Canara HSBC Oriental Bank of Commerce Life Insurance
Smart Goals Plan

1. Introduction

The Smart Goals Plan (SGP) is a nontraditional, goalbased endowment product offered by Canara HSBC Oriental Bank of Commerce Life Insurance (CHOBL). Designed for people who want to achieve specific financial milestones, the plan combines life coverage with a saving element that grows over the policy term. Whether you are planning for your childs higher education, a marriage, buying a house or simply building a retirement corpus, SGP provides a structured and disciplined way to turn your aspirations into reality.

2. Who Should Consider This Plan?

The plan is suitable for:

• Parents who want to secure education expenses for their children.
• Young professionals aiming to accumulate a lumpsum for a future purchase.
• Individuals looking for a combination of life cover and wealth creation.
• Anyone who prefers flexible premium payment options and the ability to change goals during the policy term.

3. Key Features

4. How the Plan Works

At the time of purchase, the policyholder selects a particular goal and enters the required amount (the Goal Target). The company then calculates the sum assured and the premium needed to achieve that target, based on the chosen policy term and premium paying term. The policy operates on a unitlinked principle where the accrued bonuses (reversionary and terminal) are added to the base sum assured, creating a lumpsum amount payable at maturity.

If the policyholder wishes to change the goal or increase the target amount, a Goal Modification can be done once a year, subject to underwriting. This flexibility helps the plan stay aligned with changing life circumstances.

5. Benefits at a Glance

6. Premium Payment Options

The plan offers several premium paying structures to match the policyholders cash flow:

• Regular Yearly Premiums: Fixed amount paid annually.
• HalfYearly/Quarterly: Smaller, more frequent payments for convenience.
• Lump Sum Payment: Pay the entire premium in a single payment within the first 12 months of policy inception.

7. Claim Process

Filing a claim is straightforward:

1. Obtain the claim form from the nearest CHOBL office or download it from the official website.
2. Submit the completed form along with required documents (death certificate, policy bond, ID proof of the nominee).
3. The insurer reviews the claim; normal turnaround time is 1520 working days.
4. Upon approval, the payout is transferred directly to the nominees bank account.

8. Frequently Asked Questions

Q1: Can I switch from one goal to another after buying the policy?

A: Yes. You may change the goal once a year, subject to the availability of the required sum assured and possible additional underwriting.

Q2: What happens if I miss a premium payment?

A: A grace period of 30 days is provided. If the premium remains unpaid beyond the grace period, the policy lapses, but you can revive it within 2 years by paying the due premiums plus interest.

Q3: Is the plan suitable for senior citizens?

A: The plan can be purchased up to the age of 60. For senior citizens, a shorter policy term and higher premium may be required to meet the goal.

Q4: How are bonuses calculated?

A: Reversionary bonuses are declared annually (typically Rs. 3040 per Rs. 1,000 of sum assured). A terminal bonus is declared at maturity, dependent on the insurers profit performance.

Q5: Can I surrender the policy before maturity?

A: Yes, surrender is allowed after the 5th policy year. The surrender value is the accrued bonuses minus applicable surrender charges.

9. Advantages Over Traditional Endowment Plans

Traditional endowment policies often have rigid structures and limited flexibility. Smart Goals Plan differentiates itself by:

• Goalcentric design that aligns the payout with a specific financial need.
• Option to modify goals and increase coverage during the term.
• Partial withdrawal facility without jeopardising the life cover.
• Multiple premium payment frequencies for better cashflow management.
• Transparent bonus declaration and a clear illustration of the projected maturity amount.

10. How to Buy the Smart Goals Plan

Purchasing the plan can be done through any of the following channels:

• Online: Visit the official CHOBL website, fill in the digital application, upload KYC documents, and make an online payment.
• Agent/Advisor: Meet a certified CHOBL agent who will guide you through the illustration and documentation.
• Bank Branch: Approach any Canara HSBC OBC Bank branch where the insurance arm has a dedicated desk.

Regardless of the channel, the insurer will require basic KYC (Aadhaar/PAN), medical questionnaire, and a signed proposal form.

11. Final Thoughts

The Smart Goals Plan blends protection with disciplined savings, making it an attractive option for anyone who prefers a structured roadmap to achieve major life milestones. Its flexibility to switch goals, partial withdrawals, and competitive tax advantages provide a strong value proposition. However, potential buyers should evaluate their own cashflow capacity, compare the projected returns with alternative investment avenues, and consider the impact of any riders before finalising the purchase.

For personalized advice or a detailed illustration, you can contact a CHOBL representative or use the free online calculator on the official website. Taking a wellplanned step today can turn tomorrows dreams into tangible realities.