Canara HSBC Life Insurance introduces Guaranteed One Pay Advantage plan – Check features

Canara HSBC Life Insurance has introduced Guaranteed One Pay Advantage plan, requiring a one-time premium payment and providing a fixed amount on maturity. Guaranteed One Pay Advantage plan is a non-linked non-participating individual savings life insurance plan providing flexibility in premium payment and in choosing the tenure.

The policy provides guaranteed maturity benefits at the end of the tenure. Those who are looking for one-time hassle-free savings, can opt for Guaranteed One Pay Advantage as the product will offer Life Cover and guaranteed maturity benefits to the insured or family irrespective of the market movements. Policy benefits are upfront guaranteed at the start of the policy to the policy holder.

The plan offers two coverage options Single Life and Joint Life coverage. In case of Single Life, on death of the Life Assured, Sum Assured on Death will be paid and the policy will terminate. In case of Joint Life, on first death of either of the Lives Assured, 1.25 times the Single Premium will be paid and policy will continue. On death of the surviving Life Assured, Sum Assured on Death will be paid to the nominees.

Anyone till age 50 can buy the plan for a term of 5,7 or 10 years by paying a minimum single premium of Rs 5 lakh.

To meet any contingent need, one may avail the loan facility in this plan, once your policy acquires a surrender value. One can avail a loan for an amount up to 80% of the surrender value subject to a minimum loan amount of Rs. 20,000. The policy will be assigned to the Company to the extent of outstanding loan amount and all benefits – Surrender, Death and Maturity will be paid after deducting the outstanding policy loan and interest. Only the balance amount, if any, shall be payable

The policy cannot be foreclosed even if the outstanding loan amount including interest exceeds the surrender value. The prevailing rate of interest on loan for FY 22-23 is 7.30% per annum compounded yearly on policy anniversary and chargeable from the date of loan disbursement. The Company reserves the right to review the interest rate for Policy Loan on 31st December every year and the changes shall be applicable from 1st April of the following year.