ULIP Review: Canara HSBC Future Smart Plan

Product Details

Future Smart Plan is a Unit-linked Insurance Plan (Ulip) which offers benefits to a child in the event of the death of his parents. The child gets the sum assured immediately, and also a waiver on all future premium payments, which are then paid by the insurer. The policy continues to be "live" or valid for its term, and on maturity, the fund value is paid to the child.

Our View

The Future Smart Plan offers a low sum assured. Also, the cost structure appears to be expensive. However, ease of withdrawal and an option to either raise or lower the death cover makes the plan more flexible.

Unique Feature

A milestone withdrawal option in each of the last five years of the policy which allows the policyholder to withdraw 15% of the fund value (on that date) for the child's education or other miscellaneous expenses.

For Existing Customers

Those who have already invested and have a high-risk return appetite can switch to Equity II fund, as it has generated good returns over the last one year. Those with low risk appetite should opt for the Liquid fund. Further, a policyholder can also consider buying a term insurance.

For Those Looking to Invest

The basic scheme structure is better than that of a regular child plan. However, the funds under the scheme have not fared well. Investors should wait and assess the performance of these funds before investing. Meanwhile, they can also consider other child plans like MNYL Shiksha II and SBI Life Scholar II which are on offer.

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8) IDFC Mutual Funds:

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