For You and Your Family: Canara HSBC Oriental Bank of Commerce Life Insurance iNVESTSHIELD Plan

canara ulipThe little piggy bank was what we were given by our parents in our childhood, teaching us the value of savings. Most of us used this when we wanted to buy our favourite toy or that bag of sweets. And I think the habit remained till we were in school. Then the relationship with money changed and we became shoppers. And then we started working and the relationship with money changed even more. We began to spend but we also needed to save tax. So to save tax, we began searching for ways and means and funds and savings options. And then came a family to support. So we needed something more, better protection for the ones we care for. And for this need three well known financial institutions, Canara-HSBC-Oriental Bank of Commerce Life Insurance have launched a ULIP plan called iNVESTSHIELD Plan.

This #InvestShield helps in saving taxes along with protection for the family. This plan offers multiple options for savings but its best to read all the terms and conditions carefully. Like most of us, I have never read how this works. But this time, I downloaded the brochure to understand the benefits. And this PDF is simple and easy to understand. The plan clearly states that it’s better to choose a benefit option at inception stage only. Once chosen it cannot be changed later during the Policy Term. The brief details of death benefit under each of these benefit options is given under benefit section.

So with this in mind, I carefully went through the different illustrated examples and the key benefits. These include:

Flexibility to customise the plan
Zero Premium Allocation Charge throughout the premium payment term
Loyalty Additions as additional allocation of units to boost the investments
Choice of Investment Funds ranging from 0% to 100% equity exposure, to match your appetite towards investment risks and returns
Safety Switch Option enables movement funds systematically to a relatively low risk Liquid Fund to avoid market movements in the last four Policy years
Liquidity to take partial withdrawals to help meet unplanned contingencies
Tax benefits

For someone, who is challenged in understanding financial terms, I went through the examples to know how exactly it works. And then there’s the age limit for entry and exit. And then as premiums are a long term affair, for those who are unable to do that, there are a different terms and conditions. It is best to read this carefully and see how it works.

Overall, I found this plan sensible with long term benefits and something which could yield a good return after the policy term was over. But the best thing I liked was the transparent way of stating “Please know the associated risks and the applicable charges, from Policy document issued by the insurance company.”

They are not forcing you to buy, but they want you to understand the pros and cons of where you are putting your money. To further know about the product, you can click on




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