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Smart Junior Plan is a non-linked, participating savings and protection oriented life insurance plan designed in a way that your child’s future educational needs are fulfilled, even when you are not around. This plan provides guaranteed payouts during the last 5 years of policy as per the child’s educational milestones. This plan also provides comprehensive protection, in case of your unfortunate demise.
Get QuotesIn the event of unfortunate death of the life insured during the term of the policy, an immediate lump sum benefit plus Guaranteed Annual Payouts plus Guaranteed Sum Assured on maturity plus Bonuses are payable. Moreover, all future premiums are waived and the policy will continue for the remaining policy term and it will accrue Annual bonuses as well.
The lump sum benefit payable is higher of Sum Assured, 10 times of annualized premium, or 105% of the total premiums paid. The policy terminates on payment of benefits.
Guaranteed Annual payouts as 20% of sum assured payable at the end of each of the last 4 policy years prior to the year of maturity. These payouts can be used to fund the future educational needs of your child.
On survival of life insured till maturity of the policy, Guaranteed Sum Assured on maturity equal to 20% of Sum Assured plus accrued Annual bonuses and Final bonus is payable. The policy terminates on payment of benefits.
Annual Bonus: Annual bonus may be added and is expressed as a percentage of Sum Assured. This bonus may be declared at the end of every financial year on the basis of the profits emerging from the with-profit fund managed by the Company. Once declared, this bonus gets accrued to the policy and become guaranteed benefit to be payable under the policy.
Final Bonus: Final bonus on the basis of the profits emerging from the with-profit fund may also be payable at maturity.
The maximum loan amount that can be availed is up to 80% of the surrender value and the minimum loan amount is Rs 20,000.
The Surrender Value payable is higher of Guaranteed Surrender Value or Special Surrender Value. The Surrender Value can be acquired on payment of at least 2/3 years’ premiums, when premium paying term is less than 10 years/10 years or more, respectively.
You can avail tax benefits under section 80C & 10 (10D) of the Income Tax Act. Tax benefits are applicable, as per the prevailing tax laws.
| Factor | Minimum | Maximum |
| Age (as on last birthday) | 18 Years | 50 Years (40 Years For Monthly Payment Mode) |
| Age at Maturity | - | 70 Years |
| Policy Tenure | 12 Years | 25 Years |
| Premium Paying Term (PPT) | Limited Pay (5/10 Years, Policy Term Minus 8 Years) | - |
| Premium Paying Mode | Annually & Monthly | - |
| Premium Amount | Depends On Age, Sum Assured, Etc | No Limit (subject To Underwriting) |
| Sum Assured | Annual Mode- Rs 3,00,000 Monthly Mode- Rs 5,00,000 | No Limit (subject To Underwriting) |
| Freelook Period | 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy | - |
| Grace Period | 30 Days | - |
| Plan Type | Offline | - |
No riders can be opted, under this plan.
Mr. Gupta at 35 years of age, opts to buy Canara HSBC Life Smart Junior Plan to secure his son’s future through planned savings for his education milestones. He buys this plan with the policy term of 18 years, premium payment term of 10 years, annual premium of Rs 101,400 and the sum assured is Rs 10,00,000.
Scenario A: Mr. Gupta Survives the Policy Term
Mr. Gupta will get a guaranteed payout of Rs 2,00,000 every year in last four policy years before the maturity year, that is from end of policy year 14 till policy year 17. On maturity, Mr. Gupta will receive an amount of Rs 2,00,000 as Guaranteed Sum Assured on maturity along with accrued Annual bonuses and Final bonus.
Scenario B: Mr. Gupta dies during the Term of the Policy
In the event of unfortunate demise of Mr. Gupta in the 3rd policy year after payment of 3 years’ premiums, his family will receive a lump sum amount of Rs 1,014,000, Guaranteed Sum Assured on maturity equal to Rs 2,00,000 along with accrued Annual bonuses and Final bonus, is payable on maturity.
Moreover, all future premiums are waived and Guaranteed Annual Payouts of Rs 2,00,000 will be payable in the last four policy years before the maturity of the policy. Annual bonuses is accrued for the rest of policy term.
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