Life Insurance Endowment Policy Canara HSBC Endowment Plans

Canara HSBC Endowment Policy

Canara HSBC Endowment Plans

Canara HSBC Endowment Plans are dedicated life insurance policies known for their long-term capital safety and guaranteed returns. The features make them an excellent savings option for achieving significant financial goals. With life coverage included, endowment plans from Canara HSBC are ideal for funding your child’s higher education, preparing your child’s marriage, preserving wealth over time, passing on a legacy to the next generation or ensuring financial security for a dependent family member.

If the policyholder outlives the policy term, they receive the sum assured as a lump sum payment. Endowment plans from Canara HSBC are an ideal choice that may not only give you financial freedom but also give you peace of mind.

Important Features and Benefits of Canara HSBC Endowment Plans

Let’s take a look at the features and benefits of Canara HSBC Endowment Plans.

Security of a Life Cover

One of the biggest benefits of Canara HSBC endowment plans is that they provide life insurance coverage, which ensures your family receives a sum assured if you pass away during the policy tenure. Furthermore, you can also choose the level of life cover and add riders to suit your family’s future needs, offering financial security tailored to your situation.

Guaranteed Returns

Another major highlight of endowment plans by Canara HSBC is that they encourage a disciplined savings habit by requiring regular premium payments. The premiums you pay earn a fixed rate of interest, and upon maturity, you receive a guaranteed lump sum, including interest and any additional bonuses.

Flexibility in Premium Payment

Another major benefit of these endowment plans is that you will have the flexibility to choose how and when you pay your premiums. Whether you prefer monthly, quarterly, half-yearly, or annual payments, you can easily select the option that suits you the best. Additionally, the limited payment option allows you to pay premiums for a set period while enjoying the benefits for the full term.

Maturity Value

One of the major and interesting aspects of these endowment plans is that these are not just about life protection; they also offer a maturity benefit. If you survive the policy term and have kept up with your premium payments, you are guaranteed to receive a maturity amount. Furthermore, the policyholder can use the amount to achieve important financial goals in life such as your child’s marriage, education, or home purchase.

Additional Bonuses

Last but not least, these Canara HSBC endowment plans often include bonuses that enhance both the death and maturity benefits. These bonuses, which can include guaranteed yearly additions, interim bonuses, and reversionary bonuses, may add to the overall value of your policy to provide extra financial security.

Top Canara HSBC Endowment Plans

Here are the topmost Endowment Plans offered by Canara HSBC:

1. iSelect Guaranteed Future Plans

The Canara HSBC Life Insurance iSelect Guaranteed Future Plus Plan offers a combination of life insurance and guaranteed benefits which is designed to secure your financial goals and provide peace of mind for you and your loved ones. Furthermore, the plan also includes optional benefits to further ensure your family’s future security. With features like an endowment plan, regular income benefit, and early income option, it offers flexible solutions to meet your financial needs and protect your loved ones.

Parameters	Details
Entry Age	Minimum- 0 years Maximum- 65 years
Maturity Age	Minimum- 18 years Maximum- 99 years
Premium	Annual- Rs. 20,000 Half-yearly- Rs. 10,200 Quarterly- Rs. 5,200 Monthly- Rs. 1,800 Maximum: No Limit
Sum Assured	Minimum- Rs. 2,20,000 Maximum- No Limit
Premium Payment Mode	Annual, half-yearly, quarterly, and monthly modes

Key Features & Benefits:

These are as follows:

Guaranteed Benefits

One of the major benefits of the plan is that it secures your financial milestones with a guaranteed maturity benefit which ensures you have the funds needed to achieve your planned goals.

Enhanced Maturity Benefit

Another highlighting aspect of the plan is that it can boost your final payout with guaranteed additions that accumulate during the last five years of your policy, ultimately increasing your maturity benefit.

Optional Protection Benefit

Another attractive aspect of the plan is that it may protect your family’s future by choosing from optional benefits like the payor premium protection cover or accidental death benefit which may provide added security in case of unforeseen events.

2. Jeevan Nivesh- Whole Life Insurance Plan

The Jeevan Nivesh Plan from Canara HSBC Life Insurance is one of the popular savings-cum-protection plans that come with the dual benefit of life insurance coverage with savings. Furthermore, the plan offers life insurance protection not only during the policy term but also beyond it under the “Endowment With Whole Life Cover” option, which ensures long-term security for you and your loved ones.

Parameters	Details
Entry Age	Annual Mode Minimum- 18 Years Maximum- 55 years Monthly Mode Minimum- 18 years Maximum- 45 years
Sum Assured	Minimum sum assured Annual Mode Rs. 3,00,000 Monthly Mode Rs. 5,00, 000 Max Sum Assured No Limit
Minimum Premium	Depends on a multitude of aspects such as age, sum assured, etc.
Maximum Premium	No Limit

Key Features & Benefits:

Customized Savings Horizon

One of the biggest benefits of the plan is that it enables you to choose from multiple policy term options to align your plan with your specific financial goals. This ensures that your savings are on track to meet your needs.

Flexible-Premium Payment Terms

Another major highlight of the plan is that it enables you to select a premium payment term that fits your savings lifetime which offers flexibility to match your financial planning.

Steady Fund Build-Up

One of the major benefits of the plan is that it includes an accumulation of funds with additional lump sum payouts through accrued bonuses and a final bonus (if any). Thus, it may help you achieve your financial goals with confidence.

How Does the Canara HSBC Endowment Plan Function?

Let’s take the example of Mr Narender Kumar, who is 35 years old and chooses the iSelect Guaranteed Future Plus Plan. He selects a policy term of 20 years with a premium payment term of 10 years, opting to pay his premiums annually. Furthermore, Mr Kumar decides not to include any optional benefits in this plan. He commits to paying an annual premium of Rs. 1,00,000 for 10 years.

At the end of the 20-year policy term, Mr Kumar will receive a Guaranteed Sum Assured on maturity of Rs. 10,00,000. Additionally, he will benefit from accrued Guaranteed Additions totalling Rs. 19,73,500.

So, the final maturity amounts to Rs. 29,73,500, which provides a significant return on his investment and secures his financial goals.

How to Buy Canara HSBC Endowment Plan?

Let’s take a look at the steps to buy Canara HSBC Endowment Plan.

In the first step, you will need to visit Canara HSBC life insurance.

After that, scroll your cursor over “life Insurance Plans,” and then, let’s say you want to buy “iSelect Guaranteed Future Plus,” then click on check premium.

Then, you will need to enter your first name, middle name, last name, email ID, and enter your mobile number. Then, click on the continue button.

In the next step, you will need to select your gender, country, and date of birth and enter your PINCODE. After that, click on “Continue.”

Then, select your education level, occupation type, nature of duty, and annual income and then click on “Continue”.

Select for whom you want to invest. Once done, click on get returns.

Then, you will see the payment frequency, premium payment term, policy term, and investment. After that, click on “Proceed”.

Then, again click on the “Proceed” button, and you will see the amount you need to pay. If you are satisfied, click on the next button.

After that, on your left, you will see different payment methods, such as credit cards, debit cards, net banking, UPI, and wallets. Then, click on “pay” now.

Once you made the payment, you have purchased the plan.

Frequently Asked Questions

Listed below are the frequently asked questions related to the Canara HSBC endowment plans.

1. Do endowment plans from Canara HSBC include life cover?

Yes, endowment plans do include life cover. If you pass away during the policy term, your beneficiaries will receive a death benefit.

2. When Should I buy an endowment policy?

It’s best to buy an endowment policy as early as possible. There is no specific “right time”, but if you have dependents and future financial goals, this plan could be a good option.

3. How often can I change the nominee in my endowment plan?

You can easily change the nominee as many times as you want. Furthermore, you can appoint more than one nominee.

4. Will I get a bonus along with the sum assured when the policy matures?

Yes, endowment plans often include bonuses which increase the increase the amount you receive at maturity at no extra cost. To get these bonuses, make sure to pay all your premiums on time.

5. What is the duration of an endowment policy?

Endowment policies generally last between 10 to 20 years, with premium payment terms ranging from 5 to 10 years. You can even buy a policy starting at age 18, and the maximum maturity age is 75 years.