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  • Canara HSBC Term Insurance

    A term insurance plan is one of the simplest and most affordable life insurance plans available in the market. A term insurance plan is opted for a specific number of years. In case of death of the policyholder during the policy term, the death benefit is payable to the beneficiary. Term insurance plans generally do not offer maturity or survival benefits.

    Term insurance plans are the most preferred life insurance plans in India. Canara HSBC OBC Life Insurance Company offers term plans with unique features to its customers.

    Highlights of Canara HSBC Life Insurance Updated on 23 Feb 2019

    Grievances Solved 987
    Claim Settlement Ratio 94.95%
    Group Death Claims 94.63%
    Percentage of Claims Rejected 4.70%
    Solvency Ratio 4.01 (for the quarter ended March 2017)

    Benefits of Canara HSBC OBC Term Insurance Plans

    • There are not many requirements for the purchase of term plans by Canara HSBC OBC.
    • The premium and policy term options are flexible and prospective buyers can choose the best-suited plans.
    • Rebates are offered for healthy lifestyles like non-consumption of tobacco.
    • Women are given special rebates.

    List of Term Plans provided by Canara HSBC OBC

    An array of term insurance plans are offered by Canara HSBC OBC. Prospective policyholders can choose the best term insurance plan based on their requirements.

    Online Plans Traditional Plans ULIP Group Plans
    iSelect Term Plan Jeevan Nivesh Plan Titanium Plus Plan Group Traditional Benefit Plan
    iNVESTSHIELD Plan Money Back Advantage Plan Platinum Plus Plan Group Superannuation Plan
      Smart Junior Plan Smart Future Plan Sampoorna Kavach Plan
      POS - Easy Bima Plan Smart Goals Plan Group Secure
      Smart Suraksha Plan Smart Life Long Plan Corporate Group Term Plan
      Smart Future Income Plan Secure Bhavishya Plan Pradhan Mantri Jeevan Jyoti Bima Yojana
      Smart Monthly Income Plan Smart One Pay Group Advantage Term Plan
      Samridh Bhavishya Insure Smart Plan  
      Smart Immediate Income Plan Shubh Labh  
        Future Smart Plan  
        Growth Smart Plan  
      1. POS – Easy Bima Plan

    The term plan offers financial protection to the family members of the life assured. The POS – Easy Bima Plan comes with riders that the policyholder can choose to add-on to his/her policy. The requirements of the policy are minimum and no medical examinations are required for the purchase. The premium payment term and the policy term can be opted for based on the policyholder’s needs.

     

    Benefits and features of POS – Easy Bima Plan

    • Death benefit: In case of death of the life assured during the 90-day waiting period, the total premium paid is returned by the insurer. If the death of the life assured occurs post the 90-day waiting period, the death benefit equal to the sum assured is payable to the nominee. The policy terminates once the death benefit is paid. The sum assured of the policy is chosen when the policy is purchased. The minimum sum assured of the POS – Easy Bima Plan is Rs.50,000 and the maximum is Rs.15 lakh.
    • Surrender value: If the policy is surrendered before the completion of the policy term, either the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV) is payable to the policyholder. The surrender value will be the higher amount of GSV or SSV. The surrender value is payable only if premiums are paid for 2 consecutive years for a 5-year premium paying term and for 3 consecutive years for a 10-year premium paying term.
    • Policy term: Individuals can choose from the 10-year, 15-year and 20-year policy terms available under the policy.
    • Riders: Canara HSBC OBC offers riders with the term insurance policy to enhance the policy. Extra premium charges will be levied for each additional rider.
    • Accidental death benefit: In case the life assured’s death is caused by an accident, the accidental death benefit sum assured is payable along with the death benefit. The accidental death benefit sum assured is equal to the sum assured of the base plan.
    • Return of premium: Though most term insurance plans do not offer a maturity benefit, the return of premium rider will enable the policyholder to receive the total premium paid throughout the policy if he/she survives the policy term.
    Plan Name Entry Age Maturity Age Premium
    POS – Easy Bima Plan
    • Minimum: 18 years
    • Maximum: 55 years
    • Minimum: 28 years
    • Maximum: 65 years
    The premium for the policy is calculated based on the age of the policyholder, the policy term and the sum assured chosen. Premium payment modes:
    • Annual
    • Monthly
    Minimum annual premium:
    • Rs.2,219 for a 10-year policy term
    • Rs.1,076 for a 15-year policy term
    • Rs.989 for a 20-year policy term
    Maximum annual premium:
    • Depends on the sum assured chosen
    Monthly premium:
    • The monthly premium is calculated by multiplying the annual premium by a factor of 0.10

     

      1. Smart Suraksha Plan

    A term insurance plan that is available for a range of policy terms, Smart Suraksha plan provides life cover at low costs. The plan offers riders that the policyholder can use to upgrade their policies. Individuals who choose a high sum assured and those who don’t consume tobacco are charged lower premiums. Women enjoy certain rebates under the plan.

    Benefits and features of Smart Suraksha Plan

    • Death benefit: On the death of the life assured, the death benefit equal to the sum assured is payable to the nominee. Policyholders can opt for a sum assured amount of Rs.20 lakh or above.
    • Surrender value: The Smart Suraksha policy has no surrender value. On surrender, the policy will be terminated and will not be eligible for revival.
    • Policy term: The policy terms available range from 5 years to 30 years. The 5-year policy term, however, can be opted for only by individuals above the age 40. Alternatively, individuals between ages 30 and 55 can choose for coverage up to age 60.
    • Riders: Canara HSBC OBC offers riders with the term insurance policy to enhance the policy. Extra premium charges will be levied for each additional rider.
    • Accident plus rider: In case the life assured dies due to an accident, the accidental death benefit is payable along with the sum assured of the base plan. The maximum sum assured for the rider is Rs.3 crore.
    • Disability plus rider: The rider offers coverage against accidental total and permanent disability. In case the life assured suffers from a total and permanent disability, the sum assured of the rider is paid to the life assured and the policy is terminated. The maximum sum assured of the rider is Rs.1 crore. The advantage of this rider is that it also provides the accidental death benefit.
    Plan Name Entry Age Maturity Age Premium
    Smart Suraksha Plan
    • Minimum:
    • 18 years for policy term greater than 5 years
    • 40 years for a 5-year policy term
    • Maximum: 65 years
    75 years The premium for the policy is calculated based on the age of the policyholder, the policy term and the sum assured chosen. Premium payment modes:
    • Annual
    • Monthly

    Claim Settlement Ratio of Canara HSBC Life Insurance

    Canara HSBC has a decent claim settlement record in the industry. Its claim settlement ratio for the fiscal year 2016-17 is as follows:

    No. of claims received No. of claims approved Claim settlement ratio
    653 620 94.95%

    Claim settlement ratio trend over the years:

    Year 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
    Settlement Ratio 81% 88% 87% 90% 93% 95%

    Why do you need Canara HSBC OBC Term plans?

    The term insurance plans offered by Canara HSBC OBC are beneficial as they offer financial protection to the members of the policyholder’s family. They are cost effective and the ‘Return of Premium’ rider offered for the POS – Easy Bima plan also ensures that the investment made towards the policy is not lost if the policyholder survives the policy term. Further, the premiums paid towards the policies are eligible for tax benefits under section 80C of the Income Tax Act, 1961. The death benefit, too, is eligible for tax benefits under section 10(10D) of the Act.

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