Guaranteed Cashback with Premium Protection Option
10 15,20
Premium
Payment Term 7 14
3. Guaranteed Income Advantage Option
(PPT) and 10 20
Policy Term
4. Gauranteed Single Pay Advantage Options 1 (Single Pay) 5,7,10

Availability of Policy Term will be subject to maturity age being within 18 years to 75 years (both
inclusive).

Single pay, Annual, Half-Yearly, Quarterly & Monthly modes are available

Plan Options Mode Modal Factors

1.Guaranteed Cashback Option Annual 1.00

2. Guaranteed Cashback with Premium Protection Option Half-Yearly 0.51
Premium
3. Guaranteed Income Advantage Option Quarterly 0.26
Payment Mode
and Modal Monthly 0.09
Factors
4. Guaranteed Single Pay Advantage Option Single NA

For example, multiply the annual premium with 0.09 to determine the monthly installment premium
payable.
The Policyholder can choose to change the Mode of Premium Payment subject to application of modal
factor.

Plan Options Minimum Sum Maximum Sum

Assured (Rs.) Assured

Guaranteed Cashback Option 49,600 No Limit as it is subject

Guaranteed Cashback with Waiver of Premium Option 49,500 to the Board Approved
Guaranteed Income Advantage Option 5,000 Underwriting Policy of
Guaranteed Single Pay Advantage Option 46,955 the Company.

Plan Options Mode Minimum Maximum

Instalment Premium
Sum Assured Premium(Rs.)
& Premium2
1.Guaranteed Cashback Option Annual 20,000 Maximum
Premium: No
2. Guaranteed Cashback with Premium Protection Half-Yearly 10,200 limit (Subject
Option
Quarterly 5,200 to Board
3. Guaranteed Income Advantage Option Approved
Monthly 1,800
Underwriting
4. Guaranteed Single Pay Advantage Option Single Pay 50,000 Policy of the
Company)
Above Minimum Instalment Premium are exclusive of Goods and Services Tax & applicable cess
(es)/ levy, if any
 WHAT ARE THE KEY BENEFITS OF THE PLAN?

The benefits under the plan vary as per the plan option chosen.
The definitions below will help you understand better, the benefits of the plan:
1. Sum Assured on Death* is the amount which is higher of:-
a. 11 times the Annualised Premium, or
b. 105% of all Total Premiums Paid as on date of death, or
c. Guaranteed Sum Assured on Maturity, which is equal to Sum Assured, or
d. Absolute amount assured to be paid on death, which is also equal to Sum Assured
*The above Sum Assured on Death definition is applicable for Guaranteed Cashback Option (Plan Option
1), Guaranteed Cashback with Premium Protection Option (Plan Option 2) and Guaranteed Income
Advantage Option (Plan Option 3).
2. Guaranteed Sum Assured on Maturity is equal to Sum Assured. Sum Assured will be equal to basic
sum assured plus the applicable boosters, if any.

3. i. For Death Cover Option A under Guaranteed Single Pay Advantage Option (Plan Option 4)
Sum Assured on Death is the amount which is higher of:-
a. 10 times the Single Premium, or
b. Guaranteed Sum Assured on Maturity, which is equal to Sum Assured, or
c. Absolute amount assured to be paid on death, which is also equal to Sum Assured
ii. For Death Cover Option B under Guaranteed Single Pay Advantage Option (Plan Option 4)

Sum Assured on Death is the amount which is higher of:-

a. 1.25 times of Single Premium, or
b. Guaranteed Sum Assured on Maturity, which is equal to Sum Assured, or
c. Absolute amount assured to be paid on death, which is also equal to Sum Assured

4. Paid-up
 Sum Assured on Death is defined as Sum Assured on Death multiplied by (Number of
premiums paid divided by Total number of premiums payable during the Policy Term).
5. Paid-up Sum Assured on Maturity is defined as Guaranteed Sum Assured on Maturity multiplied
by (Number of premiums paid divided by Total number of premiums payable during the Policy Term).

6. Paid-up Guaranteed Loyalty Addition is defined as Guaranteed Loyalty Addition multiplied by

(Number of premiums paid divided by Total number of premiums payable during the Policy Term).

7. Paid-up Guaranteed Annual Income is defined as Guaranteed Annual Income multiplied by

(Number of premiums paid divided by Total number of premiums payable during the Policy Term).

8. Annualised
 Premium is the premium payable in a year chosen by you, excluding the taxes, rider
premium, underwriting extra premiums and loadings for modal premiums, if any.

9. Total Premiums Paid means total of all the premiums received, excluding any rider premium and
taxes.
10. Single Premium is the premium payment made by you in lump sum at the inception of the policy,
excluding the taxes, rider premium, underwriting extra premiums, if any.

Guaranteed Cashback Option (Plan Option 1) & Guaranteed Cashback with Premium
Protection Option (Plan Option 2)

You will receive the Guaranteed Annual Cashback at the end of each of the
last 4 policy years before the maturity year provided that all due premiums
are paid.

At the end of policy year: Guaranteed Cashback as % of

Guaranteed Sum Assured on
Maturity
Survival Benefit
Policy Term minus 4 15%
Policy Term minus 3 15%
Policy Term minus 2 15%
Policy Term minus 1 15%
 On survival till the end of policy term (provided that all due premiums are
paid), you will receive
i. Guaranteed Sum Assured on Maturity, plus

Maturity Benefit ii. Guaranteed Yearly Addition(s), plus

iii. Guaranteed Loyalty Addition

On payment of above benefits, your policy will terminate and no further benefit
will be payable

Death Benefit under Guaranteed Cashback Option (Plan Option 1)

In case of the Life Assured’s unfortunate death during the policy term, provided
the policy is in-force, the death benefit payable to your Nominee/ Legal Heir as
the case may be will be as follows:

1. Sum Assured on Death, plus

2. Cumulative Guaranteed Yearly Addition(s) added, as on date of death

On payment of above benefits, the policy will terminate and no further benefit
will be payable.
The survival benefit (Guaranteed Annual Cashback) already paid will not be
deducted from the benefit payable on death.

Death Benefit under Guaranteed Cashback with Premium Protection Option

(Plan Option 2)
Death Benefit In case of the Life Assured’s unfortunate death during the policy term, provided
all due premiums have been paid, Sum Assured on Death will be payable.
Further, the policy will continue till maturity with all future benefits accruing
as if the policy was in-force, the death benefit payable to your Nominee/
Legal Heir as the case may be will be as follows:

1. Sum Assured on Death, is payable immediately plus.

2. All future premiums (if any) are not payable and the policy shall
continue to be in force for the remaining policy term. The policy will also
continue to accrue Guaranteed Yearly Addition(s).

3. All Guaranteed Annual Cashback as scheduled will continue to be payable at

the end of each of the last 4 policy years before the maturity year.

4. On maturity - Guaranteed Sum Assured on Maturity plus Guaranteed Yearly

Addition (s) plus Guaranteed Loyalty Addition.

Guaranteed Income Advantage (Plan Option 3)

You will receive the Guaranteed Annual Income at the end of each of the
Survival Benefit
policy years after the completion of premium payment term till Maturity

On survival till the end of policy term (provided that all due premiums are
paid), you will receive Guaranteed Sum Assured on Maturity
Maturity Benefit On payment of above benefits, your policy will terminate and no further
benefit will be payable

In case of the Life Assured’s unfortunate death during the policy term,
provided the policy is in-force, the death benefit payable to your
Nominee/ Legal Heir as the case may be will be Sum Assured on Death.

Death Benefit On payment of above benefit, the policy will terminate and no further
benefit will be payable.
The survival benefit (Guaranteed Annual Income) already paid will not be
deducted from the benefit payable on death.
 Guaranteed Single Pay Advantage (Plan Option 4)

On survival till the end of policy term, you will receive

i. Guaranteed Sum Assured on Maturity, plus
ii. Guaranteed Loyalty Addition
Maturity Benefit
On payment of above benefits, your policy will terminate and no further benefit
will be payable

In case of the Life Assured’s unfortunate death during the policy term, provided
the policy is in-force, the death benefit payable to your Nominee/ Legal Heir as
Death Benefit the case may be will be Sum Assured on Death.
On payment of above benefit, the policy will terminate and no further benefit
will be payable.

HOW WILL THE GUARANTEED ADDITIONS & GUARANTEED ANNUAL INCOME BE

DETERMINED IN THIS PLAN?

1. Guaranteed Yearly Additions (GYAs): The below GYAs are applicable for Guaranteed Cashback
Option (Plan Option 1) & Guaranteed Cashback with Premium Protection Option (Plan Option 2). The
GYAs are not available under Guaranteed Income Advantage (Plan Option 3) and Guaranteed Single Pay
Advantage options (Plan Option 4). The plan offers Guaranteed Yearly Additions which will be added at
the end of each policy year only during the premium payment term, provided all premiums due till that
policy year have been paid. Guaranteed Yearly Addition will not be added for rest of the policy term.
Guaranteed Yearly Addition will be calculated as a percentage of cumulative Annualised Premium(s) paid.
The GYAs added to the policy will be paid out at maturity or on death, whichever is earlier. The rate of
such GYAs is based on the premium payment term and plan option opted by you:

Premium Payment Term Guaranteed Yearly Additions as % of Cumulative Annualised Premium (s)
5 8%
7 10%
10 12%

2. Guaranteed Loyalty Addition (GLA): The below GLAs are applicable for Guaranteed Cashback Option
(Plan Option 1), Guaranteed Cashback with Premium Protection Option (Plan Option 2) & Guaranteed
Single Pay Advantage (Plan Option 4). The GLAs are not available for Guaranteed Income Advantage
Option (Plan Option 3). The plan offers a Guaranteed Loyalty Addition, which is an amount added to your
policy at the end of the policy term, if all due premiums have been paid. Guaranteed Loyalty Addition will
be calculated as a percentage of Guaranteed Sum Assured on Maturity, and will be paid out at maturity.
The rate of such Guaranteed Loyalty Addition is based on the premium payment term and plan option
opted by you:

Premium Payment Term Guaranteed Loyalty Additions as % of Guaranteed Sum Assured on Maturity
5 10%
7 14%
10 20%
Singe pay 8%

3. Guaranteed Annual Income: The plan offers Guaranteed Annual Income under Guaranteed Income
Advantage Option upon survival to the end of each policy year post the completion of the premium
payment term till the end of the Policy Term. Guaranteed Annual Income will be calculated as percentage
of One Annualised Premium and these Guaranteed Annual Income vary by the premium payment term
and the policy term chosen as detailed below:

Premium Payment Term Policy Term Income Payout Percentage as %

of One Annualised Premium
7 14 105%
10 20 140%

Let us understand the plan better through some case studies:

 CASE STUDY 1

Mr. Sharma is a 35 year old salaried employee. Mrs. Sharma, 32 is a homemaker. Recently they were
blessed with a beautiful daughter Aisha who is 3 months old. Mr. Sharma wishes that his daughter
receives quality education and becomes a successful and independent career woman. He wants to
save this money while he is at the peak of his earning capacity and wants to ensure a regular stream
of income starting with his daughter’s college going years. Mr. Sharma therefore takes a wise decision
to save through Canara HSBC Oriental Bank of Commerce Life Insurance Guaranteed Income Plan by
opting for Guaranteed Cashback with Premium Protection Option.
• To
 fulfill this requirement, Mr. Sharma estimates that he requires a guaranteed amount of
approximately Rs. 16,00,000 when his daughter turns 20.
• To fulfill future education milestone, Mr. Sharma estimates that he requires a guaranteed benefit of
at least Rs.1,20,000 at the end of every year for four years when Aisha turns 16
• Therefore he opts for a policy term of 20 years and makes a commitment to pay Rs 1,00,000 at the
end of every year (before applicable Goods and Services Tax & applicable cess (es)/ levy, if any) for
a period of 10 years.
Below are two scenarios illustrating benefits which will be payable under each of them
Scenario 1: Survival & Maturity Benefit
 Sharma will get a guaranteed Annual Cashback of Rs. 1,20,288 at the end of every policy year
• Mr.
in last four policy years before the maturity year (subject to all premiums being paid as and when
due) which is from end of policy year 16 till policy year 19.
• On
 maturity, Mr. Sharma will receive Maturity amount of Rs.16,22,303 which comprises of Guaranteed
Sum Assured on Maturity (Rs.8,01,920), Accrued Guaranteed Yearly Additions (Rs.6,60,000) &
Guaranteed Loyalty Addition (Rs.1,60,384)

Scenario 2: Death Benefit

In case of unfortunate death of Mr. Sharma in the 3rd policy year after payment of 3 years’ premiums, his
family will receive the following benefits:
• Mr. Sharma’s family will immediately get lump sum amount of Rs. 11,00,000 which is higher of
{Guaranteed Sum Assured on Maturity or 11 times the Annualised Premium or 105% of Total
Premiums Paid till date of death less underwriting extra premium paid, if any or Absolute amount
assured to be paid on death}
• In addition, all future premiums are not payable
• Guaranteed Annual Cashback of Rs. 1,20,288 will be payable as scheduled in the last four policy years
before the maturity year
• Mr. Sharma’s family will receive the maturity benefit Rs. 16,22,303 which comprises of Guaranteed
Sum Assured on Maturity (Rs. 8,01,920), cumulative Guaranteed Yearly Additions of (Rs. 6,60,000)
and Guaranteed Loyalty Addition (Rs. 1,60,384)
 CASE STUDY 2

Mr Gupta, aged 35 years is a business analyst who has recently joined an MNC. He is planning to buy a
limited pay guaranteed insurance plan; besides this he also wants guaranteed income at regular interval
along with tax benefits. To fulfill these needs,he opts for Guaranteed Income Advantage option (Plan
Option 3) under Canara HSBC Oriental Bank of Commerce Life Insurance Guaranteed Income Plan.
• To fulfill this requirement, Mr. Gupta estimates that he requires a Guaranteed Annual Income of
approximately Rs. 1,50,000 once he stops paying the premium.
Therefore he opts for a policy term of 20 years and makes a commitment to pay Rs. 1,00,000 at the end
of every policy year (before applicable Goods and Services Tax & applicable cess (es)/levy, if any) for a
period of 10 years.
Below are two scenarios illustrating benefits which will be payable under each of them.
• Mr. Gupta will receive a Guaranteed Annual Income of Rs. 1,54,000 at the end of every policy year for
10 years after the completion premium payment term i.e. starting at the end of 11th Policy year.
• On maturity, Mr. Gupta will receive Guaranteed Sum Assured on Maturity (Rs. 2,80,940) as lump-sum.

Scenario 2: Death Benefit

In case of unfortunate death of Mr. Gupta in the 17th policy year after receiving six Guaranteed Annual
Income, his family will receive the following benefits:
• Mr. Gupta’s family will immediately get lump sum amount of Rs. 11,00,000 which is higher of
{Guaranteed Sum Assured on Maturity or 11 times the Annualised Premium or 105% of Total
Premiums Paid till date of death less underwriting extra premium paid, if any or Absolute amount
assured to be paid on death}
 •G
 uaranteed Annual Income already paid will not be deducted from the lump – sum amount that is
payable which is Sum Assured on Death

WHAT ARE THE BENEFITS IN THIS PLAN IF THE POLICY IS PAID-UP?

Your policy will acquire a Paid-up status at the expiry of the grace period T&C 11 from the due date of first
unpaid premium provided first 2 consecutive policy years’ full premiums have been paid. Once the policy
is in Paid-up status and provided the policy is not surrendered or revived, the benefits payable are as
follows:
Guaranteed Cashback Option (Plan Option 1) & Guaranteed Cashback with Premium
Protection Option (Plan Option 2)
You will receive the Guaranteed Annual Cashback equal to 15% of Paid-up Sum
Reduced Survival Benefit Assured on Maturity at the end of each of the last 4 policy years before the
maturity year.
On survival till maturity, the following reduced benefits will be payable:
a) Paid-up Sum Assured on Maturity, plus
b) Cumulative Guaranteed Yearly Addition(s) added till the policy acquired Paid-
Reduced Maturity Benefit up status ,plus
c) Paid-up Guaranteed Loyalty Addition

On payment of above benefits, the policy shall terminate.

In case of the Life Assured’s unfortunate death during the policy term, the
following reduced benefits will be payable:
a) Paid-up Sum Assured on Death.
Reduced Death Benefit b) Accrued Guaranteed Yearly Addition(s) added till the policy acquired Paid-up
status

On payment of above benefits, your policy will terminate.

Guaranteed Income Advantage (Plan Option 3)

You will receive the Paid-up Guaranteed Annual Income at the end of each of the
Reduced Survival Benefit
policy years after the completion of premium payment Term till Maturity.
On survival till the end of policy term (if the policy is in Paid-up Status), you will
receive a) Paid-up Guaranteed Sum Assured on Maturity

Reduced Maturity Benefit On payment of above benefits, your policy will terminate and no further benefit
will be payable.

In case of the Life Assured’s unfortunate death during the policy term, the
following reduced benefits will be payable:
a) Paid–up Sum Assured on Death
Reduced Death Benefit On payment of above benefit, the policy will terminate and no further benefit will
be payable.
The reduced survival benefit (Paid-up Guaranteed Annual Income) already paid
will not be deducted from the benefit payable on death.

Please note Paid-up is not applicable for Guaranteed Single Pay Advantage option (Plan Option 4).
 WHAT HAPPENS IF THE POLICY IS SURRENDERED?

This is a traditional non-par life insurance plan intended for long term savings and protection to meet
your financial goals. We strongly advise that the policy should be continued throughout the defined policy
term to realize the full policy benefits. Early surrender should not be opted for unless there is no other
alternative available, as it will impact the policy value and intended goals may not be realized.
On surrender of the policy, the Surrender Value payable will be higher of {Guaranteed Surrender Value
(GSV) or Special Surrender Value (SSV)}. However, the policy acquires a GSV or SSV only after payment
of at least first 2 consecutive policy years’ premiums and from the first year for Single Premium policy.
SSV will be determined by the Company and may vary from time to time, with prior approval of the
Authority.
The GSV (subject to minimum of zero) is determined based on a defined % of Total Premiums Paid
(excluding any underwriting extra premium, if any) and a defined % of cumulative Guaranteed Yearly
Addition(s) added, and reduced to the extent of survival benefit already paid out for an in-force or Paid-
up policy as applicable. For the details on GSV factors (percentages) applicable, please refer to the
sample policy contract of this plan available on the Company’s website.

WHAT ARE THE OTHER BENEFITS IN THIS PLAN?

Loan Facility3
To meet any contingent need, you may avail the loan facility in this plan, once the policy acquires a
Surrender Value.
The minimum loan amount that can be availed is Rs. 20,000 and the maximum is 80% of prevailing
Surrender Value at the time of availing the loan. Loan will be available for an in-force policy only.
The Company undertakes the review of the interest rate for Policy loans on 31st December every year with
any changes resulting from the review being effective from the 1st of April of the following year.
The applicable loan interest rate for the financial year 2018-19 is 8.60% per annum.
The loan facility is available before beginning of the guaranteed annual cashback under Plan Options
Guaranteed Cashback and Guaranteed Cashback with Premium Protection or Guaranteed Annual
Income under Plan Option Guaranteed Income Advantage (Plan Option 3). Loan facility is not available
once the policy becomes Paid-up.

High Premium Booster

A. For Guaranteed Cashback Option (Plan option 1) & Guaranteed Cashback with Premium
Protection Option:(Plan Option 2):
The basic Sum Assured available for a given premium will be increased by the High Premium Booster %
applicable as per the table below, in case the Annualised Premium is more than Rs 30,000 (the upper
limit of the first premium band in the table below). The High Premium Booster % will be as per the table
below:
Annualised Premium (in Rs.) High Premium Booster (as % of Basic Sum Assured)
20,000 to less than 30,000 Nil
30,000 to less than 40,000 4%
40,000 to less than 50,000 7%
50,000 to less than 75,000 8%
75,000 to less than 1,00,000 10 %
Greater than or equal to 1,00,000 11 %

B. For Guaranteed Income Advantage Option (Plan Option 3):

The basic Guaranteed Annual Income available for a given premium will be increased by the High Premium
Booster % applicable as per the table below, in case the Annualised Premium is more than Rs 30,000
(the upper limit of the first premium band in the table below). The High Premium Booster % will be as
per the table below
 Annualised Premium (in Rs.) High Premium Booster (as % Basic Guaranteed
Annual Income)
20,000 to less than 30,000 Nil
30,000 to less than 40,000 4%
40,000 to less than 50,000 6%
50,000 to less than 75,000 7%
75,000 to less than 1,00,000 9%
Greater than or equal to 1,00,000 10 %

C. For Guaranteed Single Pay Advantage (Plan Option 4):

The basic Sum Assured available for a given premium will be increased by the High Premium Booster %
applicable as per the table below, in case the Single Premium is more than Rs 75,000 (the upper limit of
the first premium band in the table below).
High Premium Booster (as % Basic Sum Assured)
Single Premium Band (in Rs.) For Policy Term 5 & 7 For Policy Term 10
50,000 to less than 75,000 Nil Nil
75,000 to less than 1,00,000 2.0% 3.0%
1,00,000 to less than 2,00,000 4.0% 5.0%
2,00,000 to less than 5,00,000 6.0% 8.0%
Greater than or equal to 5,00,000 7.0% 10.0%

Tax Benefit4
You may be entitled for tax benefits under Section 80C and Section 10(10D), as per the Income Tax Act,
1961 as amended from time to time. For tax related queries, contact your independent tax advisor.

WHAT HAPPENS IF YOU STOP PAYING THE PREMIUMS?

Savings for your financial goals such as buying a house, your child’s education, or planning for your
retirement are some of your non-negotiable objectives. The plan is intended to meet your long term
savings and protection needs towards your financial goals. Therefore, we strongly advise that the policy
should be continued throughout the policy term to realize the full benefits. Discontinuing your premiums
is not advisable unless no other alternative is available, as it will impact the policy value and intended
goals may not be realized. The plan offers policy loan that can be availed (as per terms and conditions)
to manage any liquidity needs.
If you fail to pay due premium within the grace periodT&C 11 in the first 2 consecutive policy years, then
your policy will lapse at the expiry of the grace period T&C 11 and the insurance cover will cease
immediately. No benefit shall be payable upon death or upon your request for termination of the policy
or on the expiry of the revival period.

CAN THE POLICY BE REVIVED?

You can make a request for revival of your policy anytime during the revival period of 5 years from
the due date of first unpaid premium. The revival of the policy will be as per the Board Approved
Underwriting Policy of the Company. Post revival of the policy, the product benefits, including Guaranteed
Yearly Additions, would be reinstated to the full level as if the Policy never entered the Paid-up status or
Lapse state as applicable. If any survival benefit has been paid while the policy was in Paid-up status,
then on revival, the remaining balance of survival benefit as applicable for an in-force Policy will be paid
to you. To revive the policy, all past due premiums need to be paid by you along with applicable interest
rate as defined by the Company from time to time (from respective premium due dates till the revival
date). If a Policy in Lapse state is not revived within the revival Period, it shall terminate upon expiry of
the revival Period.

SAMPLE ILLUSTRATION FOR GUARANTEED INCOME ADVANTAGE OPTION (PLAN OPTION 3) OF THE PLAN.
Let’s understand the benefits of this plan in greater detail for Mr. Mishra, a customer who is aged 35
years, has taken the Guaranteed Income Advantage option (Plan Option 3), for a policy term of 20 years
with limited premium payment of 10 years on annual mode. He has decided to save Rs.1,00,000 p.a. in
the plan.
 Guaranteed Benefits

Age at the Guaranteed

Annualised Guaranteed
Year beginning of Sum Annual Income Guaranteed Minimum guaranteed
Premium* Sum Assured Death
the year Assured on ( Survival Maturity amount payable on
on Benefit
Death# Benefit) Benefit surrender$
Maturity

(`) (`) (`) (`) (`) (`) (`)

1 35 1,00,000 11,00,000 2,80,940 - - 11,00,000 -

2 36 1,00,000 11,00,000 2,80,940 - - 11,00,000 60,000

3 37 1,00,000 11,00,000 2,80,940 - - 11,00,000 1,05,000

4 38 1,00,000 11,00,000 2,80,940 - - 11,00,000 2,00,000

5 39 1,00,000 11,00,000 2,80,940 - - 11,00,000 2,65,000

6 40 1,00,000 11,00,000 2,80,940 - - 11,00,000 3,30,000

7 41 1,00,000 11,00,000 2,80,940 - - 11,00,000 4,06,000

8 42 1,00,000 11,00,000 2,80,940 - - 11,00,000 4,88,000

9 43 1,00,000 11,00,000 2,80,940 - - 11,00,000 5,67,000

10 44 1,00,000 11,00,000 2,80,940 - - 11,00,000 6,60,000

11 45 - 11,00,000 2,80,940 1,54,000 - 11,00,000 6,90,000

12 46 - 11,00,000 2,80,940 1,54,000 - 11,00,000 5,56,000

13 47 - 11,00,000 2,80,940 1,54,000 - 11,00,000 4,32,000

14 48 - 11,00,000 2,80,940 1,54,000 - 11,00,000 3,08,000

15 49 - 11,00,000 2,80,940 1,54,000 - 11,00,000 1,74,000

16 50 - 11,00,000 2,80,940 1,54,000 - 11,00,000 50,000

17 51 - 11,00,000 2,80,940 1,54,000 - 11,00,000 -

18 52 - 11,00,000 2,80,940 1,54,000 - 11,00,000 -

19 53 - 11,00,000 2,80,940 1,54,000 - 11,00,000 -

20 54 - 11,00,000 2,80,940 1,54,000 2, 80,940 11,00,000 -

*Annualised Premium mentioned above excludes applicable taxes and cess (es) as well as excludes
underwriting extra premium, rider premium and loadings for modal premiums, if any.
#
The Sum Assured on Death shown above in the guaranteed benefits section is higher of:
a. 11 times the Annualised Premium, or
b. 105% of Total Premiums Paid as on date of death, or
c. Guaranteed Sum Assured on Maturity, which is equal to Sum Assured, or
d. Absolute amount assured to be paid on death, which is also equal to Sum Assured
The Death Benefit payable on death of Life Assured is - Sum Assured on Death.
$
The minimum guaranteed amount payable on surrender shown above is the amount payable at the end
of the policy year, before the payment of any survival benefit.

WHAT ARE THE OTHER KEY TERMS AND CONDITIONS?

1. The definition of Age used is ‘Age as on last birthday’.
2. For monthly mode policies, Company may accept three months premium in advance at policy
inception. Collection of advance premium shall be allowed within the same financial year for the
premium due in that financial year. However, where the premium due in one financial year is being
collected in advance in earlier financial year, the Company may collect the same for a maximum
period of three months in advance of the due date of the premium. The premium so collected in
advance shall only be adjusted on the due date of the premium. Such advance premium, if any, paid
by you shall not carry any interest.
3. Loans:
 At the time of applying for a loan, the original policy document has to be submitted by
you to the Company and the policy document will remain with the Company till repayment of the
outstanding loan amount and interest thereon. The policy will be assigned to the Company to the
extent of outstanding loan amount. All benefits payable (Surrender, Death, Maturity or Survival) will
be used to offset the outstanding policy loan and interest prior to being paid to the Policyholder/
Nominee. If at any point in time the Outstanding Loan Amount and interest thereon is equal to or
more than the prevailing Surrender Value and the Policyholder fails to repay the outstanding loan
including outstanding interest the policy will be foreclosed and all rights and benefits under the
policy will cease. In Guaranteed Cashback with Premium Protection Option, loan facility will not be
available after the death of the Life Assured even though the policy will remain active as per terms
and conditions.
4. Tax Benefits: You may be entitled for tax benefits under Section 80C and Section 10(10D), as per
the Income Tax Act, 1961 as amended from time to time.
5. 
The risk under this policy will commence on the date the Company underwrites the risk, subject to
realization of full premium.
6.  oods and Services Tax & applicable cess (es)/ levy, if any will be charged over and above
G
the premium as per applicable laws, subject to amendment from time to time.
7. Online boosters apply for policies purchased online in the following manner:
a. 12% of Basic Sum Assured will be increased under Guaranteed Cashback Option (Plan Option 1)
& Guaranteed Cashback with Premium Protection Option (Plan Option 2).
b. 14% of Basic Guaranteed Annual Income will be increase under Guaranteed Income Advantage
Option (Plan Option 3)
c. 2% of Basic Sum Assured will be increased under Guaranteed Single Pay Advantage Option
(Plan Option 4)
8. Suicide exclusion: If the Life Assured, whether sane or insane, commits suicide within 12 months
from the date of commencement of risk under the policy or date of Revival of the policy, the benefits
payable under this policy shall be:
• in case of death due to suicide within 12 months from the date of commencement of risk under
the policy and the policy is in force, higher of 80% of Total Premiums Paid till the date of death or
the surender value as available on the date of death.
• in case of death due to suicide within 12 months from the revival date of the policy, higher of 80%
of the Total Premiums Paid till the date of death or the surrender value as available on the date of
death.
Upon such payments, the Policy will terminate under all Plan Options including Guaranteed Cashback
with Premium Protection and no benefit will be payable.
9. Free look period: In case the Policy terms and conditions are not agreeable to You then You can
opt for a cancellation of the Policy, in which case, we request you to send back the Policy Document
along with the reason for your objection within 15 days (30 days in case the Policy is sourced
through distance marketing mode i.e. any means of communication other than in person) from the
date of receipt of this Policy Document. In case you opt for cancellation within the said period, we
shall refund the premium received by Us subject only to deduction of the proportionate risk Premium
for the period of life cover, stamp duty and medical expenses, if any. Please note that this facility
is available only on receipt of the original Policy Document, and will not apply to duplicate Policy
Document issued by the Company on your request.
10. N
 omination and Assignment: Nomination should be in accordance with provisions of Section 39
of the Insurance Act, 1938, as amended from time to time. Assignment should be in accordance with
provisions of Section 38 of the Insurance Act, 1938, as amended from time to time.
11. Grace
 Period: You are required to pay premium on or before the premium payment due date.
However, You are provided with a Grace Period of 30 days for annual, half yearly and quarterly
modes and 15 days for monthly mode from Premium due date to pay due premium.
12. Minor
 Life (not applicable for Guaranteed Cashback with Premium Protection Option): Where the
Policy has been issued on the life of a minor, the Life Assured (i.e. the minor in this case) and the
Policyholder will be different at the date of commencement of the Policy. The risk cover of the Life
Assured shall start immediately from the date of commencement of the Policy. The Policy shall
automatically vest on the Life Assured immediately on his / her date of completion of 18 years of
age and the Life Assured would be the holder of the Policy from such date, subject to assignment, if
any. Post automatic vesting, the Life Assured will have all rights and obligations of the Policyholder
under this Policy and thereafter We will correspond with the Life Assured directly. Till such time that
 the Life Assured and the Policyholder are different, all benefits (death and survival) are linked to the
life of the Life Assured and there is no contingency on the life of the Policyholder. In the event of
death of the Life Assured in minority, all the proceeds under the Policy would go to the Policyholder
and the Policy will terminate. If the Policyholder dies while the Life Assured is still a minor then the
legal guardian of the minor or the legal heir of the Policyholder can become the Policyholder and
continue to pay the premium to keep the policy alive.

Section 41 of the Insurance Act, 1938 (as amended from time to time):
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to
take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in
India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on
the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate,
except such rebate as may be allowed in accordance with the published prospectuses or tables of the
insurer.
(2) Any person making default in complying with the provisions of this section shall be liable for a penalty
which may extend to ten lakh rupees.

Section 45 of the Insurance Act, 1938 as amended from time to time will be applicable. For
provisions of this Section, please contact the Insurance Company or refer to the sample policy
contract of this product on our website www.canarahsbclife.com

ABOUT US

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is a company formed jointly
by three leading financial organizations - Canara Bank, Oriental Bank of Commerce and HSBC Insurance
(Asia Pacific) Holdings Limited.
The shareholding pattern of the Joint Venture is – Canara Bank: 51%, HSBC Insurance (Asia Pacific)
Holdings Limited: 26% and Oriental Bank of Commerce: 23%.

Our aim is to provide you with a transparent range of life insurance products backed by excellent
customer service and thereby, making your life simpler.
Canara HSBC Oriental Bank of Commerce Life Insurance Guaranteed Income Plan is an Individual Non-
Linked Non-Par Life Insurance Savings cum Protection Plan.

Trade Logo of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is used
under license with Canara Bank, HSBC Group Management Services Limited and Oriental Bank of
Commerce. This product brochure gives only the salient features of the plan and it is indicative of terms and
conditions. This brochure should be read in conjunction with the benefit illustration and the Terms &
Conditions for this plan as provided in sample policy contract available on our website.
 Canara HSBC Oriental Bank of Commerce
Life Insurance Company Limited (IRDAI Regn. No.136)
Registered Office:
Unit No. 208, 2nd Floor, Kanchenjunga Building,
18 Barakhamba Road, New Delhi - 110001
Corporate Office:
2nd Floor, Orchid Business Park, Sector-48, Sohna Road,
Gurugram -122018, Haryana, India
Corporate Identity No.: U66010DL2007PLC248825
Website: www.canarahsbclife.com
Call: 1800-103-0003/1800-180-0003(BSNL/MTNL),
Missed Call: 0124-6156600, SMS: 9779030003
Email: customerservice@canarahsbclife.in

BEWARE OF SPURIOUS /FRAUD PHONE CALLS !

• IRDAI is not involved in activities like selling Insurance policies, announcing bonus
or investment of premiums. Public receiving such phone calls are requested to lodge
a police complaint.

UIN:136N067V02 BRONJGIPCHOSEP19 ENG